SCHEDULE 11
Euro-securities
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)
(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.