PART 6Transitional provision
Transitional provision for prospectuses notified under the Prospectus Regulation before exit day
74.—(1) Paragraphs (2) and (3) apply to a prospectus, and any supplement to that prospectus, in respect of which the FCA has received a notification of approval given in accordance with Article 25 of the Prospectus Regulation before exit day.
(2) On and after exit day, the prospectus and any supplement is to be treated for the purposes of the Prospectus Regulation (as it forms part of retained EU law) as if it had been approved by the FCA at the time when it was approved by the competent authority of the home Member State.
(3) Terms used in paragraphs (1) and (2) which are used in the Prospectus Regulation, in particular “approval”, “competent authority” and “home Member State”, have the meanings given in the Prospectus Regulation, as read with Annex 9 to the EEA Agreement, as that Regulation applied immediately before exit day.
(4) Where, on or after exit day, a supplement is required under Article 23 of the Prospectus Regulation to a prospectus referred to in paragraph (1), the FCA is the competent authority in relation to that supplement for the purposes of the Prospectus Regulation.
Transitional provision for registration documents and universal registration documents notified under the Prospectus Regulation before exit day
75.—(1) Paragraphs (2) to (4) apply in relation to a registration document or universal registration document, and any amendment or supplement to those documents, in respect of which the FCA has received a notification of approval given in accordance with Article 26 of the Prospectus Regulation before exit day.
(2) On and after exit day, the registration document or universal registration document and any amendment or supplement to those documents, is to be treated for the purposes of the Prospectus Regulation (as it forms part of retained EU law) as if it had been approved by the FCA at the time when the competent authority of the Member State gave the approval in question.
(3) A registration document or universal registration document notified in accordance with paragraph (2) may be used on or after exit day as a constituent part of a prospectus submitted for approval to the FCA.
(4) Terms used in paragraphs (1) and (2) which are used in the Prospectus Regulation have the meanings given in the Prospectus Regulation, as read with Annex 9 to the EEA Agreement, as that Regulation applied immediately before exit day.
(5) Where, on or after exit day, a supplement is required under Article 23 of the Prospectus Regulation to a registration document or universal registration document referred to in paragraph (1), the FCA is the competent authority in relation to that supplement for the purposes of the Prospectus Regulation.