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Preparing a prospectus (Prospectus Directive regime)
Practical Law UK Practice Note 6-506-4734 (Approx. 26 pages)
Preparing a prospectus (Prospectus Directive regime)
| Law stated as at 21 Jul 2020 • United Kingdom |
This practice note considers how to prepare a prospectus for an offer to the public in the UK or request for admission to trading on a regulated market in the UK under the Prospectus Directive regime. Focusing on equity shares, it looks at the format the prospectus should take, how to determine what information should be included and the process for getting it approved by the FCA.
The prospectus regime set out in this note (the Prospectus Directive regime) changed on 21 July 2019 when a new Prospectus Regulation came fully into effect and the Prospectus Directive was repealed. The new regime applies to prospectuses approved on or after 21 July 2019. For further details on the preparation of prospectuses under the new regime, see Practice note, Preparing a prospectus (Prospectus Regulation regime).
This note therefore applies to prospectuses that were approved before 21 July 2019. Such prospectuses will continue to be governed by the law implementing the Prospectus Directive until they have reached the end of their validity period of after twelve months have elapsed after 21 July 2019, whichever occurs first.