ESMA Publishes List Of Thresholds Below Which An EU Prospectus Is Not Required

On 8 February 2019, ESMA published 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'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.

It should be reminded that Article 1(3) of the Regulation (EU) 2017/1129 (Regulation) establishes that the Regulation does not apply to an offer of securities to the public with a total consideration in the Union of less than 1 million EUR calculated over a period of 12 months. This implies that the obligation to publish a prospectus does not apply to offers below this threshold. According to Article 3(2) of the Prospectus Regulation, Member States may decide to