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Textual Amendments
F1Pt. 18 Ch. 1A substituted (21.3.2009) by virtue of The Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534), reg. 5, Sch. 2 (with reg. 8)
(1) Where the Authority receives a section 301A notice, it must—
(a)determine whether to approve the acquisition to which it relates; or
(b)propose to object to the acquisition.
(2)In making its determination the Authority must—
(a)consider the suitability of the section 301A notice-giver and the financial soundness of the acquisition in order to ensure the sound and prudent management of the recognised investment exchange in question; and
(b)have regard to the likely influence that the section 301A notice-giver will have on the recognised investment exchange.
(3)The Authority may only object to an acquisition if it is not satisfied that the approval requirement is met.
(4)The approval requirement is that the acquisition in question by the notice-giver does not pose a threat to the sound and prudent management of any financial market operated by the recognised investment exchange.
(1) The Authority must act under section 301F within a period three months from the date the Authority receives the completed section 301A notice (“the assessment period”).
(2)The Authority must inform the section 301A notice-giver in writing of—
(a)the duration of the assessment period; and
(b)its expiry date.
(3)The Authority must, within two working days of acting under section 301F (and in any event no later than the expiry date of the assessment period)—
(a)notify the section 301A notice-giver that it has determined to approve the acquisition; or
(b)in the case of a proposed objection to an acquisition, give a warning notice.
(4)The Authority is treated as having approved the acquisition if, at the expiry of the assessment period, it has neither—
(a)given notice under subsection (3); nor
(b)informed the section 301A notice-giver that the notice is incomplete.
(5)If the Authority decides to object to an acquisition it must give the section 301A notice-giver a decision notice.
(6)Following receipt of a decision notice under this section, the section 301A notice-giver may refer the Authority's decision to the Tribunal.
(1) Approval of an acquisition is effective for such period as the Authority may specify in writing.
(2)Where the Authority has specified a period under subsection (1), it may extend the period.
(3)Where the Authority has not specified a period, the approval is effective for one year beginning with the date—
(a)of the notice given under section 301G(3)(a);
(b)on which the Authority is treated as having given approval under section 301G(5); or
(c)of a decision on a reference to the Tribunal which results in the person receiving approval.]
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