Offer to the public :

• Any reference in these regulations to offering securitised debt instruments to the public shall be construed as including a reference to offering them to any section of the public.

• No offer shall be treated as made to the public, if the offer can properly be regarded, in all the circumstances –

(a) as not being likely to result, directly or indirectly, in the securitised debt instruments becoming available for subscription or purchase by persons other than those receiving the offer;

(b) otherwise as being the domestic concern of the persons making and receiving the offer. However, these applies only in respect of securitised debt instruments which belong to the same tranche and which are pari passu in all respects.

• Any offer of securitised debt instruments made to fifty or more persons in a financial year shall always be deemed to have been made to the public.