(1) The obligation to publish a prospectus pursuant to Regulation 12 shall not apply to offers of securities to the public in the State of the following types of securities -
(a) shares issued in substitution for shares of the same class already issued if the issuing of such new shares does not involve any increase in the issued capital,
(b) securities offered in connection with a takeover by means of an exchange offer, provided that a document is available containing information which is regarded by the Bank as being equivalent to that of a prospectus, taking into account the requirements of any Community act,
(c) securities offered, allotted or to be allotted in connection with a merger or division, provided that a document is available containing information which is regarded by the Bank as being equivalent to that of the prospectus, taking into account the requirements of European Union legislation,
(d) dividends paid out to existing shareholders in the form of shares of the s