Directive 2003/71/EC is hereby amended as follows:
1. Article 1 is amended as follows:
(a) in paragraph 2:
(i) point (h) is replaced by the following:
'(h) securities included in an offer where the total consideration for the offer in the Union is less than EUR 5 000 000, which shall be calculated over a period of 12 months;';
(ii) point (j) is replaced by the following:
'(j) non-equity securities issued in a continuous or repeated manner by credit institutions where the total consideration for the offer in the Union is less than EUR 75 000 000, which shall be calculated over a period of 12 months, provided that those securities:
(i) are not subordinated, convertible or exchangeable;
(ii) do not give a right to subscribe to or acquire other types of securities and that they are not linked to a derivative instrument.';
(b) the following paragraph is added:
'4. In order to take account of technical developments on financial markets, including inflation, the Commission shall adopt, by mea
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