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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 [F1Article 1(1)(a)] of [F2the banking consolidation directive].
(5)“Financial institution” means a financial institution as defined in Article 1 of [F2the banking consolidation directive].
(6)“Underwritten” means underwritten by whatever means, including by acquisition or subscription, with a view to resale.
Textual Amendments
F1Words in Sch. 11 para. 20(4) substituted (27.4.2002) by The Electronic Money (Miscellaneous Amendments) Regulations 2002 (S.I. 2002/765), reg. 4
F2Words in Sch. 11 para. 20(4)(5) substituted (22.11.2000) by S.I. 2000/2952, reg. 8(6)(a)(b)