Section 12

It is unlawful for relevant securities to be offered to the public in the United Kingdom unless— the offer is of a kind specified in Part 1 of Schedule 1, or the offer is of a kind that consists entirely of a combination of two or more of the kinds of offer specified in that Part of that Schedule. Part 2 of that Schedule contains provision supplementing Part 1 of the Schedule.

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