Intermediating another EU member state public offering of securities

Priit Pahapill is a partner at Attorneys at law Borenius having expertise in syndicated lending, leveraged and acquisition finance, mezzanine finance, asset finance, and project finance projects.

Securities intermediation is a function of financial intermediaries, eg banks, providing income from executing orders as well as securities portfolio administration fees. The intermediation of other EU member state public offerings of securities is one potential window for financial intermediaries seeking possibilities to increase their revenues. In general, under the art 3(2) of the Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading, as amended (the Prospectus Directive), a public offering of securities is any offering of securities to the public unless it meets at least one of the following criteria: