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48.—(1) These Regulations do not apply in relation to—
(a)an offer of relevant securities to the public that is first made before the main commencement day, or
(b)a request for the admission of transferable securities to trading on a regulated market or primary MTF that is made before the main commencement day.
(2) Where a prospectus has been approved by the FCA in accordance with Part 6 of FSMA 2000 and the prospectus regulation before the main commencement day, these Regulations do not affect the law applicable in relation to any offer of transferable securities to the public or request for the admission of transferable securities to trading on a regulated market which (in either case) is made in reliance on that prospectus, together with any supplementary prospectus, during the period for which it is valid under article 12 of the prospectus regulation.
(3) These Regulations do not affect the exercise by the FCA of its powers under Part 6 of FSMA 2000, in cases falling within paragraph (1) or (2).
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