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Financial Services and Markets Act 2000

Section 78: Discontinuance and suspension: procedure

166.This section sets out the procedures to be followed by the competent authority when it suspends or discontinues the listing of any securities under section 77.  The procedure is broadly similar to that which applies in the case of other supervisory decisions listed in section 395(13), and which is described in the context of section 53 above.

167.During the procedure for making representations and referring the matter to the Tribunal, it is possible for a suspension or discontinuance to be reversed.  If a suspension is cancelled the securities simply remain listed.  If a discontinuance is cancelled at this stage, either because the competent authority accedes to representations which are made under subsection (3)(c) or because it follows directions of the Tribunal to that effect, subsection (9) provides that the securities are regarded as being readmitted to the list as soon as the discontinuance is cancelled and without any fresh admission needing to be granted.

168.Subsections (10) to (12) set out a separate procedure which applies, after a suspension has taken effect and after the procedures for making representations and for referring the matter to the Tribunal have been exhausted, if there is a subsequent application for the suspension to be cancelled.  In this case the standard warning and decision notice procedure applies as for other applications.  However, at this stage in the process, a discontinuance is regarded as final and so there is no procedure for applying for it to be reversed.  Instead a fresh application would need to be made for listing under section 75.

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