{
  "url": "https://openlegislation.uk/risk-transformation-regulations-2017/regulation-158",
  "json_url": "https://openlegislation.uk/risk-transformation-regulations-2017/regulation-158.json",
  "legislation": "uksi/2017/1212",
  "legislation_title": "The Risk Transformation Regulations 2017",
  "legislation_url": "https://openlegislation.uk/risk-transformation-regulations-2017",
  "path": "regulation/158",
  "kind": "regulation",
  "number": "158",
  "heading": "Meaning of “offer to the public”",
  "text": "(1) This regulation explains what is meant in regulation 157 by an offer of securities to the public.\n(2) An offer to the public includes an offer to any section of the public, however selected.\n(3) An offer is not to be regarded as an offer to the public if—\n(a) it is an offer made solely to qualified investors; and\n(b) it can properly be regarded, in all the circumstances, as not being calculated to result, directly or indirectly, in securities issued by the protected cell company becoming available to persons who are not qualified investors.\n(3A) In this regulation, “qualified investor” has the meaning given in regulation 10.\n(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Reg. 158(3)(3A) substituted for reg. 158(3) (24.3.2020) by The Civil Liability (Information Requirements) and Risk Transformation (Amendment) Regulations 2020 (S.I. 2020/344), regs. 1(2), 8(2)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Reg. 158(4) omitted (24.3.2020) by virtue of The Civil Liability (Information Requirements) and Risk Transformation (Amendment) Regulations 2020 (S.I. 2020/344), regs. 1(2), 8(2)(b)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Reg. 158(5) omitted (24.3.2020) by virtue of The Civil Liability (Information Requirements) and Risk Transformation (Amendment) Regulations 2020 (S.I. 2020/344), regs. 1(2), 8(2)(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2017/1212/regulation/158",
    "retrieved_at": "2026-10-28T23:05:15.415576+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."
}