On 31 December 2010, the Prospectus Directive and Transparency Directive were amended as a result of Directive 2010/73/EU. This Directive includes changes to a number of exemptions. The exemption threshold for the prospectus requirement has been raised to offers with a minimum value of EUR 100,000 per investor or a minimum nominal value per unit of EUR 100,000. For more details on the amendments, see our Financial Markets Newsletter of November 2010.

The amendments must be implemented in the national laws by 1 July 2012 at the latest.