PART 2Amendments of the Financial Services and Markets Act 2000
Exempt offers to the publicI17
1
Section 86 (exempt offers to the public) M1 is amended as follows.
2
In the heading, at the end insert “
and admissions to trading
”
.
3
In subsection (1)—
a
for paragraphs (a) to (d) substitute—
aa
the offer falls within Article 1(4) of the prospectus regulation; or
b
omit paragraph (f), and the “or” preceding it.
4
Omit subsections (1A) and (1B).
5
In subsection (2)(a), for “who is not a qualified investor (“the client”) substitute “
(the client
”
) who is not a qualified investor (as defined in the first sentence of Article 2(e) of the prospectus regulation)”.
6
In subsection (3), for “subsection (1)(b)” substitute “
subsection (1)
”
.
7
Omit subsections (7) to (10).
8
After subsection (4) insert—
4A
A person does not contravene section 85(2) if the admission to trading falls within Article 1(5) of the prospectus regulation.