Two changes to the exemptions from the need to publish a prospectus for a public offer of securities, introduced by the amendment to the Prospectus Directive, will come into force on 31 July. From that date, the number of persons (apart from qualified investors) to whom an offer can be made before triggering the prospectus requirement goes up from 100 to 150, and the total consideration for the offer below which a prospectus is not required goes up from €2.5 million to €5 million. The amended Directive does not have to be implemented until 1 July 2012 and Treasury has not indicated any intention of making any other changes before that date. (Source: SI 2011/1668 – The Prospectus Regulations 2011)