PRM 6.1 Omission of information

The FCA may authorise the omission from a prospectus or supplementary prospectus of any of the information required by PRM 2.1.1R, if the disclosure of the information would be contrary to the public interest.

[Note: regulation 25 of the Public Offers and Admissions to Trading Regulations]

To the extent that the required information does not fall within the rule in PRM 2.1.1R(1) in a particular case, the FCA may authorise the omission from the prospectus or supplementary prospectus of information required by the other rules in PRM, by way of waiver or modification, where:

(1) the disclosure of information would be seriously detrimental to the issuer or to the guarantor, if any, provided that the omission of such information would not be likely to mislead the public with regard to facts and circumstances essential for an informed assessment of the issuer or guarantor, if any, and of the rights attached to the transferable securities to which the prospectus relates; or

(2) the information is of minor importance in relation to a specific admission to trading and would not influence the assessment of the financial position and prospects of the issuer or guarantor, if any.

[Note: regulation 20 of the Public Offers and Admissions to Trading Regulations]

Where, exceptionally, certain information required to be included in a prospectus, or component parts thereof, in accordance with PRM 2.1.1R(2) is inappropriate to the sphere of activity or to the legal form of the issuer or of the guarantor, if any, or to the transferable securities to which the prospectus relates, the prospectus, or component parts thereof, must contain information equivalent to the required information, unless no such information exists. 

[Note: regulation 20 of the Public Offers and Admissions to Trading Regulations]

When applying to omit information, the applicant must: 

(1) submit the application in writing to the FCA;

(2) identify the specific information concerned and the rule in PRM requiring its inclusion;

(3) explain the basis of the request to omit the information by reference to PRM 6.1.1UK or PRM 6.1.2R; and

(4) explain the reason for the omission of the information or the waiver or modification of the relevant rule.