|
| |
|
(2) | The draft must be accompanied by notice that representations about the |
| |
proposal may be made to the FCA within a specified time. |
| |
(3) | Before issuing the proposed statement, the FCA must have regard to |
| |
any representations made to it in accordance with subsection (2). |
| |
(4) | If the FCA issues the proposed statement it must publish an account, in |
| 5 |
| |
(a) | the representations made to it in accordance with subsection (2), |
| |
| |
(b) | its response to them. |
| |
(5) | If the statement differs from the draft published under subsection (1) in |
| 10 |
a way which is, in the opinion of the FCA, significant, the FCA must (in |
| |
addition to complying with subsection (4)) publish details of the |
| |
| |
(6) | The FCA may charge a reasonable fee for providing a person with a |
| |
copy of a draft published under subsection (1). |
| 15 |
(7) | This section also applies to a proposal to alter or replace a statement. |
| |
88E | Powers exercisable to advance operational objectives |
| |
(1) | The FCA may take action against a sponsor under this section if it |
| |
considers that it is desirable to do so in order to advance one or more of |
| |
its operational objectives. |
| 20 |
(2) | If the FCA is entitled to take action under this section against a sponsor, |
| |
| |
(a) | suspend, for such period as it considers appropriate, the |
| |
| |
(b) | impose, for such period as it considers appropriate, such |
| 25 |
limitations or other restrictions in relation to the performance of |
| |
services to which the sponsor’s approval relates as it considers |
| |
| |
(3) | A suspension may relate only to the performance in specified |
| |
circumstances of a service to which the approval relates. |
| 30 |
(4) | A restriction may, in particular, be imposed so as to require the sponsor |
| |
to take, or refrain from taking, specified action. |
| |
| |
(a) | withdraw a suspension or restriction, or |
| |
(b) | vary a suspension or restriction so as to reduce the period for |
| 35 |
which it has effect or otherwise to limit its effect. |
| |
(6) | A person against whom the FCA takes action under this section may |
| |
refer the matter to the Tribunal. |
| |
88F | Action under s.88E: procedure |
| |
(1) | Action against a sponsor under section 88E takes effect— |
| 40 |
(a) | immediately, if the notice given under subsection (3) so |
| |
| |
(b) | on such later date as may be specified in the notice. |
| |
| |
|
| |
|
| |
|
(a) | proposes to take action against a sponsor under that section, or |
| |
(b) | takes action against a sponsor under that section with |
| |
| |
| it must give the sponsor written notice. |
| |
| 5 |
(a) | give details of the action, |
| |
(b) | state the FCA’s reasons for taking the action and for its |
| |
determination as to when the action takes effect, |
| |
(c) | inform the sponsor that the sponsor may make representations |
| |
to the FCA within such period as may be specified in the notice |
| 10 |
(whether or not the matter has been referred to the Tribunal), |
| |
(d) | inform the sponsor of when the action takes effect, |
| |
(e) | inform the sponsor of the right to refer the matter to the |
| |
| |
(f) | give an indication of the procedure on such a reference. |
| 15 |
(4) | The FCA may extend the period allowed under the notice for making |
| |
| |
| |
(a) | to take the action in the way proposed, or |
| |
(b) | if the action has taken effect, not to rescind it, |
| 20 |
| the FCA must give the sponsor written notice. |
| |
| |
(a) | not to take the action in the way proposed, |
| |
(b) | to take action under section 88E that differs from the action |
| |
| 25 |
(c) | to rescind action which has taken effect, |
| |
| the FCA must give the sponsor written notice. |
| |
(7) | A notice under subsection (5) must— |
| |
(a) | inform the sponsor of the right to refer the matter to the |
| |
| 30 |
(b) | give an indication of the procedure on such a reference. |
| |
(8) | A notice under subsection (6)(b) must comply with subsection (3).” |
| |
(5) | In section 392 (warning and decisions notices: application of provisions |
| |
relating to third party rights and access to evidence)— |
| |
(a) | for “section 89(2),” substitute “section 88B(1),”, and |
| 35 |
