On 3 February 2023, the European Securities and Markets Authority (ESMA) updated its questions and answers on the Prospectus Regulation. The revised edition of the Q&As includes a new question (15.10), concerning article 1(4)(d) of the Prospectus Regulation, ie one of the multiple exemptions from the requirement to publish a prospectus.

ESMA clarifies that the purchase of securities by a joint account can be considered as a purchase by "one investor" for the purposes of article 1(4)(d), as there is no condition regarding the mode of payment. Consequently, in the context of an offer, a purchase for a value of €100,000, executed through a joint account, is considered as a purchase by “one investor” and, therefore, would qualify for the article 1(4)(d) exemption from the requirement to publish a prospectus.

The Q&As on the Prospectus Regulation can be found here.