Legal Q&A · Company financing

How should an offer intended only for qualified investors be labelled?

Law as at 10 September 2026

Short answer

The communication must unambiguously state that the public offer is exclusively for qualified investors, using wording that leaves no room for conflicting interpretations and presentation that makes it stand out. The exemption applies only to that offer: for a subsequent sale or admission to a regulated market, the prospectus requirement and any applicable exemption must be assessed afresh.

It must be visible, not merely mentioned

An offer of securities exclusively to qualified investors is one of the exemptions from publishing an approved prospectus. However, the National Bank of Slovakia’s guidance on public offers of securities imposes two specific labelling requirements:

  • The communication must state that the public offer is intended exclusively for qualified investors, in wording that does not allow ambiguous interpretations.
  • This information must be presented so that it stands out from the rest of the communication.

A statement hidden in a footer, footnote or disclaimer paragraph does not meet this requirement. The reader should see it before engaging with the offer.

The exemption attaches to the offer, not the security

Another frequently overlooked point is that the exemption concerns a specific offer. Under Article 5(1) of the Prospectus Regulation, every subsequent resale is assessed as a separate offer: it must be determined afresh whether it constitutes a public offer and whether it qualifies for an exemption under Article 1(4). For admission to a regulated market, the exemptions under Article 1(5) are assessed separately. A prospectus may be required, but it is not mandatory for every subsequent resale or admission.

If an issuer places an issue with qualified investors without a prospectus and later considers broader distribution or admission to a regulated market, the prospectus requirement must be reassessed in light of that specific next step. When planning an issue, it is therefore worth deciding what should happen to the bonds at the next stage.

Exemptions can be combined

The Prospectus Regulation permits exemptions to be combined if their conditions are met simultaneously. A single offer may therefore target qualified investors, investors acquiring at least EUR 100,000, the issuer’s employees and a limited number of other non-qualified investors not exceeding 149 persons, while remaining exempt from prospectus publication. Each exemption relied upon must independently satisfy its requirements.

See also when the exemption for fewer than 150 investors fails and why calling it a private offer is not enough.

See the scope and process of our bond issuance service in Slovakia.

This answer provides general information on the law as at 10 September 2026. It does not constitute legal services or replace an assessment of an individual case. The details of your situation may differ. Book a consultation to discuss them.

More legal questions

All questions and answers
  1. We want to launch a crowdfunding platform. Do we need NBS authorisation? If a platform facilitates loans to business projects or places securities they issue, it provides crowdfunding services under Regulation (EU) 2020/1503 (ECSPR) and needs authorisation, granted in Slovakia by the National Bank of Slovakia. The Regulation covers offers with consideration up to EUR 5,000,000 per project owner over 12 months. Donation and reward crowdfunding fall outside it, while household lending has its own licensing regime. The NBS assesses, in particular, management, the business model, payment flows and prudential safeguards.
  2. Our customer is in bankruptcy. Can we set off what it owes us against what we owe it? Often yes; the Bankruptcy Act does not prohibit set-off across the board. You must, however, properly lodge your claim in the bankruptcy, failing which it cannot be set off against a claim of the debtor. Also excluded are set-off of your pre-bankruptcy claim against a claim that arose for the debtor only afterwards, and set-off of a claim you acquired from another person only after the declaration of bankruptcy. Where set-off does not work, you pay your debt to the trustee in full and receive only a share of the distribution on your own claim.
  3. The company whose loan I guaranteed has gone into bankruptcy. Do I have to pay its debt? Generally yes. A suretyship ends only when the secured obligation ends, and where the company ceases to exist as a legal entity the Commercial Code expressly provides that the suretyship continues. With a commercial suretyship the creditor need not even call on the debtor once bankruptcy has been declared, because it is beyond doubt that the debt will not be paid. The surety nevertheless keeps all of the debtor’s defences and, having paid, may seek recourse against the debtor.
  4. Can our s. r. o. buy back its own business interest and hold it for future employees? No. A limited liability company cannot acquire its own business interests unless the law exceptionally provides otherwise (Section 120(1) of the Commercial Code), so an s. r. o. cannot create an equity pool for future employees. Its participation programme must use another structure: options over existing members' interests, phantom equity, or conversion to a simple joint-stock company.

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Mgr. Patrik Tulinský, LL.M. Czech and Slovak attorney · SAK 300422 · ČAK 19654

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