Subject to Regulations 9 and 10, no offer of securities to the public shall be made in the State without publication of a prospectus in respect of the offer that -
(a) in a case where the State is the Home Member State, has been approved by the Bank pursuant to these Regulations and any other provisions of Irish prospectus law, or
(b) in a case where the State is a Host Member State, has been approved by the competent authority of the Home Member State pursuant to the applicable provisions of EU prospectus law.