Paragraph 20

United Kingdom

(1)

The securities offered are Euro-securities and no advertisement relating to the offer is issued in the United Kingdom, or is caused to be so issued—

(a)

by the issuer of the Euro-securities;

(b)

by any credit institution or other financial institution through which the Euro-securities may be acquired pursuant to the offer; or

(c)

by any body corporate which is a member of the same group as the issuer or any of those institutions.

(2)

But sub-paragraph (1) does not apply to an advertisement of a prescribed kind.

(3)

“Euro-securities” means investments which—

(a)

are to be underwritten and distributed by a syndicate at least two of the members of which have their registered offices in different countries or territories;

(b)

are to be offered on a significant scale in one or more countries or territories, other than the country or territory in which the issuer has its registered office; and

(c)

may be acquired pursuant to the offer only through a credit institution or other financial institution.

(4)

“Credit institution” means a credit institution as defined in F1Article 1(1)(a) of F2the banking consolidation directive.

(5)

“Financial institution” means a financial institution as defined in Article 1 of the banking consolidation directive.

(6)

“Underwritten” means underwritten by whatever means, including by acquisition or subscription, with a view to resale.

Annotations

Textual amendments

F1: Words in Sch. 11 para. 20(4) substituted (27.4.2002) by The Electronic Money (Miscellaneous Amendments) Regulations 2002 (S.I. 2002/765), reg. 4
F2: Words in Sch. 11 para. 20(4)(5) substituted (22.11.2000) by S.I. 2000/2952, reg. 8(6)(a)(b)

Notes on Schedule 11

Textual amendments

F1: Sch. 11 repealed (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(1), Sch. 1 para. 16