{
  "url": "https://openlegislation.uk/draft-risk-transformation-regulations-2017/regulation-157",
  "json_url": "https://openlegislation.uk/draft-risk-transformation-regulations-2017/regulation-157.json",
  "legislation": "ukdsi/2017/9780111160596",
  "legislation_title": "The Risk Transformation Regulations 2017",
  "legislation_url": "https://openlegislation.uk/draft-risk-transformation-regulations-2017",
  "path": "regulation/157",
  "kind": "regulation",
  "number": "157",
  "heading": "Prohibition on offering securities to the public",
  "text": "(1) A protected cell company must not—\n(a) offer to the public any securities issued on behalf of any part of the protected cell company; or\n(b) allot or agree to allot any securities issued on behalf of any part of the protected cell company with a view to their being offered to the public.\n(2) Unless the contrary is proved, an allotment or agreement to allot securities is presumed to be made with a view to their being offered to the public if an offer of the securities (or any of them) to the public is made—\n(a) within a period of six months beginning with the date of the allotment or agreement to allot; or\n(b) before the receipt by the protected cell company of the whole of the consideration to be received by it in respect of the securities.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2017/9780111160596/regulation/157",
    "retrieved_at": "2026-10-30T15:06:04.488256+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}