http://www.legislation.gov.uk/ukpga/2000/8/section/87A/2018-07-21Financial Services and Markets Act 2000An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.2000-06-15texttext/xmlenStatute Law Database2026-09-09Expert Participation2018-07-21 Part VI Official Listing<Emphasis><Addition ChangeId="d29p7958" CommentaryRef="c2075607">Approval of prospectus</Addition></Emphasis><Addition ChangeId="d29p7958" CommentaryRef="c2075607">Criteria for approval of prospectus by </Addition><Addition ChangeId="d29p7958" CommentaryRef="c2075607"><Substitution ChangeId="key-4cd5e0dea672eec74633ba81ceca1f86-1505381350094" CommentaryRef="key-4cd5e0dea672eec74633ba81ceca1f86">FCA</Substitution></Addition> 87A 1The FCA may not approve a prospectus unless it is satisfied that—athe United Kingdom is the home State in relation to the issuer of the transferable securities to which it relates,bthe prospectus contains the necessary information, andcall 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).2The necessary information is the information necessary to enable investors to make an informed assessment of—athe assets and liabilities, financial position, profits and losses, and prospects of the issuer of the transferable securities and of any guarantor; andbthe rights attaching to the transferable securities.2A 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. 3The necessary information must be presented in a form which is comprehensible and easy to analyse.4The necessary information must be prepared having regard to the particular nature of the transferable securities and their issuer.5The prospectus must include a summary (unless the transferable securities in question are ones in relation to which prospectus rules provide that a summary is not required).6The summary must convey concisely, in non-technical language and in an appropriate structure, the key information relevant to the securities which are the subject of the prospectus and, when read with the rest of the prospectus, must be an aid to investors considering whether to invest in the securities.a inform, in writing, the competent authority and any competent authority of any EEA State which the applicant has requested be supplied with a certificate of approval under section 87I; and bmake that information available, in writing, to prospective investors.7Where the prospectus for which approval is sought does not include the final offer price or the amount of transferable securities to be offered to the public, the applicant must, as soon as that element is finalised—ainform, in writing, the FCA and any competent authority of any EEA State which the applicant has requested be supplied with a certificate of approval under section 87I; andbmake that information available, in writing, to prospective investors.7A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8“Prospectus” (except in subsection (5)) includes a supplementary prospectus.9“the key information” means the information which is essential to enable investors to understand the transferable securities to which the prospectus relates and to decide whether to consider the offer further.10The key information must include —athe essential characteristics of, and risks associated with, the issuer and any guarantor, including their assets, liabilities and financial positions;bthe essential characteristics of, and risks associated with, investment in the transferable securities, including any rights attaching to the securities;cthe general terms of the offer, including an estimate of the expenses charged to an investor by the issuer and the person offering the securities to the public, if not the issuer;ddetails of the admission to trading; andethe reasons for the offer and proposed use of the proceeds.Pt. 6 (ss. 72-103) applied (with modifications) (1.12.2001) by S.I. 1995/1537, Sch. 4 (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 511) Ss. 84-87R and cross-headings substituted for ss. 84-87 (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(1), Sch. 1 para. 5 S. 87A(9)(10) inserted (1.7.2012) by The Prospectus Regulations 2012 (S.I. 2012/1538), regs. 1(1), 4(d)Word in s. 87A heading substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(6)(c), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.S. 87A(7A) omitted (17.12.2014) by virtue of The Payments to Governments and Miscellaneous Provisions Regulations 2014 (S.I. 2014/3293), regs. 1(2), 2(2)S. 87A(2A) inserted (1.7.2012) by The Prospectus Regulations 2012 (S.I. 2012/1538), regs. 1(1), 2(3)Word in s. 87A(1) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(6)(a), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.Words in s. 87A(7) substituted (1.7.2012) by The Prospectus Regulations 2012 (S.I. 2012/1538), regs. 1(1), 4(b)Word in s. 87A(7)(a) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(6)(b), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.S. 87A(6) substituted (1.7.2012) by The Prospectus Regulations 2012 (S.I. 2012/1538), regs. 1(1), 4(a)