ESMA Publishes List of Thresholds Below Which an EU Prospectus is not Required

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.

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.

The documents are available from ESMA’s website here.