Summary W8 FINAL NOTES - BANKING & DEBT FINANCE LAW - MARCH 2024
210 views 6 purchases
Course
Banking and Debt Finance Law
Institution
University Of Law (ULaw)
Exam Ready Notes for ELECTIVE Module 'BANKING & DEBT FINANCE LAW' (BDF)!
Notes for Workshop 8 of the BDF elective on the Legal Practice Course (LPC) at the University of Law.
These notes were used for the June 2023 exams, where I achieved a Distinction!
SEE THE BUNDLE PURCHASE FOR MORE NOT...
When is it required?
A prospectus approved by the UKLA (UK Listing Authority) is essentially required (as a prerequisite) if a bond
issue is to be offered to the public or admitted to trading on the Main Market.
CONTENT IN PROSPECTUS
Authority The UKLA derives its authority to insist upon the issue and publication of a prospectus or
listing particulars from s 79 of the FSMA 2000
Format Typically, 3 separate documents:
1) a registration document – information relating to issuer
2) a securities note – information relating to bond
3) summary (for retail deals only)
The advantage in using the three documents is that the registration document is valid for 12
months and so can be re-used for any number of issues during that period. However, most
stand-alone issues use a single document format.
General content Prospectus Regulation Rule (PRR) 2.1.1 replicates the general content requirements
contained in Article 6 of the Prospectus Regulation on the ‘necessary information’ to be
contained in the prospectus:
1. ... a prospectus shall contain the necessary information which is material to an investor for
making an informed assessment of:
a) the assets and liabilities, profits and losses, financial position and prospects of the
issuer and of any guarantor;
b) the rights attaching to the securities; and
c) the reasons for the issuance and its impact on the issuer.
Wholesale or retail The level of detail required in a prospectus will depend on whether it is a ‘retail’ (ie ‘non-
exempt’) or ‘wholesale’ (ie ‘exempt’) offer.
The ‘wholesale’ regime requires less detailed disclosure but applies only if the securities are
denominated at or above €100,000.
A new feature from July 2019 permits lighter disclosure for smaller denomination securities
which are admitted to trading on a professionals only segment of a regulated market.
1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lpcnotes2024. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.86. You're not tied to anything after your purchase.
