1If an offer is made, or admission to trading is sought, only in the United Kingdom and the United Kingdom is the Home State, the prospectus must be drawn up in English.

[Note: article 19.1 PD]

If an offer is made, or admission to trading is sought, in more than one EEA State including the United Kingdom and the United Kingdom is the Home State, the prospectus must be drawn up in English and must also be made available either in a language accepted by the competent authorities of each Host State or in a language customary in the sphere of international finance, at the choice of the issuer, offeror or person requesting admission (as the case may be). [Note: article 19.3 PD]

1. (1)

   If an offer is made, or admission to trading is sought, in one or more EEA States excluding the United Kingdom and the United Kingdom is the Home State, the prospectus must be drawn up in a language accepted by the competent authorities of those EEA States or in a language customary in the sphere of international finance, at the choice of the issuer, offeror or person requesting admission (as the case may be). [ Note: article 19.2 PD ]

2. (2)

   For the purpose of the scrutiny by the FSA where the United Kingdom is the Home State, the prospectus must be drawn up either in English or in another language customary in the sphere of international finance, at the choice of the issuer, offeror or person requesting admission (as the case may be). [ Note: article 19.2 PD ]

If admission to trading of non-equity transferable securities whose denomination per unit amounts to at least 50,000 euros (or an equivalent amount) is sought in the United Kingdom or in one or more other EEA States, the prospectus must be drawn up in either a language accepted by the competent authorities of the Home State and Host States or in a language customary in the sphere of international finance, at the choice of the issuer, offeror or person requesting admission (as the case may be). [ Note: article 19.4 PD ]

If:

1. (1)

   an offer is made in the United Kingdom;

2. (2)

   a prospectus relating to the transferable securities has been approved by the competent authority of another EEA State and the prospectus contains a summary; and

3. (3)

   the prospectus is drawn up in a language other than English that is customary in the sphere of international finance;2

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the offeror must ensure that the summary is translated into English. [ Note: article 19.2 PD ]

If a prospectus relating to an issuer that has its registered office in a country that is not an EEA State is drawn up in accordance with the legislation of that country, the FSA may, if the United Kingdom is the Home State in relation to the issuer, approve the prospectus if it is satisfied that:

1. (1)

   the prospectus has been drawn up in accordance with international standards set by international securities commission organisations, including the IOSCO disclosure standards; and

2. (2)

   the information requirements, including information of a financial nature, are equivalent to the requirements under Part 6 of the Act, the PD Regulation and these rules. [ Note: article 20.1 PD ]