Modifications etc. (not altering text)
C1Pt. 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)
(1)Listing rules may require a person to make arrangements with a sponsor for the performance by the sponsor of such services in relation to him as may be specified in the rules.
(2)“Sponsor” means a person approved by the [F1FCA] for the purposes of the rules.
(3)Listing rules made by virtue of subsection (1) may—
(a)provide for the [F1FCA] to maintain a list of sponsors;
(b)specify services which must be performed by a sponsor;
(c)impose requirements on a sponsor in relation to the provision of services or specified services;
(d)specify the circumstances in which a person is qualified for being approved as a sponsor.
[F2(e)provide for limitations or other restrictions to be imposed on the services to which an approval relates (whether or not the approval has already been granted);
(f)provide for the approval of a sponsor to be suspended on the application of the sponsor.]
(4)If the [F1FCA] proposes—
(a)to refuse a person’s application [F3under sponsor rules],
[F4(aa)to impose limitations or other restrictions on the services to which a person's approval relates,] or
(b)to cancel a person’s approval as a sponsor [F5otherwise than at his request],
it must give him a warning notice.
(5)If, after considering any representations made in response to the warning notice, the [F1FCA] decides—
(a)to grant the application [F6under sponsor rules],
[F7(aa)not to impose limitations or other restrictions on the services to which a person's approval relates,] or
(b)not to cancel the approval,
it must give the person concerned, and any person to whom a copy of the warning notice was given, written notice of its decision.
(6)If, after considering any representations made in response to the warning notice, the [F1FCA] decides—
(a)to refuse to grant the application [F8under sponsor rules],
[F9(aa)to impose limitations or other restrictions on the services to which a person's approval relates,] or
(b)to cancel the approval,
it must give the person concerned a decision notice.
(7)A person to whom a decision notice is given under this section may refer the matter to the Tribunal.
[F10(8)In this section any reference to an application under sponsor rules means—
(a)an application for approval as a sponsor,
(b)an application for the suspension of an approval as a sponsor,
(c)an application for the withdrawal of the suspension of an approval as a sponsor, or
(d)an application for the withdrawal or variation of a limitation or other restriction on the services to which a sponsor's approval relates.]
Textual Amendments
F1Word in ss. 87Q-88 substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), ss. 16(2)(3)(f), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3
F2S. 88(3)(e)(f) inserted (19.3.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 18(2)(a)(3), 122(3) (with Sch. 20); S.I. 2013/651, art. 2(a)
F3Words in s. 88(4)(a) substituted (19.3.2013 for specified purposes) by Financial Services Act 2012 (c. 21), ss. 18(2)(b), 122(3) (with Sch. 20); S.I. 2013/651, art. 2(a)
F4S. 88(4)(aa) inserted (19.3.2013 for specified purposes) by Financial Services Act 2012 (c. 21), ss. 18(2)(c), 122(3) (with Sch. 20); S.I. 2013/651, art. 2(a)
F5Words in s. 88(4)(b) inserted (12.7.2007) by The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 9
F6Words in s. 88(5)(a) substituted (19.3.2013 for specified purposes) by Financial Services Act 2012 (c. 21), ss. 18(2)(d), 122(3) (with Sch. 20); S.I. 2013/651, art. 2(a)
F7S. 88(5)(aa) inserted (19.3.2013 for specified purposes) by Financial Services Act 2012 (c. 21), ss. 18(2)(e), 122(3) (with Sch. 20); S.I. 2013/651, art. 2(a)
F8Words in s. 88(6)(a) substituted (19.3.2013 for specified purposes) by Financial Services Act 2012 (c. 21), ss. 18(2)(f), 122(3) (with Sch. 20); S.I. 2013/651, art. 2(a)
F9S. 88(6)(aa) inserted (19.3.2013 for specified purposes) by Financial Services Act 2012 (c. 21), ss. 18(2)(g), 122(3) (with Sch. 20); S.I. 2013/651, art. 2(a)
F10S. 88(8) inserted (19.3.2013 for specified purposes) by Financial Services Act 2012 (c. 21), ss. 18(2)(h), 122(3) (with Sch. 20); S.I. 2013/651, art. 2(a)
Commencement Information
I1S. 88 wholly in force at 1.12.2001; s. 88 not in force at Royal Assent see s. 431(2); s. 88(1)-(3) in force at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 88 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)