A prospectus does not need to be published if the public offer:
is addressed solely at investors classified as professional clients;
is addressed at fewer than 500 investors;
is addressed at investors acquiring securities to the value of at least CHF 100,000;
has a minimum denomination per unit of CHF 100,000;
does not exceed a total value of CHF 8 million over a 12-month period.
Each public offer for the resale of securities that were previously the subject of an offer in accordance with paragraph 1 is regarded as a separate offer.
In the absence of indications to the contrary, the offeror may, for the purposes of this provision, assume that professional and institutional clients have not declared that they wish to be treated as retail clients.
A financial service provider need not publish a prospectus for securities offered publicly at a later stage:
as long as a valid prospectus exists; and
if the issuer or the persons who have assumed responsibility for the prospectus have consented to its use.
Taking account of recognised international standards and legal developments abroad, the Federal Council may adjust the number of investors and the amounts specified under paragraph 1 letters b to e.
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