(1) The Regulator will only approve a Prospectus which has been filed with the Regulator in accordance with Rule 4.6.1 as soon as reasonably practicable where:
(a) it is satisfied that:
(i) the Prospectus meets all the applicable requirements in the FSMR and these Rules; and
(ii) the Board of the Undertaking whose Securities are to be offered complies with, and has adequate systems and controls in place to ensure on-going compliance with, the applicable requirements; and
(b) it has received all the necessary consents as required under the requirements in this chapter.
(2) A Prospectus filed with the Regulator is not an Approved Prospectus for the purposes of section 61(2)(a) of the FSMR unless the Regulator has issued to the Applicant a notice stating its approval:
(a) of the Prospectus or the Supplementary Prospectus as the case may be; and
(b) in the case of a Prospectus in (a) comprising multiple documents, of all the multiple documents.
(3) The procedures in Part 6 of the FSMR apply to a decision of the Regulator not to approve a Prospectus under this Rule.