Prohibition of Sales to EEA Retail Investors. Unless the Final Terms in respect of any Notes (or Pricing Supplement, in the case of Exempt Notes) specifies "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", each Dealer represents and agrees that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by the Offering Circular as completed by the Final Terms (or Pricing Supplement, as the case may be) in relation thereto to any retail investor in the European Economic Area. For the purposes of this provision: (a) the expression retail investor means a person who is one (or more) of the following: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, MiFID II); or (ii) a customer within the meaning of Directive (EU) 2016/97 (the Insurance Distribution Directive), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Regulation; and (b) the expression an offer includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes. If the Final Terms in respect of any Notes (or the Pricing Supplement, in the case of Exempt Notes) specified "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", in relation to each Member State of the European Economic Area, each Dealer represents and agrees that it has not made and will not make an offer of Notes which are the subject of the offering contemplated by the Offering Circular as completed by the final terms in relation thereto to the public in that Member State, except that it may make an offer of Notes to the public in that Member State: (a) at any time to any legal entity which is a qualified investor as defined in the Prospectus Regulation; (b) at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation) subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such offer; or (c) at any time in any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of Notes referred to in (a) to (c) above shall require the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation. For the purposes of this provision, the expression an offer of Notes to the public in relation to any Notes in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes and the expression Prospectus Regulation means Regulation (EU) 2017/1129.
Appears in 1 contract
Samples: Programme Agreement
Prohibition of Sales to EEA Retail Investors. Unless 3.1 If the applicable Final Terms in respect of any Notes (or Pricing Supplement, in the case of Exempt Notes) specifies includes a legend "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", each Dealer represents and agrees that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by the Offering Circular Base Prospectus as completed by the applicable Final Terms (or Pricing Supplement, as the case may be) in relation thereto to any retail investor in the European Economic AreaEEA. For the purposes of this provision:
(a) provision the expression retail investor means a person who is one (or more) of the following:
(ia) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, EU MiFID II); or
(iib) a customer within the meaning of Directive (EU) 2016/97 (the Insurance Distribution Directive)2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of EU MiFID II; or.
(iii) not a qualified investor as defined in the Prospectus Regulation; and
(b) the expression an offer includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes. 3.2 If the applicable Final Terms in respect of any Notes (or does not include the Pricing Supplement, in the case of Exempt Notes) specified legend titled "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", in relation to each Member State of the European Economic AreaEEA (each a Member State), each Dealer represents and agrees that it has not made and will not make an offer of Notes which are the subject of the offering contemplated by the Offering Circular Base Prospectus as completed by the final terms applicable Final Terms in relation thereto to the public in that Member State, State except that it may make an offer of such Notes to the public in that Member State:
(a) at any time to any legal entity which is a qualified investor as defined in the EU Prospectus Regulation;
(b) at any time to fewer than 150 150, natural or legal persons (other than qualified investors as defined in the EU Prospectus Regulation) ), subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the relevant Issuer for any such offer; or
(c) at any time in any other circumstances falling within Article 1(4) of the EU Prospectus Regulation, provided that no such offer of Notes referred to in (a) to (c) above shall require the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation. For the purposes of this provision, the expression an offer of Notes to the public in relation to any Notes in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes and the expression Prospectus Regulation means Regulation (EU) 2017/1129.
Appears in 1 contract
Samples: Dealer Agreement
Prohibition of Sales to EEA Retail Investors. Unless the Final Terms in respect of any Notes (or Pricing Supplement, in the case of Exempt Notes) specifies "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", each Each Dealer represents and agrees agrees, and each further Dealer appointed under the Programme will be required to represent and agree, that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by the Offering Circular Prospectus as completed by the Final Terms (or Pricing Supplement, as the case may be) in relation thereto to any retail investor in the European Economic Area. For the purposes of this provision:
(a) the expression retail investor means a person who is one (or more) of the following:
(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, MiFID II); or
(ii) a customer within the meaning of Directive 2002/92/EC (EU) 2016/97 (as amended, the Insurance Distribution Mediation Directive), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID IIXxXXX XX; or
(iii) not a qualified investor as defined in Directive 2003/71/EC (as amended, the Prospectus RegulationDirective); and
