PART 2Amendments of the Financial Services and Markets Act 2000

Exempt offers to the publicI17

1

Section 86 (exempt offers to the public) M1 is amended as follows.

2

In the heading, at the end insert “ and admissions to trading ”.

3

In subsection (1)—

a

for paragraphs (a) to (d) substitute—

aa

the offer falls within Article 1(4) of the prospectus regulation; or

b

omit paragraph (f), and the “or” preceding it.

4

Omit subsections (1A) and (1B).

5

In subsection (2)(a), for “who is not a qualified investor (“the client”) substitute “ (the client ”) who is not a qualified investor (as defined in the first sentence of Article 2(e) of the prospectus regulation)”.

6

In subsection (3), for “subsection (1)(b)” substitute “ subsection (1) ”.

7

Omit subsections (7) to (10).

8

After subsection (4) insert—

4A

A person does not contravene section 85(2) if the admission to trading falls within Article 1(5) of the prospectus regulation.