5. In the event that material information is disclosed by an issuer or an offeror and addressed to one or more selected investors in oral or written form, such information shall, as applicable, either:
(a) be disclosed to all other investors to whom the offer is addressed, in the event that a prospectus is not required to be published in accordance with Article 1(4) or (5); or
(b) be included in the prospectus or in a supplement to the prospectus in accordance with Article 23(1), in the event that a prospectus is required to be published.
1Under sections 87K and 87L of the Act, the FCA has various powers including powers to prohibit, restrict or suspend an offer and to prohibit, restrict or suspend an advertisement. The FCA will use these powers if it is necessary to protect investors or the smooth operation of the market is, or may be, jeopardised.
in relation to a prospectus consisting of a registration document or a universal registration document together with a securities note and a summary, the date on which the registration document or the universal registration document is approved;
1To comply with paragraph 130 in section III.1 of the technical note on PR disclosure and specialist issuers,3 the FCA would expect a valuation report for a property company to be in accordance with either:
the Appraisal and Valuation Standards (5th edition) issued by the Royal Institution of Chartered Surveyors; or
the International Valuation Standards (7th edition) issued by the International Valuation Standards Committee.