1.
Article 1 is amended as follows: in paragraph 2: point (h) is replaced by the following: ‘(h) securities included in an offer where the total consideration for the offer in the Union is less than EUR 5000000, which shall be calculated over a period of 12 months;’; point (j) is replaced by the following: ‘(j) non-equity securities issued in a continuous or repeated manner by credit institutions where the total consideration for the offer in the Union is less than EUR 75000000, which shall be calculated over a period of 12 months, provided that those securities: (i) are not subordinated, convertible or exchangeable; (ii) do not give a right to subscribe to or acquire other types of securities and that they are not linked to a derivative instrument.’; the following paragraph is added: ‘4. In order to take account of technical developments on financial markets, including inflation, the Commission shall adopt, by means of delegated acts in accordance with Article 24a, and subject to the conditions of Articles 24b and 24c, measures concerning the adjustment of the limits referred to in points (h) and (j) of paragraph 2 of this Article.’;
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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.