Part XXVIII Miscellaneous

F1Trade-matching and reporting systems

Annotations:
Amendments (Textual)
F1

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

412BProcedure for approval and suspension or withdrawal of approval

1

If the F3FCA 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 F3FCA proposes to refuse to approve a relevant system, it must give the operator of the system a warning notice.

3

If the F3FCA decides to refuse to approve a relevant system, it must give the operator of the system a decision notice.

4

If the F3FCA 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 F3FCA 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 F3FCA 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 F4FCA must grant the application if it is satisfied as mentioned in section 412A(2); and in such a case the F4FCA must give written notice to the operator that the suspension is to be cancelled from the date specified in the notice.

8

If the F5FCA proposes to refuse the application, it must give the operator a warning notice.

9

If the F2FCA 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.