Final terms

An issuer who currently or repeatedly issues non-equity securities may choose to prepare a base prospectus. In this connection, the final terms must either be prepared in a separate document or be included in the base prospectus. The rules on base prospectuses and final terms appear from article 8 of the prospectus regulation. 

Filing of final terms with the Danish FSA

If the final terms are included neither in the base prospectus nor in a supplement to this, the issuer must, besides publishing them in accordance with article 21 of the prospectus regulation, file the final terms with the FSA. This must be done as quickly as it is practically possible after the issue of the securities to the public and, if possible, before commencing the offer or the admittance to trade on a regulated market. 

The issuer must file the final terms with the FSA by reporting them in the FSA’s reporting system OAM. OAM can be found here.

Moreover, the issuer must forward the final terms to the FSA’s mail box for final terms, FinalTermsFinanstilsynet@ftnet.dk. The FSA will then report the final terms to ESMA (European Securities and Markets Authority). 

When the issuer reports the final terms in the OAM system of the FSA, the final terms must be attached to the relevant, approved base prospectus. In order for the issuer to be able to attach the final terms to the approved base prospectus, the issuer must know the reporting ID of the approved base prospectus in OAM before reporting is made. The reporting ID is found by searching for the base prospectus in OAM. 

The FSA ensures that approved prospectuses and supplements are reported in OAM as soon as possible after the prospectus or the supplement has been published by the issuer. Final terms can only be attached to base prospectuses which have been reported in OAM by the FSA. The issuer must be aware that if the issuer has itself reported the prospectus in OAM before this possibility was removed in January 2023, the final terms cannot be attached to this prospectus. Instead, the issuer must find the prospectus reported by the FSA. 

Guidance on the use of OAM is available here.