On 4 December 2025, the European Commission (Commission) issued a consultation on a draft Delegated Regulation amending Delegated Regulation (EU) 2019/980 on the reduced content and the standardised format and sequence of the EU Follow-on prospectus and the EU Growth issuance prospectus.

Background

Regulation (EU) 2024/2809 introduced several amendments to the Prospectus Regulation including standardizing the format and sequence and streamlined disclosure requirements for prospectuses, limited page length of prospectuses for shares and introduced exemptions for follow-on issuances of securities by already listed companies. In addition, Regulation (EU) 2024/2809 introduced two new types of short-form prospectuses: the EU Follow-on prospectus and the EU Growth issuance prospectus. These prospectuses are set to replace the existing simplified prospectus for secondary issuances and the EU Growth Prospectus.

The Prospectus Regulation requires the Commission to adopt delegated acts to specify the reduced content and the standardised format and sequence of the EU Follow-on prospectus and the EU Growth issuance prospectus (Articles 14a(8) and 15a(8) of the revised Prospectus Regulation), which is the objective of the draft Delegated Regulation.

Article 1 of the draft Delegated Regulation sets out the amendments to Delegated Regulation (EU) 2019/980 which include:

  • Paragraphs (1) to (12) of Article 1 update or delete provisions that refer to the simplified prospectus regime for secondary issuances and the EU Growth prospectus, that are due to expire on 5 March 2026 and that will be replaced by the regimes containing the EU Follow-on prospectus and the EU Growth issuance prospectus.
  • Article 1(11) includes the European Green Bond factsheet referred to in Article 10 of Regulation (EU) 2023/2631 among the information to be included in the base prospectus and final terms.
  • Article 1(13) introduces a new Chapter IVa in Delegated Regulation (EU) 2019/980 containing the regimes on the EU Follow-on prospectus and the EU Growth issuance prospectus.
  • Article 1(14) amends the list of Annexes.
  • Article 1(15) deletes the Annexes on the simplified prospectus regime for secondary issuances and the EU Growth prospectus.
  • Article 1(16) adds new Annexes on the EU Follow-on prospectus and the EU Growth issuance prospectus.

Next steps

The deadline for comments on the consultation is 1 January 2026.

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