Regulation 3 Amendment of section 313B

(1)

Section 313B of the Act (suspension or removal of financial instruments from trading: procedure) is amended as follows.

(2)

In subsection (2)—

(a)

after “an institution,” insert “or a class of institutions,”;

(b)

for “give written notice” to the end of the subsection, substitute—

“give notice—

(a)
by written notice to—

(i)
the institution or, as the case may be, each institution in the class, and

(ii)
the issuer of the financial instrument in question (if any); or

(b)
by publishing a notice by means of a regulatory information service.”.

(3)

In subsection (3), for “The notice” substitute “A notice given under subsection (2)(a)”.

(4)

After subsection (3), insert—

“(3A)
A notice published under subsection (2)(b) must—

(a)
give details of the relevant requirement;

(b)
specify the institution, or the class of institutions, to which it applies;

(c)
state the Authority’s reasons for imposing the requirement and choosing the date on which it took effect or takes effect;

(d)
state that any institution to which the requirement applies or the issuer of the financial instrument in question may make representations to the Authority within such period as may be specified by the notice (whether or not the institution or the issuer has referred the matter to the Tribunal);

(e)
state the date on which the requirement took effect or takes effect; and

(f)
state that any institution to which the requirement applies or the issuer of the financial instrument in question has a right to refer the matter to the Tribunal, and give an indication of the procedure on such a reference.”.

(5)

Omit subsections (5) to (12).