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  1. Point in time
    2006-04-06

PR 5.6 Miscellaneous

Information to be disclosed to all investors to whom offer addressed

PR 5.6.1RRP

Where, in relation to an offer in the United Kingdom, no prospectus is required under the Act, the issuer and offeror must ensure that material information they provide to qualified investors or special categories of investors, including information disclosed in the context of meetings relating to offers, is disclosed to all qualified investors or special categories of investors to whom the offer is exclusively addressed. [Note: article 15.5 PD]

PR 5.6.2GRP

Where a prospectus is required to be made available to the public under the Act, information referred to in PR 5.6.1 R should be included in the prospectus or in a supplementary prospectus.

Exercise of powers under section 87K or 87L of the Act

PR 5.6.3GRP

Under sections 87K and 87L of the Act, the FSA has various powers including powers to prohibit or suspend an offer and to prohibit or suspend an advertisement. The FSA will use these powers if it is necessary to protect investors or the smooth operation of the market is, or may be, jeopardised.

Calculation of amounts not denominated in euros

PR 5.6.4RRP

For the purposes of these rules, an amount (in relation to an amount denominated in euros) is an “equivalent amount” if it is an amount of equal value denominated wholly or partly in another currency or unit of account, calculated at:

  1. (1)

    in relation to a prospectus drawn up as a single document, the date on which the prospectus is approved;

  2. (2)

    in relation to a prospectus consisting of a registration document together with a securities note and a summary, the date on which the registration document is approved;

  3. (3)

    in relation to a prospectus consisting of a base prospectus and final terms of the offer, the date on which the final terms are filed.

Property company valuation reports

PR 5.6.5GRP

To comply with paragraph 145 of the CESR recommendations, the FSA would expect a valuation report for a property company incorporated in the United Kingdom to be in accordance with the Appraisal and Valuation Standards (5thedition) issued by the Royal Institution of Chartered Surveyors.

  1. (1)

    the Appraisal and Valuation Standards (5th edition) issued by the Royal Institution of Chartered Surveyors; or

  2. (2)

    the International Valuation Standards (7th edition) issued by the International Valuation Standards Committee.