Financial Services and Markets Act 2000

Miscellaneous U.K.

96 Obligations of issuers of listed securities. U.K.

(1) Listing rules may—

(a) specify requirements to be complied with by issuers of listed securities; and

(b) make provision with respect to the action that may be taken by the [F1 FCA] in the event of non-compliance.

(2) If the rules require an issuer to publish information, they may include provision authorising the [F1 FCA] to publish it in the event of his failure to do so.

(3) This section applies whenever the listed securities were admitted to the official list.

Textual Amendments

F1 Words in ss. 89A-97 substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(2)(3)(g), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)

C1 S. 96 applied by 2009 c. 1, s. 39B(2) (as inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 39)

C2 S. 96 applied by 2009 c. 1, s. 48L(6A) (as inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 53(6))

F2 96A Disclosure of information requirements U.K.

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Textual Amendments

F2 Ss. 96A-96C omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 8(4)

F2 96B [F3 Disclosure rules: persons responsible for compliance] U.K.

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Textual Amendments

F2 Ss. 96A-96C omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 8(4)

F3 Words in s. 96B heading substituted (8.11.2006) by Companies Act 2006 (c. 46), ss. 1272, 1300(1)(a), Sch. 15 para. 7(a)

F2 96C Suspension of trading U.K.

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Textual Amendments

F2 Ss. 96A-96C omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 8(4)

97 Appointment by [F1 FCA] of persons to carry out investigations. U.K.

(1) Subsection (2) applies if it appears to the [F1 FCA] that there are circumstances suggesting that—

[F4 (a) there may have been a contravention of—

(i) a provision of this Part or of Part 6 rules, F5 ...

(ii) a provision otherwise made in accordance with the F6 ... transparency obligations [F7 directive, or]

[F8 (iii) any provision of, or made in accordance with, the prospectus regulation;]

(b) a person who was at the material time a director of a person mentioned in section 91(1), F9 ... [F10 or (1A), or section 91(1B) (ignoring paragraph (a)(i) of that provision),] has been knowingly concerned in a contravention by that person of—

(i) a provision of this Part or of Part 6 rules, F11 ...

(ii) a provision otherwise made in accordance with the F12 ... transparency obligations [F13 directive, or]

[F14 (iii) any provision of, or made in accordance with, the prospectus regulation;]]

[F15 (ba) a person who was at the material time a relevant officer of a person mentioned in section 91(1B) (ignoring paragraphs (a)(ii) and (b) of that provision) has been knowingly concerned in a contravention by that person of—

(i) a provision of the transparency rules, or

(ii) a provision otherwise made in accordance with the transparency obligations directive;]

F16 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F17 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) The [F1 FCA] may appoint one or more competent persons to conduct an investigation on its behalf.

(3) Part XI applies to an investigation under subsection (2) as if—

(a) the investigator were appointed under section 167(1);

(b) references to the investigating authority in relation to him were to the [F1 FCA];

(c) references to the offences mentioned in section 168 were to [F18 the offences under section 85];

(d) references to an authorised person were references to the person under investigation.

[F19 (4) In this section “relevant officer” has the meaning given by section 91(2B).]

Textual Amendments

F1 Words in ss. 89A-97 substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(2)(3)(g), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F4 S. 97(1)(a)(b) substituted (8.11.2006) by Companies Act 2006 (c. 46), ss. 1272, 1300(1)(a), Sch. 15 para. 8

F5 Word in s. 97(1)(a)(i) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 27(2)(a) (with reg. 40)

F6 Words in s. 97(1)(a)(ii) omitted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 27(2)(b) (with reg. 40)

F7 Words in s. 97(1)(a)(ii) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 27(2)(b) (with reg. 40)

F8 S. 97(1)(a)(iii) inserted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 27(2)(c) (with reg. 40)

F9 Word in s. 97(1)(b) omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 8(5)

F10 Words in s. 97(1)(b) substituted (26.11.2015) by The Transparency Regulations 2015 (S.I. 2015/1755), regs. 1(3), 4(3)(a)(i)

F11 Word in s. 97(1)(b)(i) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 27(3)(a) (with reg. 40)

F12 Words in s. 97(1)(b)(ii) omitted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 27(3)(b) (with reg. 40)

F13 Words in s. 97(1)(b)(ii) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 27(3)(b) (with reg. 40)

F14 S. 97(1)(b)(iii) inserted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 27(3)(c) (with reg. 40)

F15 S. 97(1)(ba) inserted (26.11.2015) by The Transparency Regulations 2015 (S.I. 2015/1755), regs. 1(3), 4(3)(a)(ii)

F16 S. 97(1)(c) repealed (1.7.2005) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2005 (S.I. 2005/381), regs. 1(2), 4, Sch. 1 para. 7(c)

F17 S. 97(1)(d) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 27(4) (with reg. 40)

F18 Words in s. 97(3)(c) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 27(5) (with reg. 40)

F19 S. 97(4) inserted (26.11.2015) by The Transparency Regulations 2015 (S.I. 2015/1755), regs. 1(3), 4(3)(b)

[F20 97A. Reporting of infringements U.K.

