# The Public Offers and Admissions to Trading Regulations 2023, 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 (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.

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Source: https://www.legislation.gov.uk/ukdsi/2023/9780348254235/regulation/29 (the official version)
Page: https://openlegislation.uk/draft-public-offers-and-admissions-to-trading-regulations-2023/regulation-29
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.