(b) the expression an offer includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes. If the Final Terms in respect of any Notes (or the Pricing Supplement, in the case of Exempt Notes) specified "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", in In relation to each Member State of the European Economic AreaArea which has implemented the Prospectus Directive (each, a Relevant Member State), each Dealer represents and agrees agrees, and each further Dealer appointed under the Programme will be required to represent and agree, that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the Relevant Implementation Date) it has not made and will not make an offer of Notes which are the subject of the offering contemplated by the Offering Circular Prospectus as completed by the final terms in relation thereto to the public in that Relevant Member State, State except that it may may, with effect from and including the Relevant Implementation Date, make an offer of such Notes to the public in that Relevant Member State:
(a) if the final terms in relation to the Notes specify that an offer of those Notes may be made other than pursuant to Article 3(2) of the Prospectus Directive in that Relevant Member State (a Non-Exempt Offer), following the date of publication of a prospectus in relation to such Notes, which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State, provided that any such prospectus has subsequently been completed by the final terms contemplating such Non-Exempt Offer, in accordance with the Prospectus Directive, in the period beginning and ending on the dates specified in such Prospectus or final terms, as applicable and the Issuer has consented in writing to its use for the purpose of that Non-Exempt Offer;
(b) at any time to any legal entity which is a qualified investor as defined in the Prospectus RegulationDirective;
(bc) at any time to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive (as defined below), 150 natural or legal persons (other than qualified investors as defined in the Prospectus RegulationDirective) subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such offer; or
(cd) at any time in any other circumstances falling within Article 1(43(2) of the Prospectus RegulationDirective, provided that no such offer of Notes referred to in (ab) to (cd) above shall require the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Regulation Directive or supplement a prospectus pursuant to Article 23 16 of the Prospectus RegulationDirective. For the purposes of this provision, the term Notes means all Notes and the expression an offer of Notes to the public in relation to any Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression Prospectus Regulation Directive means Regulation Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression 2010 PD Amending Directive means Directive 2010/73/EU) 2017/1129.
Appears in 1 contract
Samples: Programme Agreement
Prohibition of Sales to EEA Retail Investors. Unless the Final Terms in respect of any Notes (or Pricing Supplement, in the case of Exempt Notes) specifies "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", each Each Dealer represents and agrees agrees, and each further Dealer appointed under the Programme will be required to represent and agree, that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by the Offering Circular Prospectus as completed by the Final Terms (or Pricing Supplement, as the case may be) in relation thereto to any retail investor in the European Economic Area. For the purposes of this provision:
(a) the expression retail investor means a person who is one (or more) of the following:
(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, MiFID II); or
(ii) a customer within the meaning of Directive 2002/92/EC (EU) 2016/97 (as amended, the Insurance Distribution Mediation Directive), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or
(iii) not a qualified investor as defined in Directive 2003/71/EC (as amended, the Prospectus RegulationDirective); and
(b) the expression an offer includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes. If the Final Terms in respect of any Notes (or the Pricing Supplement, in the case of Exempt Notes) specified "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", in In relation to each Member State of the European Economic AreaArea which has implemented the Prospectus Directive (each, a Relevant Member State), each Dealer represents and agrees agrees, and each further Dealer appointed under the Programme will be required to represent and agree, that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the Relevant Implementation Date) it has not made and will not make an offer of Notes which are the subject of the offering contemplated by the Offering Circular Prospectus as completed by the final terms in relation thereto to the public in that Relevant Member State, State except that it may may, with effect from and including the Relevant Implementation Date, make an offer of such Notes to the public in that Relevant Member State:
(a) if the final terms in relation to the Notes specify that an offer of those Notes may be made other than pursuant to Article 3(2) of the Prospectus Directive in that Relevant Member State (a Non-Exempt Offer), following the date of publication of a prospectus in relation to such Notes, which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State, provided that any such prospectus has subsequently been completed by the final terms contemplating such Non-Exempt Offer, in accordance with the Prospectus Directive, in the period beginning and ending on the dates specified in such Prospectus or final terms, as applicable and the Issuer has consented in writing to its use for the purpose of that Non-Exempt Offer;
(b) at any time to any legal entity which is a qualified investor as defined in the Prospectus RegulationDirective;
(bc) at any time to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive (as defined below), 150 natural or legal persons (other than qualified investors as defined in the Prospectus RegulationDirective) subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such offer; or
(cd) at any time in any other circumstances falling within Article 1(43(2) of the Prospectus RegulationDirective, provided that no such offer of Notes referred to in (ab) to (cd) above shall require the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Regulation Directive or supplement a prospectus pursuant to Article 23 16 of the Prospectus RegulationDirective. For the purposes of this provision, the term Notes means all Notes and the expression an offer of Notes to the public in relation to any Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression Prospectus Regulation Directive means Regulation Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression 2010 PD Amending Directive means Directive 2010/73/EU) 2017/1129.
