Key data
| Regulation | Correction of errors in Delegated Regulation (EU) 2026/773, which amends Delegated Regulation (EU) 2019/980 |
|---|---|
| Publication | 31 July 2026 |
| Entry into force | 15 June 2026 |
| Affected parties | Securities-issuing companies, financial and legal advisors, capital market supervisory entities |
| Category | European Regulation |
| Year | 2026 |
| Corrected regulation | Delegated Regulation (EU) 2026/773 (OJ L, 2026/773, 15.6.2026) |
| Base regulation amended | Delegated Regulation (EU) 2019/980 |
| Official reference | OJ:L_202690641 |
If your company is preparing a securities issuance in European regulated markets, or you advise companies that are, there is a regulatory change you cannot ignore. The error correction published on 31 July 2026 regarding Delegated Regulation (EU) 2026/773 modifies the content, format and sequence requirements for Union follow-up prospectuses and growth issuance prospectuses. The complete regulatory reference is OJ:L_202690641, published in the EU Official Journal.
This correction is not a minor change in form: it may involve modifications to disclosure requirements, document structure or required data. Any prospectus prepared with the previous version of the regulation must be reviewed to ensure compliance before submission to the supervisor.
What does this regulation establish?
Delegated Regulation (EU) 2026/773 amended Delegated Regulation (EU) 2019/980, which is the technical standard that regulates the reduced content, format and standardized sequence of two types of European prospectuses:
| Type of prospectus | What is it for? | Who is it mainly aimed at? |
|---|---|---|
| Union follow-up prospectus | Securities issuances by companies already listed on European regulated markets | Companies with a history of listing in the EU |
| Union growth issuance prospectus | Simplified route to access financing in European capital markets | SMEs and growing companies |
The error correction now published may affect any of the following elements of these prospectuses:
- Information disclosure requirements
- Required document structure
- Specific data that must be included in the prospectus
- Standardized presentation sequence and format
The base regulation being amended, Delegated Regulation (EU) 2019/980, has been in force since 2019 and is the technical reference used by issuers and advisors to prepare these mandatory documents. Any change to it has a direct effect on ongoing prospectus preparation processes.
Economic and operational impact
The impact of this correction translates into concrete operational costs for affected companies:
- Review of prospectuses in preparation: Any company that had a follow-up or growth prospectus in the process of preparation in accordance with the previous version of Delegated Regulation (EU) 2026/773 must review and, if necessary, adapt the document to the corrected version.
- Cost of additional legal and financial advice: The review involves hours of work by legal and financial advisors specialized in capital markets, with the associated cost.
- Risk of delays in issuances: If the prospectus submitted to the supervisor does not comply with the corrected version, approval may be delayed or denied, affecting the timeline of the financing operation.
- Greater impact on SMEs: SMEs that use the growth prospectus as a simplified route to access capital markets are particularly vulnerable to these delays, as they typically have fewer internal resources to manage last-minute regulatory changes.
Who does it affect?
- Securities-issuing companies that are preparing or have prepared follow-up or growth prospectuses in accordance with Delegated Regulation (EU) 2026/773 in its version prior to the correction.
- SMEs that use the Union growth issuance prospectus to access financing in European capital markets.
- Financial and legal advisors that prepare or review investment prospectuses for their clients in the European sphere.
- Capital market supervisory entities that must apply the updated requirements in their prospectus approval processes.
- Companies already listed on EU regulated markets that plan new issuances and need to submit a follow-up prospectus.
Practical example
A Spanish technology SME is preparing its access to a European growth market through the Union growth issuance prospectus, the simplified route specifically provided for companies of its size. Its legal advisor had begun drafting the prospectus following the format and sequence established in Delegated Regulation (EU) 2026/773 as originally published on 15 June 2026.
With the publication of this error correction on 31 July 2026, the company and its advisor must:
- Locate the corrected version of the regulation in the EU Official Journal.
- Identify which elements of the prospectus in preparation are affected by the correction (content, format, sequence or required data).
- Adapt the document before submitting it to the national capital markets supervisor.
If the company submits the prospectus without incorporating the changes from the correction, the supervisor may reject it or request amendments, delaying access to the planned financing.
What should companies do now?
- Review the corrected version of Delegated Regulation (EU) 2026/773 published on 31 July 2026 in the EU Official Journal (reference OJ:L_202690641) to identify exactly what has changed from the previous version.
- Audit prospectuses in preparation: If you have a follow-up or growth prospectus in the process of preparation, have your legal advisor conduct an urgent review to verify whether the document complies with the corrected version.
- Update internal models and templates: If your company or firm uses proprietary templates based on Delegated Regulation (EU) 2019/980 and its amendments, update them to reflect the changes introduced by the correction.
- Communicate the change to the teams involved: Inform the corporate finance, legal and compliance teams about the existence of this correction and its impact on ongoing issuance processes.
- Verify with the national supervisor whether there are additional application criteria for the corrected version for prospectuses already in the approval process.
Frequently asked questions
What is the Union growth issuance prospectus and which companies does this correction affect?
The Union growth issuance prospectus is a simplified document that SMEs and growing companies must publish when issuing securities in European capital markets. The correction of Delegated Regulation (EU) 2026/773 may modify its content, format or standardized sequence, so any company that was preparing this type of prospectus in accordance with the previous version must review the document before submitting it to the supervisor.
When does the correction of Delegated Regulation (EU) 2026/773 enter into force?
The entry into force date is 15 June 2026, although the error correction was published in the EU Official Journal on 31 July 2026. This means that the corrected version is applicable from the entry into force date of the original regulation, so prospectuses in preparation must be adapted to it immediately.
What happens if I submit a prospectus that does not comply with the corrected version?
If the prospectus submitted to the national capital markets supervisor does not incorporate the requirements of the corrected version of Delegated Regulation (EU) 2026/773, the supervisor may reject it or request amendments. This may delay the approval of the prospectus and, consequently, the planned issuance or financing operation.
Where can I consult the corrected version of the regulation?
The corrected version is available in the Official Journal of the European Union under the reference OJ:L_202690641. You can access it directly through EUR-Lex, the official EU legislation portal.
Does this correction affect only new issuances or also already-approved prospectuses?
The correction primarily affects prospectuses in the process of preparation or approval in accordance with Delegated Regulation (EU) 2026/773. Already-approved prospectuses and completed issuances are not retroactively affected, but any new issuance or prospectus update must comply with the corrected version.
Official source
Consult 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_202690641