Regulation 10 Cancellation of an authorisation to provide a data reporting service

(1)

The FCA may cancel a person’s authorisation to provide a data reporting service where—

(a)

the person requests, or consents to, the cancellation of the authorisation;

(b)

in the case of an authorisation to provide a CTP service in respect of which a direction to tender is given, the person is not awarded the tender contract;

(c)

the person has not provided the data reporting service which the person is authorised to provide for the preceding six months;

(d)

the person has obtained the authorisation through false statements or other irregular means;

(e)

the person no longer meets the conditions under which the authorisation was granted;

(f)

the FCA is not satisfied the persons who effectively direct the business of the person are of good repute;

(g)

the person has seriously and systematically infringed requirements imposed by or under—

(i)

these Regulations,

(ii)

data reporting service rules,

(iii)

the markets in financial instruments regulation, or

(iv)

any assimilated law made under the markets in financial instruments directive or the markets in financial instruments regulation.

(2)

A request made under paragraph (1)(a) must be made in such manner as the FCA may direct.

(3)

The FCA may refuse a request under paragraph (1)(a).

(4)

The FCA must give a person a warning notice where it proposes to—

(a)

cancel a person’s authorisation, other than at the person’s request; or

(b)

refuse a request under paragraph (1)(a).

(5)

The FCA must, having considered any representations made in response to the warning notice—

(a)

give the person notice of its decision if it decides—

(i)

not to cancel the authorisation, or

(ii)

to approve the request under paragraph (1)(a); or

(b)

give the person a decision notice if it decides—

(i)

to cancel the authorisation, or

(ii)

to refuse the request under paragraph (1)(a).

(6)

The person may refer the matter to the Tribunal if the FCA decides—

(a)

to cancel the authorisation, other than at the person’s request, or

(b)

to refuse the request under paragraph (1)(a).

(7)

Where the period for a reference to the Tribunal has expired without such reference being made, the FCA must as soon as practicable update the register accordingly.