The Prospectus Rules: Update

Training

In City Of London

£ 350 + VAT

Description

  • Type

    Training

  • Aimed at

    For companies and professionals

  • Location

    City of london

  • Class hours

    3h

  • Duration

    1 Day

Presented by an experienced former practitioner

A half day course covering the changes which affect prospectuses for both official list & AIM companies, and also covers the guidance in the restructured UKLA Technical Notes on issues which have arisen on the Prospectus Rules in the last few years.

Facilities

Location

Start date

City Of London (London)
See map

Start date

On request

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Reviews

Subjects

  • Fca requirements
  • Prospectus rules

Teachers and trainers (1)

Former  Practitioner

Former Practitioner

Contact us for details enquiries@redcliffetraining.co.uk

Course programme

Course Overview:

In 2012, the FCA made the most significant changes to the Prospectus Rules since the introduction of the regulations in 2005. These changes are intended to provide greater clarity in prospectuses and reduce the administrative burden for issuers and their advisers, exempting certain share issues from prospectuses and shortening prospectuses for others.

This half day course covers these changes, which affect prospectuses for both Official List and AIM companies, and also covers subsequent changes, such as the requirement for supplementary prospectuses, and the guidance in the restructured UKLA Technical Notes on issues which have arisen on the Prospectus Rules in the last few years.

Course Content:

Changes to the Prospectus Rules

  • The Amending Directive
  • Changes in thresholds and exemptions
    • Offers outside scope of Prospectus Directive
    • Changes in exempt offers
    • Definition of Qualified Investor
    • Employee share schemes
    • Retail cascades
  • Prospectus summary
    • New format
    • Key information disclosure requirements
    • Maximum length
    • Example of new style summary
  • Proportionate disclosure for pre-emptive share issues
    • Objectives and constraints
    • What issues qualify?
    • Reduced disclosure in prospectus
  • Proportionate disclosure for SMEs and Small Caps
    • What companies qualify?
    • Reduced disclosure in prospectus
    • Impact on SMEs and Small Caps
  • Other changes
    • Requirements for supplementary prospectuses
    • Withdrawal rights
    • Publication, notification and validity
    • Sundry changes

Other UKLA Prospectus Rule guidance

  • Exemption from prospectus
  • Investment advertisements
  • Risk factors
  • Sundry matters

What Redcliffe’s clients are saying about the course

“A good explanation of the current state of thinking with ESMA/Commission/ UKLA and tensions between them”

“Good detailed knowledge & experience of the Trainer”

“It was very helpful to hear the reasoning behind the proposals and the counter arguments”

The Prospectus Rules: Update

£ 350 + VAT