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Textual Amendments
F1 Pt. 18 heading substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(8) (with regs. 7(4), 9(1))
Modifications etc. (not altering text)
C1Pt. 18 applied in part (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 7, Sch. 2 (as amended (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 37 (with regs. 7(4), 9(1)))
Textual Amendments
F2Pt. 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 [F3FCA] 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 [F3FCA] 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 [F3FCA] 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.
Textual Amendments
F3Word in s. 301F(1)-(3) 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), s. 122(3), Sch. 8 para. 26 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
(1) The [F4FCA] must act under section 301F within a period three months from the date the [F4FCA] receives the completed section 301A notice (“the assessment period”).
(2)The [F5FCA] must inform the section 301A notice-giver in writing of—
(a)the duration of the assessment period; and
(b)its expiry date.
(3)The [F5FCA] 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 [F5FCA] 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 [F5FCA] 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 [F6the FCA's] decision to the Tribunal.
Textual Amendments
F4Word in s. 301G(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), s. 122(3), Sch. 8 para. 27(2) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F5Word in s. 301G(2)-(5) 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), s. 122(3), Sch. 8 para. 27(2) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F6Words in s. 301G(6) 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), s. 122(3), Sch. 8 para. 27(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
(1) Approval of an acquisition is effective for such period as [F7the FCA] may specify in writing.
(2)Where [F8the FCA] has specified a period under subsection (1), it may extend the period.
(3)Where [F9the FCA] 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 [F9the FCA] 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.]
Textual Amendments
F7Words in s. 301H(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), s. 122(3), Sch. 8 para. 28 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F8Words in s. 301H(2) 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), s. 122(3), Sch. 8 para. 28 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F9Words in s. 301H(3) 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), s. 122(3), Sch. 8 para. 28 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.