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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

Article 21 of Council Directive 89/298/EEC provides that aprospectus approved in accordance with the Directive in one member Stateshall be recognised as complying with the laws of other member States.These Regulations provide that a prospectus approved in another memberState shall be deemed to comply with certain provisions relating to thecontents of prospectuses contained in the Companies Act 1985.