Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of the level of the Prospective Regulation exemption limit of 8 million euros for secondary public offerings.

The Prospectus Regulation is directly applicable EU legislation. The Regulation permits Member States to exempt offers of securities to the public, up to a maximum threshold of 8 million euros, from the obligation to produce a prospectus. In 2018, the government elected to set this threshold at its highest level.

The Prospectus Regulation also contains easements specific to secondary offerings, including a simplified prospectus document with lighter requirements.