Part XVIII

Recognised Investment Exchanges and Clearing Houses
CHAPTER 1A

CONTROL OVER RECOGNISED INVESTMENT EXCHANGE

Acquiring or increasing control: procedure

Objection to existing control
301D
1
If the Authority is not satisfied that the approval requirement is met, it may give a decision notice under this section to a person if he has failed to comply with a duty to notify imposed by section 301A.
2
If the failure relates to subsection (1) or (2) of that section, the Authority may (instead of giving a notice under subsection (1)) approve the acquisition of control in question by the person concerned as if he had given it a notice of control.
3
The Authority may also give a decision notice under this section to a person who is a controller of a recognised investment exchange if the Authority becomes aware of matters as a result of which it is satisfied that the approval requirement is not met with respect to the controller.
4
If the Authority proposes to give a decision notice under subsection (1) or (3) to a person, it must give him a warning notice before the end of the period of three months beginning—
a
in the case of a notice to be given under subsection (1), with the date on which it became aware of the failure to comply with the duty in question;
b
in the case of a notice to be given under subsection (3), with the date on which it became aware of the matters in question.
5
A person to whom a decision notice is given under this section may refer the matter to the Tribunal.
6
”Approval requirement” has the same meaning as in section 301C.
Pt. 18 Ch. 3A (ss. 312A-312D) inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(2), Sch. 2 para. 15 (with reg. 5)
Pt. 18 Ch. 1A (ss. 301A-301G) inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(2), Sch. 2 para. 10