What is an Information Note?
The information note is a shorter and less detailed document than a prospectus and its main characteristics are as follows:
- Format. It cannot be longer than 15 (A4) pages (in a readable format).
- Content. It must include information on the issuer, the amount and the nature of the investments instruments offered, the reasons and the modalities of the offering and/or the admission to trading and the risks related to the issuer and the investment instruments concerned. In addition, the annual accounts for the last 2 financial years should be included.
- Language. The information note can be drawn-up in Dutch, French or English but in any case in the language(s) used for the marketing materials.
- FSMA. It is not subject to prior approval of the FSMA. However, the FSMA has the power to do an a posteriori review and impose certain administrative measures and sanctions.
- Publication. The information note must be published on the website of the issuer, the offeror or the financial intermediaries, at the latest on the day of the opening of the public offering.
The information note remains valid for a 12 months period following the filing with the FSMA.