Part VI Official Listing

F1Transferable securities: powers of FCA

F2F387JB.Power to refuse approval of a prospectus

(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.