The new Growth Prospectus regime: a potent instrument for security token offerings

Exemptions from the obligation to issue a prospectus.

The new Growth Prospectus regime for SMEs

  • had less than 250 employees on average during the year
  • had a total balance sheet not exceeding € 43 Million
  • had an annual net turnover not exceeding € 50 Million.
  • any other issuer whose securities are traded or are to be traded on an SME Growth Market (such as MTF — Multilateral Trading Facilities), provided that those issuers had an average market capitalisation of less than € 500 Million on the basis of end-year quotes for the previous three calendar years.
  • any other issuer provided that:

Simplified passporting of prospectuses within the EU




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