Where an offer of securities is addressed exclusively to a restricted circle of investors who are not qualified investors, drawing up a prospectus represents a disproportionate burden in view of the small number of persons targeted by the offer, thus no prospectus should be required.
I gcás gur ar chiorcal infheisteoirí nach infheisteoirí cáilithe iad, agus orthu sin amháin, atá tairiscint urrús don phobal dírithe, ualach díréireach is ea é réamheolaire a tharraingt suas i bhfianaise an lín bhig daoine a bhfuil an tairiscint dírithe orthu, agus níor cheart, dá bhrí sin, é a bheith ina cheangal réamheolaire a tharraingt suas.