Financial Services and Markets Act 2000

[F1Approval of prospectusU.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

[F387ACriteria for approval of prospectus by [F2FCA] U.K.

(1)The [F4FCA] may not approve a prospectus unless it is satisfied that—

F5(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)the prospectus contains the [F6information 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 [F7, 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).

[F8(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.]

[F9(2A) If, in the case of transferable securities to which section 87 applies, the prospectus states that the guarantor is a specified F10... State, the prospectus is not required to include other information about the guarantor.]

F11(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

F12(7A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8)“Prospectus” F13... includes a supplementary prospectus.

F14(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F15(10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2Word 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.

F3Ss. 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)

F4Word 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.

[F387BExemptions from disclosureU.K.

F16(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 [F17FCA] is entitled to act on any such certificate in exercising its powers under [F18Article 18(1)(a) of the prospectus regulation].

(4)This section does not affect any powers of the [F17FCA] under prospectus rules.

F19(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F3Ss. 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)

F17Words 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.

[F387CConsideration of application for approvalU.K.

F20(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F20(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F20(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)The [F17FCA] 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.

F21(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)Subsection (4) applies only to information and documents reasonably required in connection with the exercise by the [F17FCA] of its functions in relation to the application.

(7)The [F17FCA] may require any information provided under this section to be provided in such form as it may reasonably require.

(8)The [F17FCA] 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)F22... subsections (4) and (6) to (8) apply to [F23an application for approval of a supplementary prospectus] as they apply to an application for approval of a prospectus.

F24(10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F25(11). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F3Ss. 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)

F17Words 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.

[F387DProcedure for decision [F26to refuse an] application for approvalU.K.

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

F28(1A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)If the [F17FCA] proposes to refuse to approve a prospectus, it must give the applicant written notice.

(3)The notice must state the [F17FCA's] reasons for the proposed refusal.

(4)If the [F17FCA] decides to refuse to approve a prospectus, it must give the applicant written notice.

(5)The notice must—

(a)give the [F17FCA's] reasons for refusing the application; and

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

(6)If the [F17FCA] 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

F3Ss. 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)

F17Words 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.