The new digital portal of the CSSF “e-Prospectus” will be live in March 2021. E-Prospectus is the portal dedicated to the filing of applications for approvals of prospectuses prepared in the framework of Regulation (EU) 2017/1129 on prospectuses and the Luxembourg law of 16 July 2019 on prospectuses for securities. This new portal will eventually replace the old-fashioned process of submissions made via emails.
The e-Prospectus digital portal is designed as an interactive, intuitive and transparent tool intended to offer users a more straightforward submission tool and a better overview on the status of their application.
Must have: LuxTrust certificate
Access to the portal will require strong authentication of the person submitting the documents using a LuxTrust certificate. LuxTrust is a Luxembourg company active in electronic identity management and trust services.
A LuxTrust certificate guarantees through different products (e.g. token, smartcard, mobile app) the identity and authentication of the person who connects to an online application for performing electronic operations, such as the e-Prospectus portal. Such certificate will be required to set up and access an e-Prospectus account. A certificate can only be linked to one e-Prospectus account (which will not prevent the holder of the certificate from submitting documents on behalf of different issuers). LuxTrust certificates can be obtained by non-residents and LuxTrust subscriptions are valid for 3 years. Orders have to be made at LuxTrust.
What applications are covered by the e-Prospectus portal?
The e-Prospectus portal will cover submissions of:
- applications (and the follow-up of such applications) for approval of prospectuses and supplements to prospectuses; and
- requests for notifications (passporting) in relation to the prospectuses, supplements and related documents.
Any submission will need to be carried out through an e-Prospectus account.
Not applicable to Final Terms
This new portal will not apply to the submission of final terms and issuers will consequently need to continue to submit their final terms by email using the form available on the CSSF website. As a result, no e-Prospectus account is required for the submission of final terms.
Who needs an e-Prospectus account?
Each person intending to make submissions through the e-Prospectus portal should have his/her own e-Prospectus account (and therefore also his/her LuxTrust certificate). This will also be required to access feedback of the CSSF on the documents submitted through the portal.
Typically, persons usually making the submission on behalf of issuers (“depositors”) will need an e-Prospectus account. This primarily includes lawyers.
Issuers introducing their applications via a law firm/depositor can also create separately an e-Prospectus account if they possess a LuxTrust certificate to directly access their relevant files and applications.
For the avoidance of doubt, the e-Prospectus portal does not apply to disclosures and filings to be made under the Luxembourg law of 11 January 2008 on transparency requirements or Regulation (EU) 596/2014 on market abuses in respect of which the existing channels remain in place.
The CSSF has published an FAQ on LuxTrust and user guides for prospectuses submissions and access to applications which are available on its website.
Your AKD contacts would be happy to walk through the process in case of any questions.
Contact information & disclaimer
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While the greatest care has been devoted to the contents of this publication, AKD cannot be held liable in any way for the consequences of activities undertaken on the basis of this publication.