{
  "url": "https://openlegislation.uk/financial-services-act-1986-investment-advertisements-exemptions-no-2-order-1988/schedule/paragraph-3",
  "json_url": "https://openlegislation.uk/financial-services-act-1986-investment-advertisements-exemptions-no-2-order-1988/schedule/paragraph-3.json",
  "legislation": "uksi/1988/716",
  "legislation_title": "The Financial Services Act 1986 (Investment Advertisements) (Exemptions) (No. 2) Order 1988",
  "legislation_url": "https://openlegislation.uk/financial-services-act-1986-investment-advertisements-exemptions-no-2-order-1988",
  "path": "schedule/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": null,
  "text": "A body corporate is a body corporate of the kind referred to in article 4(1)(b) of this Order if—\n(a) it is a private company; and\n(b) no shares comprised in the equity share capital of the company are or have, at any time within the period of ten years immediately preceding the date of the offer, been—\n(i) listed or quoted on an investment exchange whether in the United Kingdom or elsewhere; or\n(ii) shares in respect of which information has, with the agreement or approval of any officer of the company, been published for the purpose of facilitating deals in them, indicating prices at which persons have dealt or were willing to deal in them other than persons who were, at the time the information was published, existing members of a relevant class; or\n(iii) subject to a marketing arrangement which accorded to the company the facilities referred to in section 163(2)(b) of the 1985 Act or article 173(2)(b) of the 1986 Order; or\n(iv) the subject of an offer (whether in the United Kingdom or elsewhere) in relation to which a copy of a prospectus was delivered to the relevant registrar of companies in accordance with section 41 of the Companies Act 1948, section 41 of the Companies Act (Northern Ireland) 1960, section 64 of the 1985 Act or article 74 of the 1986 Order or section 159 or 160 of the Act.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1948 c. 38"
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "1960 c. 22 (NI)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1988/716/schedule/paragraph/3",
    "retrieved_at": "2026-10-29T16:07:47.270904+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."
}