100AExercise of powers where UK is host member state

1

This section applies to the exercise by the competent authority of any power under this Part exercisable in case of infringement of—

a

a provision of prospectus rules or any other provision made in accordance with the prospectus directive, or

b

a provision of transparency rules or any other provision made in accordance with the transparency obligations directive,

in relation to an issuer whose home State is a member State other than the United Kingdom.

2

The competent authority may act in such a case only in respect of the infringement of a provision required by the relevant directive.

Any reference to an applicable provision or applicable transparency obligation shall be read accordingly.

3

If the authority finds that there has been such an infringement, it must give a notice to that effect to the competent authority of the person's home State requesting it—

a

to take all appropriate measures for the purpose of ensuring that the person remedies the situation that has given rise to the notice, and

b

to inform the authority of the measures it proposes to take or has taken or the reasons for not taking such measures.

4

The authority may not act further unless satisfied—

a

that the competent authority of the person's home State has failed or refused to take measures for the purpose mentioned in subsection (3)(a), or

b

that the measures taken by that authority have proved inadequate for that purpose.

This does not affect exercise of the powers under section 87K(2), 87L(2) or (3) or 89L(2) or (3) (powers to protect market).

5

If the authority is so satisfied, it must, after informing the competent authority of the person's home State, take all appropriate measures to protect investors.

6

In such a case the authority must inform the Commission of the measures at the earliest opportunity.