A change to the exemptions from the requirement to produce a prospectus takes effect from 31 May. The amendment to the Financial Services and Markets Act 2000 (FSMA) exempts offers:
- where a prospectus has been approved no earlier than 12 months before the current offer (and appropriately updated); or
- where non-equity transferable securities have been issued by credit institutions in a continuous or repeated manner.
(Source: The Prospectus Regulations 2013)