C1Part VI Official Listing
Miscellaneous
100AF1Exercise of powers where UK is host member state
1
This section applies to the exercise by the F10FCA of any power under this Part exercisable in case of infringement of—
a
a provision of prospectus rules or any other provision made in accordance with the prospectus directive, or
b
a provision of transparency rules or any other provision made in accordance with the transparency obligations directive,
in relation to an issuer whose home State is a member State other than the United Kingdom.
2
The F4FCA may act in such a case only in respect of the infringement of a provision required by the relevant directive.
Any reference to an applicable provision or applicable transparency obligation shall be read accordingly.
F33
If F6the FCA finds that there has been such an infringement, it must—
a
give a notice to that effect to the competent authority of the person’s home State requesting it—
i
to take all appropriate measures for the purpose of ensuring that the person remedies the situation that has given rise to the notice, and
ii
to inform F6the FCA of the measures it proposes to take or has taken or the reasons for not taking such measures, and
b
notify ESMA.
4
F5The FCA may not act further unless satisfied—
a
that the competent authority of the person's home State has failed or refused to take measures for the purpose mentioned in subsection (3)(a), or
b
that the measures taken by that authority have proved inadequate for that purpose.
This does not affect exercise of the powers under section 87K(2), 87L(2) or (3) or 89L(2) or (3) (powers to protect market).
Pt. 6 (ss. 72-103) applied (with modifications) (1.12.2001) by S.I. 1995/1537, Sch. 4 (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 511)