Schedule 11, paragraph 20

The securities offered are Euro-securities and no advertisement relating to the offer is issued in the United Kingdom, or is caused to be so issued— by the issuer of the Euro-securities; by any credit institution or other financial institution through which the Euro-securities may be acquired pursuant to the offer; or by any body corporate which is a member of the same group as the issuer or any of those institutions. But sub-paragraph (1) does not apply to an advertisement of a prescribed kind. “Euro-securities” means investments which— are to be underwritten and distributed by a syndicate at least two of the members of which have their registered offices in different countries or territories; are to be offered on a significant scale in one or more countries or territories, other than the country or territory in which the issuer has its registered office; and may be acquired pursuant to the offer only through a credit institution or other financial institution. “Credit institution” means a credit institution as defined in Article 1(1)(a) of the banking consolidation directive. “Financial institution” means a financial institution as defined in Article 1 of the banking consolidation directive. “Underwritten” means underwritten by whatever means, including by acquisition or subscription, with a view to resale.

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Source: legislation.gov.uk · retrieved 2026-09-04