[F1[F285[F3Contravention of prohibition relating to public offer of securities]U.K.
F4(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)A person who contravenes [F5regulation 12 of the Public Offers and Admissions to Trading Regulations 2024 (prohibition of public offers of relevant securities)] 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 [F6regulation 12 of the Public Offers and Admissions to Trading Regulations 2024] 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.
F7(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7(6A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]
Textual Amendments
F1 Ss. 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
F2Ss. 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
F3S. 85 heading heading substituted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 6(2) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F4S. 85(1)(2) omitted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 6(3) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F5Words in s. 85(3) substituted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 6(4) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F6Words in s. 85(4) substituted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 6(5) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F7S. 85(5)-(7) omitted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 6(6) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F8S. 85(8) omitted (31.12.2020) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(4), 4 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2))); 2020 c. 1, Sch. 5 para. 1(1)
Modifications etc. (not altering text)
C1S. 85(3)(4) applied (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 16 (with regs. 53-56)