Source: http://www.legislation.gov.uk/ukpga/2000/8/part/VI/crossheading/approval-of-prospectus/2016-03-01
Timestamp: 2019-06-15 22:00:25
Document Index: 551251393

Matched Legal Cases: ['art. 2', 'art. 3', 'art. 2', 'art. 3', 'art. 2', 'art. 3', 'art. 2', 'art. 3']

[F1Approval of prospectusE+W+S+N.I.
87ACriteria for approval of prospectus by [F2FCA] E+W+S+N.I.
(1)The [F3FCA] may not approve a prospectus unless it is satisfied that—
[F4(2A) If, in the case of transferable securities to which section 87 applies, the prospectus states that the guarantor is a specified EEA State, the prospectus is not required to include other information about the guarantor.]
[F5(6)The summary must convey concisely, in non-technical language and in an appropriate structure, the key information relevant to the securities which are the subject of the prospectus and, when read with the rest of the prospectus, must be an aid to investors considering whether to invest in the securities.
(a) inform, in writing, the competent authority and any competent authority of any EEA State which the applicant has requested be supplied with a certificate of approval under section 87I; and
(b)make that information available, in writing, to prospective investors.]
(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, [F6 the applicant must, as soon as that element is finalised—
(a)inform, in writing, the [F7FCA] and any competent authority of any EEA State which the applicant has requested be supplied with a certificate of approval under section 87I; and
F8(7A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F9(9)“the key information” means the information which is essential to enable investors to understand the transferable securities to which the prospectus relates and to decide whether to consider the offer further.
(10)The key information must include —
(a)the essential characteristics of, and risks associated with, the issuer and any guarantor, including their assets, liabilities and financial positions;
(b)the essential characteristics of, and risks associated with, investment in the transferable securities, including any rights attaching to the securities;
(c)the general terms of the offer, including an estimate of the expenses charged to an investor by the issuer and the person offering the securities to the public, if not the issuer;
(d)details of the admission to trading; and
(e)the reasons for the offer and proposed use of the proceeds.]
F2Word in s. 87A heading substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(6)(c), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F3Word in s. 87A(1) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(6)(a), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F4S. 87A(2A) inserted (1.7.2012) by The Prospectus Regulations 2012 (S.I. 2012/1538), regs. 1(1), 2(3)
F5S. 87A(6) substituted (1.7.2012) by The Prospectus Regulations 2012 (S.I. 2012/1538), regs. 1(1), 4(a)
F6Words in s. 87A(7) substituted (1.7.2012) by The Prospectus Regulations 2012 (S.I. 2012/1538), regs. 1(1), 4(b)
F7Word in s. 87A(7)(a) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(6)(b), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F8S. 87A(7A) omitted (17.12.2014) by virtue of The Payments to Governments and Miscellaneous Provisions Regulations 2014 (S.I. 2014/3293), regs. 1(2), 2(2)
F9S. 87A(9)(10) inserted (1.7.2012) by The Prospectus Regulations 2012 (S.I. 2012/1538), regs. 1(1), 4(d)
(1)The [F10FCA] may authorise the omission from a prospectus of any information, the inclusion of which would otherwise be required, on the ground—
(3)The [F10FCA] is entitled to act on any such certificate in exercising its powers under subsection (1)(a).
(4)This section does not affect any powers of the [F10FCA] under prospectus rules.
F10Words in ss. 87B-87D substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(2)(3)(c), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
(1)The [F10FCA] must notify the applicant of its decision on an application for approval of a prospectus before the end of the period for consideration.
(b)if the [F10FCA] gives a notice under subsection (4), is to be treated as beginning with the first working day after the date on which the notice is complied with.
(4)The [F10FCA] may by notice in writing require a person who has applied for approval of a prospectus to provide—
(6)Subsection (4) applies only to information and documents reasonably required in connection with the exercise by the [F10FCA] of its functions in relation to the application.
(7)The [F10FCA] may require any information provided under this section to be provided in such form as it may reasonably require.
(8)The [F10FCA] may require—
(9)The [F10FCA] must notify the applicant of its decision on an application for approval of a supplementary prospectus before the end of the period of 7 working days beginning with the date on which the application is received; and subsections (4) and (6) to (8) apply to such an application as they apply to an application for approval of a prospectus.
(10)The [F10FCA's] failure to comply with subsection (1) or (9) does not constitute approval of the application in question.
(1)If the [F10FCA] approves a prospectus, it must give the applicant written notice.
(2)If the [F10FCA] proposes to refuse to approve a prospectus, it must give the applicant written notice.
(3)The notice must state the [F10FCA's] reasons for the proposed refusal.
(4)If the [F10FCA] decides to refuse to approve a prospectus, it must give the applicant written notice.
(a)give the [F10FCA's] reasons for refusing the application; and
(6)If the [F10FCA] refuses to approve a prospectus, the applicant may refer the matter to the Tribunal.