Recital 8

(8)Companies that have had shares admitted to trading on a regulated market or traded on an SME growth market continuously for at least the last 18 months before the offer of shares or admission to trading should have complied with periodic and ongoing disclosure requirements under Regulation (EU) No 596/2014 of the European Parliament and of the Council ⁵ , Directive 2004/109/EC of the European Parliament and of the Council ⁶ or, for issuers on SME growth markets, under Commission Delegated Regulation (EU) 2017/565 ⁷ . Hence, much of the required content of a prospectus will already be publicly available and investors will be trading on the basis of that information. Therefore, the EU Recovery prospectus should only be used for secondary issuances of shares. The EU Recovery prospectus should facilitate equity funding and thereby allow companies to rapidly recapitalise. The EU Recovery prospectus should not enable issuers to move from an SME growth market to a regulated market. Furthermore, the EU Recovery prospectus should only focus on essential information enabling investors to make informed investment decisions. Nevertheless, if applicable, issuers or offerors should address how the COVID-19 pandemic has affected the issuers’ business activities as well as the pandemic’s future anticipated impact on the issuers’ business activities, if any.