[F187KPower to suspend or prohibit offer to the publicU.K.
(1)This section applies where a person (“the offeror”) has made an offer of transferable securities to the public F2... (“the offer”).
(2)If the [F3FCA] has reasonable grounds for suspecting that an applicable provision has been infringed, it may—
(a)require the offeror to suspend the offer for a period not exceeding 10 working days;
(b)require a person not to advertise the offer, or to take such steps as [F3the FCA may specify to suspend any existing advertisement of the offer, for a period not exceeding 10 working days.
(3)If the [F3FCA] has reasonable grounds for suspecting that it is likely that an applicable provision will be infringed, it may require the offeror to withdraw the offer.
(4)If the [F3FCA] finds that an applicable provision has been infringed, it may require the offeror to withdraw the offer.
(5)“An applicable provision” means—
(a)a provision of this Part,
(b)a provision contained in prospectus rules,
(c)any other provision made in accordance with the prospectus directive,
applicable in relation to the offer.]]
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
F2Words in s. 87K(1) omitted (17.12.2014) by virtue of The Payments to Governments and Miscellaneous Provisions Regulations 2014 (S.I. 2014/3293), regs. 1(2), 2(3)
F3Words in ss. 87J-87O and cross-heading 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)(e), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.