Sch 11 para 20
(1) 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— (a) by the issuer of the Euro-securities; (b) by any credit institution or other financial institution through which the Euro-securities may be acquired pursuant to the offer; or (c) by any body corporate which is a member of the same group as the issuer or any of those institutions. (2) But sub-paragraph (1) does not apply to an advertisement of a prescribed kind. (3) “ Euro-securities ” means investments which— (a) are to be underwritten and distributed by a syndicate at least two of the members of which have their registered offices in different countries or territories; (b) are to be offered on a significant scale in one or more countries or territories, other than the country or territory in which the issuer has its registered office; and (c) may be acquired pursuant to the offer only through a credit institution or other financial institution. (4) “ Credit institution ” means a credit institution as defined in Article 1(1)(a) of the banking consolidation directive . (5) “ Financial institution ” means a financial institution as defined in Article 1 of the banking consolidation directive . (6) “ Underwritten ” means underwritten by whatever means, including by acquisition or subscription, with a view to resale.