An Offering Memorandum is used when a company is offering the sale of securities - stocks, bonds, notes, etc - that are unregistered with the SEC. The Memorandum informs potential investors about the offering and about the potential risks of purchasing the securities, and should be as detailed as possible on the current state 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 program organizers are to be responsible for all untoward outcomes of the program if it is not handled properly. Hence, good execution must follow on the program proposed. Businesses need products to make sales. Products must be promoted in some way for the public attention and interest to generate sales. I can think of 2-3 bulge bracket banks that take good care in making these marketing documents appealing, and in some groups at my bank, they have become bona fide masterpieces in Microsoft Office graphic design and the ability to distill the essence of entire paragraphs of information into single bullet points.