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Companies Act 2006

Section 1271: exercise of powers where UK is host member State

1654.Section 1271 inserts a new section into Part 6 of FSMA: section 100A.

1655.New section 100A sets out the Authority’s ability to exercise powers in relation to infringements of prospectus rules and transparency rules or related provisions where issuers’ home State is not the UK. Subsection (2) clarifies that the enforcement powers extend only to cover infringements required by the relevant directive. Subsection (3) sets out the process by which the Authority must engage with the home State competent authority when it finds there has been an infringement. Subsection (4) sets out limitations on the Authority’s ability to act in those circumstances, but subsection (5) provides that, in the appropriate circumstances, it must take all appropriate measures to protect investors.

1656.Subsection (6) imposes an obligation on the Authority to inform the Commission where it takes action to protect investors.

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