[F187CConsideration of application for approvalU.K.
(1)The [F2FCA] must notify the applicant of its decision on an application for approval of a prospectus before the end of the period for consideration.
(2)The period for consideration—
(a)begins with the first working day after the date on which the application is received; but
(b)if the [F2FCA] gives a notice under subsection (4), is to be treated as beginning with the first working day after the date on which the notice is complied with.
(3)The period for consideration is—
(a)except in the case of a new issuer, 10 working days; or
(b)in that case, 20 working days.
(4)The [F2FCA] may by notice in writing require a person who has applied for approval of a prospectus to provide—
(a)specified documents or documents of a specified description, or
(b)specified information or information of a specified description.
(5)No notice under subsection (4) may be given after the end of the period, beginning with the first working day after the date on which the application is received, of—
(a)except in the case of a new issuer, 10 working days; or
(b)in that case, 20 working days.
(6)Subsection (4) applies only to information and documents reasonably required in connection with the exercise by the [F2FCA] of its functions in relation to the application.
(7)The [F2FCA] may require any information provided under this section to be provided in such form as it may reasonably require.
(8)The [F2FCA] may require—
(a)any information provided, whether in a document or otherwise, to be verified in such manner, or
(b)any document produced to be authenticated in such manner,
as it may reasonably require.
(9)The [F2FCA] must notify the applicant of its decision on an application for approval of a supplementary prospectus before the end of the period of 7 working days beginning with the date on which the application is received; and subsections (4) and (6) to (8) apply to such an application as they apply to an application for approval of a prospectus.
(10)The [F2FCA's] failure to comply with subsection (1) or (9) does not constitute approval of the application in question.
(11)“New issuer” means an issuer of transferable securities which—
(a)does not have transferable securities admitted to trading on any regulated market; and
(b)has not previously offered transferable securities to the public.]
Textual Amendments
F1 Ss. 84-87R and cross-headings substituted for ss. 84-87 (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(1), Sch. 1 para. 5
F2Words in ss. 87B-87D 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)(c), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.