The Euro-securities exemption is amended so that for these purposes underwriting includes subscription and acquisition with a view to resale. Employee offers The Amendment Regulations permit exempt offers to be made to employees by employee trusts as well as the employer itself. In addition, employees may be offered securities in companies which are part of the issuer's group. Employee offers may also be made in conjunction with certain other exempt offers of securities. Fifty persons exemption For the purposes of offers made reliant on the fifty persons exemption, offers made to several persons jointly, such as trustees of a trust or members of a partnership in their capacity as such, will be treated as offers to a single person.
Takeover offers The exemption for takeover offers is amended.
The exemption for partial offers is not materially altered. Bonus offers The record date for shares offered to current holders of shares must now be within 60 days of the issue date. Offers with a high minimum consideration This exemption has been amended to make its meaning more apparent. The amendments to exemptions from the requirement to produce prospectuses for offers of unlisted securities are mirrored in the changes to the exemptions from the requirements to produce prospectuses for listed securities in Schedule 11A to the Financial Services Act. In determining whether the information required by an approved exchange is equivalent to that which must be included in a prospectus, certain requirements to include statements by persons responsible for accounts are to be disregarded.