C1 Part XVIII Recognised Investment Exchanges and Clearing Houses
F1CHAPTER 1ACONTROL OVER RECOGNISED INVESTMENT EXCHANGE
Pt. 18 Ch. 1A substituted (21.3.2009) by virtue of The Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534), reg. 5, Sch. 2 (with reg. 8)
Enforcement procedures
301KOrders for sale of shares
1
The court may, on the application of F2the FCA, order the sale of shares or the disposition of voting power in the following circumstances.
2
The circumstances are that—
a
a person has control over a recognised investment exchange by virtue of holding the shares or voting power; and
b
the acquisition or continued holding of the shares or voting power by that person is in contravention of a final notice which confirms a decision notice given under section 301G or section 301I.
3
Where the court orders the sale of shares or disposition of voting power it may—
a
if a restriction notice has been given in relation to the shares or voting power, order that the restrictions cease to apply; and
b
make any further order.
4
Where the court makes an order under this section, it must take into account the level of holding that the person would have been entitled to acquire, or to continue to hold, without contravening the final notice.
5
If shares are sold or voting power disposed of in pursuance of an order under this section, any proceeds, less the costs of the sale or disposition, must be paid into court for the benefit of the persons beneficially interested in them; and any such person may apply to the court for payment of a whole or part of the proceeds.
6
The jurisdiction conferred by this section may be exercised by the High Court and the Court of Session.
Pt. 18 applied in part (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 7, Sch. 2 (as amended (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 37 (with regs. 7(4), 9(1)))