Article 3(2) of the Prospectus Regulation became applicable last year, with every provision applying on 21 July 2019. The new prospectus regulation allows European companies to raise up to €8 million every 12 months. With a simplified information document, issuers can target retail investors across the EU.
The exemptions lower the legal costs whilst the digital instruments ease distribution and increase the speed of on-boarding investors. Each member state can decide the maximum amount of funds raised under this exemption: