Securities Offerings of up to EUR 12 Million without a Prospectus

Since 5 June 2026, companies have been able to raise almost EUR 12 million from investors through a significantly simpler process - without a prospectus approved by the Czech National Bank. This is because the new European framework introduced by the EU Listing Act has applied directly since that date, while the Czech Republic has not yet completed the adoption of its national implementing legislation, which was intended to reduce the prospectus threshold to EUR 5 million.

What does this mean in practice?

Subject to the applicable conditions, companies may publicly offer securities - typically bonds or shares - with a total consideration of less than EUR 12 million over a period of 12 months, without preparing a prospectus approved by the Czech National Bank.

For issuers, this means:

• a simpler and faster way to raise capital,
• lower administrative and financial costs,
• an attractive alternative to bank financing.

The forthcoming Czech legislation is expected to introduce a threshold of EUR 5 million and a new offering document for offers between EUR 1 million and EUR 5 million. The current regime may therefore represent only a limited-time opportunity.

At Stuchlíková & Partners, we provide comprehensive legal support for securities offerings - from structuring the transaction and drafting the terms and conditions of the securities to assessing the public offering and distribution model.

For further information or a proposal for our legal services, please contact us at info@stuchlikova.com.