Artículo 3 Obligación de publicar un folleto y excepciones

Sin perjuicio de lo dispuesto en el artículo 1, apartado 4, y en los apartados 2 y 2 bis del presente artículo, en la Unión los valores únicamente podrán ofertarse al público tras la previa publicación de un folleto de conformidad con el presente Reglamento.

Sin perjuicio de lo dispuesto en el artículo 4, las ofertas públicas de valores estarán exentas de la obligación de publicar un folleto con arreglo al apartado 1 siempre que:

By way of derogation from paragraph 2, point (b), Member States may exempt offers of securities to the public from the obligation to publish a prospectus set out in paragraph 1 provided that the total aggregated consideration in the Union for the securities offered is less than EUR 5 000 000 per issuer or offeror calculated over a period of 12 months.

Member States shall notify the Commission and ESMA where they decide to adopt the exemption threshold of EUR 5 000 000 laid down in paragraph 2a. Member States shall also notify the Commission and ESMA where they subsequently decide to adopt instead the exemption threshold of EUR 12 000 000 referred to in paragraph 2, point (b).

The total aggregated consideration for the securities offered to the public, as referred to in paragraph 2, point (b), and in paragraph 2a, shall take into account the total aggregated consideration of all ongoing offers of securities to the public and offers of securities to the public made within the 12 months preceding the start date of a new offer of securities to the public, except for those offers of securities to the public for which a prospectus was published or that were subject to any exemption from the obligation to publish a prospectus pursuant to Article 1(4), first subparagraph. Moreover, the total aggregated consideration of the securities offered to the public shall include all types and classes of securities offered.

Where an offer of securities to the public is exempted from the obligation to publish a prospectus pursuant to paragraph 2, point (b), or paragraph 2a, a Member State may require the issuer to file and make available to the public in accordance with the arrangements set out in Article 21(2) a document containing the information set out in Article 7(3) to (10) and (12), or a document containing the information requirements at national level, provided that the extent and level of such information is equivalent to or lower than the information set out in Article 7(4) to (10) and (12).

Sin perjuicio de lo dispuesto en el artículo 1, apartado 5, los valores únicamente se admitirán a cotización en un mercado regulado que esté situado o que opere dentro de la Unión tras la previa publicación de un folleto de conformidad con el presente Reglamento.