Prospectus

For the purposes of the Listing Rules (www.practicallaw.com/7-107-6774) and Prospectus Rules (www.practicallaw.com/7-200-9260), a document required under the Prospectus Directive (www.practicallaw.com/8-200-9274) which gives details of a company (and any guarantor) and its securities. Broadly, a prospectus is required if a company makes an offer to the public, or requests admission to trading on a regulated market (www.practicallaw.com/5-200-9275), of transferable securities (www.practicallaw.com/9-200-9278) in the UK. The contents of a prospectus are prescribed by the Prospectus Regulation (www.practicallaw.com/4-200-9266), the Prospectus Rules (www.practicallaw.com/7-200-9260) and the Financial Services and Markets Act 2000 (www.practicallaw.com/A36104). Prospectuses must be approved by a competent authority before publication. In most cases this must be the competent authority of the home member state (which, in the UK, is the Financial Conduct Authority (www.practicallaw.com/5-107-5761)).

The glossary to the FCA Handbook (www.practicallaw.com/5-107-6609) sets out the full definition of this term. When considering this term in the context of financial services, reference should be made to the FCA Handbook glossary definition of prospectus.

For further details, see Practice note, When is a prospectus required? (www.practicallaw.com/5-352-2952) and Practice note, Listing requirements and the prospectus (www.practicallaw.com/4-107-3994).

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