Part XVIII Recognised Investment Exchanges and Clearing HousesF2F1

Annotations:
Amendments (Textual)
F1

Pt. 18 Ch. 3A (ss. 312A-312D) inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(2), Sch. 2 para. 15 (with reg. 5)

F2CHAPTER 1ACONTROL OVER RECOGNISED INVESTMENT EXCHANGE

Acquiring or increasing control: procedure

301DObjection to existing control

1

If the Authority is not satisfied that the approval requirement is met, it may give a decision notice under this section to a person if he has failed to comply with a duty to notify imposed by section 301A.

2

If the failure relates to subsection (1) or (2) of that section, the Authority may (instead of giving a notice under subsection (1)) approve the acquisition of control in question by the person concerned as if he had given it a notice of control.

3

The Authority may also give a decision notice under this section to a person who is a controller of a recognised investment exchange if the Authority becomes aware of matters as a result of which it is satisfied that the approval requirement is not met with respect to the controller.

4

If the Authority proposes to give a decision notice under subsection (1) or (3) to a person, it must give him a warning notice before the end of the period of three months beginning—

a

in the case of a notice to be given under subsection (1), with the date on which it became aware of the failure to comply with the duty in question;

b

in the case of a notice to be given under subsection (3), with the date on which it became aware of the matters in question.

5

A person to whom a decision notice is given under this section may refer the matter to the Tribunal.

6

”Approval requirement” has the same meaning as in section 301C.