{
  "url": "https://openlegislation.uk/public-offers-of-securities-regulations-1995",
  "json_url": "https://openlegislation.uk/public-offers-of-securities-regulations-1995.json",
  "id": "uksi/1995/1537",
  "title": "The Public Offers of Securities Regulations 1995",
  "short_title": "Public Offers of Securities 1995",
  "long_title": "These Regulations (which will replace Part III of the Companies Act 1985 (c. 6) (capital issues) for almost all purposes) provide for a person offering transferable securities to the public in certain circumstances to prepare and publish a prospectus according to requirements set out in the Regulations. The Regulations also amend Part IV of the Financial Services Act 1986 (c. 60) so that a prospectus may, in certain circumstances, be prepared, scrutinised and approved, in accordance with listing rules. Part V of the Financial Services Act 1986 (offers of unlisted securities), which has not been brought into force, is repealed.",
  "citation": "S.I. 1995/1537",
  "type": "uksi",
  "year": "1995",
  "number": "1537",
  "version": "current",
  "date": "1995-06-14",
  "revised": false,
  "valid_from": null,
  "extent": null,
  "unapplied_effects": 78,
  "provisions": [
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      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/public-offers-of-securities-regulations-1995/introduction",
      "extent": null,
      "status": null,
      "parent": null
    },
    {
      "path": "part/I",
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      "extent": null,
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    },
    {
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      "heading": "Citation, commencement and extent",
      "url": "https://openlegislation.uk/public-offers-of-securities-regulations-1995/regulation-1",
      "extent": null,
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      "path": "regulation/2",
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    {
      "path": "part/II",
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      "number": "II",
      "heading": "PUBLIC OFFERS OF UNLISTED SECURITIES",
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      "path": "regulation/3",
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      "heading": "Investments to which this Part applies",
      "url": "https://openlegislation.uk/public-offers-of-securities-regulations-1995/regulation-3",
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      "heading": "Registration and publication of prospectus",
      "url": "https://openlegislation.uk/public-offers-of-securities-regulations-1995/regulation-4",
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      "path": "regulation/5",
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      "heading": "Offers of securities",
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    {
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      "heading": "Offers to the public in the United Kingdom",
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      "path": "regulation/7",
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      "heading": "Exemptions",
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    {
      "path": "regulation/8",
      "kind": "regulation",
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      "heading": "Form and content of prospectus",
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    {
      "path": "regulation/9",
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      "heading": "General duty of disclosure in prospectus",
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      "path": "regulation/12",
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      "heading": "Advertisements etc. in connection with offer of securities",
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      "heading": "Compensation for false or misleading prospectus",
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    {
      "path": "part/III",
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      "number": "III",
      "heading": "Amendments to Part IV of the Act etc.",
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    {
      "path": "regulation/17",
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      "heading": "Amendments to the Act and other minor and consequential amendments",
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    {
      "path": "regulation/18",
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      "heading": "Penalties",
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      "heading": "Miscellaneous",
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      "path": "regulation/19",
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      "heading": "Designations",
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    {
      "path": "regulation/20",
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      "heading": "Mutual recognition",
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      "path": "regulation/21",
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      "heading": "Revocation",
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      "path": "regulation/22",
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      "heading": "Registration of documents by the registrar of companies",
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      "heading": "Application of Part X of the Act",
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      "heading": "Amendments to regulations made under the Banking Act 1987",
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      "extent": null,
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    {
      "path": "signature",
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      "heading": "Signature",
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      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 504(2)"
    },
    {
      "type": "words revoked",
      "affected_provisions": "reg. 7(2)(g)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 504(3)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 7(2)(n)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 504(4)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 7(2)(o)(i)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 504(5)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 2(1)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 501(2)(a)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 7(2)(s)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 504(7)(a)"
    },
    {
      "type": "substituted",
      "affected_provisions": "reg. 7(2)(s)(i)(ii)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 504(7)(b)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 7(5)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 504(8)"
    },
    {
      "type": "inserted",
      "affected_provisions": "reg. 7(8A)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 504(9)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 7(12)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 504(10)"
    },
    {
      "type": "substituted",
      "affected_provisions": "reg. 7(13)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 504(11)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 8(4)(5)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 505(1)(a)"
    },
    {
      "type": "word substituted",
      "affected_provisions": "reg. 8(4)(5)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 505(1)(b)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 9(4)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 505(2)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 11(3)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 506(a)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 11(6)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 506(b)"
    },
    {
      "type": "substituted",
      "affected_provisions": "reg. 16(1)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 507(a)"
    },
    {
