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.

Article 15 Dissemination of advertisements

  1. (1)

    Advertisements disseminated to potential investors shall be amended where:

    1. (a)

      a supplement to the prospectus is subsequently published in accordance with Article 23 of Regulation (EU) 2017/1129;

    2. (b)

      the significant new factor, material mistake or material inaccuracy mentioned in the supplement renders the previously disseminated advertisement materially inaccurate or misleading.

    The first subparagraph shall not apply after the final closing of the offer period to the public or after the time when trading on a regulated market begins, whichever occurs later.

  2. (2)

    Advertisements amended as referred to in paragraph 1 shall be disseminated to potential investors without undue delay following the publication of the supplement to the prospectus and shall contain all of the following:

    1. (a)

      a clear reference to the inaccurate or misleading version of the advertisement;

    2. (b)

      an explanation that the advertisement has been amended as it contained materially inaccurate or misleading information;

    3. (c)

      a clear description of the differences between the two versions of the advertisement.

  3. (3)

    With the exception of orally disseminated advertisements, advertisements amended pursuant to paragraph 1 shall be disseminated through at least the same means as the previous advertisement.