The document enables the investor to understand in detail the investment vehicle to assess their interest in engaging in the business. An investment banker often prepares an offering memorandum on behalf of the business owners. The prospectus must be approved by the competent authority in the United Kingdom, which is currently the Financial Conduct Authority (FCA) in its capacity as the United Kingdom Listing Authority. If the purpose of the prospectus is to induce people to engage in an investment activity, it will also need to be issued or approved by an 'authorised person' or it will constitute an unlawful financial promotion under section 21 of the Financial Services and Markets Act 2000. Publication of information in relation to the issue of securities in the United Kingdom is governed by the Prospectus Rules, which implement the European law Prospectus Directive. A prospectus must be published where certain types of securities either are offered to the public or are requested for admission on a regulated market. These risks are going to be unique to the securities and issuers. For instance, the risks may include dependence on a small number of personnel, dependence on a strategic partnership, or risks of competition. Finally select which Regulation D Rule is right for your Reg D Offering. Rule 506 can be used to raise any amount of capital regardless of how small or large and is the most widely used Rule under Regulation D. Our PPM templates have been used by startups and existing business that are looking to expand their operations.