Section 313BD Revocation of requirements: applications by issuersF1 F2

(1)

This section applies where the F3FCA has imposed a requirement on an institution or a class of institutions under section 313A.

(2)

The issuer of the financial instrument may apply to the FCA for the revocation of the requirement.

(3)

The FCA must decide whether to revoke the requirement.

(4)

In the case of a requirement imposed on a class of institutions, the FCA may decide to revoke it in relation to—

(a)

the class;

(b)

the class apart from one or more specified members of it; or

(c)

one or more specified members of the class only.

(5)

The FCA must give the issuer a warning notice if—

(a)

in the case of a requirement imposed on an institution, the FCA proposes not to revoke the requirement, or

(b)

in the case of a requirement imposed on a class, the FCA proposes not to revoke the requirement or to revoke it in relation to—

(i)

the class apart from one or more specified members of it, or

(ii)

one or more specified members of the class only.

Annotations

F1: Pt. 18A inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(3), Sch. 3 para. 1
F2: Ss. 313BA-313BE inserted (9.4.2010) by The Financial Services and Markets Act 2000 (Amendments to Part 18A etc.) Regulations 2010 (S.I. 2010/1193), reg. 4
F3: Word in Pt. 18A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 36(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

C1: Pt. 18A: power to amend conferred (1.9.2023) by Financial Services Act 2021 (c. 22), ss. 22(8)(b), 49(5); S.I. 2023/934, reg. 2(c)