- Investment objects that you offer to fewer than a hundred consumers.
- Investment objects that are part of a series comprising fewer than 20 investment objects, each with identical characteristics.
- Investment objects of indeterminate value.
- Investment objects that you offer for at least EUR 100,000 per object.
In addition, you do not need a licence for offering investment objects to the following types of consumers:
- Consumers who work in your enterprise.
- Consumers who work in an enterprise under the control of your company.
- Consumers that your enterprise is linked to in a control structure, in reality or on paper.
If you do not need a licence, the AFM exercises no supervision under the FSA, but does so under the Consumer Protection Enforcement Act.
The above information is a broad summary of the relevant exemptions from the licensing requirement for the provision of investment objects. The actual licensing requirements are stated in the relevant laws and regulations.