Capital market for SMEs

For small and medium sized enterprises (SMEs), financing via bank loans is often the first choice. In the past, Austria has sought to reduce the hurdles for SMEs raising finance on the capital markets. If a company wishes to offer securities in Austria in a public offering (stocks, bonds), it has to abide by a strictly regulated regime. Recently, this regime has been simplified for SMEs (best known under the catchphrase “Prospectus Light”).

Stadler-Völkel Attorneys at Law were involved in this development from the outset, with the first Prospectus Light approved by the Austrian Financial Market Authority (FMA) having been drafted by Stadler Völkel Attorneys at Law. Our support includes:

• Consultation in obtaining funding, for example through the AWS Fund
• Assistance with the entire process of issuing of securities (with or without an underwriter)
• Development of individual securities conditions (fixed or variable rates and complex products)
• Drafting of the Capital Markets Prospectus (classic or in the form of a Prospectus Light)
• Accompaniment of the entire approval procedure before the FMA
• Drafting and examining of all necessary contracts and declarations for inclusion of an underwriter
• Drafting and examining of the website on which the offering takes place
• Review of all advertising material against advertising rules