Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Prospectus definition

What does Prospectus mean? In capital markets practice, a prospectus is the document given to potential investors describing the securities on offer or to be admitted to trading and the issuer (and any guarantor), so investors can make an informed assessment. In the UK and Ireland it is a defined concept under the prospectus regime (UK onshored Prospectus Regulation and FCA rules; EU Prospectus Regulation (2017/1129) and Central Bank of Ireland rules). It generally requires prior approval by the competent authority (FCA in the UK; CBI in Ireland), unless an exemption applies (for example, qualified investors only or high minimum denominations). Key features include: prescribed...

EU Prospectus Directive: UK implementation, key requirements, exemptions and passporting; practitioner reference (law as at 19 July 2017; repealed by the Prospectus Regulation)

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Practice notes

On 20 July 2017, the Prospectus Regulation (EU) 2017/1129 entered into force across the EU. It became fully effective in all EU member states (which then included the UK) on 21 July 2019, although certain exemptions from the prospectus publication requirement applied from July 2017 and July 2018. The Prospectus Directive was fully repealed on 21 July 2019. For further detail on the Prospectus Regulation, see the Practice Notes: Prospectus requirements (UK Prospectus Regulation)—fundamentals; The UK Prospectus Regulation—essentials [Archived]; and Prospectus Regulation and Prospectus Directive comparison and analysis. This Practice Note is maintained for reference only and sets out the law as at 19 July 2017, before the Prospectus Regulation took effect and before the UK’s withdrawal from the EU. It offers a concise summary of the (now repealed) Prospectus Directive, its development, content and UK implementation.

History and implementation

Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (Prospectus Directive) was later amended by:

Directive 2008/11/EC of 11 March 2008
Directive 2010/73/EU of 24 November 2010
Directive 2010/78/EU of 24 November 2010
Directive 2013/50/EU of 22 October 2013
Directive 2014/51/EU of

...

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Web page updated on 21/05/2026

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