When a prospectus is not required, what does the issuer provide?

When a prospectus is not required, the issuer typically provides listing particulars of the security. This document outlines essential information about the security being offered, enabling potential investors to make informed decisions without the comprehensive disclosure that a full prospectus would entail. Listing particulars usually include details such as the nature of the security, the rights and obligations associated with it, the financial conditions of the issuer, and key risks involved.

Providing listing particulars ensures that investors have access to vital information while maintaining a level of transparency. This is particularly important for securities that may be listed on a stock exchange, as it allows for effective public communication of critical features of the investment opportunity.

In contrast, a detailed financial report, a summary of key financial metrics, or solely verbal information do not meet the same regulatory standards for informing potential investors about the specifics and risks associated with the security. Listing particulars serve a crucial role in bridging the information gap for investors in scenarios where a formal prospectus is not issued.