On 17 March 2011, the Government announced a consultation on the early implementation of certain proposed amendments to the Prospectus Directive. Member states must implement a range of amendments to the Prospectus Directive by 1 July 2012. HM Treasury is, however, proposing to implement the following two changes by an earlier date:

  • increasing from €2.5 million to €5 million the limit for the total consideration of an offer in the EU below which it is not unlawful to offer transferable securities to the public without an approved prospectus first having been made available to the public; and
  • increasing the number of persons to whom an offer may be directed before it ceases to be an exempt offer (that is, an offer of transferable securities to the public without an approved prospectus first having been made available to the public) from 100 to 150 persons per member state.

Comments on the consultation are to be submitted to HM Treasury by 9 June 2011.

View HM Treasury consultation on early implementation of amendments to the Prospectus Directive (27 page pdf)