Part XXVIII Miscellaneous
F1Trade-matching and reporting systems
412BProcedure for approval and suspension or withdrawal of approval
1
If the Authority approves a relevant system, it must give the operator of the system written notice specifying the date from which the approval has effect.
2
If the Authority proposes to refuse to approve a relevant system, it must give the operator of the system a warning notice.
3
If the Authority decides to refuse to approve a relevant system, it must give the operator of the system a decision notice.
4
If the Authority proposes to suspend or withdraw its approval in relation to an approved relevant system, it must give the operator of the system a warning notice.
5
If the Authority decides to suspend or withdraw its approval in relation to an approved relevant system, it must give the operator of the system a decision notice specifying the date from which the suspension or withdrawal is to take effect.
6
Subsections (7) to (9) apply if—
a
the Authority has suspended its approval in relation to an approved relevant system, and
b
the operator of the system has applied for the suspension to be cancelled.
7
The Authority must grant the application if it is satisfied as mentioned in section 412A(2); and in such a case the Authority must give written notice to the operator that the suspension is to be cancelled from the date specified in the notice.
8
If the Authority proposes to refuse the application, it must give the operator a warning notice.
9
If the Authority decides to refuse the application, it must give the operator a decision notice.
10
A person who receives a decision notice under subsection (3), (5) or (9) may refer the matter to the Tribunal.
Ss. 412A, 412B and preceding cross-heading 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(5), Sch. 5 para. 18