Structure of the prospectus 

The structure of the prospectus according to the Prospectus Directive is based on the idea of a tripartite prospectus. Accordingly, the prospectus is composed at least of a registration document, a securities note and a summary. The different parts of the prospectus are determined by the type of  the issuer, the securities issued and the issue situation (building block approach).

The prospectus may, if necessary, be supplemented with various building blocks, such as pro forma information or guarantee-related information.
Information may be incorporated in the prospectus by reference to one or more previously or simultaneously published documents (incorporation by reference). The prospectus may refer only to documents published earlier or at the same time as the prospectus. Such documents must be issued in the same language as the prospectus.

The issuer may choose whether to publish the prospectus as a single or three separate documents. A tripartite prospectus may be disseminated as separate documents provided that the documents clearly indicate the other parts of the prospectus and where they may be obtained.

Base prospectus as single document

Base prospectuses issued in connection with offering programmes must always be drawn up as a single document. A base prospectus must be supplemented with the final terms of individual issues.

Order of presentation of information

The order of presentation of information given in the prospectus is largely at the discretion of the compiler.

According to the Commission's Regulation on Prospectuses, information in a prospectus drawn up as a single document should be presented in the following order:

  • table of contents
  • summary
  • risk factors
  • other information items.

Information in registration documents and securities notes published separately should be presented in the following order:

  • table of contents
  • risk factors
  • other information items.

National prospectus

A national prospectus must be drawn up as a single undivided document. For a particular reason, however, FIN-FSA may agree to the division of the prospectus into several documents. The prospectus may refer to information included in the issuer's financial statements or interim financial reports. Documents referred to must be made available to investors.