On 8 February 2019, ESMA published a revised list of thresholds, below which an offer of securities to the public will not need a prospectus in EU member states.

The Prospectus Regulation has introduced a new threshold of €1 million, below which an offer does not require a prospectus. A Member State may decide to raise the threshold to a maximum of €8 million, provided that the offer cannot be passported to another Member State. ESMA has drawn up this list to create transparency across the various regimes adopted in the EU.

The list, which contains information provided by national competent authorities (NCAs), sets out for each EU member state:

  • a short description of the national thresholds below which no prospectus is required;
  • a summary of any national rules which apply to offers below that threshold; and
  • hyperlinks to relevant national legislation and rules.

When any of the member states or NCAs change their information, ESMA plans to update and republish the document upon notification.

A link to the list of thresholds can be found here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.