HM Treasury and the FSA set out the way in which they intend to take forward the implementation of the Amending Directive in the UK. Responsibility for this is shared between HM Treasury, which has the power to make changes to the Financial Services and Markets Act 2000 (FSMA), and the FSA, under its Prospectus Rules, Listing Rules and Disclosure and Transparency Rules.
FSMA implementation:summary of responses
The key changes are:
certain changes to the order of the provisions;
clarification that the consent of either the issuer, or other person responsible for drawing up a prospectus (but not both), is required on a subsequent placement through an intermediary;
an adjustment to the definition of ‘Qualified Investor’ – the Directive requires that this concept ties in fully with MiFID, including taking account of any opt-downs; and
clarifications of the content of the prospectus summary, and the definition of ‘key information’.
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