Q&As

Is there any guidance on the aggregation principle in relation to the €5m prospectus exemption?

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Published on LexisPSL on 07/01/2016

The following Banking & Finance Q&A provides comprehensive and up to date legal information covering:

  • Is there any guidance on the aggregation principle in relation to the €5m prospectus exemption?

As set out in our Practice Note: The Prospectus Directive and the debt capital markets—is a prospectus required? [Archived], the Prospectus Directive 2003/71/EC (PD) provides that a prospectus must be prepared and approved before an offer of securities is made to the public within any European Economic Area (EEA) state.

'Securities' means transferable securities as defined in Article 4(18) of Directive 2004/39/EC (MiFID), but excluding money market instruments as defined by Article 4(19) of MiFID and having a maturity of less than 12 months. Transferable securities are securities such as bonds and other debt instruments which are negotiable on the capital market. A loan documented by a loan agreement would not normally be a transferrable security and so in this case there wo

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