In investment finance, an offering memorandum is a kind of a detailed business plan that highlights information required by an investor to understand the business. It provides details on the terms of engagement, potential risks associated with the business, and the detailed form of the operations of the business. 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. The PPM is used by privately held companies to attract external investors. PPM is one of the ways to help investors understand the investment vehicle. The Purdue OWL offers global support through online reference materials and services. The disclosure statement (Form U-7) is considerably less complicated than standard disclosure forms and it is constructed in a question and answer format. Some states even offer it as a download.