| Commentary

35 Exemptions

| Commentary

35 Exemptions

The financial services regime provides that certain types of financial promotion may be communicated other than by, or with the approval of, authorised persons under Section 21(2) of the Financial Services and Markets Act 20001. The most relevant exemption for takeovers and company reorganisations is that which deals with the takeover of relevant unlisted companies2. A ‘relevant unlisted company’ is a company which is an unlisted company at the time that the takeover offer is made and which has been an unlisted company throughout the period of ten years immediately preceding the date of that offer3. A takeover

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