{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000/schedule-11/paragraph-20",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000/schedule-11/paragraph-20.json",
  "legislation": "ukpga/2000/8",
  "legislation_title": "Financial Services and Markets Act 2000",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000",
  "path": "schedule/11/paragraph/20",
  "kind": "paragraph",
  "number": "20",
  "heading": null,
  "text": "(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—\n(a) by the issuer of the Euro-securities;\n(b) by any credit institution or other financial institution through which the Euro-securities may be acquired pursuant to the offer; or\n(c) by any body corporate which is a member of the same group as the issuer or any of those institutions.\n(2) But sub-paragraph (1) does not apply to an advertisement of a prescribed kind.\n(3) “Euro-securities” means investments which—\n(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;\n(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\n(c) may be acquired pursuant to the offer only through a credit institution or other financial institution.\n(4) “Credit institution” means a credit institution as defined in Article 1(1)(a) of the banking consolidation directive.\n(5) “Financial institution” means a financial institution as defined in Article 1 of the banking consolidation directive.\n(6) “Underwritten” means underwritten by whatever means, including by acquisition or subscription, with a view to resale.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 11 para. 20(4)(5) substituted (22.11.2000) by S.I. 2000/2952, reg. 8(6)(a)(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/8/schedule/11/paragraph/20",
    "retrieved_at": "2026-10-29T09:21:21.899993+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."
}