1.8.1. The requirement for approval

1. A Prospectus or Supplementary Prospectus for the purposes of MAR 1.1.2(1)(a) must be submitted to the AFSA for approval.

1.8.2. Application for approval

For the purposes of MAR 1.1.2(1)(a), a Person seeking the approval of the AFSA to a Prospectus must submit to the AFSA:

1. (a)     a Prospectus that meets all of the requirements in the Framework Regulations and MAR 1;
2. (b)    a statement identifying where in the Prospectus the information required in the relevant paragraphs of MAR 1 has been included and, where subsequent drafts or versions of the Prospectus are submitted, a marked- up version showing the changes from the previous version submitted to the AFSA;
3. (c)     if information is incorporated in the Prospectus by reference to another document, a copy of the information;
4. (d)    contact details of two individuals who are sufficiently knowledgeable about the content of the Prospectus to be able to answer queries of the AFSA during business hours; and
5. (e)    any other information that the AFSA may require.

1.8.3. Timescales for the submission of the application for approval

The application in MAR 1.8.2 must be submitted to the AFSA:

(a)     at least 20 business days prior to the intended date on which the applicant expects the Prospectus to be approved; or

(b)     in the case of a Supplementary Prospectus, as soon as reasonably possible.

1.8.4. Approval by the AFSA

The AFSA will approve a Prospectus which has been filed with it in accordance with MAR 1.8.2 as soon as reasonably practicable.

1.8.5 Approved Prospectus

(1)    A Prospectus filed with the AFSA is not an approved Prospectus for the purposes of MAR 1.1.2(1)(a) unless the AFSA has issued to the applicant a notice stating its approval:

1. (a)       of the Prospectus or Supplementary Prospectus as the case may be; and
2. (b)      in the case of a Prospectus comprising multiple documents, of all the multiple documents.

(2)    An approval issued under (1) will remain valid for the period of 12 months from the date on which it is issued.