home state

This term has a number of meanings depending on the context in which it is used:

In relation to an investment firm, the European Economic Area (EEA) state in which its registered office or head office is situated.

In relation to a credit institution, the EEA state in which the credit institution has been authorised in accordance with the Banking Consolidation Directive.

In relation to a market, the EEA state in which the registered office of the body which provides trading facilities is situated or, if under its national law it has no registered office, the EEA state in which that body's head office is situated.

In relation to an issuer of transferable securities (transferable security), for the purposes of the Prospectus Directive, Listing Rules and Prospectus Rules, broadly, the member state where the issuer has its registered office (or for issuers of securities incorporated in a third state, the member state where the securities are intended to be offered to the public for the first time or where the first application for admission to trading on a regulated market is made).

For the purposes of the Disclosure Rules and Transparency Rules, in relation to an issuer of shares or debt securities of a denomination per unit of less than EUR1,000, either the member state in which the issuer has its registered office (if the issuer is incorporated in the EU), or where the issuer is incorporated in a third country, the member state in which it is required to file an annual information update. For all other issuers, the member state chosen by the issuer from those member states in which the issuer has its registered office and those member states which have admitted its securities to trading on a regulated market on their territory.

Related links

FSMA overview

Prospectus Directive

Investment Services Directive (ISD)