SECTION 86

Any company which makesa public offeringshall, beforehand, publish in the State party of the headquarters of the issuer and, if applicable, in other States parties where the public is solicited, a document for the publicinformation. The said document shall contain all the information that, taking into account the special nature of the issuer and the securities offered to the public or admitted to trading at a stock exchangeof a State party, is necessary to enable investors to make an informed appraisal of assets, the financial situation, profits and losses, and prospects of the issuer and potential guarantors, as well as the rights attached to those securities. Such information shall bedefined by the competent authority of each State party and presented in a simple and understandable form.