Part VI Official Listing
Listing
78 Discontinuance or suspension: procedure.
(1)
(a)
immediately, if the notice under subsection (2) states that that is the case;
(b)
in any other case, on such date as may be specified in that notice.
(2)
(a)
proposes to discontinue or suspend the listing of securities, or
(b)
discontinues or suspends the listing of securities with immediate effect,
it must give the issuer of the securities written notice.
(3)
The notice must—
(a)
give details of the discontinuance or suspension;
(b)
state the F2FCA's reasons for the discontinuance or suspension and for choosing the date on which it took effect or takes effect;
(c)
inform the issuer of the securities that he may make representations to the F2FCA within such period as may be specified in the notice (whether or not he has referred the matter to the Tribunal);
(d)
inform him of the date on which the discontinuance or suspension took effect or will take effect; and
(e)
inform him of his right to refer the matter to the Tribunal.
(4)
The F2FCA may extend the period within which representations may be made to it.
(5)
If, having considered any representations made by the issuer of the securities, the F2FCA decides—
(a)
to discontinue or suspend the listing of the securities, or
(b)
if the discontinuance or suspension has taken effect, not to cancel it,
the F2FCA must give the issuer of the securities written notice.
(6)
A notice given under subsection (5) must inform the issuer of the securities of his right to refer the matter to the Tribunal.
(7)
If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
(8)
If the F2FCA decides—
(a)
not to discontinue or suspend the listing of the securities, or
(b)
if the discontinuance or suspension has taken effect, to cancel it,
the F2FCA must give the issuer of the securities written notice.
(9)
The effect of cancelling a discontinuance is that the securities concerned are to be readmitted, without more, to the official list.
F4(10)
If—
(a)
the FCA has suspended the listing of securities on its own initiative, or securities have been suspended by the Bank of England under section 19, 39B or 48L of the Banking Act 2009, F5or paragraph 44 or 65 of Schedule 11 to the Financial Services and Markets Act 2023 and
(b)
the FCA proposes to refuse an application by the issuer of the securities for the cancellation of the suspension,
the FCA must give the issuer a warning notice.
(11)
The F2FCA must, having considered any representations made in response to the warning notice—
(a)
if it decides to refuse the application, give the issuer of the securities a decision notice;
(b)
if it grants the application, give him written notice of its decision.
(12)
If the F2FCA decides to refuse an application for the cancellation of the suspension of listed securities, the applicant may refer the matter to the Tribunal.
(13)
“Discontinuance” means a discontinuance of listing under section 77(1).