{
  "url": "https://openlegislation.uk/financial-services-act-1986-repealed/section-160",
  "json_url": "https://openlegislation.uk/financial-services-act-1986-repealed/section-160.json",
  "legislation": "ukpga/1986/60",
  "legislation_title": "Financial Services Act 1986 (repealed)",
  "legislation_url": "https://openlegislation.uk/financial-services-act-1986-repealed",
  "path": "section/160",
  "kind": "section",
  "number": "160",
  "heading": "Other offers of securities.",
  "text": "(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(2) For the purposes of this section a primary offer is an advertisement issued otherwise than as mentioned in section 159(1) above inviting persons to enter into an agreement for or with a view to subscribing (whether or not in cash) for or underwriting the securities to which it relates or containing information calculated to lead directly or indirectly to their doing so.\n(3) For the purposes of this section a secondary offer is any other advertisement issued otherwise than as mentioned in section 159(1) above inviting persons to enter into an agreement for or with a view to acquiring the securities to which it relates or containing information calculated to lead directly or indirectly to their doing so, being an advertisement issued or caused to be issued by—\n(a) a person who has acquired the securities from the issuer with a view to issuing such an advertisement in respect of them;\n(b) a person who, with a view to issuing such an advertisement in respect of them, has acquired the securities otherwise than from the issuer but without their having been admitted to dealings on an approved exchange or held by a person who acquired them as an investment and without any intention that such an advertisement should be issued in respect of them; or\n(c) a person who is a controller of the issuer or has been such a controller in the previous twelve months and who is acting with the consent or participation of the issuer in issuing the advertisement.\n(4) For the purposes of subsection (3)(a) above it shall be presumed in the absence of evidence to the contrary that a person has acquired securities with a view to issuing an advertisement offering the securities if he issues it or causes it to be issued—\n(a) within six months after the issue of the securities; or\n(b) before the consideration due from him for their acquisition is received by the person from whom he acquired them.\n(5) Subsection (1) above does not apply to a secondary offer if such a prospectus as is mentioned in that subsection has been delivered in accordance with that subsection in respect of an offer of the same securities made in the previous six months by a person making a primary offer or a previous secondary offer.\n(6) Subsection (1) above has effect subject to section 160A (exemptions) and section 161 (exceptions).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words repealed by Companies Act 1989 (c. 40, SIF 27), ss. 198(4), 212, Sch. 24"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 160(6) substituted for subsections (6) to (9) by Companies Act 1989 (c. 40, SIF 27), s. 198(4)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1986/60/section/160",
    "retrieved_at": "2026-10-29T09:53:57.234744+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."
}