The London Stock Exchange has responded to the Commission Consultation on the functioning of the Prospectus Directive. The LSE stated the threshold for the exemption offers with a total consideration below €2.5m is too low, it states that this should be raised to offers with a total consideration up to €10m at least. It further states the exemptions under Article 4 should be extended to include rights issues, particularly where the issuer is already admitted to a regulated market or multilateral trading facility. This exemption should be extended to other pre-emptive offers of securities to existing members, most particularly to open offers, and the text should make it clear that such an exemption is applicable cumulatively.