{
  "url": "https://openlegislation.uk/draft-public-offers-and-admissions-to-trading-regulations-2023/regulation-27",
  "json_url": "https://openlegislation.uk/draft-public-offers-and-admissions-to-trading-regulations-2023/regulation-27.json",
  "legislation": "ukdsi/2023/9780348254235",
  "legislation_title": "The Public Offers and Admissions to Trading Regulations 2023",
  "legislation_url": "https://openlegislation.uk/draft-public-offers-and-admissions-to-trading-regulations-2023",
  "path": "regulation/27",
  "kind": "regulation",
  "number": "27",
  "heading": "Procedure for decision to refuse an application",
  "text": "(1) In this regulation, “a relevant application” means an application to the FCA under regulated market admission rules for approval of a prospectus or supplementary prospectus.\n(2) If the FCA proposes to refuse a relevant application, it must give the applicant written notice.\n(3) The notice must state the FCA’s reasons for the proposed refusal.\n(4) If the FCA decides to refuse a relevant application, it must give the applicant written notice.\n(5) The notice must—\n(a) give the FCA’s reasons for refusing the application, and\n(b) inform the applicant of the right to refer the matter to the Tribunal.\n(6) If the FCA refuses a relevant application, the applicant may refer the matter to the Tribunal.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 417(1) of the Financial Services and Markets Act 2000 contains a definition of “the Tribunal” for the purposes of that Act."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2023/9780348254235/regulation/27",
    "retrieved_at": "2026-10-30T14:42:14.980226+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}