Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Prospectus Directive definition

What does Prospectus Directive mean? A legacy EU regime describing when an issuer must publish an approved prospectus for a public offer of securities or admission to trading on a regulated market. Formally, it was Directive 2003/71/EC (the Prospectus Directive), adopted on 4 November 2003. It set core disclosure standards, approval by the national competent authority, key exemptions (for example, qualified investors, high minimum denominations and small offers), and EEA “passporting” of approved prospectuses. The phrase is widely used in legal practice as a descriptive reference in historic documentation, transactional precedents and case law analysis. The Prospectus Directive was repealed and replaced by the directly applicable...

UK ECM prospectuses under the repealed Prospectus Directive: general disclosure, format, FCA approval, and schedules and building blocks [Archived]

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Practice notes

STOP PRESS:

As of 21 July 2019, EU member states began applying Prospectus Regulation 2017/1129 in full across their jurisdictions, and the prospectus directive was revoked. The Prospectus Regulation now determines precisely when a prospectus must be published for a public offer of securities in the UK, or for the admission of securities to trading on a regulated market in the UK. To reflect this, the FCA has brought the FCA Handbook fully into line with the Regulation by removing the Prospectus Rules in their entirety and replacing them with the Prospectus Regulation Rules sourcebook. For further details, see Practice Note: The UK Prospectus Regulation—essentials [Archived] and The UK Prospectus Regulation—is a prospectus required? [Archived]. ARCHIVED: This Practice Note is archived, not maintained, and provided for background information only. For additional information, refer to Practice Note: The UK Prospectus Regulation—essentials [Archived]...

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Web page updated on 22/05/2026

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