On 16 December 2020, the European Commission adopted a Delegated Regulation supplementing the Prospectus Regulation as regards the minimum information content of the document to be published for a prospectus exemption in connection with a takeover by means of an exchange offer, a merger or a division together with annexes. The Delegated Regulation is based on the empowerment set out in Article 1(7) of the Prospectus Regulation.

The layout of the Delegated Regulation is as follows:

• Article 1 lays down the definitions applicable in this Delegated Regulation.
• Article 2 lays down the minimum information content for the exemption document.
• Article 3 lays down the rules for the incorporation by reference.
• Article 4 lays down the rules applicable where the issuer of the equity securities has a complex financial history or has undertaken a significant financial commitment.
• Article 5 lays down out the language regime applicable.

The Delegated Regulation enters into force on the twentieth day following its publication in the Official Journal of the European Union.