Financial Services and Markets Act 2000

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 of Council Directive No 77/780/EEC.

(5) “Financial institution” means a financial institution as defined in Article 1 of Council Directive No 89/646/EEC.

(6) “Underwritten” means underwritten by whatever means, including by acquisition or subscription, with a view to resale.