Related provisions for PR 3.1.15
Section 87A(1) of the Act provides for the approval of a prospectus by the FCA:
(1) |
The [FCA] may not approve a prospectus unless it is satisfied that: |
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(a) |
the United Kingdom is the home State in relation to the issuer of the transferable securities to which it relates, |
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(b) |
the prospectus contains the necessary information, and |
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(c) |
all of the other requirements imposed by or in accordance with this Part or the prospectus directive have been complied with (so far as those requirements apply to a prospectus for the transferable securities in question). |
Article 24 of the PD Regulation provides for how the contents of the summary are to be determined:
3Content of the summary of the prospectus, of the base prospectus and of the individual issue |
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1 |
The issuer, the offeror or the person asking for the admission to trading on a regulated market shall determine the detailed content of the summary referred to in Article 5(2) of Directive 2003/71/EC in accordance with this Article. A summary shall contain the key information items set out in Annex XXII. Where an item is not applicable to a prospectus, such item shall appear in the summary with the mention "not applicable". The length of the summary shall take into account the complexity of the issuer and of the securities offered, but shall not exceed 7% of the length of a prospectus or 15 pages, whichever is the longer. It shall not contain cross-references to other parts of the prospectus. The order of the sections and of the elements of Annex XXII shall be mandatory. The summary shall be drafted in clear language, presenting the key information in an easily accessible and understandable way. Where an issuer is not under an obligation to include a summary in a prospectus pursuant to Article 5(2) of Directive 2003/71/EC, but produces an overview section in the prospectus, this section shall not be entitled "Summary" unless the issuer complies with all disclosure requirements for summaries laid down in this Article and Annex XXII. |
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2 |
The summary of the base prospectus may contain the following information: |
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(a) |
information included in the base prospectus; |
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(b) |
options for information required by the securities note schedule and its building block(s); |
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(c) |
information required by the securities note schedule and its building block(s) left in blank for later insertion in the final terms. |
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3 |
The summary of the individual issue shall provide the key information of the summary of the base prospectus combined with the relevant parts of the final terms. The summary of the individual issue shall contain the following: |
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(a) |
the information of the summary of the base prospectus which is only relevant to the individual issue; |
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(b) |
the options contained in the base prospectus which are only relevant to the individual issue as determined in the final terms; |
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(c) |
the relevant information given in the final terms which has been previously left in blank in the base prospectus. |
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Where the final terms relate to several securities which differ only in some very limited details, such as the issue price or maturity date, one single summary of the individual issue may be attached for all those securities, provided the information referring to the different securities is clearly segregated. The summary of the individual issue shall be subject to the same requirements as the final terms and shall be annexed to them. |