On 28 June 2005 the UKLA published a further special edition of List!, covering some questions raised in relation to the new Prospectus Directive regime. The newsletter includes non-binding advice on: (1) the definition of public offer under the Prospectus Directive, including further clarification in relation to the relevant definition of public offer for determining the home competent authority for third country issuers where public offers have been made between 31 December 2003 and 1 July 2005, and in relation to employee share option schemes; (2) how certain exemptions from producing a prospectus are to work, i.e. those relating to admissions of less than 10% of the shares of the same class already admitted to trading, employee share schemes, takeovers and admissions arising from conversions; (3) various issues relating to financial information, including working capital statements and the sponsor's role, equivalence of financial information produced under other accounting standards, and managing the transition to IFRS prior to formal endorsement of amended standards; and (4) the UKLA's administrative arrangements under the new regime in relation to the 6 day rule in the context of pathfinder prospectuses, annual information updates and prospectus summaries.