# The Risk Transformation Regulations 2017, Regulation 157: Prohibition on offering securities to the public


(1) A protected cell company must not—
(a) offer to the public any securities issued on behalf of any part of the protected cell company; or
(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.
(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—
(a) within a period of six months beginning with the date of the allotment or agreement to allot; or
(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.

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Source: https://www.legislation.gov.uk/ukdsi/2017/9780111160596/regulation/157 (the official version)
Page: https://openlegislation.uk/draft-risk-transformation-regulations-2017/regulation-157
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.