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Financial Services and Markets Act 2000, Section 78A is up to date with all changes known to be in force on or before 23 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)A discontinuance or suspension by the [F2FCA] on the application of the issuer of the securities takes effect—
[F3(a)immediately, if the notification under subsection (2) so provides;
(b)in any other case, on such date as may be provided for in that notification.]
(2)If the [F2FCA] discontinues or suspends the listing of securities on the application of the issuer of the securities it must [F4notify the issuer (whether in writing or otherwise)].
[F5(3)The notification must—
(a)notify the issuer of the date on which the discontinuance or suspension took effect or will take effect, and
(b)notify the issuer of such other matters (if any) as are specified in listing rules.]
(4)If the [F2FCA] proposes to refuse an application by the issuer of the securities for the discontinuance or suspension of the listing of the securities, it must give him a warning notice.
(5)The [F2FCA] must, having considered any representations made in response to the warning notice, if it decides to refuse the application, give the issuer of the securities a decision notice.
(6)If the [F2FCA] decides to refuse an application by the issuer of the securities for the discontinuance or suspension of the listing of the securities, the issuer may refer the matter to the Tribunal.
(7)If the [F2FCA] has suspended the listing of securities on the application of the issuer of the securities and proposes to refuse an application by the issuer for the cancellation of the suspension, it must give him a warning notice.
(8)The [F2FCA] must, having considered any representations made in response to the warning notice—
(a)if it decides to refuse the application for the cancellation of the suspension, give the issuer of the securities a decision notice;
(b)if it grants the application, give him written notice of its decision.
(9)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.
(10)“Discontinuance” means a discontinuance of listing under section 77(1).
(11)“Suspension” means a suspension of listing under section 77(2).]
Textual Amendments
F1S. 78A inserted (12.7.2007) by The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 7
F2Words in ss. 73A-84 substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) 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; S.I. 2013/423, art. 3, Sch.
F3S. 78A(1)(a)(b) substituted (19.3.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 17(2)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.; S.I. 2013/651, art. 2(a)
F4Words in s. 78A(2) substituted (19.3.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 17(2)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.; S.I. 2013/651, art. 2(a)
F5S. 78A(3) substituted (19.3.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 17(2)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.; S.I. 2013/651, art. 2(a)
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