A decision by Greece’s Capital Market Commission, published in the official government gazette, introduces substantial changes to the rules governing how information is disclosed in public offerings of securities.
The reform brings Greek law into line with recent European regulations and sees Greece adopt a framework similar to those already applied in other EU markets. Its stated objective is to make access to capital markets easier—especially for small and medium-sized enterprises—while reducing red tape and administrative costs.
One of the most consequential changes is that the new information documents required for certain public offerings will no longer be subject to prior approval by the Capital Market Commission. Until now, such approval was a central feature of the process. The new approach is expected to significantly accelerate capital-raising procedures, but it also shifts greater responsibility onto issuers themselves, their board members, and the banks or investment firms involved in the transaction. These parties must explicitly attest that the information provided is accurate, truthful and complete, and that no material omissions exist that could mislead investors.
At the heart of the new framework is the introduction of a standardized information document for public offerings with a total value of more than €1 million and up to €8 million. The document is deliberately designed to be concise, with a strict limit of seven A4 pages, in order to improve clarity and usability for investors. Only in specific circumstances, such as when a guarantor is involved, may the document be extended by a single additional page.
The reform also marks a clear shift in regulatory philosophy. Rather than prioritizing lengthy technical disclosures, the new regime focuses on material information that is most relevant to investment decisions. The information document is expected to provide a clear overview of the issuer, the securities on offer, the terms of the transaction and the principal investment risks. Detailed financial statements and historical financial data will no longer be reproduced in full within the document itself, but will instead be made available through electronic links, reducing volume without restricting access to underlying information.
The decision further establishes clearer rules on how and when the information document must be published and made available to the public. It must be accessible in electronic form on the issuer’s website and, where applicable, on the platforms of trading venues or financial intermediaries, before—or at the latest at the start of—the public offering.
In this context, promotional and advertising materials must clearly state that an information document has been published and must underline that any investment decision should be based on its content.
