Following the introduction of the new Prospectus Regulations, which we wrote about here, 'Tripartite Prospectuses' - split into the publication of a Registration Document published before the issue of Pre-IPO Research, and subsequent publication of a Price Range or Pathfinder Prospectus containing the remaining elements - are now being used.
This has practical implications on how the document is typeset, and particularly affects the Prospectus blacklining between submission of the Registration Document, and the the Price Range/Pathfinder.
Following discussions between the UKLA and a leading law firm, clients should be aware that although the Registration document is essentially 'inserted' as a new section into a draft of the longer Price Range/Pathfinder Prospectus, it should not be blacklined as a new section before submission to the UKLA. This is because the UKLA will already have approved the Registration Document section.
If you'd like more information about this, please don't hesitate to contact us here.