EU Growth Prospectus Correction: What Changes in Format and What SMEs Must Do

Key data

SMEs and growing companies that want to raise financing in European capital markets have a simplified instrument at their disposal: the EU growth prospectus. This document reduces the administrative burden compared to the standard prospectus and allows access to investors with less bureaucracy. However, the official format that this prospectus must follow has just been corrected.

The rectification published on 21 July 2026 in the EU Official Journal (reference OJ:L_202690610) corrects errors detected in Delegated Regulation (EU) 2026/773, which in turn amended Delegated Regulation (EU) 2019/980. The result is that the current standardized format of the growth prospectus and the subsequent prospectus is updated with the corrections included in this rectification.

What does this regulation establish?

Delegated Regulation (EU) 2019/980 is the reference standard that regulates the content, format and standardized order of prospectuses in the European Union. In March 2026, Delegated Regulation (EU) 2026/773 introduced specific modifications for two types of simplified prospectus:

• EU subsequent prospectus: for companies that already trade and carry out additional securities issuances.
• EU growth prospectus: for SMEs and expanding companies that access capital markets for the first time or in a limited manner, with lower documentary requirements.

The rectification published on 21 July 2026 corrects formal errors detected in that March regulation. The corrections affect aspects of the document that companies must submit when issuing securities in European regulated markets. The regulation does not publicly detail each specific error corrected beyond its formal nature, but the practical effect is clear: the corrected format is the only valid one for new issuances.

Economic and operational impact

The direct impact of this rectification is not economic in terms of new fees or regulatory costs: no new payment obligations or explicit sanctions are introduced in the published text. The impact is operational and documentary compliance.

The practical consequences for companies and their advisors are as follows:

• Risk of supervisor rejection: submitting a prospectus with the format prior to the correction may prompt objections or delays from the competent authority (in Spain, the CNMV).
• Cost of documentary review: legal and financial teams that already had prospectus preparation underway will need to review and adapt the document to the corrected format, with the consequent cost in advisory hours.
• Delays in the issuance timeline: any last-minute adjustments to the documentation may shift the planned market launch dates, impacting treasury planning and market conditions.
• Impact on advisors and supervisors: law firms, investment banks and financial advisors that prepare these documents must update their working templates immediately.

Who does it affect?

• SMEs and growing companies that are planning or executing a securities issuance (shares, bonds or other instruments) in EU regulated markets under the simplified regime.
• Already listed companies that prepare a subsequent securities issuance and use the corresponding simplified prospectus.
• Legal and financial advisors who prepare prospectuses for their clients: they must update their working models and templates.
• Placement entities and investment banks that participate in issuance processes and are responsible for correct documentary presentation.
• Securities market supervisors (such as the CNMV in Spain or equivalents in other member states) that review and approve submitted prospectuses.

Practical example

Imagine a medium-sized Spanish technology company that has spent months preparing its first bond issuance in a European regulated market under the growth prospectus regime. Its legal advisor has been working with the model derived from Delegated Regulation (EU) 2026/773 published in June 2026.

With the rectification published on 21 July 2026, the official format is corrected. If the company submits the prospectus to the CNMV using the model prior to the correction, the supervisor may detect formal discrepancies with respect to the current format and request correction, which delays the approval process and, consequently, the issuance date and planned fundraising.

The immediate action of the legal advisor should be to compare the prospectus draft with the corrected format published in the EU Official Journal on 21 July 2026, and incorporate the necessary adjustments before submitting the documentation to the supervisor.

What should companies do now?

1. Verify the status of prospectuses in preparation: if your company or your client's company has an issuance process underway under the growth prospectus or subsequent prospectus regime, immediately check what version of the format is being used.
2. Download the corrected format: access the text published on 21 July 2026 in the EU Official Journal and obtain the updated official format.
3. Update internal templates: law firms and financial advisors must replace any previous model with the corrected format to avoid errors in future issuances.
4. Coordinate with the supervisor before submitting: if submission to the CNMV or another European supervisor was imminent, confirm with the body that the format you are going to use is current after the rectification.
5. Review the issuance timeline: if the documentary adjustment requires additional time, update your work plan and communicate possible delays to investors or interested parties with sufficient notice.

Official source

View complete regulation in official source

Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://eur-lex.europa.eu/./legal-content/AUTO/?uri=OJ:L_202690610