Power to restrict offer to the publicU.K.
18.—(1) Section 87K (power to suspend or prohibit offer to the public) is amended as follows.
(2) In the heading, after “suspend” insert “ , restrict ”.
(3) In subsection (5) for paragraph (c) substitute—
“(c)any provision of, or made in accordance with, the prospectus regulation,”.
(4) After subsection (5) insert—
“(6) The FCA may require the offeror to suspend or restrict the offer on the ground that—
(a)before the offer was made, the FCA had imposed a prohibition or restriction under Article 42 of the markets in financial instruments regulation in relation to any financial activity or practice of the offeror;
(b)the FCA has decided to impose a prohibition or restriction under that Article in relation to the transferable securities to which the offer relates or any financial activity or practice of the offeror;
(c)before the offer was made, the FCA had found that a financial activity or practice of the offeror had contravened product intervention rules; or
(d)the FCA has decided that the offer, if not suspended or restricted, would be likely to result in a contravention of product intervention rules.
(7) A requirement imposed under subsection (6) ceases to have effect—
(a)where it was imposed on the ground specified in subsection (6)(a) or (b)—
(i)upon revocation of the prohibition or restriction under Article 42(6) of the markets in financial instruments regulation; or
(ii)when the FCA notifies the offeror that it is satisfied that the prohibition or restriction does not have, or no longer has, any bearing on the transferable securities to which the offer relates;
(b)where it was imposed on the ground specified in subsection (6)(c), when the FCA notifies the offeror that it is satisfied that the contravention of product intervention rules does not have, or no longer has, any bearing on the transferable securities to which the offer relates;
(c)where it was imposed on the ground specified in subsection (6)(d), when the FCA notifies the offeror that it is satisfied that the offer, if no longer suspended or restricted, would not result in a contravention of product intervention rules;
(d)upon the FCA giving notice under section 87O(5) revoking its decision to impose the requirement;
(e)where the FCA's decision to impose the requirement is quashed on a reference to the Tribunal or in other legal proceedings, on the date of the judgment of the Tribunal or of the court concerned.
(8) “Product intervention rules” has the same meaning as in section 137D.”.
Commencement Information
I1Reg. 18 in force at 21.7.2019, see reg. 1(1)