Cap. 345 ст. 15AApproval of prospectus.

(1) The competent authority shall notify the applicant of its decision regarding the requested approval of the prospectus within ten (10) working days of the submission of the draft prospectus.

(2) The time limit set out in sub-article (1) shall be extended to twenty (20) working days where the offer to the public involves securities issued by an issuer that does not have any securities admitted to trading on a regulated market and that has not previously offered securities to the public:

Provided that the time limit of twenty (20) working days shall only be applicable for the initial submission of the draft prospectus. Where subsequent submissions are necessary in accordance with sub-article (3), the time limit set out in sub-article (1) shall apply.

(3) Where the competent authority finds that the draft prospectus does not meet the standards of completeness, comprehensibility and consistency necessary for its approval and, or that changes or supplementary information are needed:

(a) it shall inform the applicant of that fact promptly and at the latest within the time limits set out in sub-article

(1) or, as applicable, sub-article (2), as calculated from the submission of the draft prospectus and, or the supplementary information; and

(b) it shall clearly specify the changes or supplementary information that are needed:

Provided that, in such cases, the time limit set out in sub-article (1) shall then apply only from the date on which a revised draft prospectus or the supplementary information requested are submitted to the competent authority.

(4) Where the applicant is unable or unwilling to make the necessary changes or to provide the supplementary information requested in accordance with sub-article (3), the competent authority shall be entitled to refuse the approval of the prospectus and terminate the review process. In such case, the competent authority shall notify the applicant of its decision and indicate the reasons for such refusal.

(5) Notwithstanding the provisions of sub-articles (1) and (3), the time limits set out in the said sub-articles shall be reduced to five

(5) working days for a prospectus consisting of separate documents drawn up by frequent issuers, including frequent issuers using the notification procedure provided for in Article 26 of the Prospectus Regulation. The frequent issuer shall inform the competent authority at least five (5) working days before the date envisaged for the submission of an application for approval:

Provided that a frequent issuer shall submit an application to the competent authority containing the necessary amendments to the universal registration document, where applicable, the securities note and the summary submitted for approval.

(6) Notwithstanding the provisions of sub-articles (1) and (3), the time limits set out in the said sub-articles shall be reduced to seven

(7) working days for an EU Recovery prospectus drawn up in accordance with the Prospectus Regulation. The issuer shall inform the competent authority at least five (5) working days before the date envisaged for the submission of an application for approval:

Provided that this provision shall only apply till 31 December 2022, following which it shall cease to have effect.

(7) Where the competent authority fails to take a decision on the prospectus within the time limits laid down in sub-articles (1), (2) and (5), such failure shall not be deemed to constitute approval of the application.

(8) If the competent authority decides to approve a prospectus, it shall give the applicant written notice accordingly.

(9) If the competent authority decides to refuse a prospectus, it must give the applicant notice of its decision in writing stating the reasons for its refusal.

(10) The competent authority shall notify ESMA of the approval of a prospectus and any supplement thereto as soon as possible and in any event by no later than the end of the first working day after that approval is notified to the applicant.