Appears in 1 contract
Samples: Programme Agreement
Prohibition of Sales to EEA Retail Investors. Unless the Final Terms in respect of any Notes (or Pricing Supplement, in the case of Exempt Notes) specifies "“Prohibition of Sales to EEA Retail Investors" ” as "“Not Applicable"”, each Dealer represents and agrees agrees, and each further Dealer appointed under the Programme will be required to represent and agree, that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by the Offering Circular Base Prospectus as completed by the Final Terms (or Pricing Supplement, as the case may be) in relation thereto to any retail investor in the European Economic Area. For the purposes of this provision:
(a) the expression retail investor means a person who is one (or more) of the following:
(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, MiFID II); or,
(ii) a customer within the meaning of Directive 2002/92/EC (EU) 2016/97 (as amended or superseded, the Insurance Distribution Mediation Directive), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID IIXxXXX XX; or
(iii) not a qualified investor as defined in the Prospectus Regulation; andDirective 2003/71/EC (as amended or superseded, the
(b) the expression an offer includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes. If the Final Terms in respect of any Notes (or the Pricing Supplement, in the case of Exempt Notes) specified "specifies “Prohibition of Sales to EEA Retail Investors" ” as "“Not Applicable"”, in relation to each Member State of the European Economic AreaEEA which has implemented the Prospectus Directive (each, a Relevant Member State), each Dealer has represents and agrees agrees, and each further Dealer appointed under the Programme will be required to represent and agree, that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the Relevant Implementation Date) it has not made and will not make an offer of Notes which are the subject of the offering contemplated by the Offering Circular Base Prospectus as completed by the final terms in relation thereto to the public in that Relevant Member State, State except that it may may, with effect from and including the Relevant Implementation Date, make an offer of such Notes to the public in that Relevant Member State:
(a) at any time to any legal entity which is a qualified investor as defined in the Prospectus RegulationDirective;
(b) at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus RegulationDirective) subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such offer; or
(c) at any time in any other circumstances falling within Article 1(43(2) of the Prospectus RegulationDirective, provided that no such offer of Notes referred to in (a) to (c) above shall require the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Regulation Directive or supplement a prospectus pursuant to Article 23 16 of the Prospectus RegulationDirective. For the purposes of this provision, : • the expression an offer of Notes to the public in relation to any Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State; and • the expression Prospectus Regulation Directive means Regulation Directive 2003/71/EC (EU) 2017/1129as amended or superseded), and includes any relevant implementing measure in the Relevant Member State.
Appears in 1 contract
Samples: Programme Agreement
Prohibition of Sales to EEA Retail Investors. Unless the Final Terms in respect of any Notes (or Pricing Supplement, in specifies the case of Exempt Notes) specifies "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", each Dealer represents represents, warrants and agrees agrees, and each further Dealer appointed under the Programme will be required to represent, warrant and agree, that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by the Offering Circular Base Prospectus as completed by the Final Terms (or Pricing Supplement, as the case may be) in relation thereto to any retail investor in the European Economic AreaArea or in the United Kingdom. For the purposes of this provision:
(a) the expression "retail investor investor" means a person who is one (or more) of the following:
(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or
(ii) a customer within the meaning of Directive (EU) 2016/97 (the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or
(iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (the "Prospectus Regulation"); and
(b) the expression an offer "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes. If the Final Terms in respect of any the Notes (or the Pricing Supplement, in the case of Exempt Notes) specified specifies "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", in relation to each Member State of the European Economic Area, each Dealer represents and agrees agrees, and each further Dealer appointed under the Programme will be required to represent and agree, that it has not made and will not make an offer of Notes which are the subject of the offering contemplated by the Offering Circular Base Prospectus as completed by the final terms Final Terms (or are the subject of the offering contemplated by a Drawdown Prospectus) in relation thereto to the public in that Member State, except that it may make an offer of such Notes to the public in that Member State:
(a) at any time to any legal entity which is a qualified investor as defined in the Prospectus Regulation;
(b) at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation) subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such offer; or
(c) at any time in any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of Notes referred to in (a) to (c) above shall require the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation. For the purposes of this provision, the expression an "offer of Notes to the public public" in relation to any Notes in any Member Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes and the expression "Prospectus Regulation Regulation" means Regulation (EU) 2017/1129.
Appears in 1 contract
Samples: Dealer Agreement
Prohibition of Sales to EEA Retail Investors. Unless the Final Terms in respect of any Notes Document (or Pricing Supplement, in as the case may be) in respect of Exempt Notes) any Covered Bonds specifies "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", each Dealer represents has represented and agrees agreed, and each further Dealer appointed under the Program will be required to represent and agree, that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes Covered Bonds which are the subject of the offering contemplated by the Offering Circular this Prospectus as completed by the Final Terms Document (or Pricing Supplement, as the case may be) in relation thereto to any retail investor in the European Economic Area. For the purposes of this provision:
(a) the expression retail investor means a person who is one (or more) of the following:
(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, MiFID II); or
(ii) a customer within the meaning of Directive (EU) 2016/97 (the Insurance Distribution Directive)2002/92/EC. as amended or superseded, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID IIXxXXX XX; or
(iii) not a qualified investor as defined in Directive 2003/71/EC (as amended or superseded, the Prospectus RegulationDirective); and
(b) the expression an offer includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes Covered Bonds to be offered so as to enable an investor to decide to purchase or subscribe for the NotesCovered Bonds. If the Final Terms Document (or Pricing Supplement, as the case may be) in respect of any Notes (or the Pricing Supplement, in the case of Exempt Notes) specified Covered Bonds specifies "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", in relation to each Member State of the European Economic AreaArea which has implemented the Prospectus Directive (each, a Relevant Member State), each Dealer represents has represented and agrees agreed, and each further Dealer appointed under the Program will be required to represent and agree, that with effect from and including the date on which the Prospectus Directive is implemented in that Member State (the Relevant Implementation Date) it has not made and will not make an offer of Notes Covered Bonds which are the subject of the offering contemplated by the Offering Circular this Prospectus as completed by the final terms Final Terms Document (or Pricing Supplement, as the case may be) in relation thereto to the public in that Relevant Member State, State except that it may may, with effect from and including the Relevant Implementation Date, make an offer of Notes such Covered Bonds to the public in that Relevant Member State:
(ai) at any time to any legal entity which is a qualified investor as defined in the Prospectus RegulationDirective;
(bii) at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus RegulationDirective) subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such offer; or
(ciii) at any time in any other circumstances falling within Article 1(43(2) of the Prospectus RegulationDirective, provided that no such offer of Notes Covered Bonds referred to in paragraphs (ai) to (ciii) above shall require the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Regulation Directive or supplement a prospectus pursuant to Article 23 16 of the Prospectus RegulationDirective. For the purposes of this provision, :
(A) the expression an offer of Notes Covered Bonds to the public in relation to any Notes Covered Bonds in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes Covered Bonds to be offered so as to enable an investor to decide to purchase or subscribe for the Notes and Covered Bonds, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State; and
(B) the expression Prospectus Regulation Directive means Regulation Directive 2003/71/EC (EU) 2017/1129as amended or superseded), and includes any relevant implementing measure in each Relevant Member State.
Appears in 1 contract
Samples: Dealership Agreement
Prohibition of Sales to EEA Retail Investors. Unless the Final Terms in respect of any Notes (or Pricing Supplement, in the case of Exempt Notes) specifies "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", each Dealer represents and agrees that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by the Offering Circular Base Prospectus as completed by the Final Terms (or Pricing Supplement, as the case may be) in relation thereto to any retail investor in the European Economic Area. For the purposes of this provision:
(a) the expression retail investor means a person who is one (or more) of the following:
(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, MiFID II); or
(ii) a customer within the meaning of Directive 2002/92/EC (EU) 2016/97 (as amended or superseded, the Insurance Distribution Mediation Directive), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or
(iii) not a qualified investor as defined in the Prospectus RegulationDirective; and
(b) the expression an offer includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes. If the Final Terms in respect of any Notes (or the Pricing Supplement, in the case of Exempt Notes) specified "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", in relation to each Member State of the European Economic AreaArea which has implemented the Prospectus Directive (each, a Relevant Member State), each Dealer represents and agrees that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the Relevant Implementation Date) it has not made and will not make an offer of Notes which are the subject of the offering contemplated by the Offering Circular Base Prospectus as completed by the final terms in relation thereto to the public in that Relevant Member State, State except that it may may, with effect from and including the Relevant Implementation Date, make an offer of such Notes to the public in that Relevant Member State:
(a) at any time to any legal entity which is a qualified investor as defined in the Prospectus RegulationDirective (and, in the case of investors in Norway capable of classification as a "professional investor" (Norwegian: "profesjonell investor") as defined in Section 7-1 cf. Sections 10-2 to 10-5 in the Norwegian Securities Regulation of 29 June 2007 no. 876);
(b) at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus RegulationDirective or, in the case of investors in Norway, "professional investors") subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such offer; or
(c) at any time in any other circumstances falling within Article 1(43(2) of the Prospectus RegulationDirective (and, in the case of investors in Norway, in any other circumstances provided that no such offer of Notes shall result in a requirement for the registration, or the publication of a prospectus pursuant to the Norwegian Securities Trading Act of 29 June 2007), provided that no such offer of Notes referred to in (a) to (c) above shall require the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Regulation Directive or supplement a prospectus pursuant to Article 23 16 of the Prospectus RegulationDirective. For the purposes of this provision, : the expression an offer of Notes to the public in relation to any Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State; and the expression Prospectus Regulation Directive means Regulation Directive 2003/71/EC (EU) 2017/1129as amended or superseded), and includes any relevant implementing measure in the Relevant Member State.
Appears in 1 contract
Samples: Programme Agreement
