Regulation 18 Notice of FCA decision to exercise power in exceptional circumstances

(1)

The FCA must publish a notice of any decision to exercise a power under this Part.

(2)

The notice must specify—

(a)

the power exercised;

(b)

the measure imposed under the power, including a description of the financial instruments or transactions to which it relates;

(c)

the time period for which the measure will be in force;

(d)

the reasons why the FCA believes it necessary or, in the case of a decision to exercise the power in regulation 17, appropriate to exercise the power including the evidence supporting those reasons;

(e)

the reasons why the FCA believes that the exercise of the power will not have a detrimental effect on the efficiency of the financial markets in the United Kingdom which is disproportionate to its benefits;

(f)

where the notice is of a decision to exercise the power in regulation 13(1), the threshold for notification to the FCA of a net short position;

(g)

any exceptions that apply in relation to the measure;

(h)

where the notice is of a decision to exercise a power in regulation 13 or 14—

(i)

how and when notification must be made, and

(ii)

the form and content of the notification.

(3)

A measure imposed by the FCA under this Part takes effect when the notice is published or at a later time specified in the notice and applies (as appropriate) in relation to—

(a)

any position held or any lending agreement in place at the time;

(b)

any position acquired or any lending agreement, short sale or transaction entered into after the measure takes effect.

(4)

A measure imposed by the FCA under this Part ceases to have effect at the end of the time period specified in the notice in accordance with paragraph (2)(c).