(1) This section applies to a person—

(a) who is the employer of any employees, and

(b) who—

(i) provides regulated financial services,

(ii) carries on regulated activities in reliance on the exemption in section 327, or

(iii) is a recognised investment exchange, a recognised clearing house, a recognised CSD, an EEA central counterparty or a third country central counterparty.

(2) The person must have in place appropriate internal procedures for the person’s employees to report, through an independent channel, contraventions and potential contraventions of—

(a) the prospectus regulation, or

(b) any directly applicable EU regulation made under the prospectus regulation.

(3) In this section—

• “employer” and “employee” have the same meaning given in section 230(1) to (5) of the Employment Rights Act 1996;

• “regulated financial services” has the meaning given by section 1H.]

Textual Amendments

F20 S. 97A inserted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 28 (with reg. 40)

F21 98 Advertisements etc. in connection with listing applications. U.K.

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Textual Amendments

F21 S. 98 repealed (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(1), Sch. 1 para. 9

F22 99 Fees. U.K.

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Textual Amendments

F22 S. 99 omitted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), ss. 16(14)(c), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F23 100 Penalties. U.K.

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Textual Amendments

F23 S. 100 omitted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), ss. 16(14)(d), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

[F24 100A Exercise of powers where UK is host member state U.K.

(1) This section applies to the exercise by the [F25 FCA] of any power under this Part exercisable in case of infringement of—

[F26 (a) a provision—

(i) of this Part so far as relating to prospectuses,

(ii) of prospectus rules,

(iii) of the prospectus regulation, or

(iv) made in accordance with the prospectus regulation, or]

(b) a provision of transparency rules or any other provision made in accordance with the transparency obligations directive,

in relation to an issuer whose home State is a member State other than the United Kingdom.

[F27 (1A) The FCA may act in a case within subsection (1)(a) only in respect of the infringement of a provision of or required by—

(a) the prospectus regulation, or

(b) any EU regulation made under the prospectus regulation.

Any reference in this Part to an applicable provision is to be read accordingly.]

(2) The [F28 FCA] may act in [F29 a case within subsection (1)(b)] only in respect of the infringement of a provision required by the [F30 transparency obligations] directive.

Any reference to an F31 ... applicable transparency obligation shall be read accordingly.

[F32 (3) If [F33 the FCA] finds that there has been such an infringement, it must—

(a) give a notice to that effect to the competent authority of the person’s home State requesting it—

(i) to take all appropriate measures for the purpose of ensuring that the person remedies the situation that has given rise to the notice, and

(ii) to inform [F33 the FCA] of the measures it proposes to take or has taken or the reasons for not taking such measures, and

(b) notify ESMA.]

(4) [F34 The FCA] may not act further unless satisfied—

(a) that the competent authority of the person's home State has failed or refused to take measures for the purpose mentioned in subsection (3)(a), or

(b) that the measures taken by that authority have proved inadequate for that purpose.

This does not affect exercise of the powers under section [F35 87JA(1), 87JB(1), 87K(2) or (6), 87L(2), (3), (7), (8) or (11)] or 89L(2) or (3) (powers to protect market).

(5) If [F36 the FCA] is so satisfied, it must, after informing the competent authority of the person's home State [F37 and ESMA], take all appropriate measures to protect investors.

(6) In such a case [F38 the FCA] must inform the Commission [F39 and ESMA] of the measures at the earliest opportunity.]

Textual Amendments

F24 S. 100A inserted (8.11.2006) by Companies Act 2006 (c. 46), ss. 1271, 1300(1)(a)

F25 Word in s. 100A(1) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(12)(a), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F26 S. 100A(1)(a) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 29(2) (with reg. 40)

F27 S. 100A(1A) inserted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 29(3) (with reg. 40)

F28 Word in s. 100A(2) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(12)(a), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F29 Words in s. 100A(2) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 29(4)(a) (with reg. 40)

F30 Words in s. 100A(2) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 29(4)(b) (with reg. 40)

F31 Words in s. 100A(2) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 29(4)(c) (with reg. 40)

F32 S. 100A(3) substituted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 2(6)(a)

F33 Word in s. 100A(3) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(12)(b), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F34 Words in s. 100A(4) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(12)(c), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F35 Words in s. 100A(4) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 29(5) (with reg. 40)

F36 Words in s. 100A(5) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(12)(d), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F37 Words in s. 100A(5) inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 2(6)(b)

F38 Words in s. 100A(6) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(12)(d), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F39 Words in s. 100A(6) inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 2(6)(c)

101 Listing rules: general provisions. U.K.

F40 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) [F41 Part 6 rules] may authorise the [F42 FCA] to dispense with or modify the application of the rules in particular cases and by reference to any circumstances.

F43 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F43 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F43 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F43 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F43 (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F43 (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F40 S. 101(1) omitted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), ss. 16(14)(e), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F41 Words in s. 101(2) substituted (1.7.2005) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2005 (S.I. 2005/381), regs. 1(2), 4, Sch. 1 para. 10(a)

F42 Words in s. 101(2) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(2)(3)(h), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F43 S. 101(3)-(8) omitted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), ss. 16(14)(e), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F44 102 Exemption from liability in damages. U.K.

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Textual Amendments

F44 S. 102 omitted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), ss. 16(14)(f), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.