Qualification as an SME

(Article 4(1)(13) of Directive 2014/65/EU)
1.   An issuer whose shares have been admitted to trading for less than three years shall be deemed an SME for the purpose of point (a) of Article 33(3) of Directive 2014/65/EU where its market capitalisation is below EUR 200 million based on any of the following:
(a)
the closing share price of the first day of trading, if its shares have been admitted to trading for less than one year;
(b)
the last closing share price of the first year of trading, if its shares have been admitted to trading for more than one year but less than two years;
(c)
the average of the last closing share prices of each of the first two years of trading, if its shares have been admitted to trading for more than two years but less than three years.
2.   An issuer which has no equity instrument traded on any trading venue shall be deemed an SME for the purpose of Article 4(1)(13) of Directive 2014/65/EU if, according to its last annual or consolidated accounts, it meets at least two of the following three criteria: an average number of employees during the financial year of less than 250, a total balance sheet not exceeding EUR 43 000 000 and an annual net turnover not exceeding EUR 50 000 000.