(14)Regulation (EU) 2017/1129 requires financial intermediaries to inform investors of the possibility of a supplement being published and, under certain circumstances, to contact investors on the same day that a supplement is published. The deadline by which investors must be contacted, as well as the scope of investors to be contacted, can create difficulties for financial intermediaries. In order to provide relief and free-up resources for financial intermediaries while maintaining a high level of investor protection, a more proportionate regime should be laid down. In particular, it should be clarified that financial intermediaries should contact investors who purchase or subscribe securities at the latest at the closing of the initial offer period. The initial offer period should be understood as referring to the time period during which securities are offered to the public by the issuer or the offeror as prescribed in the prospectus and exclude subsequent periods during which securities are resold on the market. The initial offer period should encompass both primary and secondary issuances of securities. Such a regime should specify which investors should be contacted by financial intermediaries when a supplement is published and should extend the deadline by which those investors are to be contacted. Irrespective of the new regime provided for in this Regulation, the existing provisions of Regulation (EU) 2017/1129, which ensure that the supplement is accessible for all investors by requiring the publication of the supplement on a publicly available website, should continue to apply.