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13. Offer of Securities



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(1) A person is to be regarded as making an offer of Securities if he:
(a) makes an offer which, if accepted, would give rise to a contract for the issue of Securities by him or by another person with whom he has made arrangements for the issue of the Securities; or
(b) makes an offer or invitation in relation to an issue or a sale of Securities in circumstances prescribed by the Offered Securities Rules.
(2) A person shall not make an offer of Securities in the DIFC unless the offer of Securities is made by way of an Exempt Offer or Prospectus offer in accordance with this Part and the Offered Securities Rules.
(3) An offer of Securities is made in the DIFC if the offer:
(a) is directed at or received by a person (an "offeree") in the DIFC at the time of the making; and
(b) is capable of acceptance by such an offeree;
regardless of where any resulting issue or sale occurs.
(4) A person shall not make an offer of Securities from the DIFC unless the offer of Securities is made in accordance with the Offered Securities Rules.
(5) An offer of Securities is made from the DIFC if:
(a) the person making the offer is situated in the DIFC;
(b) the offer is directed at or received by a person (an "offeree") situated, at the time of the making, outside of the DIFC; and
(c) the offer is capable of acceptance by such an offeree;
regardless of where any resulting issue or sale occurs.