Company Law Reform Bill [HL]

I will try and help the noble Lord. The financial world is moving fast, but, however sophisticated the instrument, it must relate back to the share or debenture. The key point is the allotment of shares or debentures; if it leads to that, it is potentially within the prohibition, subject to all the exemptions. That is an established position under current legislation. If we revert to that, we do not need these extended definitions. We know why we are there if we move to the original position in the Bill. The legislation, as is, is sufficient to cover the potential range of sophistication. On Question, amendment agreed to. Clause 525, as amended, agreed to. Clause 526 [Meaning of ””offer to the public””]: