{
  "url": "https://openlegislation.uk/public-offers-of-securities-regulations-1995/regulation-11",
  "json_url": "https://openlegislation.uk/public-offers-of-securities-regulations-1995/regulation-11.json",
  "legislation": "uksi/1995/1537",
  "legislation_title": "The Public Offers of Securities Regulations 1995",
  "legislation_url": "https://openlegislation.uk/public-offers-of-securities-regulations-1995",
  "path": "regulation/11",
  "kind": "regulation",
  "number": "11",
  "heading": "Exceptions",
  "text": "(1) The Treasury or the Secretary of State may authorise the omission from a prospectus or supplementary prospectus of information whose inclusion would otherwise be required by these Regulations if they or he consider that disclosure of that information would be contrary to the public interest.\n(2) An offeror may omit from a prospectus or supplementary prospectus information with respect to an issuer whose inclusion would otherwise be required by these Regulations if—\n(a) he is not that issuer, nor acting in pursuance of an agreement with that issuer;\n(b) the information is not available to him because he is not that issuer; and\n(c) he has been unable, despite making such efforts (if any) as are reasonable, to obtain the information.\n(3) The competent authority for the purposes of Part IV of the Act (“the competent authority”) may authorise the omission from a prospectus or supplementary prospectus of information whose inclusion would otherwise be required by these Regulations, if—\n(a) the information is of minor importance only, and is not likely to influence assessment of the issuer’s assets and liabilities, financial position, profits and losses and prospects; or\n(b) disclosure of that information would be seriously detrimental to the issuer and its omission would not be likely to mislead investors with regard to facts and circumstances necessary for an informed assessment of the securities.\n(4) Paragraph (4) of regulation 9 applies for the purposes of paragraph (3) as it applies for the purposes of that regulation.\n(5) The competent authority may make rules providing for the payment of fees to it for the discharge of its functions under paragraph (3).\n(6) Section 156 of the Act shall apply to rules made under paragraph (5) as it applies to listing rules.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "words substituted",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1995/1537/regulation/11",
    "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/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}