Labelling Process

The applicant submits a draft STEP Package:

-Application Form and Declaration of adherence to the STEP market Convention

-Information Memorandum

- electronic copies of or active hyperlinks to the last two approved annual reports and financial accounts;

- the auditors’ opinion on annual accounts

- direct hyperlinks of the programme’s the credit rating agencies’ websites (if any)

- a copy of the full text of the guarantee (if any). If the guarantor belongs to the category of general government (e.g. central government or local authority), the text of the guarantee can be substituted, when appropriate, by the text of the relevant rules applicable to the guarantee;

- at the option of the issuer, any other relevant information (including but not limited to : legal opinion, rating letters regarding the issuer).

All newly submitted Information Memorandums should follow strictly and formally the templates provided herein.

The STEP secretariat checks if the programme and the documents provided comply with the STEP Market Convention.

The applicant addresses the comments until all the documents are acceptable.

The issuer submits formally the STEP Package.

The STEP label is granted for an indefinite period, as long as the programme complies with the Convention.

The issuer shall update the information memorandum at least every three years + 90 days of the date of the last Information Memorandum. A new information memorandum shall be submitted by it to the STEP Secretariat within three years of the date of the last information memorandum.

The issuer shall update the other mandatory documents and submit them to the STEP Secretariat normally annually, and in any case as soon as they are approved, but no later than 90 days of the date of the approval.

The issuer shall update the information memorandum and submit it to the STEP Secretariat every time there is a change in the programme.  

Specifically and prior to any additional issue made under an amended programme, the issuer shall submit an updated version of the Information Memorandum to the STEP Secretariat (via full update or supplemental information memorandum, to the discretion of the issuer(s)).

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