13. For Article 10 substitute—
1. The FCA may, on its own initiative, withdraw the registration of a trade repository where the trade repository:
(a)expressly renounces the registration or has provided no services for the preceding six months;
(b)obtained the registration by making false statements or by any other irregular means; or
(c)no longer meets the conditions for registration.
2. The FCA may also, on its own initiative, withdraw the registration of a trade repository where it is desirable to do so to advance one or more of its operational objectives set out in section 1B(3) of the FSMA.
3. The FCA may, on an application by a trade repository, withdraw the registration of the trade repository.
4. A decision to withdraw the registration of a trade repository under paragraphs 1, 2 or 3 shall be reflected in the Register.
1. The FCA must publish on its website a list of trade repositories registered in accordance with Article 7 (“the Register”).
2. On the adoption of a decision under Article 7 or 10, the FCA must notify its decision to the trade repository concerned.
3. A refusal of an application to register under Article 7 comes into effect on the fifth working day following its adoption.
4. A withdrawal of registration under Article 10 takes effect:
(a)immediately upon the adoption of the decision if the notice states that is the case;
(b)on such date as may be specified in that notice; or
(c)if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.
5. A decision to withdraw registration on the FCA’s own initiative under paragraph 1 or 2 of Article 10 may be expressed to take effect immediately (or on a specified date) only if the FCA, having regard to the ground on which it is exercising its power reasonably considers that it is necessary for the withdrawal or direction to take effect immediately (or on that date).
6. If the decision referred to in paragraph 2 is:
(a)to refuse the application for registration made under Article 5
(b)to exercise the FCA’s power under paragraph 1 or 2 of Article 10 to withdraw the registration of the trade repository on the FCA’s own initiative; or
(c)to refuse an application made by a trade repository under paragraph 3 of Article 10 to withdraw the registration of the trade repository,
the FCA must give the trade repository a written notice.
7. A written notice under paragraph 6 must:
(a)give details of the decision made by the FCA;
(b)state the FCA’s reasons for the decision;
(c)state when the decision takes effect; and
(d)inform the trade repository that it may either:
(i)request a review of the decision by the FCA, and make written representations for the purpose of the review, within such period as may be specified in the notice; or
(ii)refer the matter to the Upper Tribunal (“the Tribunal”) within such period as may be specified in the notice; and
(e)indicate the procedure on a reference to the Tribunal.
8. If the trade repository requests a review of the decision made by the FCA (“the original decision”) the FCA must consider any written representations made by the trade repository and review the original decision.
9. On a review under paragraph 8, the FCA may make any decision (“the new decision”) it could have made on the application.
10. The FCA must give the trade repository written notice of its decision on the review.
11. This paragraph applies to a decision—
(a)to maintain a decision to refuse an application for registration, made under Article 7;
(b)to refuse to revoke a decision made under paragraph 1 or 2 of Article 10 to withdraw the registration of the trade repository on the FCA’s own initiative; or
(c)to maintain a decision to refuse an application from a trade repository under paragraph 3 of Article 71 to withdraw the registration of the trade repository.
12. A written notice in relation to a decision to which paragraph 11 applies must:
(a)give details of the new decision made by the FCA;
(b)state the FCA’s reasons for the new decision;
(c)state whether the decision takes effect immediately or on such date as may be specified in the notice;
(d)inform the trade repository that it may, within such period as may be specified in the notice, refer the new decision to the Tribunal; and
(e)indicate the procedure on a reference to the Tribunal.
1. A trade repository may, subject to paragraph 2, refer to the Tribunal the FCA’s decision to:
(a)refuse to register the trade repository under Article 7;
(b)exercise its power under paragraph 1 or 2 of Article 10 to withdraw the registration of a trade repository; or
(c)refuse the trade repository’s application under paragraph 3 of Article 10 to withdraw its registration.
2. Where there is a review under paragraph 8 of Article 10a, paragraph 1 applies only in relation to the FCA’s decision in response to that review.”.