C1Part VI Official Listing
F1Approval of prospectus
Ss. 84-87R and cross-headings substituted for ss. 84-87 (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(1), Sch. 1 para. 5
87CConsideration of application for approval
1
The competent authority must notify the applicant of its decision on an application for approval of a prospectus before the end of the period for consideration.
2
The period for consideration—
a
begins with the first working day after the date on which the application is received; but
b
if the competent authority gives a notice under subsection (4), is to be treated as beginning with the first working day after the date on which the notice is complied with.
3
The period for consideration is—
a
except in the case of a new issuer, 10 working days; or
b
in that case, 20 working days.
4
The competent authority may by notice in writing require a person who has applied for approval of a prospectus to provide—
a
specified documents or documents of a specified description, or
b
specified information or information of a specified description.
5
No notice under subsection (4) may be given after the end of the period, beginning with the first working day after the date on which the application is received, of—
a
except in the case of a new issuer, 10 working days; or
b
in that case, 20 working days.
6
Subsection (4) applies only to information and documents reasonably required in connection with the exercise by the competent authority of its functions in relation to the application.
7
The competent authority may require any information provided under this section to be provided in such form as it may reasonably require.
8
The competent authority may require—
a
any information provided, whether in a document or otherwise, to be verified in such manner, or
b
any document produced to be authenticated in such manner,
as it may reasonably require.
9
The competent authority must notify the applicant of its decision on an application for approval of a supplementary prospectus before the end of the period of 7 working days beginning with the date on which the application is received; and subsections (4) and (6) to (8) apply to such an application as they apply to an application for approval of a prospectus.
10
The competent authority's failure to comply with subsection (1) or (9) does not constitute approval of the application in question.
11
“New issuer” means an issuer of transferable securities which—
a
does not have transferable securities admitted to trading on any regulated market; and
b
has not previously offered transferable securities to the public.
Pt. 6 (ss. 72-103) applied (with modifications) (1.12.2001) by S.I. 1995/1537, Sch. 4 (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 511)