Member States may provide for partial or complete exemption from the obligation to publish a prospectus where the transferable securities being offered to the public are:
debt securities or other transferable securities equivalent to debt securities issued in a continuous or repeated manner by credit institutions or other financial institutions equivalent to credit institutions which regularly publish their annual accounts and which, within the Community, are set up or governed by a special law or pursuant to such a law, or are subject to public supervision intended to protect savings
debt securities or other transferable securities equivalent to debt securities issued by companies and other legal persons which are nationals of a Member State and which:
- in carrying on their business, benefit from State monopolies, and
- are set up or governed by a special law or pursuant to such a law or whose borrowings are unconditionally and irrevocably guaranteed by a Member State or one of a Member State's regional or local authorities;
debt securities issued by legal persons, other than companies, which are nationals of a Member State, and
- were set up by special law, and
- whose activities are governed by that law and consist solely in
i(i) raising funds under state control through the issue of debt securities; and
financing production by means of the resources which they have raised and resources provided by a Member State and/or acquiring a holding in such production, and
- the debt securities of which are, for the purposes of admission to official listing, considered by national law as debt securities issued or guaranteed by the State.