Part VI

Official Listing

Powers exercisable in case of infringement of transparency obligation

Procedure under section 89L
89M
1
A requirement under section 89L 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 the notice.
2
If the
FCA
—
a
proposes to exercise the powers in section 89L 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 had referred the matter to the Tribunal);
d
inform him of the date on which the action took effect or takes effect;
e
inform him of his right to refer the matter to the Tribunal (see section 89N) and give an indication of the procedure on such a reference.
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).
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. 89K-89N and cross-heading inserted (8.11.2006) by Companies Act 2006 (c. 46), ss. 1268, 1300(1)(a)
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. 89A-97 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)(g), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.