As mentioned in our July 2017 Briefing (Prospectus Regime: PD3
Published), the new Prospectus Regulation (known as PD3), will
apply across the EU from 21 July 2019. Some limited provisions
have, however, applied since 21 July 2017 and 21 July 2018.
The Minister for Finance signed the Prospectus (Directive
2003/71/EC) (Amendment) Regulations 2018 on 3 August 2018. These
amending Irish Prospectus Regulations update the existing Irish
Prospectus Regulations to reflect the provisions of PD3 that became
directly effective on 21 July 2017 and on 21 July 2018.
PROVISIONS OF PD3 APPLICABLE FROM 21 JULY 2018
Under PD3, from 21 July 2018:
Exemption from prospectus regime:
The prospectus regime will not apply to securities included in
an offer where the total consideration for the offer in the EU is
less than €1,000,000 (until 21 July 2018, that threshold was
€5,000,000). To benefit from this exemption, the total
consideration for the offer must be aggregated with
