Sending final terms under the Prospectus Directive

Since 1 January 2016, Article 5(4) of the Prospectus Directive no longer requires issuers to send final terms to the competent authority of host member states.

Instead, the home competent authority must send final terms that have been filed with it, in its role as home competent authority, to the competent authorities of host member states.

For full information see Article 5(4) of the Prospectus Directive.

If we are your home competent authority

You can file your final terms with us by emailing HCA.finalterms@fca.org.uk with the following information:

  • issuer name
  • title of the programme
  • date of the final terms
  • issue date of the securities
  • date of the base prospectus and any relevant supplements
  • prospectus identifier
  • the International Securities Identification Number (ISIN)
  • the name of the host member state(s) to which the final terms should be communicated
  • dates of the public offer

Submitting final terms to this email address does not result in admission of securities to the Official List under Part 6 of the Financial Services and Markets Act (FSMA). Issuers wishing to apply to list securities that are subject to final terms should email final.terms@fca.org.uk as well. 

Read the UKLA Procedural Note on Final Terms for further details.

If we are your host competent authority

If we are your host competent authority, we should receive final terms directly from your home competent authority.

However, we will receive these final terms for the purposes of the Prospectus Directive only. If an issuer wishes the securities subject to the final terms to be admitted to the FCA’s Official List, they will need to send the final terms to us directly at final.terms@fca.org.uk

Read the UKLA Procedural Note on Final Terms for further details.

Admission to trading

Issuers should note the difference in the UK between admission to listing and admission to trading. We only deal with the listing of securities. To be admitted to our Official List, the securities must meet the appropriate conditions for listing set out in our Listing Rules. 

Under LR2.2.3R, to be admitted to our Official List, securities also need to be admitted to trading on a specified type of market, which varies according to the type of securities. Therefore, issuers will also need to apply for admission to trading on a relevant market and discuss with the relevant exchange how they will meet its admission and disclosure standards. 

Your prospectus identifier

The prospectus identifier is given to the nominated contact provided on the Electronic Submission System (ESS) case. Please ensure the contact is aware of this before adding their details to the ESS case.

The prospectus identifier will be sent via email from Morningstar. You will find it within brackets located in the subject line of the email starting with PRO or SUP eg:

  • Subject: Document Request ID: [PRO12345] Type:[1_1]

When you send your final terms to the host member state under Prospectus Directive article 5(4) ​​​you must include the prospectus identifier in the subject of the email.

For further information on the prospectus identifier, please contact the operational support team on 020 7066 8348.