Statistiche › Quotazioni, IPO e operazioni societarie › Prospectus limits
Europe deleted its own prospectus exemption floor and replaced it with a default of 12 million euro, and capped a share prospectus at 300 sides of A4
| Threshold or limit | As enacted in 2017 | After the 2024 amendment | Provision |
|---|---|---|---|
| Total consideration below which the regulation does not apply | less than 1,000,000 euro over 12 months | Article 1(3) is deleted | Art 1(3) |
| Member state exemption, default | an option with a ceiling of 8,000,000 euro | 12,000,000 euro per issuer or offeror | Art 3(2)(b) |
| Member state exemption, lower national option | nessuno | 5,000,000 euro | Art 3(2a) |
| Credit institution non equity ceiling | not in this form | 150,000,000 euro over 12 months | Art 1 |
| Fungibility exemption | 20 per cent | 30 per cent over 12 months | Arts 1(4)(da), 1(5)(a) and 1(5)(b) |
| Summary length | a maximum of seven sides of A4 when printed | seven sides retained, plus one extra side per guarantor for the two new formats | Art 7(3) and new Art 7(12a) |
| Share prospectus length | no limit | a maximum of 300 sides of A4 when printed | new Art 6(4) |
| Follow on prospectus length | did not exist | 50 sides of A4 | Art 14a(5) |
| Growth issuance prospectus length | did not exist in this form | 75 sides of A4 | Art 15a(5) |
| Base prospectus, universal registration document, non equity prospectus | no limit | no limit | nessuno |
Regulation (EU) 2017/1129, which applied from 21 July 2018, and the amending Regulation (EU) 2024/2809. The 30 per cent fungibility figure already appears in the consolidated text dated 4 December 2024.
The one million euro figure in Article 1(3) is deleted outright. The member state option rises from eight million to a default of twelve, with a lower national option of five, and the fungibility exemption moves from twenty to thirty per cent.
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