Securities offering types
In general, if you intend to offer securities to investors in a country you need to follow certain rules set up by the national supervisory authorities. In Germany, the BaFin has outlined the most important information here.
The Cashlink Studio supports a wide variety of rule sets and helps you stay compliant with the regulations.
Important: This guide does not constitute legal advice. We report here only on best practices that have arisen. If you are unsure, please consult a lawyer.
The following table describes how you can implement certain rule sets by using campaigns and personal invitations.
WIB below 1M (Germany)
If you have created a "Wertpapier-Informationsblatt" admitted by the BaFin, you may issue securities up to a volume of EUR 1,000,000 within a public offering.
Choose "Public offering" as the offering type.
WIB between 1M and 8M (Germany)
f you have created a "Wertpapier-Informationsblatt" admitted by the BaFin, you may issue securities up to a volume of EUR 8,000,000 within a public offering. For this setting the self-disclosure must be activated that limits the individual investment amounts.
Choose "Public offering" as the offering type. In addition, the product configuration needs to be adapted in order to control the maximum investment amounts.
Private placement (EEA)
You may issue securities without the provision of a prospectus to less than 150 persons per year and per member state of the EEA.
Create a personalized invitation for each investor and choose "Private placement" as the offering type.
Minimum ticket size (EEA)
You may issue securities to as many investors as you want without the provision of a prospectus if the minimum ticket size is EUR 100,000.00.
Choose "Minimum investment amount" as the offering type.
Private placement (Singapur)
You may issue securities without the provision of a prospectus to less than 50 persons per year.
Create a personalized invitation for each investor and choose "Private placement" as the offering type.
Minimum ticket size (Singapur)
You may issue securities to as many investors as you want without the provision of a prospectus if the minimum ticket size is SGD 200,000.00
Choose "Minimum investment amount" as the offering type.
The decisive factor in all cases is really the offer, not the actual completion of the investment.

What defines an offer?

There are no precise rules for what constitutes an offer to an investor. Therefore, this must always be decided on a case-by-case basis.
This is not legal advice. If you are unsure, take a professional lawyer with you. We can put you in contact with our partner law firm, which also designed our legal framework.
General statements about the company are not an offer in terms of the WpPG. However, as soon as you make concrete statements about your issued security (e.g. price, valuation or other special legal terms) you will make an offer. Offers can be made verbally or in writing.
Best practice: In general it's okay to give information about your business for example during a pitch. If an investor wants to know more details that you would normally only grant access to after a non-disclosure agreement has been signed, send them an invitation via the Cashlink Studio to make sure it's counted as an offer.
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