---
title: Prospectus
url: "https://www.unknowngravity.com/en/glosario/folleto-informativo"
site: Unknown Gravity
published: "2026-05-31T13:41:15+00:00"
modified: "2026-07-30T15:43:02+00:00"
language: en-US
description: "The prospectus is the offering document containing the information an investor needs to make an informed assessment of the financial assets offered to the public or admitted to trading on a regulated…"
section: "Home > Prospectus"
---

# Prospectus

GLOSSARY · BLOCKCHAIN & WEB3

What a prospectus is: the document detailing the risks and features of a securities offering before they are sold to the public.

WHAT IS IT? · FOR DUMMIES

Imagine you are buying a house off-plan. Before you sign, you receive a dossier explaining what the home will look like, what materials it uses, what risks it carries and who is building it. A **prospectus** is exactly that, but for an investment: the official document a company publishes when it wants to sell securities (shares, bonds or tokens that qualify as financial instruments) to a wide audience.

Its purpose is to let any investor understand, before committing money, what they are buying, how much it costs, what could go wrong and what the company does with the proceeds. It is not a marketing brochure: it is a formal document supervised by the regulator.

WHAT IS IT? · PRO

The **prospectus** is the offering document containing the information an investor needs to make an informed assessment of the financial assets offered to the public or admitted to trading on a regulated market, and which must be approved and registered with the competent authority (in Spain, the CNMV) before publication.

Its content, format and liability regime are governed by the **Prospectus Regulation (EU) 2017/1129** and its implementing rules, complemented at the national level by Law 6/2023 on Securities Markets and Investment Services (LMVSI). In tokenization transactions, the obligation to publish a prospectus only arises where the token qualifies as a financial instrument: crypto-assets subject to MiCA (MiCA Regulation (EU) 2023/1114) fall outside the scope of the Prospectus Regulation and are documented through the corresponding white paper.

## 01 / Key points

- **Legal basis:** Prospectus Regulation (EU) 2017/1129 and Law 6/2023 (LMVSI).
- It must be **approved by the CNMV** before publication.
- Required only when the token is a **financial instrument**; MiCA crypto-assets use a white paper, not a prospectus.
- Certain **exemptions** (based on offer size or investor type) may remove the obligation to publish a prospectus.

This entry is informative. It is not legal, tax or investment advice. The rules cited change: check the current version on [BOE](https://www.boe.es) and [EUR-Lex](https://eur-lex.europa.eu).