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Label Maintenance

(Note: if your programme is already STEP labelled)

Regular renewal (Update)

Programme maintenance handling cycle

All is explained in the STEP Market Convention.

As a summary:

a. The issuer shall update the information memorandum at least every 3 years + 90 days of the date of the last Information Memorandum and the copy of 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;

b. 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.

- electronic copies of or active hyperlinks to the last two approved annual reports (if any) and financial accounts (consolidated, if any) or equivalent documents;

- the auditors’ opinion on annual accounts (or refer to the above documents if included in one of them);

- direct hyperlinks to the credit rating agencies’ website;

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

The issuer shall urgently contact the STEP Secretariat if any delay is expected in providing the above-mentioned updates.


Exceptional renewal (update)

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)).

In circumstances where a supplemental Information Memorandum is provided, it acts as an addendum to the original Information Memorandum

In the event of any change in one of the programme’s ratings, the issuer must inform the STEP Secretariat (by e-mail) immediately after such change is notified to the issuer by the relevant rating agency.


Application form - Declaration of Adherence
Single Issuer Not Guaranteed
Single Issuer Guaranteed
Multi-jurisdiction programme
Multi Issuers
Supplemental Information Memorandum
Summary document 

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