Part

PR Prospectus Rules

Chapter

Use of languages and third country issuers

Printed on: 15/11/2024

Rulebook at: 27/09/2012

PR 4

Use of languages and third
country issuers

PR 4.1

Use of languages

  • 01/07/2005

Language

PR 4.1.1

handbook-rule
If 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]
  • 01/07/2005

PR 4.1.2

handbook-rule
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]
  • 01/07/2005

PR 4.1.3

handbook-rule
(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) 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 ]
  • 01/07/2005

PR 4.1.4

handbook-rule
If admission to trading of non-equity transferable securities whose denomination per unit amounts to at least 100,000 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 ]
  • 01/07/2012

English language

PR 4.1.5

handbook-guidance
English is a language accepted by the FSA where the United Kingdom is a Home State or Host State.
  • 01/07/2005

Language customary in the sphere of international finance

PR 4.1.5A

handbook-guidance
The FSA will consider a language to be customary in the sphere of international finance if documents in that language are accepted for scrutiny and filing in at least three international capital markets in each of the following:
(1) Europe;
(2) Asia; and
(3) the Americas.
  • 06/08/2007

Summary to be translated into English

PR 4.1.6

handbook-rule
If:
(1) an offer is made in the United Kingdom;
(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) the prospectus is drawn up in a language other than English that is customary in the sphere of international finance;

the offeror must ensure that the summary is translated into English. [ Note: article 19.2 PD ]
  • 06/08/2007

PR 4.2

Third country issuers

  • 01/07/2005

Approval of prospectus drawn up in accordance with third country laws

PR 4.2.1

handbook-rule
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) the prospectus has been drawn up in accordance with international standards set by international securities commission organisations, including the IOSCO disclosure standards; and
(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 ]
  • 01/07/2005

PR 4.2.2

handbook-guidance
An applicant for the approval of a prospectus referred to in PR 4.2.1 R will need to comply with relevant requirements of the Act, the PD regulation and these rules including (to the extent applicable) PR 3.1 relating to applying for approval of a prospectus.
  • 01/07/2005