Part VI

Official Listing
Transferable securities: powers of
FCA

Power of FCA to suspend or prohibit trading on a trading facility
87LA
1
This section applies in relation to the trading of transferable securities on a trading facility.
2
If—
a
the FCA has reasonable grounds for suspecting that an applicable provision has been infringed, and
b
the securities have not yet been traded on the trading facility in question,
the FCA may require the person who proposes to trade the securities to suspend taking any action to implement the proposal for a period not exceeding 10 working days.
3
If—
a
the FCA has reasonable grounds for suspecting that an applicable provision has been infringed, and
b
the securities have been traded on the trading facility in question,
the FCA may require the operator of the facility to suspend trading in the securities for a period not exceeding 10 working days.
4
If the FCA finds that an applicable provision has been infringed, it may require the operator of the trading facility in question to prohibit trading in the securities on that facility.
5
In this section—
- “applicable provision” means—
  1. a provision of this Part,
  2. a provision contained in prospectus rules, or
  3. any provision of, or made in accordance with, the prospectus regulation;
- “
trading facility
” means a UK multilateral trading facility or a UK organised trading facility;
- “
UK multilateral trading facility
” has the meaning given in Article 2(1)(14A) of the markets in financial instruments regulation;
- “
UK organised trading facility
” has the meaning given in Article 2(1)(15A) of the markets in financial instruments regulation.
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
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)
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 s. 87LA(5) substituted (31.12.2020) by The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(4), 6 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2))); 2020 c. 1, Sch. 5 para. 1(1)
S. 87LA inserted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 20 (with reg. 40)
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.