Section 23(5)

In the case of non-equity securities to which this paragraph applies, the information referred to in paragraph (1) includes the necessary information which is material to an investor for making an informed assessment of the underlying assets, including— the creditworthiness of the obligor of the underlying assets, or where the underlying assets are shares or securities equivalent to shares, the prospects of the issuer of the underlying assets.

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Source: legislation.gov.uk · retrieved 2026-09-04