# EU: Small Offers Exemption This exemption is designed **for smaller fundraising efforts targeting both retail and professional investors within the EU**. It provides **a simpler alternative for issuers with moderate capital needs**. *** ### Who Can Invest? * Both retail and professional investors. *** ### How Much Money Can Be Raised? * Up to EUR 5 million in a rolling 12-month period. *** ### Are There Any Restrictions? * The exemption thresholds vary between EU member states. Some countries may require local filings or additional documentation. * Marketing materials must comply with anti-fraud and transparency requirements. *** ### Compliance Notes * A full prospectus is not required, but some member states may impose local filing obligations for the offering. * Issuers should verify specific requirements in their target member states. *** ### Why Choose Small Offers Exemption? The Small Offers Exemption is suitable for startups and smaller issuers seeking retail and professional investors without the complexity of full prospectus registration. However, issuers must carefully navigate local variations in requirements. *** --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.stobox.io/tokenization_framework/phase-3-define-the-tokenization-model/regulations-of-sto-offerings/european-union-or-esma/eu-small-offers-exemption.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.