http://www.legislation.gov.uk/ukpga/2000/8/section/87C/2018-07-21Financial Services and Markets Act 2000An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.2000-06-15texttext/xmlenStatute Law Database2026-05-30Expert Participation2018-07-21 Part VI Official Listing<Emphasis><Addition ChangeId="d29p7958" CommentaryRef="c2075607">Approval of prospectus</Addition></Emphasis><Addition ChangeId="d29p7958" CommentaryRef="c2075607">Consideration of application for approval</Addition>87C 1The FCA must notify the applicant of its decision on an application for approval of a prospectus before the end of the period for consideration.2The period for consideration—abegins with the first working day after the date on which the application is received; butbif the FCA 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.3The period for consideration is—aexcept in the case of a new issuer, 10 working days; orbin that case, 20 working days.4The FCA may by notice in writing require a person who has applied for approval of a prospectus to provide—aspecified documents or documents of a specified description, orbspecified information or information of a specified description.5No 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—aexcept in the case of a new issuer, 10 working days; orbin that case, 20 working days.6Subsection (4) applies only to information and documents reasonably required in connection with the exercise by the FCA of its functions in relation to the application.7The FCA may require any information provided under this section to be provided in such form as it may reasonably require.8The FCA may require—aany information provided, whether in a document or otherwise, to be verified in such manner, orbany document produced to be authenticated in such manner,as it may reasonably require.9The FCA 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.10The FCA'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—adoes not have transferable securities admitted to trading on any regulated market; andbhas 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) 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 Words in ss. 87B-87D substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(2)(3)(c), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.