C1Part VI Official Listing
The competent authority
73 General duty of the competent authority.
1
In discharging its general functions the competent authority must have regard to—
a
the need to use its resources in the most efficient and economic way;
b
the principle that a burden or restriction which is imposed on a person should be proportionate to the benefits, considered in general terms, which are expected to arise from the imposition of that burden or restriction;
F1c
the desirability of facilitating innovation in respect of listed securities and in respect of financial instruments which have otherwise been admitted to trading on a regulated market or for which a request for admission to trading on such a market has been made;
d
the international character of capital markets and the desirability of maintaining the competitive position of the United Kingdom;
e
the need to minimise the adverse effects on competition of anything done in the discharge of those functions;
F2f
the desirability of facilitating competition in relation to listed securities and in relation to financial instruments which have otherwise been admitted to trading on a regulated market or for which a request for admission to trading on such a market has been made.
F31A
To the extent that those general functions are functions under or relating to transparency rules, subsection (1)(c) and (f) have effect as if the references to a regulated market were references to a market.
2
The competent authority’s general functions are—
a
its function of making rules under this Part (considered as a whole);
b
its functions in relation to the giving of general guidance in relation to this Part (considered as a whole);
c
its function of determining the general policy and principles by reference to which it performs particular functions under this Part.
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)