The European Securities and Markets Authority (ESMA) publishes list of thresholds for when an EU Prospectus is not required
- The European Securities and Markets Authority (ESMA) has published on 8th February a document listing the thresholds below which an offer of securities to the public does not need a prospectus in the various Member States of the European Union (EU).
- ESMA has drawn up this document to create transparency around the regimes adopted across the EU.
- The Prospectus Regulation introduces a new threshold below which an offer does not require a prospectus.
- This threshold is one million Euros. Member States may decide to raise that threshold to a maximum of eight million Euros provided that an offer will not be passported to another Member State.
- If any discrepancy is identified between the information in the document and legislation or rules published nationally, priority should therefore be given to the latter.
- Per CP19/6, the FCA elected to put in place an €8m threshold on 20th July 2018.
- ESMA’s document contains information provided by national competent authorities setting out:
- 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 the relevant national legislation and rules.
- Published 8th February 2019
Associated Regulatory Updates
- EU Prospectus Regulations 2019 and CP 19/6