Public offers of securities and the procedure for prospectuses

Preparations for an offer of securities, raising capital or admission of securities to trading must first assess the nature of the instrument involved, the form of the offer and the requirement to publish information.

Initial assessment (click to open)

The following questions will help assess whether raising capital, borrowing publicly, or offering other investment opportunities may need further analysis of securities, public offers or the obligation to publish public information. The answers do not constitute legal advice but simply help present the issues that need to be considered.

An investor is providing money with the aim of earning interest, a return, a share of profits or another financial benefit.

Money is being raised or it is planned to raise it through loans from the public or a broad group of lenders.

An investor is providing money in exchange for a right of claim, participation, a subscription right, a token, or some other economic right.

Multiple investors are being offered the same rights on essentially the same terms.

The rights given by the investment can be transferred, assigned or otherwise disposed of.

The investment opportunity is being offered beyond the existing narrow and previously defined group of investors.

There is a website, presentation, info memo, video, posts or other material that promote the investment opportunity.

The information published allows the investor to decide at least in principle whether or not to invest.

The amount being raised may exceed 1 million euros over 12 months, or the offer will be organised in multiple countries.

How to interpret the result

Choose one or more statements on the left. The result will appear here.

The Finantsinspektsioon prospectus register

Prospectuses registered with Finantsinspektsioon and related public information

Open the Finantsinspektsioon prospectus register →

The ESMA prospectus register

Prospectuses registered in the European Economic Area, including Estonia

Open the ESMA prospectus register →

The path for market participants

The following questions should be considered when raising capital or publishing information for investors.

1 Instrument Is a given instrument a security?

2 Public offer Might an activity aimed at investors be a public offer?

3 Obligation Is a prospectus or an information document needed?

4 Procedure How is the prospectus approved?

5 Publication and advertising How is the prospectus published and the advertising assessed?

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News and notifications 07.05.2026: ESMA published its position on prospectus requirements

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