(16)One of the objectives of this Directive is to protect investors. It is therefore appropriate to take account of the different requirements for protection of the various categories of investors and their level of expertise. Disclosure provided by the prospectus is not required for offers limited to qualified investors. In contrast, any resale to the public or public trading through admission to trading on a regulated market requires the publication of a prospectus.
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New version applies from 04/01/2011 — introduced by Directive 2010/73/EU, Directive 2010/78/EU.
79 provisions change.
Later versions: 26/11/2013, 23/05/2014, 20/07/2017, 21/07/2018, 21/07/2019.
Recital 16 changes in this version: compare with the current text.