C1Part VI Official Listing
F1Interpretative provisions
Ss. 102A-103 substituted for s. 103 (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(1), Sch. 1 para. 11
102BMeaning of “offer of transferable securities to the public” etc.
1
For the purposes of this Part there is an offer of transferable securities to the public if there is a communication to any person which presents sufficient information on—
a
the transferable securities to be offered, and
b
the terms on which they are offered,
to enable an investor to decide to buy or subscribe for the securities in question.
2
For the purposes of this Part, to the extent that an offer of transferable securities is made to a person in the United Kingdom it is an offer of transferable securities to the public in the United Kingdom.
3
The communication may be made—
a
in any form;
b
by any means.
4
Subsection (1) includes the placing of securities through a financial intermediary.
5
Subsection (1) does not include a communication in connection with trading on—
a
a regulated market;
b
a multilateral trading facility; or
c
a market prescribed by an order under section 130A(3).
6
“Multilateral trading facility” means a multilateral system, operated by an investment firm (within the meaning of Article 1.2 of the investment services directive) or a market operator, which brings together multiple third-party buying and selling interests in financial instruments in accordance with non-discretionary rules so as to result in a contract.
Pt. VI (ss. 72-103) applied (with modifications) (1.12.2001) by S.I. 1995/1537, Sch. 4 (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 511)