Part XVIIIRecognised investment exchanges, clearing houses , CSDs and other parties

F1CHAPTER 1ACONTROL OVER RECOGNISED INVESTMENT EXCHANGE

Assessment procedure

301GAssessment: Procedure

(1)

 The F2FCA must act under section 301F within a period three months from the date the F2FCA receives the completed section 301A notice (“the assessment period”).

(2)

The F3FCA must inform the section 301A notice-giver in writing of—

(a)

the duration of the assessment period; and

(b)

its expiry date.

(3)

The F3FCA must, within two working days of acting under section 301F (and in any event no later than the expiry date of the assessment period)—

(a)

notify the section 301A notice-giver that it has determined to approve the acquisition; or

(b)

in the case of a proposed objection to an acquisition, give a warning notice.

(4)

The F3FCA is treated as having approved the acquisition if, at the expiry of the assessment period, it has neither—

(a)

given notice under subsection (3); nor

(b)

informed the section 301A notice-giver that the notice is incomplete.

(5)

If the F3FCA decides to object to an acquisition it must give the section 301A notice-giver a decision notice.

(6)

Following receipt of a decision notice under this section, the section 301A notice-giver may refer F4the FCA's decision to the Tribunal.