Stock exchange, rules

Projections as to the future level of business, growth, or profitability of the issuer should be omitted on the offering circular, unless required by the rules of the stock exchange on which the issue is to be listed. 

The Arranger is a bank listed in the New York Stock Exchange and, consequently, it is subject to US GAAP rules. 

The Companies Act 1985 requires all hmited companies to produce annual accounts and to give a copy of them to the Registrar of Companies for filing the public has access to these files. The Companies Act further requires that the company accounts should include a balance sheet, a profit and loss account and an auditor s report. It also requires the disclosure of a substantial amount of supplementary information. Companies which fall below certain size thresholds are exempt from some of these provisions. As mentioned in Section 2.2.3, companies whose shares are traded on a stock exchange are also subject to disclosme rules imposed by the stock exchange these requirements are more stringent than those imposed by the Companies Act. 

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