PART 2U.K.Amendments of the Financial Services and Markets Act 2000

Exempt offers to the publicU.K.

7.—(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”; and

(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.”.