Amendments to exemptions
2. In section 86 of the Financial Services and Markets Act 2000 Act(1) (exempt offers to the public)—
(a)In subsection (1A)(c), for the words from “no earlier” to “made” substitute “and meets either of the conditions in subsection (1B)”.
(b)After subsection (1A) insert—
“(1B) The conditions referred to in subsection (1A)(c) are—
(a)that the prospectus was approved by the FCA no earlier than 12 months before the date the current offer is made, and is supplemented by every supplementary prospectus which was required to be submitted under section 87G(2); or
(b)in the case of non-equity transferable securities falling within Article 5(4)(b) of the prospectus directive, that the securities concerned have not ceased to be issued in a continuous or repeated manner.”
2000 c.8. Section 86 was substituted by S.I. 2005/1433 and amended by S.I. 2011/1668 and S.I. 2012/1538.
Section 87G was substituted, together with sections 84 to 87, 87A to 87F and 87H to 87R, for sections 84 to 87 as originally enacted, by SI 2005/1433.R