On February 26, the Financial Services Authority (FSA) published a factsheet giving details of the passporting process it has adopted under the EU Prospectus Directive. The factsheet, which supersedes an earlier October 2006 edition, sets out procedures to be followed by issuers and their advisers when submitting passporting requests for a prospectus.

To obtain a passport from the FSA to circulate a prospectus in other EU Member States the issuer must submit a written request for an FSA certificate of approval, using a template request letter which can be found on the FSA’s website. Almost all EU Member States will require translations of equity and retail debt prospectus Summaries. The only exceptions are Luxembourg, Austria and the Netherlands which will accept a Summary in English.

Passporting a prospectus approved by another EU Member State into the UK requires the issuer to contact its home state regulator which approved its prospectus and for that regulator to submit to the FSA an electronic version of the approved prospectus and a translation of the Summary into English when required by the FSA.