Cap. 345 Art. 12AExemptions.

(1) Without prejudice to Article 4 of the Prospectus Regulation, the provisions of the Prospectus Regulation, this Act and any regulations or Capital Markets Rules issued thereunder shall not apply to an offer of securities to the public with a total consideration in the European Union and the EEA of less than one million euro (€1,000,000), which shall be calculated over a period of twelve (12) months.

(2) Without prejudice to sub-article (1), as well as Articles 1(4) and 4 of the Prospectus Regulation, offers of securities to the public shall be exempt from the obligation to publish a prospectus in accordance with Article 3(1) of the Prospectus Regulation provided that:

(a) such offers are not subject to notification in accordance with Article 25 of the Prospectus Regulation; and

(b) the total consideration of each such offer in the European Union and the EEA is less than a monetary amount calculated over a period of twelve (12) months which shall not exceed five million euro (€5,000,000).