UK:
Exemption No Longer Necessary For Secondary Trading On A Multilateral Trading Facility
14 July 2011
De Brauw Blackstone Westbroek N.V.
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Until recently, there was an exemption for the public offer of
securities made exclusively as part of a multilateral trading
facility (MTF), and where the securities had already been admitted
to trading on a trading platform in accordance with the host
state's applicable rules. As many member states and the
European Commission did not regard the publication of trading
information as a public offer of securities, the exemption was
removed from the FMSA's Exemption Regulation. In explaining
this change, the Minister stated that the exemption was no longer
needed and that the Netherlands is now fully in line with the
European interpretation of the term "offer to the
public", thus creating a level playing field between MTFs from
the Netherlands, and those from other member states.
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