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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

You are viewing the version of the document as on 2012-12-13.

Status: In this content, we have included all amendments made by EU exit-related instruments up to end September 2020. There will be more amendments to be made later this year, further to the September QCP.

PR 2.5 Omission of information

Equivalent information

PR 2.5.1RRP

Without prejudice to the adequate information of investors, if, in exceptional cases, certain information referred to in the PD Regulation that is required to be included in a prospectus is inappropriate to the issuer's activity or to the legal form of the issuer or to the transferable securities to which the prospectus relates, the prospectus must contain information equivalent to the required information (unless there is no such information). [Note: article 8.3 PD]

Omission of information from prospectus


1Section 87A(2A) of the Act provides that information about certain guarantors may be omitted from a prospectus:



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.

PR 2.5.2UKRP

Section 87B(1) of the Act sets out when the FSA may authorise the omission of information from a prospectus:


The [FSA] may authorise the omission from a prospectus of any information, the inclusion of which would otherwise be required, on the ground –


that its disclosure would be contrary to the public interest;


that its disclosure would be seriously detrimental to the issuer, provided that the omission would be unlikely to mislead the public with regard to any facts or circumstances which are essential for an informed assessment of the kind mentioned in section 87A(2); or


that the information is only of minor importance for a specific offer to the public or admission to trading on a regulated market and unlikely to influence an informed assessment of the kind mentioned in section 87A(2).

Request to omit information

PR 2.5.3RRP

A request to the FSA to authorise the omission of specific information must:

  1. (1)

    be in writing from the applicant;

  2. (2)

    identify the specific information concerned and the specific reasons for its omission; and

  3. (3)

    state why in the applicant's opinion one or more of the grounds in section 87B(1) of the Act applies.