(1) Operating an electronic system by means of which a qualifying public offer is made is a specified kind of activity.
(2) "Qualifying public offer" means an offer of relevant securities to the public in the United Kingdom that meets the following conditions.
(3) Condition A is that, if paragraph 13 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024 (which exempts offers made by means of a regulated platform) were disregarded, the offer would be prohibited by regulation 12(1) of those Regulations.
(4) Condition B is that the relevant securities -
(a) fall within paragraph (1)(a) of regulation 5 of the Public Offers and Admissions to Trading Regulations 2024 (which defines "relevant securities" for the purposes of those Regulations) and are investments of a kind specified by Part 3 of this Order, or
(b) fall within paragraph (1)(b) of that regulation as a result of being investments of the kind specified by article 77.
(5) Condition C is that the relevant sec
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