PR 3.4 Supplementary prospectus
Supplementary prospectus
Section 87G of the Act provides that:
(1) |
Subsection (2) applies if, during the relevant period, there arises or is noted a significant new factor, material mistake or inaccuracy relating to the information included in a prospectus approved by the [ FSA]. |
|||
(2) |
The person on whose application the prospectus was approved must, in accordance with prospectus rules, submit a supplementary prospectus containing details of the new factor, mistake or inaccuracy to the [FSA] for its approval. |
|||
(3) |
The relevant period begins when the prospectus is approved by the [FSA] and ends – |
|||
(a) |
with the closure of the offer of the transferable securities to which the prospectus relates; or |
|||
(b) |
when trading in those securities on a regulated market begins. |
|||
4(3A) |
But where the prospectus relates both to an offer of transferable securities to the public and the admission of those securities to trading on a regulated market, subsection (3) does not apply and the relevant period beings when the prospectus is approved and ends with the later of - |
|||
(a) |
the closure of the offer to the public to which the prospectus relates; or |
|||
(b) |
the time when trading in those securities on a regulated market begins. |
|||
(4) |
"Significant" means significant for the purposes of making an informed assessment of the kind mentioned in section 87A(2). |
|||
(5) |
Any person responsible for the prospectus who is aware of any new factor, mistake or inaccuracy which may require the submission of a supplementary prospectus in accordance with subsection (2) must give notice of it to – |
|||
(a) |
the issuer of the transferable securities to which the prospectus relates, and |
|||
(b) |
the person on whose application the prospectus was approved. |
|||
(6) |
A supplementary prospectus must provide sufficient information to correct any mistake or inaccuracy which gave rise to the need for it. |
|||
(7) |
Subsection (1) applies also to information contained in any supplementary prospectus published under this section. |
|||
Amendments to summary
A supplementary prospectus must also if necessary include an amendment or supplement to the summary, and any translations of the summary, to take into account the new information. [ Note: article 16.1 PD ]
Note: Sections 87Q(4) and (5) of the Act set4 out the rights of investors to withdraw their acceptances after a supplementary prospectus is published.
4Supplementary prospectus to be submitted as soon as 2practicable21
1In the event that a requirement for a supplement is triggered, then as soon as practicable after the new factor, mistake or inaccuracy arises or is noted, a3 person referred to in section 87G(2) of the Act must submit a supplementary prospectus referred to in that section to the FSA for approval.
33