Art. 1

in force 2026-06-05 MODIFIED±0§

Amended by Regulation (EU) 2024/2809 32024R2809

applies from: unknown

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in force 2026-03-05 MODIFIED§

Amended by Regulation (EU) 2024/2809 32024R2809

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

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in force 2024-12-04 MODIFIED§

Amended by Regulation (EU) 2024/2809 32024R2809

applies from: unchanged

Two new prospectus exemptions, points (da) and (db), are added to paragraph 4, and a corresponding point (ba) is added to paragraph 5, each covering fungible securities admitted to trading subject to conditions on restructuring/insolvency status and filing of a document containing the information set out in Annex IX, with added text specifying the maximum length and language requirements for that document.

The credit-institution non-equity securities exemption in point (j) of paragraph 4 has its threshold raised from EUR 75000000 to EUR 150000000, and the corresponding exemption in point (i) of paragraph 5 is likewise changed from EUR 75000000 to EUR 150000000, with both paragraphs gaining new text on how the total aggregated consideration for such offers is to be calculated by reference to other ongoing or preceding offers.

The 20% thresholds used in paragraph 4's now-renumbered point references and throughout paragraph 5 (points (a) and (b)) and paragraph 6 have been changed to 30%, and the crowdfunding exemption in point (k) of paragraph 4 now ends with a full stop rather than a semicolon before point (l).

Cited: Art. 1, v2 · Art. 1, v1

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in force 2021-11-10 MODIFIED§

Amended by Regulation (EU) 2020/1503 32020R1503

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2020-10-07

In Article 1(4)(1), point (k) has been replaced: the former text exempting certain non-equity securities issued by a credit institution up to an aggregated consideration threshold of EUR 150000000 between 18 March 2021 and 31 December 2022 is removed from that point and replaced by a new point (k) referring to an offer of securities to the public from a crowdfunding service provider authorised under Regulation (EU) 2020/1503, subject to the threshold in point (c) of Article 1(2) of that Regulation.

The credit-institution exemption previously located at point (k) with the same wording and dates now appears as point (l) in the amended text.

Cited: Art. 1, v1 · Art. 1, v2

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in force 2021-03-18 MODIFIED§

Amended by Regulation (EU) 2021/337 32021R0337

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2021-03-18, 2022-12-31

A new point (l) is added to paragraph 4, exempting non-equity securities issued continuously or repeatedly by a credit institution where the total aggregated consideration in the Union is less than EUR 150000000 per credit institution over 12 months, applicable from 18 March 2021 to 31 December 2022, alongside the existing point (j) exemption for such securities under the EUR 75000000 threshold.

A parallel new point (k) is added to paragraph 5 with the same EUR 150000000 threshold and the same 18 March 2021 to 31 December 2022 window, sitting alongside the existing point (i) exemption for the EUR 75000000 threshold.

These additions did not exist in the earlier text, which only contained the lower EUR 75000000 thresholds in point (j) of paragraph 4 and point (i) of paragraph 5.

Cited: Art. 1, v2 · Art. 1, v1

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in force 2019-12-31 MODIFIED§

Amended by Regulation (EU) 2019/2115 32019R2115

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2004-04-21, 2008-11-03

Two new paragraphs, 6a and 6b, have been inserted after paragraph 6, restricting the exemptions in point (f) of paragraph 4 and point (e) of paragraph 5, and in point (g) of paragraph 4 and point (f) of paragraph 5 respectively, to equity securities and setting out specific conditions under which each pair of exemptions applies.

Paragraph 6a limits the takeover-related exemption to cases where the offered equity securities are fungible with securities already admitted to trading and the takeover is not a reverse acquisition transaction under IFRS 3, or where a competent supervisory authority has given prior approval of the relevant document, referencing Directive 2004/25/EC and Commission Regulation (EC) No 1126/2008.

Paragraph 6b limits the merger- or division-related exemption to equity securities where the transaction is not a reverse acquisition under IFRS 3 and where the equity securities of the acquiring entity or of the entities subject to division were already admitted to trading on a regulated market before the transaction, a set of paragraphs absent from the earlier version of Article 1.

Cited: Art. 1, v2 · Art. 1, v1

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