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Article 211-2 into force from to

  • Version into force from to
ELI : /en/eli/fr/aai/amf/rg/article/211-2/20141001/notes

I. - Within the meaning of Article L. 411-2, I of the Monetary and Financial Code, an offering of financial securities does not constitute a public offer if it presents one of the following characteristics:

  1. The total amount in the Union is less than EUR 100,000 or the foreign currency equivalent thereof;

  2. The total amount in the Union is between EUR 100,000 and EUR 5,000,000 or the foreign currency equivalent thereof and the transaction concerns financial securities accounting for no more than 50% of the capital of the issuer. For financial securities for which admission to trading on a multilateral trading facility within the meaning of Article 524-1 is sought, the maximum total amount in the Union may be lowered to EUR 2,500,000 at the request of the market operator managing it;

  3. It is intended for investors acquiring at least EUR 100,000 worth, or the foreign currency equivalent thereof, per investor and per transaction, of the relevant financial securities;;

  4. It concerns financial securities with a minimum par value of at least EUR 100,000 or the foreign currency equivalent thereof

II. - The total amount of the offer referred to in points I, 1 and 2 and the amount referred to in Article L. 411-2 I bis of the Monetary and Financial Code are calculated over a twelve-month period from the date of the first offer