Regulation 29 Power to refuse to accept applications or to prohibit validation or publication

(1)

Where the FCA is satisfied that a person has repeatedly and seriously contravened any provision within paragraph (2) (whether or not each contravention is of the same provision), the FCA may decide that, for a period not exceeding 5 years—

(a)

the FCA will not accept from the person any application under regulated market admission rules for the approval of a prospectus,

(b)

the FCA will not engage in any process initiated by the person for validation of a prospectus under regulated market admission rules, and

(c)

the person is not permitted—

(i)

to publish a prospectus,

(ii)

to attempt to have a prospectus approved, or

(iii)

to have a prospectus validated.

(2)

The provisions referred to in paragraph (1) are—

(a)

any provision of regulated market admission rules;

(b)

any provision of these Regulations;

(c)

any provision contained in or made under Part 6 of FSMA 2000;

(d)

section 89 of the Financial Services Act 2012^f1 (misleading statements);

(e)

section 90 of that Act (misleading impressions).

(3)

If the FCA proposes that for a period the restrictions in paragraph (1) are to apply in relation to a person, the FCA must give the person a warning notice specifying the length of the proposed period.

(4)

If the FCA decides that for a period the restrictions in paragraph (1) are to apply in relation to a person—

(a)

the FCA must give the person a decision notice,

(b)

the period starts with the date of the notice, and

(c)

the notice must—

(i)

be dated;

(ii)

specify the length of the period;

(iii)

state that the period begins with the date of the notice; and

(iv)

state that the person may refer the matter to the Tribunal.

(5)

If the FCA decides that for a specified period the restrictions in paragraph (1) are to apply in relation to a person, the person may refer the matter to the Tribunal.

Annotations

Footnotes

f1: 2012 c. 21.