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The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019

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This is the original version (as it was originally made).

Exempt offers to the public

This section has no associated Explanatory Memorandum

7.—(1) Section 86 (exempt offers to the public)(1) 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.”.

(1)

Section 86 was substituted by S.I. 2005/1433 and subsequently amended, most by S.I. 2012/1538, 2013/1125 and 2018/786.

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