The Public Offers of Securities (Amendment) (No. 2) Regulations 1999

• Citation: S.I. 1999/1146
• Sections: 4

Section 1 Citation and commencement

These Regulations may be cited as the Public Offers of Securities (Amendment) (No. 2) Regulations 1999 and shall come into force on 10th May 1999.

Section 2 Amendment of the 1995 Regulations

In the Public Offers of Securities Regulations 1995 , in regulation 7(2), for sub-paragraph (s) there is substituted–

(s) the securities offered are Euro-securities, and no advertisement relating to the offer is issued in the United Kingdom (within the meaning of the Act), or is caused to be so issued, by the issuer of the Euro-securities or by any credit institution or other financial institution through which the Euro-securities may be acquired pursuant to the offer, or by any body corporate which is a member of the same group as that issuer or any of those institutions, other than–

(i) an advertisement falling within article 8 of the Financial Services Act 1986 (Investment Advertisements) (Exemptions) (No. 2) Order 1995 ; or

(ii) an advertisement which would fall within article 11 of the Financial Services Act 1986 (Investment Advertisements) (Exemptions) Order 1996 if the person issuing the advertisement were a relevant person within the meaning of that article and there were added to the list of persons in paragraph (3) of that article a person with or for whom any credit institution or other financial institution through which the Euro-securities may be acquired pursuant to the offer has effected or arranged for the effecting of a transaction within the period of twelve months ending with the date on which the offer is first made;

Section 3 Amendment of the Financial Services Act 1986

In Schedule 11A to the Financial Services Act 1986 , in paragraph 3(1), for paragraph (r) there is substituted–

(r) 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, by the issuer of the Euro-securities or by any credit institution or other financial institution through which the Euro-securities may be acquired pursuant to the offer, or by any body corporate which is a member of the same group as that issuer or any of those institutions, other than–

(i) an advertisement falling within article 8 of the Financial Services Act 1986 (Investment Advertisements) (Exemptions) (No. 2) Order 1995; or

(ii) an advertisement which would fall within article 11 of the Financial Services Act 1986 (Investment Advertisements) (Exemptions) Order 1996 if the person issuing the advertisement were a relevant person within the meaning of that article and there were added to the list of persons in paragraph (3) of that article a person with or for whom any credit institution or other financial institution through which the Euro-securities may be acquired pursuant to the offer has effected or arranged for the effecting of a transaction within the period of twelve months ending with the date on which the offer is first made;

Section 4 Revocations

Regulations 2(e) and 4(c) of the Public Offers of Securities (Amendment) Regulations 1999 are revoked.