[F187DProcedure for decision on application for approvalU.K.
(1)If the [F2FCA] approves a prospectus, it must give the applicant written notice.
(2)If the [F2FCA] proposes to refuse to approve a prospectus, it must give the applicant written notice.
(3)The notice must state the [F2FCA's] reasons for the proposed refusal.
(4)If the [F2FCA] decides to refuse to approve a prospectus, it must give the applicant written notice.
(5)The notice must—
(a)give the [F2FCA's] reasons for refusing the application; and
(b)inform the applicant of his right to refer the matter to the Tribunal.
(6)If the [F2FCA] refuses to approve a prospectus, the applicant may refer the matter to the Tribunal.
(7)In this section “prospectus” includes a supplementary prospectus.]
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.