Part VI Official Listing

F1Transferable securities: powers of F2FCA

F287OProcedure under sections 87K and 87L

 

(1)

A requirement under section 87K or 87L 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 the F2FCA—

(a)

proposes to exercise the powers in section 87K or 87L in relation to a person, or

(b)

exercises any of those powers in relation to a person with immediate effect,

it must give that person written notice.

(3)

The notice must—

(a)

give details of the F2FCA's action or proposed action;

(b)

state the F2FCA's reasons for taking the action in question and choosing the date on which it took effect or takes effect;

(c)

inform the recipient that he may make representations to the F2FCA within such period as may be specified by the notice (whether or not he has referred the matter to the Tribunal);

(d)

inform him of the date on which the action took effect or takes 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 to it, the F2FCA decides to maintain, vary or revoke its earlier decision, it must give written notice to that effect to the person mentioned in subsection (2).

(6)

A notice given under subsection (5) must inform that person, where relevant, 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 a notice under this section relates to the exercise of the power conferred by section 87L(3), the notice must also be given to the person at whose request the transferable securities were admitted to trading on the regulated market.