# UK: Small Offers Exemption

This framework is **designed for smaller fundraising efforts and allows issuers to target both professional and retail investors** but **with limits on the total amount raised**.

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### Who Can Invest? <a href="#who-can-invest" id="who-can-invest"></a>

* Both retail investors (ordinary individuals) and professional investors.

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### How Much Money Can Be Raised? <a href="#how-much-money-can-be-raised" id="how-much-money-can-be-raised"></a>

* Up to £5 million in a rolling 12-month period.

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### Are There Any Restrictions? <a href="#are-there-any-restrictions" id="are-there-any-restrictions"></a>

* Marketing materials must comply with FCA anti-fraud and transparency requirements to ensure investors understand the risks.
* While a full prospectus is not required, issuers may need to prepare simplified offering documents.
* Promotion should be conducted by an authorized representative.

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### Compliance Notes: <a href="#compliance-notes" id="compliance-notes"></a>

* Issuers should provide clear risk disclosures and ensure that any advertising aligns with the information in their offering documents.
* This exemption offers a streamlined process for small-scale fundraising, making it accessible to startups and smaller projects.

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### Why Choose Small Offers Exemption? <a href="#why-choose-small-offers-exemption" id="why-choose-small-offers-exemption"></a>

The Small Offers Exemption is ideal for issuers looking to raise limited capital while including retail investors. It provides a simple and cost-effective way to access a broader investor base without the burden of full registration.

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