Part VI

Official Listing
Transferable securities: powers of
FCA

Power to suspend , restrict or prohibit offer to the public
87K
1
This section applies where a person (“the offeror”) has made an offer of transferable securities to the public
... (“the offer”).
2
If the
FCA
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
the FCA may specify to suspend any existing advertisement of the offer, for a period not exceeding 10 working days.
3
If the
FCA
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
FCA
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 provision of, or made in accordance with, the prospectus regulation,
applicable in relation to the offer.
6
The FCA may require the offeror to suspend or restrict the offer on the ground that—
a
before the offer was made, the FCA had imposed a prohibition or restriction under Article 42 of the markets in financial instruments regulation in relation to any financial activity or practice of the offeror;
b
the FCA has decided to impose a prohibition or restriction under that Article in relation to the transferable securities to which the offer relates or any financial activity or practice of the offeror;
c
before the offer was made, the FCA had found that a financial activity or practice of the offeror had contravened product intervention rules; or
d
the FCA has decided that the offer, if not suspended or restricted, would be likely to result in a contravention of product intervention rules.
7
A requirement imposed under subsection (6) ceases to have effect—
a
where it was imposed on the ground specified in subsection (6)(a) or (b)—
i
upon revocation of the prohibition or restriction under Article 42(6) of the markets in financial instruments regulation; or
ii
when the FCA notifies the offeror that it is satisfied that the prohibition or restriction does not have, or no longer has, any bearing on the transferable securities to which the offer relates;
b
where it was imposed on the ground specified in subsection (6)(c), when the FCA notifies the offeror that it is satisfied that the contravention of product intervention rules does not have, or no longer has, any bearing on the transferable securities to which the offer relates;
c
where it was imposed on the ground specified in subsection (6)(d), when the FCA notifies the offeror that it is satisfied that the offer, if no longer suspended or restricted, would not result in a contravention of product intervention rules;
d
upon the FCA giving notice under section 87O(5) revoking its decision to impose the requirement;
e
where the FCA’s decision to impose the requirement is quashed on a reference to the Tribunal or in other legal proceedings, on the date of the judgment of the Tribunal or of the court concerned.
8
“Product intervention rules” has the same meaning as in section 137D.
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
Word in s. 87K heading inserted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 18(2) (with reg. 40)
Words 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)
Ss. 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)
S. 87K(5)(c) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 18(3) (with reg. 40)
S. 87K(6)-(8) inserted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 18(4) (with reg. 40)
Pt. 6 modified (31.12.2020) by The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/707), regs. 1(2), 73 (as amended by S.I. 2019/1234, regs. 1(2), 23 and with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, regs. 1(3), 29(2)))); 2020 c. 1, Sch. 5 para. 1(1)
Words 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.