UK Main Market and AIM IPOs and Secondary Offers: Verification of Prospectuses and Admission Documents—Directors' Responsibilities, Liability and Practical Steps

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Practice notes

This concise guide sets out practical steps for running a verification exercise on a prospectus or an AIM admission document prepared for the admission of a company’s shares to trading on the London Stock Exchange’s Main Market or on AIM. It addresses verification of the prospectus and the admission document.

Other communications by the company in the context of an IPO or a secondary offer must also be verified, for example:

investor presentations
press announcements

The information in these should, in any case, be consistent with the prospectus/admission document. For more on verification, see Practice Note: Admission to AIM—due diligence and verification; for example verification notes, see Precedents: Skeleton verification notes—AIM and Skeleton verification notes—secondary offers.

What is verification?

Verification is a vital yet time‑consuming process that involves checking each statement in a prospectus or admission document to protect those responsible for it from civil and criminal liability. Statements of fact must be confirmed as true, accurate and not misleading, and any opinions or beliefs should be those of the directors...

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Web page updated on 22/05/2026

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