Legal Q&A · Company financing

Does publishing bond terms and conditions on our website constitute a public offer?

Law as at 10 September 2026

Short answer

Generally yes. The Bonds Act permits publication of terms and conditions on the issuer's website, but the National Bank of Slovakia treats this as a public offer because it is ordinarily accessible to a wider audience. A declaration that the offer is private does not help. A public offer may nevertheless qualify for a prospectus exemption. An open website is particularly sensitive where the audience is limited; volume- and value-based exemptions are assessed under their own conditions.

The law permits it, and the regulator draws consequences

The issuer must make bond terms and conditions available no later than the first day of issuance. The law offers three methods (Section 3(7) of Act No. 530/1990 Coll.): a durable medium, the issuer’s website, or the website of the financial institution placing or selling the bonds.

The choice has legal consequences. In its guidance on public offers of securities, the National Bank of Slovakia expressly states that if an issuer chooses its website to make the terms available, publication is treated as a public offer, despite any declaration that it is a “private offer”, because the information is ordinarily accessible to a wider audience.

Why exemptions are particularly affected

If the issue operates under a prospectus regime, nothing changes: the prospectus is published and the offer is deliberately public. Particular care is required with an exemption tied to the audience, such as an offer to fewer than 150 non-qualified persons in a Member State or exclusively to qualified investors.

Making the terms openly available may undermine the condition that the offer be addressed to a limited audience. The public nature of an offer does not, however, itself defeat every prospectus exemption: for example, a denomination of at least EUR 100,000, a minimum acquisition of EUR 100,000 per investor and the volume-based exemption each have their own conditions under the Prospectus Regulation. The terms contain all three items the NBS requires for the public offer definition: security type, issuer and return.

What to do

If relying on an exemption tied to a limited audience, make the terms available in a way that preserves that audience: on a durable medium to individually approached investors, or through the placing financial institution’s website with access restricted to the audience meeting the exemption. If the terms must appear on your own website, account for that when choosing the issue’s regime at the outset, before launching the page.

See also when a bond offer is a public offer and our bond issuance in Slovakia service.

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. Can self-employed contractors, such as developers outside employment, also receive ESOP equity? In a simple joint-stock company, yes. Section 220r(1)(b) of the Commercial Code expressly covers not only employees but also individuals operating under a trade licence or other authorisation whose work for the company is protected by intellectual property rights. In a joint-stock company, the statutory shortcuts apply only to employees. In an s. r. o., contractors are accommodated through options over members' interests or phantom equity.
  2. When is a bond offer a public offer? A public offer is any communication in any form or by any means containing at least the type of security, the issuer and the price or return. The issuer may be apparent from the context or a linked website; the price may be indicated indirectly, for example through its calculation method. The National Bank of Slovakia assesses content rather than the heading, so the threshold is lower than most issuers expect.
  3. Is it enough to state in the materials that this is a private offer? No. The National Bank of Slovakia assesses a communication in substance, based on its content. A different formal title is not decisive, and a disclaimer or statement that it is a private offer does not prevent classification as a public offer. The NBS expressly adds that private offer is not a legally defined term; issuers use it for offers that do not meet the characteristics of a public offer.
  4. When do we need a prospectus for a bond issue? Slovakia's volume exemption applies to public offers with total consideration in the EU below EUR 5,000,000 per issuer or offeror over the relevant 12-month period. Relevant offers are aggregated under Article 3(2c) of the Prospectus Regulation; offers for which a prospectus has been published and offers exempt under Article 1(4) are excluded. If you rely on the volume exemption under Section 120(2), the prescribed document must be submitted to the NBS and made available to the public. Duties under other exemptions must be assessed separately.

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

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