Version Superseded: 17/12/2014
Point in time view as at 01/07/2005. This version of this provision has been superseded.
Financial Services and Markets Act 2000, Section 87L is up to date with all changes known to be in force on or before 30 May 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)This section applies where a person has requested the admission of transferable securities to trading on a regulated market situated or operating in the United Kingdom.
(2)If the competent authority has reasonable grounds for suspecting that an applicable provision has been infringed and the securities have not yet been admitted to trading on the regulated market in question, it may—
(a)require the person requesting admission to suspend the request for a period not exceeding 10 working days;
(b)require a person not to advertise the securities to which it relates, or to take such steps as the authority may specify to suspend any existing advertisement in connection with those securities, for a period not exceeding 10 working days.
(3)If the competent authority has reasonable grounds for suspecting that an applicable provision has been infringed and the securities have been admitted to trading on the regulated market in question, it may—
(a)require the market operator to suspend trading in the securities for a period not exceeding 10 working days;
(b)require a person not to advertise the securities, or to take such steps as the authority may specify to suspend any existing advertisement in connection with those securities, for a period not exceeding 10 working days.
(4)If the competent authority finds that an applicable provision has been infringed, it may require the market operator to prohibit trading in the securities on the regulated market in question.
(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 admission of the transferable securities to trading on the regulated market in question.]
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
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