# The Public Offers of Securities (Amendment) Regulations 1999, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the Public Offers of Securities Regulations 1995 (“the 1995 Regulations”), which implement Council Directive 89/298/EEC, coordinating the requirements for the drawing-up, scrutiny and distribution of the prospectus to be published when transferable securities are offered to the public (OJ L124, 5.5.89, p8).
In relation to offers of unlisted securities, regulation 2(a) to (k) make changes to regulation 7 of the 1995 Regulations, which provides for exemptions from the requirement to publish a prospectus by deeming certain sorts of offers not to be offers to the public.
Regulation 4 makes equivalent changes (so far as relevant) to the exemptions contained in Schedule 11A to the Financial Services Act 1986, relating to offers where an application for admission to the Official List has been made, and the securities in question are to be offered to the public before admission.
Regulation 2(l), (m), (o) and (p) amend regulation 8 of, and Schedule 1 to, the 1995 Regulations, which prescribe the information which is to be contained in a prospectus.
Regulations 2(n) and 3 provide that the offeror of securities is not to be treated as responsible for a prospectus in certain circumstances where he is making the offer in association with the issuer.
Regulation 2(q) removes the requirements for a prospectus approved in another Member State to be translated into English, and to contain a summary of the relevant tax treatment.
Regulation 2(r) revokes paragraph 11 of Schedule 4 to the 1995 Regulations, which applied certain provisions of the Companies Act 1985 to prospectuses approved in other Member States.
Regulations 2(s) and 5 revoke a redundant provision in the Banking Act 1987 (Advertisements) Regulations 1988, and make a consequential revocation in the 1995 Regulations.
A regulatory impact assessment covering these Regulations is available from the Public Enquiry Unit, Room 89/2, HM Treasury, Parliament Street, London SW1P 3AG.

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Source: https://www.legislation.gov.uk/uksi/1999/734/note (the official version)
Page: https://openlegislation.uk/public-offers-of-securities-amendment-regulations-1999/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.