The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025
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Change 1
12 Savings relating to EU-derived prospectus legislation
(1) The revocation by section 1(1) of, and Schedule 1 to, the Act of the EU-derived prospectus legislation does not apply in relation to— (a) an offer of transferable securities to the public that is first made before 19th January 2026, or (b) a request for the admission of transferable securities to trading on a regulated market that is made before 19th January 2026. (2) Where a prospectus has been approved by the FCA in accordance with Part 6 of FSMA 2000 (official listing) and the EU Prospectus Regulation 2017 before 19th January 2026, the revocation by section 1(1) of, and Schedule 1 to, the Act of the EU-derived prospectus legislation does not affect the law applicable in relation to any offer of transferable securities to the public or request for the admission of transferable securities to trading on a regulated market which (in either case) is made in reliance on that prospectus, together with any supplementary prospectus, during the period for which it is valid under Article 12 of the EU Prospectus Regulation 2017. (3) In a case falling within regulation 49(1) of the Public Offers and Admissions to Trading Regulations 2024 (references to the Tribunal in transitional cases)— (a) the revocation by section 1(1) of, and Schedule 1 to, the Act of the EU-derived prospectus legislation does not affect the law applicable on any reference to the Tribunal or any related appeal, and (b) if the Tribunal remit the matter to the FCA for decision, paragraph (2) applies in relation to a prospectus approved by the FCA in accordance with a direction of the Tribunal as it applies in relation to a prospectus approved before 19th January 2026. (4) In this regulation, “the EU-derived prospectus legislation” means the legislation whose revocation is brought into force by regulation 5. (5) Other expressions used in this regulation and in Part 6 of FSMA 2000, as that Part has effect immediately before 19th January 2026, have the same meaning as they have in that Part.
12 Savings relating to EU-derived prospectus legislation
(1) The revocation by section 1(1) of, and Schedule 1 to, the Act of the EU-derived prospectus legislation does not apply in relation to— (a) an offer of transferable securities to the public that is first made before 19th January 2026, or (b) a request for the admission of transferable securities to trading on a regulated market that is made before 19th January 2026. (2) Where a prospectus has been approved by the FCA in accordance with Part 6 of FSMA 2000 (official listing) and the EU Prospectus Regulation 2017 before 19th January 2026, the revocation by section 1(1) of, and Schedule 1 to, the Act of the EU-derived prospectus legislation does not affect the law applicable in relation to any offer of transferable securities to the public or request for the admission of transferable securities to trading on a regulated market which (in either case) is made in reliance on that prospectus, together with any supplementary prospectus, during the period for which it is valid under Article 12 of the EU Prospectus Regulation 2017. (3) In a case falling within regulation 49(1) of the Public Offers and Admissions to Trading Regulations 2024 (references to the Tribunal in transitional cases)— (a) the revocation by section 1(1) of, and Schedule 1 to, the Act of the EU-derived prospectus legislation does not affect the law applicable on any reference to the Tribunal or any related appeal, and (b) if the Tribunal remit the matter to the FCA for decision, paragraph (2) applies in relation to a prospectus approved by the FCA in accordance with a direction of the Tribunal as it applies in relation to a prospectus approved before 19th January 2026. (4) In this regulation, “the EU-derived prospectus legislation” means the legislation whose revocation is brought into force by regulation 5. (5) Other expressions used in this regulation and in Part 6 of FSMA 2000, as that Part has effect immediately before 19th January 2026, have the same meaning as they have in that Part.
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