What is the minimum subscription for securities if no prospectus is required?

In the context of securities offerings, a prospectus is generally required to provide potential investors with essential information about the investment. However, there are specific circumstances where a prospectus may not be required, often associated with thresholds for minimum subscription amounts.

In many regulatory regimes, including those aligned with European standards, a minimum subscription limit of 100,000 EUR is typically established. This threshold allows issuers to avoid the requirement of a prospectus when offering securities to a limited number of qualified investors or in private placements. This reflects a regulatory approach that balances investor protection with the facilitation of easier access to capital for issuers.

The rationale behind this specific figure is that investments at this level tend to attract more sophisticated investors who are presumed to have the capacity to evaluate the risks associated with the securities without the need for a comprehensive prospectus. Consequently, the correct answer indicates that 100,000 EUR is the minimum subscription threshold at which securities can be offered without the necessity of issuing a prospectus, adhering to regulations aimed at maintaining market integrity while fostering investment.