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The Prospectus Regulations 2013
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- 2013 No. 1125
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend provisions of the Financial Services and Markets Act 2000 (c.8) (“the Act”) to implement one element of Directive 2010/73/EU (OJ L 327, 11.12.2010, p1) of the European Parliament and of the Council. That Directive amends Directive 2003/71/EC (OJ L345, 31.12.2003, p64) on the prospectus to be published when securities are offered to the public or admitted to trading and Directive 2004/109/EC (OJ L 390, 31.12.2004, p38) on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market. The implementation of Directive 2010/73/EU was primarily achieved through the Prospectus Regulations 2011 (S.I. 2011/1668) and the Prospectus Regulations 2012 (S.I. 2012/1538). These Regulations make one supplementary amendment.
Regulation 2 amends the exemption, introduced by section 86(1)(f) of the Act, to the obligation to produce a prospectus.
An Impact Assessment of the effect of the Prospectus Regulations 2012 on the costs of business and the voluntary sector has been prepared and is available on HM Treasury’s website (www.hmtreasury.gov.uk) or from the Securities and Markets Team, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and is annexed to the Explanatory Memorandum for those Regulations which is available alongside the instrument at www.legislation.gov.uk. No further impact assessment was conducted for the Prospectus Regulations 2013.
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