(1) A prospectus must contain all information that investors and their professional advisers would reasonably require and expect to find there, for the purpose of making an informed assessment of—
(a) the assets and liabilities, financial position, profits and losses, purpose or use of proceeds, risk of offering and prospects of the issuer of the securities; and
(b) the rights attaching to those securities.
(2) In particular a prospectus must contain, subject to regulation 5 and to subregulations (4) and (5), the information specified in the Schedule.
(3) The information in a prospectus shall be presented in as easily analysable and comprehensible a form as possible.
(4) If, on the occasion of their admission to dealings on a securities exchange, shares are offered on a pre-emptive basis to some or all of the existing shareholders, the Commission may authorise the omission from a prospectus of specified information provided that up-to-date information equivalent to that which would otherwise be required by this regulation is available as a result of the requirements of that exchange.
(5) Where a person—
(a) makes an offer to the public in Saint Lucia of securities which the person proposes to issue; and
(b) has, within the 12 months preceding the date on which the offer is first made, published a full prospectus relating to a different class of securities which the person has issued, or to an earlier issue of the same class of securities,
the person may publish, instead of a full prospectus, a prospectus which contains only the differences which have arisen since the publication of that full prospectus and which are likely to influence the value of the securities, provided that the prospectus is accompanied by that previously published full prospectus.
(6) For the purposes of subregulation (5), a “full prospectus” is one that contains the information specified in the Schedule (other than information whose omission is authorised by the Commission by or under subregulation (4) or regulation 5).