1A prospectus is valid for 12 months after its approval2 for an offer or an admission to trading, provided that the prospectus is updated by a supplementary prospectus (if required) under section 87G of the Act. [Note: article 9.1 PD]

For an offering programme, the base prospectus is valid for a period of up to 12 months after it is filed. [Note: article 9.2 PD]

For non-equity transferable securities referred to in PR 2.2.7 R (2), the prospectus is valid until no more of the transferable securities concerned are issued in a continuous or repeated manner. [Note: article 9.3 PD]

A registration document is valid for a period of up to 12 months after it is filed and approved,2 provided that it has been updated in accordance with PR 2.2.5 R and PR 3.4.2 R2. [Note: article 9.4 PD]

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]

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.