Financial Services and Markets Act 2000

[F1[F2[F387JB.Power to refuse approval of a prospectusU.K.

This section has no associated Explanatory Notes

(1)Where the FCA is satisfied that a person has repeatedly and seriously infringed provision within subsection (2) (whether or not each infringement is of the same provision), the FCA may decide that, for a period not exceeding 5 years, the FCA will not accept from the person any application for approval of a prospectus.

(2)The provisions referred to in subsection (1) are—

(a)any provision of this Part so far as relating to prospectuses;

(b)any provision of prospectus rules;

(c)any provision of the prospectus regulation;

(d)any provision made in accordance with the prospectus regulation.

(3)If the FCA proposes that for a period it will not accept any application from a person for approval of a prospectus, the FCA must give the person a warning notice specifying the length of the proposed period.

(4)If the FCA decides for a period that it will not accept any application from a person for approval of a prospectus—

(a)the FCA must give the person a decision notice;

(b)the period starts with the date of the notice;

(c)the person may refer that matter to the Tribunal; and

(d)the notice must—

(i)be dated;

(ii)specify the length of the period;

(iii)state that the period begins with the date of the notice; and

(iv)state that the person may refer the matter to the Tribunal.

(5)If the FCA decides not to accept any application from a person for the approval of a prospectus for a specified period, the person may refer the matter to the Tribunal.]]]

Textual Amendments

F1 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

F3Ss. 86-87O omitted (30.1.2024 for specified purposes) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 7 (with regs. 48-50)