      "type": "substituted",
      "affected_provisions": "reg. 16(5)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 507(b)"
    },
    {
      "type": "revoked",
      "affected_provisions": "reg. 16(6)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 507(c)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 18",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 508"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 23",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 509(a)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 23(1)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 509(b)(i)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 23(1)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 509(b)(ii)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 23(2)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 509(c)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 23(3)",
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      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 509(d)"
    },
    {
      "type": "substituted",
      "affected_provisions": "reg. 23(4)",
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      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 509(e)"
    },
    {
      "type": "substituted",
      "affected_provisions": "reg. 23(5)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 509(f)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 23(6)",
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      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 509(g)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "Sch. 1 para. 1",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 510(a)"
    },
    {
      "type": "inserted",
      "affected_provisions": "Sch. 1 para. 1A",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 510(b)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "Sch. 1 Pt. 2 para. 8",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 510(c)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "Sch. 4 Pt. 1",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 511(a)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "Sch. 4 Pt. 1 para. 2",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 511(b)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "Sch. 4 Pt. 1 para. 3",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 511(c)(i)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "Sch. 4 Pt. 1 para. 3(a)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 511(c)(ii)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "Sch. 4 Pt. 1 para. 3(b)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 511(c)(iii)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "Sch. 4 Pt. 1 para. 4",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 511(d)(i)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "Sch. 4 Pt. 1 para. 4(b)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 511(d)(ii)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "Sch. 4 Pt. 1 para. 4(c)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 511(d)(iii)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "Sch. 4 Pt. 1 para. 5",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 511(e)"
    },
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      "type": "revoked",
      "affected_provisions": "reg. 17",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 512(a)"
    },
    {
      "type": "revoked",
      "affected_provisions": "Sch. 2",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 512(a)"
    },
    {
      "type": "revoked",
      "affected_provisions": "reg. 24",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 512(b)"
    },
    {
      "type": "revoked",
      "affected_provisions": "Sch. 5",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 512(b)"
    },
    {
      "type": "revoked",
      "affected_provisions": "Sch. 3",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 512(c)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 7(2)(p)(t)",
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      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 504(6)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 2(1)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 501(2)(b)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 2(1)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 501(2)(c)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 2(1)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 501(2)(d)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 2(1)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 501(2)(e)"
    },
    {
      "type": "words revoked",
      "affected_provisions": "reg. 2(1)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 501(2)(f)"
    },
    {
      "type": "words revoked",
      "affected_provisions": "reg. 2(1)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 501(2)(g)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 2(1)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 501(2)(h)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 2(1)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 501(2)(i)"
    },
    {
      "type": "words revoked",
      "affected_provisions": "reg. 2(1)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 501(2)(j)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 2(1)",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001",
      "affecting_provisions": "art. 501(2)(k)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 2(1)",
      "affecting": "uksi/2002/765",
      "affecting_title": "The Electronic Money (Miscellaneous Amendments) Regulations 2002",
      "affecting_provisions": "reg. 5"
    },
    {
      "type": "modified",
      "affected_provisions": "reg. 3(4)(b)",
      "affecting": "uksi/2003/1633",
      "affecting_title": "The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003",
      "affecting_provisions": "reg. 15(1) Sch. 2 para. 10(b)"
    },
    {
      "type": "modified",
      "affected_provisions": "reg. 3(4)(a)",
      "affecting": "uksi/2003/1633",
      "affecting_title": "The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003",
      "affecting_provisions": "reg. 15(1) Sch. 2 para. 10(a)"
    },
    {
      "type": "words revoked",
      "affected_provisions": "reg. 7(13)",
      "affecting": "uksi/2004/355",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2004",
      "affecting_provisions": "art. 6(2)(a)"
    },
    {
      "type": "words inserted",
      "affected_provisions": "reg. 7(13)",
      "affecting": "uksi/2004/355",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2004",
      "affecting_provisions": "art. 6(2)(b)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "reg. 7(2)(o)(i)",
      "affecting": "uksi/2004/355",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2004",
      "affecting_provisions": "art. 6(1)"
    },
    {
      "type": "words substituted",
      "affected_provisions": "Sch. 4 para. 1(b)",
      "affecting": "uksi/2004/355",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2004",
      "affecting_provisions": "art. 7"
    },
    {
      "type": "revoked",
      "affected_provisions": "Regulations",
      "affecting": "uksi/2005/1433",
      "affecting_title": "The Prospectus Regulations 2005",
      "affecting_provisions": "Sch. 3 para. 2"
    }
  ],
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      "url": "https://openlegislation.uk/european-communities-act-1972-repealed",
      "provisions": [
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      ]
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  ],
  "changes_made_to": 78,
  "changes_made_to_url": "https://openlegislation.uk/public-offers-of-securities-regulations-1995/changes.json",
  "changes_made_by": 10,
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    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1995/1537",
    "retrieved_at": "2026-10-29T13:07:37.138489+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
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