Financial Services and Markets Act 2000

[F1 Approval of prospectus U.K.

Textual Amendments

F1 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

87A Criteria for approval of prospectus by [F2 FCA] U.K.

 

(1) The [F3 FCA] may not approve a prospectus unless it is satisfied that—

F4 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) the prospectus contains the [F5 information required by Article 6(1) or 14(2) of the prospectus regulation], and

(c) all of the other requirements imposed by or in accordance with this Part [F6 , the prospectus regulation or prospectus rules] have been complied with (so far as those requirements apply to a prospectus for the transferable securities in question).

[F7 (2) The necessary information is—

(a) the information required by Article 6(1) of the prospectus regulation, or

(b) in a case within Article 14(1) of that regulation, the information required by Article 14(2) of that regulation.]

[F8 (2A) If, in the case of transferable securities to which section 87 applies, the prospectus states that the guarantor is a specified F9 ... State, the prospectus is not required to include other information about the guarantor.]

F10 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10 (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11 (7A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8) “Prospectus” F12 ... includes a supplementary prospectus.

F13 (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14 (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2 Word in s. 87A 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(6)(c), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F3 Word in s. 87A(1) 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(6)(a), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F4 S. 87A(1)(a) omitted (31.12.2020) by virtue of The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/707), regs. 1(2), 10(2)(a) (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)

F5 Words in s. 87A(1)(b) substituted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 9(2) (with reg. 40)

F6 Words in s. 87A(1)(c) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 9(3) (with reg. 40)

F7 S. 87A(2) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 9(4) (with reg. 40)

F8 S. 87A(2A) inserted (1.7.2012) by The Prospectus Regulations 2012 (S.I. 2012/1538), regs. 1(1), 2(3)

F9 Word in s. 87A(2A) omitted (31.12.2020) by virtue of The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/707), regs. 1(2), 10(3) (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)

F10 S. 87A(3)-(7) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 9(5) (with reg. 40)

F11 S. 87A(7A) omitted (17.12.2014) by virtue of The Payments to Governments and Miscellaneous Provisions Regulations 2014 (S.I. 2014/3293), regs. 1(2), 2(2)

F12 Words in s. 87A(8) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 9(6) (with reg. 40)

F13 S. 87A(9) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 9(7) (with reg. 40)

F14 S. 87A(10) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 9(7) (with reg. 40)

87B Exemptions from disclosure U.K.

 

F15 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) The Secretary of State or the Treasury may issue a certificate to the effect that the disclosure of any information would be contrary to the public interest.

(3) The [F16 FCA] is entitled to act on any such certificate in exercising its powers under [F17 Article 18(1)(a) of the prospectus regulation].

(4) This section does not affect any powers of the [F16 FCA] under prospectus rules.

F18 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F15 S. 87B(1) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 10(2) (with reg. 40)

F16 Words in ss. 87B-87D 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)(c), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F17 Words in s. 87B(3) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 10(3) (with reg. 40)

F18 S. 87B(5) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 10(4) (with reg. 40)

87C Consideration of application for approval U.K.

 

F19 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F19 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F19 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) The [F16 FCA] may by notice in writing require a person who has applied for approval of a prospectus to provide—

(a) specified documents or documents of a specified description, or

(b) specified information or information of a specified description.

F20 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) Subsection (4) applies only to information and documents reasonably required in connection with the exercise by the [F16 FCA] of its functions in relation to the application.

(7) The [F16 FCA] may require any information provided under this section to be provided in such form as it may reasonably require.

(8) The [F16 FCA] may require—

(a) any information provided, whether in a document or otherwise, to be verified in such manner, or

(b) any document produced to be authenticated in such manner,

as it may reasonably require.

(9) F21 ... subsections (4) and (6) to (8) apply to [F22 an application for approval of a supplementary prospectus] as they apply to an application for approval of a prospectus.

F23 (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F24 (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F16 Words in ss. 87B-87D 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)(c), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F19 S. 87C(1)-(3) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 11(2) (with reg. 40)

F20 S. 87C(5) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 11(2) (with reg. 40)

F21 Words in s. 87C(9) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 11(3)(a) (with reg. 40)

F22 Words in s. 87C(9) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 11(3)(b) (with reg. 40)

F23 S. 87C(10) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 11(4) (with reg. 40)

F24 S. 87C(11) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 11(4) (with reg. 40)

87D Procedure for decision [F25 to refuse an] application for approval U.K.

 

F26 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F27 (1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) If the [F16 FCA] proposes to refuse to approve a prospectus, it must give the applicant written notice.

(3) The notice must state the [F16 FCA's] reasons for the proposed refusal.

(4) If the [F16 FCA] decides to refuse to approve a prospectus, it must give the applicant written notice.

(5) The notice must—

(a) give the [F16 FCA's] reasons for refusing the application; and

(b) inform the applicant of his right to refer the matter to the Tribunal.

(6) If the [F16 FCA] refuses to approve a prospectus, the applicant may refer the matter to the Tribunal.

(7) In this section “prospectus” includes a supplementary prospectus.]

Textual Amendments

F16 Words in ss. 87B-87D 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)(c), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F25 Words in s. 87D heading substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 12(2) (with reg. 40)

F26 S. 87D(1) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 12(3) (with reg. 40)

F27 S. 87D(1A) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 12(3) (with reg. 40)