C1Part VI Official Listing
The competent authority
72 The competent authority.
1
On the coming into force of this section, the functions conferred on the competent authority by this Part are to be exercised by the Authority.
2
Schedule 7 modifies this Act in its application to the Authority when it acts as the competent authority.
3
But provision is made by Schedule 8 allowing some or all of those functions to be transferred by the Treasury so as to be exercisable by another person.
73 General duty of the competent authority.
1
In discharging its general functions the competent authority must have regard to—
a
the need to use its resources in the most efficient and economic way;
b
the principle that a burden or restriction which is imposed on a person should be proportionate to the benefits, considered in general terms, which are expected to arise from the imposition of that burden or restriction;
c
the desirability of facilitating innovation in respect of listed securities;
d
the international character of capital markets and the desirability of maintaining the competitive position of the United Kingdom;
e
the need to minimise the adverse effects on competition of anything done in the discharge of those functions;
f
the desirability of facilitating competition in relation to listed securities.
2
The competent authority’s general functions are—
a
its function of making rules under this Part (considered as a whole);
b
its functions in relation to the giving of general guidance in relation to this Part (considered as a whole);
c
its function of determining the general policy and principles by reference to which it performs particular functions under this Part.
73APart 6 Rules
1
The competent authority may make rules (“Part 6 rules”) for the purposes of this Part.
2
Provisions of Part 6 rules expressed to relate to the official list are referred to in this Part as “listing rules”.
3
Provisions of Part 6 rules expressed to relate to disclosure of information in respect of financial instruments which have been admitted to trading on a regulated market or for which a request for admission to trading on such a market has been made, are referred to in this Part as “disclosure rules”.
Pt. 6 (ss. 72-103) applied (with modifications) (1.12.2001) by S.I. 1995/1537, Sch. 4 (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 511)