Part VI

Official Listing
Transferable securities: powers of
FCA

Procedure under sections 87JA, 87K, 87L and 87LA
87O
1
A requirement under section 87K
, 87L or 87LA, or a suspension under section 87JA(1),
takes effect—
a
immediately, if the notice under subsection (2) states that that is the case;
b
in any other case, on such date as may be specified in that notice.
2
If the
FCA
—
a
proposes to exercise the powers in section
87JA, 87K, 87L or 87LA
in relation to a person, or
b
exercises any of those powers in relation to a person with immediate effect,
it must give that person written notice.
3
The notice must—
a
give details of the
FCA's
action or proposed action;
b
state the
FCA's
reasons for taking the action in question and choosing the date on which it took effect or takes effect;
c
inform the recipient that he may make representations to the
FCA
within such period as may be specified by the notice (whether or not he has referred the matter to the Tribunal);
d
inform him of the date on which the action took effect or takes effect; and
e
inform him of his right to refer the matter to the Tribunal.
4
The
FCA
may extend the period within which representations may be made to it.
5
If, having considered any representations made to it, the
FCA
decides to maintain, vary or revoke its earlier decision, it must give written notice to that effect to the person mentioned in subsection (2).
6
A notice given under subsection (5) must inform that person, where relevant, of his right to refer the matter to the Tribunal.
7
If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
8
If a notice under this section relates to the exercise of the power conferred by section 87L(3), the notice must also be given to the person at whose request the transferable securities were admitted to trading on the regulated market.
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
Words in s. 87O(2)(a) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 22(4) (with reg. 40)
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. 87O heading substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 22(2) (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.
Words in s. 87O(1) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 22(3) (with reg. 40)