On 6 September 2017 the final text setting out the amendments made to article 53 of the Wft Exemptions Regulation (Vrijstellingsregeling Wft) has been published. These changes will come into force as from 1 October 2017.
A summary of the most important changes is set out below:
- Increase of the exempted threshold amount from € 2.5 million to € 5 million.
As from 1 October 2017 securities included in an offer where the total consideration of the offer is less than € 5 million calculated over a period of 12 months, are exempted from the obligation to publish a prospectus as meant in article 5:2 Wft.
- NEW: AFM notification duty.
Prior to making an offer that falls within the exempted threshold amount the offeror is obliged to notify the Authority Financial Markets (AFM) about such offer and to provide the information as listed in article 53 paragraph 4 sub a (new regulation) of the Wft Exemptions Regulations to the AFM.
- NEW: Information document for the offering of securities.
Article 54 paragraph 4 sub b of the Wft Exemptions Regulation prescribes an information document format that should be used for providing information prior to the offer. The information documents is included in Annex A of the Wft Exemptions Regulation and includes amongst others information about the issuer, the risks involved, the costs for the investor and the return on investment.
