Part XVIIIRecognised investment exchanges, clearing houses and CSDs
F1CHAPTER 1ACONTROL OVER RECOGNISED INVESTMENT EXCHANGE
Assessment procedure
301FAssessment: general
(1)
Where the F2FCA 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 F2FCA 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 F2FCA 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.
301GAssessment: Procedure
(1)
(2)
The F4FCA must inform the section 301A notice-giver in writing of—
(a)
the duration of the assessment period; and
(b)
its expiry date.
(3)
The F4FCA 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 F4FCA 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 F4FCA 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 F5the FCA's decision to the Tribunal.
301HDuration of approval
(1)
Approval of an acquisition is effective for such period as F6the FCA may specify in writing.
(2)
Where F7the FCA has specified a period under subsection (1), it may extend the period.
(3)
Where F8the 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 F8the 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.