Section 301I Objections by the FCAF1 F2

United Kingdom

(1)

The FCA may object to a person's control over a recognised investment exchange in any of the circumstances specified in subsection (2).

(2)

The circumstances are that the FCA reasonably believes that—

(a)

the person acquired or increased control without giving notice under section 301A in circumstances where notice was required; and

(b)

there are grounds for objecting to control on the basis of the approval requirement in section 301F(4).

(3)

If the FCA proposes to object to a person's control over a recognised investment exchange, it must give that person a warning notice.

(4)

If the FCA decides to object to a person's control over a UK authorised person, it must give that person a decision notice.

(5)

A person to whom the FCA gives a decision notice under this section may refer the matter to the Tribunal.

Annotations

F1: Pt. 18 Ch. 1A substituted (21.3.2009) by virtue of The Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534), reg. 5, Sch. 2 (with reg. 8)
F2: Word in s. 301I(1)-(5) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 29 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F1: Pt. 18 heading substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(8) (with regs. 7(4), 9(1))
F2: Words in Pt. 18 heading substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 18(2), 86(3); S.I. 2023/779, reg. 4(m)

C1: Pt. 18 applied in part (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 7, Sch. 2 (as amended (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 37 (with regs. 7(4), 9(1)))