Art. 1

in force 2026-06-05 MODIFIED±0§

Amended by Regulation (EU) 2024/2809 32024R2809

applies from: unknown

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in force 2026-03-05 MODIFIED§

Amended by Regulation (EU) 2024/2809 32024R2809

applies from: unknown

Sources disagree, and there is no text on either side — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships marked disputed.

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in force 2024-12-04 MODIFIED§

Amended by Regulation (EU) 2024/2809 32024R2809

applies from: unchanged

The list of prospectus exemptions for public offers now includes new points (da) and (db) covering offers of securities fungible with those already admitted to trading on a regulated market or SME growth market, each subject to conditions on percentage thresholds or holding periods, non-restructuring/insolvency status, and filing of a document with the information set out in Annex IX, and the credit institution non-equity threshold in point (j) has been raised from EUR 75000000 to EUR 150000000.

Correspondingly, the admission-to-trading exemptions in paragraph 5 add a new point (ba) with similar fungibility, holding-period, restructuring/insolvency and Annex IX filing conditions, the fungibility thresholds in points (a) and (b) rise from 20% to 30%, and the paragraph 6 non-combination cap likewise moves from 20% to 30%.

Both paragraph 4 and paragraph 5 now also contain added subparagraphs specifying a maximum 11-page length and language requirements for the new Annex IX documents, and clarifying how the total aggregated consideration for the credit institution exemptions is to be calculated by reference to other ongoing or recent offers.

Cited: Art. 1, v2 · Art. 1, v1

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in force 2021-11-10 MODIFIED§

Amended by Regulation (EU) 2020/1503 32020R1503

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2020-10-07

Article 1(4) gains a new point (k) exempting an offer of securities to the public made by a crowdfunding service provider authorised under Regulation (EU) 2020/1503, provided the offer does not exceed the threshold set in point (c) of Article 1(2) of that Regulation.

In the earlier version, Article 1(4) had no such crowdfunding-related exemption, and the point that had been labelled (k) in the later version was instead numbered differently, with the list proceeding from point (j) directly to point (l).

Cited: Art. 1, v2 · Art. 1, v1

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in force 2021-03-18 MODIFIED§

Amended by Regulation (EU) 2021/337 32021R0337

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2021-03-18, 2022-12-31

A new point (l) is added to paragraph 4, creating a temporary prospectus exemption for non-equity securities issued repeatedly by a credit institution where the aggregated Union consideration is below EUR 150000000 per credit institution over 12 months, applicable from 18 March 2021 to 31 December 2022, subject to the same non-subordination and non-derivative-linkage conditions as the existing point (j).

A parallel new point (k) is added to paragraph 5 introducing the same temporary EUR 150000000 threshold exemption from the admission-to-trading prospectus obligation, running from 18 March 2021 to 31 December 2022, with identical conditions on the securities not being subordinated, convertible, exchangeable or linked to a derivative instrument.

The corresponding text in the earlier version contains neither point (l) in paragraph 4 nor point (k) in paragraph 5.

Cited: Art. 1, v2 · Art. 1, v1

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in force 2019-12-31 MODIFIED§

Amended by Regulation (EU) 2019/2115 32019R2115

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2004-04-21, 2008-11-03

The after text inserts two new paragraphs, 6a and 6b, which were not present before.

Paragraph 6a restricts the exemptions in point (f) of paragraph 4 and point (e) of paragraph 5 to equity securities, applying them only where the offered equity securities are fungible with securities already admitted to trading before the takeover and the takeover is not a reverse acquisition transaction under IFRS 3 paragraph B19, or where a competent supervisory authority under Directive 2004/25/EC has given prior approval of the relevant document.

Paragraph 6b restricts the exemptions in point (g) of paragraph 4 and point (f) of paragraph 5 to equity securities where the transaction is not a reverse acquisition under IFRS 3 paragraph B19, applying only where the acquiring entity's or the divided entities' equity securities were already admitted to trading on a regulated market before the transaction, whereas the before text contained no such restriction.

Cited: Art. 1, v2 · Art. 1, v1

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