Company: EUO
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001193125-25-065644
Chunk: 221

Company: ProShares Trust II
Filing Date: 2025-03-27
Form: 424B3
Chunk 221
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2, executive management became aware that Barclays Bank PLC had issued securities materially in excess of the set amount under its 2019 US shelf registration statement (2019 F-3) and subsequently became aware that securities had also been issued in excess of the set amount under the predecessor US shelf registration statement (the Predecessor Shelf). The securities that have been over-issued comprise structured notes and exchange traded notes (ETNs). Securities issued in excess of the amount registered are considered to be “unregistered securities” for the purposes of US securities laws, with certain purchasers of those securities having a right to recover, upon the tender of such security to Barclays Bank PLC, the consideration paid for such security with interest, less the amount of any income received, or to recover damages from Barclays Bank PLC if the purchaser no longer owns the security and had sold the security at a loss (the Rescission Price). Barclays Bank PLC launched a rescission offer on 1 August 2022, by which Barclays Bank PLC offered to repurchase the relevant affected securities for the rescission price (the Rescission Offer). The Rescission Offer expired on 12 September 2022. Although the Rescission Offer is expected to reduce liability with respect to potential private civil claims, it will not necessarily prevent such claims from being asserted against Barclays Bank PLC and/or its affiliates, including claims under applicable US federal securities laws. Further, the Rescission Offer does not bar the SEC and other regulators from pursuing enforcement actions against Barclays Bank PLC and its affiliates, which are expected to result in fines, penalties and/or other sanctions. The Group is engaged with, and responding to inquiries and requests for information from, various regulators, including the SEC. The SEC’s investigation into this matter is at an advanced stage and the Group is in discussions with the staff of the SEC’s Division of Enforcement about resolving this matter. As at 30 June 2022, Barclays PLC has recognised a balance sheet provision of £1,757 million ($2,135 million) (December 2021: £220 million ($267 million)) in relation to this matter, out of which £1,592 million ($1,934 million) (December 2021: £220 million ($267 million)) relates to the over-issuance of structured notes and £165 million ($200 million) (December 2021: nil) relates to liabilities that could be incurred arising out of ongoing discussions in respect of a potential SEC resolution. A contingent liability exists in relation to the over-