178.Where securities are to be offered to the public in the United Kingdom for the first time and there has been no application for listing, listing rules may allow issuers to submit prospectuses to the competent authority for approval.  This section refers to such prospectuses as “non-listing prospectuses”.  Where such a prospectus has been approved by the competent authority, under EC law it must be recognised by competent authorities in other member States as complying with their own rules on prospectuses.  Accordingly, there is no need in these circumstances to obtain further approval from another competent authority if the securities are to be issued in another member State.
Commentary on Sections Part Vi: Official Listing Section 87: Approval of prospectus where no application for listing