ESMA_QA_835

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/835

---

Regulatory Context

Regulation : PROSPECTUS

Level 1 Regulation: Prospectus Regulation 2017/1129

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Public offer

Subject Matter: Purchase via joint account

---

Question

Submission Date: 03 February 2023

Article 1(4)(d) of the prospectus regulation states:

“The obligation to publish a prospectus set out in Article 3(1) shall not apply to any of the following types of offers of securities to the public: …(d) an offer of securities addressed to investors who acquire securities for a total consideration of at least EUR 100 000 per investor, for each separate offer;”

May the purchase of securities by a joint account be considered as “one investor”? Let us assume that, in the context of an offer, a purchase for EUR 100,000 is executed for a joint account held by husband and wife. In such case, is the above mentioned condition of “at least EUR 100 000 per investor” still complied with?

---

ESMA Answer

Answer Date: 03-02-2023

[ESMA 31-62-1258 Prospectuses Q&A 15.10] Yes, as Article 1(4)(d) contains no condition regarding the mode of payment.

---

This document was automatically extracted from the ESMA EMIR Q&A database.