How long before communication must the prospectus be approved by UKLA?

The correct answer is that the prospectus must be approved by the UK Listing Authority (UKLA) at least 10 business days before communication with the public or potential investors. This requirement is in place to ensure that all necessary disclosures have been reviewed and deemed adequate to protect investors, promoting transparency and stability in the financial markets. The 10-business-day window allows the UKLA sufficient time to assess the prospectus for compliance with regulatory standards, ensuring that all material information is available for potential investors before they are approached or solicited. This timeframe is a critical aspect of the regulatory framework designed to safeguard investor interests and maintain market integrity.