Without prejudice to Article 4, a Member State may decide to exempt offers of securities to the public from the obligation to publish a prospectus set out in paragraph 1 provided that:
Gan dochar d’Airteagal 4, féadfaidh Ballstát a chinneadh tairiscintí urrús don phobal a dhíolmhú ón oibleagáid réamheolaire a fhoilsiú a leagtar síos i mír 1 ar choinníoll: