Part VI Official Listing

F1Powers exercisable in case of infringement of transparency obligation

89KPublic censure of issuer

(1)

If the F2FCA finds that an issuer of securities admitted to trading on a regulated market is failing or has failed to comply with an applicable transparency obligation, it may publish a statement to that effect.

(2)

If the F2FCA proposes to publish a statement, it must give the issuer a warning notice setting out the terms of the proposed statement.

(3)

If, after considering any representations made in response to the warning notice, the F2FCA decides to make the proposed statement, it must give the issuer a decision notice setting out the terms of the statement.

(4)

A notice under this section must inform the issuer of his right to refer the matter to the Tribunal (see section 89N) and give an indication of the procedure on such a reference.

(5)

In this section “transparency obligation” means an obligation under—

(a)

a provision of transparency rules, or

(b)

any other provision made in accordance with the transparency obligations directive.

(6)

In relation to an issuer whose home State is a member State other than the United Kingdom, any reference to an applicable transparency obligation must be read subject to section 100A(2).

89LPower to suspend or prohibit trading of securities

(1)

This section applies to securities admitted to trading on a regulated market.

(2)

If the F2FCA has reasonable grounds for suspecting that an applicable transparency obligation has been infringed by an issuer, it may—

(a)

suspend trading in the securities for a period not exceeding 10 days,

(b)

prohibit trading in the securities, or

(c)

make a request to the operator of the market on which the issuer's securities are traded—

(i)

to suspend trading in the securities for a period not exceeding 10 days, or

(ii)

to prohibit trading in the securities.

(3)

If the F2FCA has reasonable grounds for suspecting that a provision required by the transparency obligations directive has been infringed by a voteholder of an issuer, it may—

(a)

prohibit trading in the securities, or

(b)

make a request to the operator of the market on which the issuer's securities are traded to prohibit trading in the securities.

(4)

If the F2FCA finds that an applicable transparency obligation has been infringed, it may require the market operator to prohibit trading in the securities.

(5)

In this section “transparency obligation” means an obligation under—

(a)

a provision contained in transparency rules, or

(b)

any other provision made in accordance with the transparency obligations directive.

(6)

In relation to an issuer whose home State is a member State other than the United Kingdom, any reference to an applicable transparency obligation must be read subject to section 100A(2).

89MProcedure under section 89L

(1)

A requirement under section 89L takes effect—

(a)

immediately, if the notice under subsection (2) states that that is the case;

(b)

in any other case, on such date as may be specified in the notice.

(2)

If the F2FCA—

(a)

proposes to exercise the powers in section 89L in relation to a person, or

(b)

exercises any of those powers in relation to a person with immediate effect,

it must give that person written notice.

(3)

The notice must—

(a)

give details of the F2FCA's action or proposed action;

(b)

state the F2FCA's reasons for taking the action in question and choosing the date on which it took effect or takes effect;

(c)

inform the recipient that he may make representations to the F2FCA within such period as may be specified by the notice (whether or not he had referred the matter to the Tribunal);

(d)

inform him of the date on which the action took effect or takes effect;

(e)

inform him of his right to refer the matter to the Tribunal (see section 89N) and give an indication of the procedure on such a reference.

(4)

The F2FCA may extend the period within which representations may be made to it.

(5)

If, having considered any representations made to it, the F2FCA decides to maintain, vary or revoke its earlier decision, it must give written notice to that effect to the person mentioned in subsection (2).

89NRight to refer matters to the Tribunal

A person—

(a)

to whom a decision notice is given under section 89K (public censure), or

(b)

to whom a notice is given under section 89M (procedure in connection with suspension or prohibition of trading),

may refer the matter to the Tribunal.