Financial Services and Markets Act 2000

78 Discontinuance or suspension: procedure.U.K.

This section has no associated Explanatory Notes

(1)A discontinuance or suspension [F1by the [F2FCA] on its own initiative] takes effect—

(a)immediately, if the notice under subsection (2) states that that is the case;

(b)in any other case, on such date as may be specified in that notice.

(2)If [F3on its own initiative] the [F2FCA]—

(a)proposes to discontinue or suspend the listing of securities, or

(b)discontinues or suspends the listing of securities with immediate effect,

it must give the issuer of the securities written notice.

(3)The notice must—

(a)give details of the discontinuance or suspension;

(b)state the [F2FCA's] reasons for the discontinuance or suspension and for choosing the date on which it took effect or takes effect;

(c)inform the issuer of the securities that he may make representations to the [F2FCA] within such period as may be specified in the notice (whether or not he has referred the matter to the Tribunal);

(d)inform him of the date on which the discontinuance or suspension took effect or will take effect; and

(e)inform him of his right to refer the matter to the Tribunal.

(4)The [F2FCA] may extend the period within which representations may be made to it.

(5)If, having considered any representations made by the issuer of the securities, the [F2FCA] decides—

(a)to discontinue or suspend the listing of the securities, or

(b)if the discontinuance or suspension has taken effect, not to cancel it,

the [F2FCA] must give the issuer of the securities written notice.

(6)A notice given under subsection (5) must inform the issuer of the securities of his right to refer the matter to the Tribunal.

(7)If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.

(8)If the [F2FCA] decides—

(a)not to discontinue or suspend the listing of the securities, or

(b)if the discontinuance or suspension has taken effect, to cancel it,

the [F2FCA] must give the issuer of the securities written notice.

(9)The effect of cancelling a discontinuance is that the securities concerned are to be readmitted, without more, to the official list.

(10)If the [F2FCA] has suspended the listing of securities [F4on its own initiative] and proposes to refuse an application by the issuer of the securities for the cancellation of the suspension, it must give him a warning notice.

(11)The [F2FCA] must, having considered any representations made in response to the warning notice—

(a)if it decides to refuse the application, give the issuer of the securities a decision notice;

(b)if it grants the application, give him written notice of its decision.

(12)If the [F2FCA] decides to refuse an application for the cancellation of the suspension of listed securities, the applicant may refer the matter to the Tribunal.

(13)“Discontinuance” means a discontinuance of listing under section 77(1).

(14)“Suspension” means a suspension of listing under section 77(2).

Textual Amendments

F2Word in ss. 73A-84 substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), ss. 16(2)(3)(a), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3