{"id":1060,"date":"2023-03-03T12:15:13","date_gmt":"2023-03-03T12:15:13","guid":{"rendered":"https:\/\/pasquay-legal.com\/unternehmer-emittenten\/"},"modified":"2025-10-13T10:54:58","modified_gmt":"2025-10-13T10:54:58","slug":"unternehmer-emittenten","status":"publish","type":"page","link":"https:\/\/pasquay-legal.com\/en\/unternehmer-emittenten\/","title":{"rendered":"Entrepreneurs & Issuers"},"content":{"rendered":"\t\t
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Entrepreneurs & Issuers<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Structuring capital market offerings correctly \u2013 prospectus requirements and alternatives<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tA successful start on the capital market begins with the legally compliant and strategically sound structuring of the chosen financial instrument. Not only is the selection of the appropriate issuance vehicle crucial, but the right level of transparency and regulatory efficiency must also be carefully considered, as must the legal requirements for distribution.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Securities subject to prospectus requirements<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Anyone wishing to offer securities to the public in Europe generally requires a securities prospectus approved by a European supervisory authority (e.g., Art. 3 (1) Prospectus Regulation, \u00a7 3 WpPG). Only instruments that are marketable \u2013 i.e., fungible and transferable under property law (e.g., bearer bonds or order bonds, shares) \u2013 are considered securities. In contrast, registered bonds or shares in a limited liability company (GmbH) are not considered securities within the meaning of the Regulation.<\/p>

The approval process usually takes several weeks and incurs considerable costs. Advantage<\/strong>: An approved EU prospectus is notifiable and can be used throughout the EU. Certain prospectuses can also be recognized in Switzerland with little effort.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Tip<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\tFor small and mid-cap companies, a full securities prospectus may be disproportionately costly. In this case, it is worth looking at the prospectus-free alternatives or the EU Growth Prospectus.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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\u201eThe Court House, Pontoise\u201c (ca. 1873) \u2013 Camille Pissarro<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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The EU growth prospectus<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIt allows privileged issuers \u2013 especially SMEs \u2013 to raise capital with a reduced amount of information. Prerequisite: The company must not yet be listed on a regulated market. The EU growth prospectus is also notifiable (Art. 15 ff. Prospectus Regulation).\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Practical benefit<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\tEspecially for issues up to approximately \u20ac20 million, the EU Growth Prospectus represents a balanced solution between regulatory acceptance and effort.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Prospectus-free securities<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Securities information sheet (WIB):<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tFor public offerings of up to \u20ac8 million within 12 months, a three-page information sheet may suffice in place of a prospectus (Section 4 WpPG). This must be approved by the competent supervisory authority \u2013 only the financial viability is excluded.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Issuer privilege:<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIf the issue volume is less than \u20ac1 million, the issuer may distribute its securities itself \u2013 without a distribution license and without a prospectus requirement.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Offers to qualified investors:<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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If the securities are distributed exclusively to professional clients or eligible counterparties, the prospectus requirement does not apply (Art. 1 (4) (a) of the Prospectus Regulation).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Denomination \u2265 \u20ac100,000:<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tSecurities that can only be subscribed for a minimum amount of \u20ac100,000 are exempt from the prospectus requirement (Art. 1 (4) (c) of the Prospectus Regulation).\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Offers to fewer than 150 non-qualified investors per member state: <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThe so-called “149 exception” (Art. 1 (4) (b) Prospectus Regulation) is a proven means of avoiding prospectuses when targeting specific investors.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Conclusion<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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There are numerous options for placing securities in a legally compliant manner without a prospectus \u2013 provided that the structure, target group, and marketing are precisely coordinated.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Initial public offerings & capital increases<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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I advise issuers and institutions on IPOs, listings, and capital measures \u2013 from the initial draft of the offering structure to communication with the stock exchange. My consulting focus:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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