Financial Services and Markets Act 2000

[F1313BSuspension or removal of financial instruments from trading: procedureU.K.

This section has no associated Explanatory Notes

(1)A requirement imposed on an institution under section 313A (a “relevant requirement”) takes effect—

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

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

(2)If the Authority proposes to impose a relevant requirement on an institution, [F2or a class of institutions,] or imposes such a requirement with immediate effect, it must give written notice to[F3 give notice—

(a)by written notice to—

(i)the institution or, as the case may be, each institution in the class, and

(ii)the issuer of the financial instrument in question (if any); or

(b)by publishing a notice by means of a regulatory information service.]

(3)[F4A notice given under subsection (2)(a)] must—

(a)give details of the relevant requirement;

(b)state the Authority's reasons for imposing the requirement and choosing the date on which it took effect or takes effect;

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

(d)inform him of the date on which the requirement took effect or takes effect; and

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

[F5(3A)A notice published under subsection (2)(b) must—

(a)give details of the relevant requirement;

(b)specify the institution, or the class of institutions, to which it applies;

(c)state the Authority's reasons for imposing the requirement and choosing the date on which it took effect or takes effect;

(d)state that any institution to which the requirement applies or the issuer of the financial instrument in question may make representations to the Authority within such period as may be specified by the notice (whether or not the institution or the issuer has referred the matter to the Tribunal);

(e)state the date on which the requirement took effect or takes effect; and

(f)state that any institution to which the requirement applies or the issuer of the financial instrument in question has a right to refer the matter to the Tribunal, and give an indication of the procedure on such a reference.]

(4)The Authority may extend the period within which representations may be made to it.

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Textual Amendments