Under the new Prospectus Regulation adopted by the EU Parliament, the scope of exemptions from the need for onerous disclosure requirements will be expanded from late 2017.
The regulation won't apply to offers of securities (shares and bonds etc) to fewer than 350 (previously 150) natural or legal persons per member state or no more than 4,000 natural or legal persons in the EU who aren't qualified investors etc; or where the total being raised in the EU over a 12 month period is less than EUR1 million (previously EUR500,000).
Each member state can exempt offers from the prospectus requirement where the amount being raised over 12 months in the EU does not exceed EUR5 million (previously EUR10 million) - though there are measures to confine the offer to the relevant member state.
Other rules are aimed at making the amount of information disclosed more proportionate.
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