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(1)The competent authority may not approve a prospectus unless it is satisfied that—
(a)the United Kingdom is the home State in relation to the issuer of the transferable securities to which it relates,
(b)the prospectus contains the necessary information, and
(c)all of the other requirements imposed by or in accordance with this Part or the prospectus directive have been complied with (so far as those requirements apply to a prospectus for the transferable securities in question).
(2)The necessary information is the information necessary to enable investors to make an informed assessment of—
(a)the assets and liabilities, financial position, profits and losses, and prospects of the issuer of the transferable securities and of any guarantor; and
(b)the rights attaching to the transferable securities.
(3)The necessary information must be presented in a form which is comprehensible and easy to analyse.
(4)The necessary information must be prepared having regard to the particular nature of the transferable securities and their issuer.
(5)The prospectus must include a summary (unless the transferable securities in question are ones in relation to which prospectus rules provide that a summary is not required).
(6)The summary must, briefly and in non-technical language, convey the essential characteristics of, and risks associated with, the issuer, any guarantor and the transferable securities to which the prospectus relates.
(7)Where the prospectus for which approval is sought does not include the final offer price or the amount of transferable securities to be offered to the public, the applicant must inform the competent authority in writing of that information as soon as that element is finalised.
(8)“Prospectus” (except in subsection (5)) includes a supplementary prospectus.]
Textual Amendments
F1 Ss. 84-87R and cross-headings substituted for ss. 84-87 (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(1), Sch. 1 para. 5
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