New EU Prospectus Regulation: List of Thresholds Below Which Prospectus is Not Required

The European Securities and Markets Authority has 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 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 regulators, 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 national regulators change their information, ESMA plans to update and republish the document.

This measure has no impact on the related disclosure regime in the EU Packaged Retail and Insurance-based Investment Products Regulation, which applies in parallel.

View the list of thresholds.
 
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