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Financial Services and Markets Act 2000
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- UK Public General Acts
- 2000 c. 8
- Part 18A
- Section 313C
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Changes over time for: Section 313C
Version Superseded: 09/04/2010
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313CNotification in relation to suspension or removal of a financial instrument from tradingU.K.
This section has no associated Explanatory Notes
(1)If the Authority exercises the power under section 313A(1) in relation to a financial instrument traded on a regulated market, it must as soon as reasonably practicable—
(a)publish its decision in such manner as it considers appropriate, and
(b)inform the competent authorities of all other EEA States of its decision.
(2)If the Authority receives notice from a recognised investment exchange that the exchange has suspended or removed a financial instrument from trading on a regulated market operated by it, the Authority must inform the competent authorities of all other EEA States of the action taken by the exchange.
(3)Subsections (4) and (5) apply if the Authority receives notice from the competent authority of another EEA State that that authority, pursuant to Article 41.2 of the markets in financial instruments directive—
(a)has required the suspension of a financial instrument from trading, or
(b)has required the removal of a financial instrument from trading.
(4)In the case of a notice under subsection (3)(a), the Authority—
(a)must require each recognised investment exchange to suspend the instrument from trading on any regulated market operated by the exchange, and
(b)must require each institution operating a multilateral trading facility to suspend the instrument from trading on that facility,
unless such a step would be likely to cause significant damage to the interests of investors or the orderly functioning of the financial markets.
(5)In the case of a notice under subsection (3)(b), the Authority—
(a)must require each recognised investment exchange to remove the instrument from trading on any regulated market operated by the exchange, and
(b)must require each institution operating a multilateral trading facility to remove the instrument from trading on that facility,
unless such a step would be likely to cause significant damage to the interests of investors or the orderly functioning of the financial markets.
(6)”Competent authority” has the meaning given in Article 4.1.22 of the markets in financial instruments directive.
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