Legal Q&A · Company financing

How long does NBS prospectus approval take?

Law as at 9 August 2026

Short answer

The standard prospectus approval period is 10 working days from submission of the application. For an issuer with no securities admitted to trading on a regulated market that has never offered securities to the public, the first draft has a 20-working-day period. A prospectus supplement is approved within 5 working days. Crucially, deficiencies restart the period when remedied: the quality of the initial submission determines the overall time, rather than the statutory period alone.

Statutory periods

The National Bank of Slovakia approves prospectuses within the periods laid down in the Prospectus Regulation. It summarises its procedure in guidance on prospectus scrutiny and approval:

DocumentPeriod
Prospectus, including a registration document or universal registration document10 working days
First draft prospectus of an issuer with no securities on a regulated market that has never made a public offer20 working days
Subsequent rounds for such an issuer, following supplementation or a revised draft10 working days
Prospectus supplement5 working days
Frequent issuer’s prospectus consisting of separate documents5 working days
Cross-border prospectus notification1 working day

Where time is actually lost

The period runs from submission of the application. However, if the draft prospectus fails to meet the standards of completeness, comprehensibility and consistency, or changes are needed, it restarts when the revised draft or requested additional information is submitted. There is no limit on the number of rounds.

In practice, the actual time to approval therefore depends on how many rounds of comments the prospectus requires. This makes an informal pre-application consultation worthwhile. The NBS allows these for specific questions only: it does not assess the entire prospectus in that consultation, and expects the applicant’s own analysis of the question.

Two things that must be ready before filing

The timetable must also allow for two administrative steps that cannot be left until the last minute:

  • An LEI code is mandatory information in the prospectus, registration document and universal registration document. The issuer must obtain it before applying.
  • Access to the Central Register of Regulated Information (CERI) must be requested online in advance. The NBS sends login details by post to the issuer’s address, or electronically with an electronic signature.

Without CERI access, after approval the issuer cannot fulfil its duty to upload the prospectus and notify the NBS of the date and time of upload and the assigned file name.

How to streamline the application

If the draft is substantially similar to a prospectus previously approved by the NBS for the issuer, a comparison version of both documents may be submitted, or all changes against the approved prospectus may be marked. The application must confirm that the information is current and complete. The draft is submitted electronically in an editable text format, not as a locked PDF.

See also when you need a prospectus and our bond issuance in Slovakia service.

This answer provides general information on the law as at 9 August 2026. It does not constitute legal services or replace an assessment of an individual case. The details of your situation may differ. Book a consultation to discuss them.

More legal questions

All questions and answers
  1. When do we need a prospectus for a bond issue? Slovakia's volume exemption applies to public offers with total consideration in the EU below EUR 5,000,000 per issuer or offeror over the relevant 12-month period. Relevant offers are aggregated under Article 3(2c) of the Prospectus Regulation; offers for which a prospectus has been published and offers exempt under Article 1(4) are excluded. If you rely on the volume exemption under Section 120(2), the prescribed document must be submitted to the NBS and made available to the public. Duties under other exemptions must be assessed separately.
  2. We offer bonds to fewer than 150 investors. When will the exemption fail? What matters is who the offer is addressed to, rather than how many people ultimately buy the bond. The communication must clearly show that it targets no more than 149 persons, for example by defining the recipient category. If basic bond information is published on a publicly accessible website, the National Bank of Slovakia treats it as a public offer requiring a prospectus. Saying the page serves only investors already contacted does not satisfy the exemption.
  3. How should an offer intended only for qualified investors be labelled? The communication must unambiguously state that the public offer is exclusively for qualified investors, using wording that leaves no room for conflicting interpretations and presentation that makes it stand out. The exemption applies only to that offer: for a subsequent sale or admission to a regulated market, the prospectus requirement and any applicable exemption must be assessed afresh.
  4. Can a network of financial agents sell our bonds? Only an investment firm or bank may place an issuer's bonds; financial agents may not provide this regulated investment service to the issuer. They may participate in other stages of the distribution chain serving clients, but cannot provide placement of the issue. This must be resolved before designing the distribution model because it changes the economics of the entire issue.

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Mgr. Patrik Tulinský, LL.M. Czech and Slovak attorney · SAK 300422 · ČAK 19654

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