Part VI Official Listing

F1Powers exercisable in case of infringement of transparency obligation

89MProcedure under section 89L

(1)

A requirement under section 89L 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 the notice.

(2)

If the F2FCA—

(a)

proposes to exercise the powers in section 89L 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 had referred the matter to the Tribunal);

(d)

inform him of the date on which the action took effect or takes effect;

(e)

inform him of his right to refer the matter to the Tribunal (see section 89N) and give an indication of the procedure on such a reference.

(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).