Part VI

Official Listing

Primary information providers

Disciplinary powers: contravention of s.89P(4)(b) or (d)
89Q
1
The FCA may take action against a provider under this section if it considers that the provider has contravened a requirement or restriction imposed on the provider by rules made as a result of section 89P(4)(b) or (d).
2
If the FCA is entitled to take action under this section against a provider, it may do one or more of the following—
a
impose a penalty on the provider of such amount as it considers appropriate;
b
suspend, for such period as it considers appropriate, the provider's approval;
c
impose, for such period as it considers appropriate, such limitations or other restrictions in relation to the giving by the provider of information as it considers appropriate;
d
publish a statement to the effect that the provider has contravened a requirement or restriction imposed on the provider by rules made as a result of section 89P(4)(b) or (d).
3
The period for which a suspension or restriction is to have effect may not exceed 12 months.
4
A suspension may relate only to the giving of information in specified circumstances.
5
A restriction may, in particular, be imposed so as to require the provider to take, or refrain from taking, specified action.
6
The FCA may—
a
withdraw a suspension or restriction, or
b
vary a suspension or restriction so as to reduce the period for which it has effect or otherwise to limit its effect.
7
The FCA may not take action against a provider under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the provider under section 89R(1).
8
“
The limitation period
” means the period of 3 years beginning with the first day on which the FCA knew that the provider had contravened the requirement or restriction.
9
For this purpose the FCA is to be treated as knowing that a provider has contravened a requirement or restriction if it has information from which that can reasonably be inferred.
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. 89P-89V inserted (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. 19(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
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)