Section 46(5)

After article 25DA insert— Operating an electronic system by means of which a qualifying public offer is made is a specified kind of activity. “Qualifying public offer” means an offer of relevant securities to the public in the United Kingdom that meets the following conditions. Condition A is that, if paragraph 13 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024 (which exempts offers made by means of a regulated platform) were disregarded, the offer would be prohibited by regulation 12(1) of those Regulations. Condition B is that the relevant securities— fall within paragraph (1)(a) of regulation 5 of the Public Offers and Admissions to Trading Regulations 2024 (which defines “relevant securities” for the purposes of those Regulations) and are investments of a kind specified by Part 3 of this Order, or fall within paragraph (1)(b) of that regulation as a result of being investments of the kind specified by article 77. Condition C is that the relevant securities are not issued or to be issued by the person operating the electronic system. In paragraph (2), the reference to an offer of relevant securities to the public in the United Kingdom is to be read in accordance with regulation 7 of the Public Offers and Admissions to Trading Regulations 2024. In this article “relevant securities” has the same meaning as in the Public Offers and Admissions to Trading Regulations 2024 (see regulation 5 of those Regulations).

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