The Prospectus Regulations 2011 (SI 2011/1668) (the Regulations)5, which were published on 8 July 2011 and come into force at the end of the month, amend the Financial Services and Markets Act 2000:

  • to provide that a prospectus will not be required where offers are addressed to fewer than 150 persons per member state. At present, the exemption applies to offers made to fewer than 100 such persons; and
  • to increase the threshold for an offer of securities for which a prospectus is required from the current figure of EUR 2.5 million to EUR 5 million (total consideration of the offer in the EU calculated over a 12 month period).

The Prospectus Regulations 2011 available at: http://www.legislation.gov.uk/uksi/2011/1668/ introduction/made