| Commentary

9.1 FCA Prospectus Rules

| Commentary

9 Offering shares to the public

9.1 FCA Prospectus Rules

The offer of shares to the public is subject to certain publicity requirements. Before 1 July 2005, the regime depended upon whether the shares to be offered were listed or unlisted1. The same rules now apply in both situations as a result of the UK’s implementation of the EC Prospectus Directive2. The Directive aims to improve market efficiency across the EU through the production of a single approved prospectus and seeks to protect investors by requiring high standards of disclosure within prospectuses. It requires a prospectus to be produced (subject to

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