821.In accordance with EC law requirements, section 84 requires a prospectus to be approved and published where any person offers securities to the public in the United Kingdom for the first time and when an application for listing has been made.  Section 103 provides that whether securities are offered to the public in the United Kingdom is to be determined in accordance with the requirements of this Schedule.  This Schedule therefore defines an offer to the public, subject to certain exemptions which are set out in accordance with derogations in EC law.
Schedule 11: Offers of Securities