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22. Regulation 3 of the Public Offers of Securities Regulations 1995 (investments to which Part II of the Regulations apply) shall have effect as if—
(a)transferable shares in a body incorporated under the law of, or of any part of, the United Kingdom relating to industrial and provident societies; and
(b)bills of exchange accepted by a banker,
were not investments to which Part II of those Regulations are applied(1).
The shares and bills of exchange in question fall within paragraphs 1 and 2 respectively of Schedule 1 to the Financial Services Act 1986 by virtue of articles 3 and 4 of the Financial Services Act 1986 (Investment Services) (Extension of Scope of Act) Order 1995 (S.I. 1995/3271). As such, they would be investments to which Part II of the Public Offers of Securities Regulations applied unless excluded from the scope of regulation 3 of those Regulations.
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