Under the Directive, ‘passporting’ involves a prospectus approved by the competent authority in the issuer’s home country being accepted in another 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 FSA.
Practical steps
Passporting a prospectus for admission to trading on the Main Market involves a two-stage application process.
Stage 1
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.
Stage 2
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).
Click to download Form 1 and Admission and Disclosure Standards.