Financial Services and Markets Act 2000

Valid from 01/04/2007

301C Duty of Authority in relation to notice of control U.K.

(1) The Authority must, before the end of the period of three months beginning with the date on which it receives a notice of control, determine whether—

(a) to approve of the person concerned having the control to which the notice relates; or

(b) to give a warning notice under subsection (7).

(2) If the Authority decides to approve of the person concerned having the control to which the notice relates it must notify that person of its approval in writing without delay.

(3) If the Authority fails to comply with subsection (1) it is to be treated as having given its approval and notified the person concerned at the end of the period fixed by that subsection.

(4) The Authority's approval remains effective only if the person to whom it relates acquires the control in question—

(a) before the end of such period as may be specified in the notice of approval under subsection (2); or

(b) if no period is specified, before the end of the period of one year beginning with the date—

(i) of the notice of approval under subsection (2);

(ii) on which the Authority is treated as having given approval under subsection (3); or

(iii) of a decision on a reference to the Tribunal which results in the person concerned receiving approval.

(5) The Authority may give a decision notice under this subsection unless it is satisfied that the approval requirement is met.

(6) The approval requirement is that the acquisition of control by the person who gave the notice of control does not pose a threat to the sound and prudent management of any financial market operated by the recognised investment exchange.

(7) If the Authority proposes to give the person concerned a decision notice under subsection (5), it must give him a warning notice.

(8) A person to whom a decision notice is given under subsection (5) may refer the matter to the Tribunal.