1.  Prospectus requirement
  2. Prospectus exemptions
    1. Key exemptions
  3.  Ability to offer shares to
    1.  Institutional/professional/authorised investors (for example investment funds, insurers, pension funds)
    2.  High net worth individuals 
    3. Retail/public/others
  4.  Can the issuer approach potential investors on their own?
  5.  Can the issuer's financial adviser/ placement agent approach potential investors on their own?
  6.  Are there any other exemptions which may be relied on?

jurisdiction

Serbia
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1. Prospectus requirement

  • Initial public offer (for non-public joint stock companies).
  • Listing on the Regulated Market (Regulisano tržište) or Multilateral platform (Multilateralna trgovačka platforma) of the Belgrade Stock Exchange (Belex).

2. Prospectus exemptions

Key exemptions

Public Offer

  • Qualified Investors.
  • Less than 100 natural persons or legal entities in Serbia that are not Qualified Investors.
  • Investors who will pay minimum EUR 50,000 per investor, for each individual offer.
  • Securities whose individual value is minimum EUR 50,000.
  • Securities whose total value is less than EUR 100,000 during the period of 12 months.

3. Ability to offer shares to

3.1 Institutional/professional/authorised investors (for example investment funds, insurers, pension funds)

Yes, subject to complying with applicable prospectus rules or the exemptions set out in paragraph 2 above.

3.2 High net worth individuals 

Yes, subject to complying with applicable prospectus rules or the exemptions set out in paragraph 2 above.

3.3 Retail/public/others

Yes, subject to complying with applicable prospectus rules or the exemptions set out in paragraph 2 above.

4. Can the issuer approach potential investors on their own?

Not regulated.

However, the issuer is obliged to disclose all relevant information related to the offer to all.

Qualified Investor/special categories of investors to which the offer is referred to, in case it disclosed such information to one of them.

5. Can the issuer's financial adviser/ placement agent approach potential investors on their own?

Not regulated.

6. Are there any other exemptions which may be relied on?

N/A