The Official Listing of Securities (Change of Competent Authority) Regulations 1991

Change of competent authority under Part IV of the Act and consequential amendments to that Part

3.—(1) The following amendments shall be made to section 142 of the Act—

(a) in section 142(1), the words “of The Stock Exchange” shall be deleted;

(b) in section 142(6), the words “The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited” shall be substituted for the words “the Council of The Stock Exchange”;

(c) in section 142(7), the words ““the Official List” means the list maintained by the competent authority for the purposes of this Part of this Act” shall be substituted for the words ““the Official List” means the Official List of The Stock Exchange”;

(d) the following shall be substituted for section 142(8)—

“(8) Any functions of the competent authority under this Part of this Act may be exercised by its governing body or by any committee or sub-committee of that body or by any officer or servant of the authority except that listing rules—

(a) shall be made only by the governing body of the authority or by a committee or sub-committee of that body; and

(b) if made by a committee or sub-committee, shall cease to have effect at the end of the period of twenty-eight days beginning with the day on which they are made (but without prejudice to anything done under them) unless before the end of that period they are confirmed by the governing body of the authority.”; and

(e) in section 142(9), the words “the competent authority” shall be substituted for the words “the Council of The Stock Exchange”.

(2) Section 157 of the Act shall be repealed.