The concept of a ‘passport’ for issuers was introduced in the UK in 2005, under the Prospectus Directive. In a step towards a single European market in the financial services, this enables companies to raise capital across the European Economic Area on the basis of a single prospectus.
Under the Directive, ‘passporting’ involves a prospectus approved by the issuer's home competent authority in the EU being accepted by another EU member state as the basis of a public offer or admission of securities to a regulated market. In the UK the competent authority for listing is the UKLA, which is part of the FCA.
Passporting a prospectus for admission to trading on the Main Market involves a two-stage application process.
The competent authority in the issuer’s home country supplies the UKLA with a certificate of approval, a copy of the prospectus as approved, and (if applicable) a translation of the summary of the prospectus.
The issuer applies to the Exchange for admission to trading. This involves submitting a completed Form 1 and an electronic copy of the relevant prospectus, as well as confirming the location of the company’s listing and the date it became effective. Companies are also subject to the Exchange’s Admission and Disclosure Standards.
Please refer to the FSA's Prospectus Rules (PR 5.3).
Admission and Disclosure Standards (file pdf - 544 KB)