Financial Services and Markets Act 2000

[F185Prohibition of dealing etc. in transferable securities without approved prospectusU.K.

This section has no associated Explanatory Notes

(1)It is unlawful for transferable securities to which this subsection applies to be offered to the public in the United Kingdom unless an approved prospectus has been made available to the public before the offer is made.

(2)It is unlawful to request the admission of transferable securities to which this subsection applies to trading on a regulated market situated or operating in the United Kingdom unless an approved prospectus has been made available to the public before the request is made.

(3)A person who contravenes subsection (1) or (2) is guilty of an offence and liable—

(a)on summary conviction, to imprisonment for a term not exceeding 3 months or a fine not exceeding the statutory maximum or both;

(b)on conviction on indictment, to imprisonment for a term not exceeding 2 years or a fine or both.

(4)A contravention of subsection (1) or (2) is actionable, at the suit of a person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.

(5)Subsection (1) applies to all transferable securities other than—

[F2(a)those listed in Article 1(2) of the prospectus regulation;

(b)any offered in an offer falling within Article 1(3) of the prospectus regulation.]

(6)Subsection (2) applies to all transferable securities [F3other than those listed in Article 1(2) of the prospectus regulation.]

[F4(6A)Schedule 11A makes provision that applies for the purposes of Article 1(2)(e) of the prospectus regulation.]

(7)“Approved prospectus” means, in relation to transferable securities to which this section applies, a prospectus approved by the [F5FCA].]

F6(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1Ss. 84-87R and cross-headings substituted for ss. 84-87 (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(1), Sch. 1 para. 5