REDUCED TURNAROUND TIMES FOR SUPPLEMENTS
Effective 2 August 2016, the CBI have confirmed that the turnaround times assigned to the review of supplements will change. Comments on supplements received by the CBI before 5pm will be returned within one working day, i.e. by close of business the following working day.
Currently the review time is 3 working days for non-financial supplements.
The reduced timeframes will only apply to new supplements submitted to the CBI from 2 August 2016 onwards. The submission and review process relating to financial supplements remains unchanged, which is same day approval.
FORM OF DOCUMENTS
Directive 2003/71/EC ("Prospectus Directive") was recently supplemented by way of Commission Delegated Regulation (EU) 2016/301 ("Regulation") with regard to regulatory technical standards for approval and publication of the prospectus and dissemination of advertisements.
As a result of the regulation, certain aspects will affect the review and approval process of documents.
Effective immediately, a searchable electronic format document must be submitted for review. This also includes page pulls submitted at approval stage. These must also be in searchable, blacklined, electronic format. This allows national competent authorities to search for specific terms or words in the prospectus, it facilitates faster scrutiny and contributes to an efficient and timely review process.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.