HM Treasury News Release                       

140/98                                              20 August 1998
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                  PUBLIC OFFERS OF SECURITIES

Proposals to update and amend the Public Offers of Securities
Regulations 1995 ('POS Regulations'), which set out the requirements
to produce a prospectus when securities are offered to the public,
were announced today by the Treasury.

The Treasury proposes to make amendments which will facilitate
employee share schemes and mutual recognition of prospectuses and
more generally clarify and modernise the POS Regulations in the light
of market experience.

The Treasury also seeks views more widely on encouraging cross-border
offers of securities within the European Union, through better
implementation of the European legislation on public offers. 


NOTES TO EDITORS

1.   Media copies of the consultation document are available from the
Treasury Press Office on 0171 270 5185.

2.   Non-media copies of the report are available from the Treasury
Public Enquiry Unit on 0171 270 4558.

3.   The POS Regulations implement in the UK the requirements of the
Prospectus Directive (EEC 89/298).  The POS Regulations were
implemented in June 1995, following public consultation.  Since
then experience of using these Regulations in practice has
highlighted a number of areas where the law has proved difficult to
use. The amendments proposed are designed to simplify use while
maintaining the overall policy aim of the POS Regulations, which
is to provide proportionate investor protection.

4.   If you have access to the Internet, you can find this news
release and other Treasury information at
http://www.hm-treasury.gov.uk

# = pounds sterling