Article 33
Specific summary for the EU Growth prospectus
1.
The specific summary for the EU Growth prospectus shall provide the key information that investors need to understand the nature and the risks of the issuer, of the guarantor and of the securities that are being offered.
2.
The content of the specific summary shall be accurate, fair, clear and not misleading.
3.
The specific summary shall be consistent with the other parts of the EU Growth prospectus.
4.
The specific summary shall be drawn up as a short document written in a concise manner and shall have a maximum length of six sides of A4-sized paper when printed. The specific summary shall:
(a)
be presented and laid out in a way that is easy to read, using characters of readable size;
(b)
be written in a clear, non-technical and concise language that facilitates the understanding of the information and its comprehensibility by investors.
The first subparagraph shall also apply where information is presented in a tabular format.
5.
The specific summary shall contain the information referred to in Annex 23 to this Regulation.
6.
The specific summary shall not contain cross-references to other parts of the EU Growth prospectus or incorporate information by reference.
7.
The specific summary may use sub-headings to present the information referred to in sections 2, 3 and 4 of Annex 23 to this Regulation.
8.
The total number of risk factors referred to in items 2.3.1, 3.3(d) and 3.4.1 of Annex 23 to this Regulation and included in the specific summary shall not exceed 15.
9.
Where securities are also subject to Regulation (EU) No 1286/2014 of the European Parliament and of the Council (
3
), the competent authority of the home Member State may require the SMEs, the issuers and offerors referred to in Article 15(1) of Regulation (EU) 2017/1129 to substitute the information referred to in section 3 of Annex 23 to this Regulation with the information set out in points (c) to (i) of Article 8(3) of Regulation (EU) No 1286/2014.
10.
Where the substitution referred to in paragraph 9 is not required by the competent authority of the home Member State, the SMEs, the issuers and offerors referred to in Article 15(1) of Regulation (EU) 2017/1129 may substitute the information referred to in section 3 of Annex 23 to this Regulation with the information set out in points (c) to (i) of Article 8(3) of Regulation (EU) No 1286/2014.
11.
Where the information referred to in paragraphs 9 and 10 is substituted, it shall be included as a distinct section of the specific summary and that section shall clearly be identified as including the information set out in points (c) to (i) of Article 8(3) of Regulation (EU) No 1286/2014.
12.
The maximum length of the specific summary referred to in paragraph 4 shall be extended by:
(a)
one additional side of A4-sized paper where the specific summary contains information about a guarantee attached to the securities;
(b)
two additional sides of A4-sized paper where a specific summary covers several securities which differ only in very limited details such as issue price or maturity date;
(c)
three additional sides of A4-sized paper where there is a substitution of information as referred to in paragraphs 9 and 10.
For the purposes of point (c), three additional sides of A4-sized paper may be used for each security where the specific summary covers several securities which differ only in very limited details such as issue price or maturity date.
( 3 ) Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (OJ L 352, 9.12.2014, p. 1).