(b) | for “section 89(3),” substitute “section 88B(5),”. |
| |
(6) | In section 395(13) (meaning of “supervisory notice”), after paragraph (bza) |
| |
| |
“(bzb) | section 88F(2), (5) or (6)(b);”. |
| |
|
| |
|
| |
|
17 | Primary information providers |
| |
(1) | In Part 6 of FSMA 2000 (official listing), after section 89O insert— |
| |
“Primary information providers |
| |
89P | Primary information providers |
| |
(1) | Part 6 rules may require issuers of financial instruments to use primary |
| 5 |
information providers for the purpose of giving information of a |
| |
specified description to a market of a specified description. |
| |
(2) | “Primary information provider” means a person approved by the FCA |
| |
for the purposes of this section. |
| |
(3) | “Specified” means specified in the Part 6 rules. |
| 10 |
(4) | Part 6 rules made by virtue of subsection (1) may— |
| |
(a) | provide for the FCA to maintain a list of providers; |
| |
(b) | impose requirements on a provider in relation to the giving of |
| |
information or of information of a specified description; |
| |
(c) | specify the circumstances in which a person is qualified for |
| 15 |
being approved as a provider; |
| |
(d) | provide for limitations or other restrictions to be imposed on the |
| |
giving of information to which an approval relates (whether or |
| |
not the approval has already been granted); |
| |
(e) | provide for the approval of a provider to be suspended on the |
| 20 |
application of the provider. |
| |
| |
(a) | to refuse a person’s application under information provider |
| |
| |
(b) | to impose limitations or other restrictions on the giving of |
| 25 |
information to which a person’s approval relates, or |
| |
(c) | to cancel a person’s approval as a provider otherwise than at the |
| |
| |
| it must give the person a warning notice. |
| |
| 30 |
(a) | to grant the application under information provider rules, |
| |
(b) | not to impose limitations or other restrictions on the giving of |
| |
information to which a person’s approval relates, or |
| |
(c) | not to cancel the approval, |
| |
| it must give the person concerned written notice of its decision. |
| 35 |
| |
(a) | to refuse to grant the application under information provider |
| |
| |
(b) | to impose limitations or other restrictions on the giving of |
| |
information to which a person’s approval relates, or |
| 40 |
(c) | to cancel the approval, |
| |
| it must give the person concerned a decision notice. |
| |
(8) | A person to whom a decision notice is given under this section may |
| |
refer the matter to the Tribunal. |
| |
|
| |
|
| |
|
(9) | In this section any reference to an application under information |
| |
| |
(a) | an application for approval as a provider, |
| |
(b) | an application for the suspension of an approval as a provider, |
| |
(c) | an application for the withdrawal of the suspension of an |
| 5 |
approval as a provider, or |
| |
(d) | an application for the withdrawal or variation of a limitation or |
| |
other restriction on the giving of information to which a |
| |
provider’s approval relates. |
| |
89Q | Disciplinary powers: contravention of s.89P(4)(b) or (d) |
| 10 |
(1) | The FCA may take action against a provider under this section if it |
| |
considers that the provider has contravened a requirement or |
| |
restriction imposed on the provider by rules made as a result of section |
| |
| |
(2) | If the FCA is entitled to take action under this section against a |
| 15 |
provider, it may do one or more of the following— |
| |
(a) | impose a penalty on the provider of such amount as it considers |
| |
| |
(b) | suspend, for such period as it considers appropriate, the |
| |
| 20 |
(c) | impose, for such period as it considers appropriate, such |
| |
limitations or other restrictions in relation to the giving by the |
| |
provider of information as it considers appropriate; |
| |
(d) | publish a statement to the effect that the provider has |
| |
contravened a requirement or restriction imposed on the |
| 25 |
provider by rules made as a result of section 89P(4)(b) or (d). |
| |
(3) | The period for which a suspension or restriction is to have effect may |
| |
| |
(4) | A suspension may relate only to the giving of information in specified |
| |
| 30 |
(5) | A restriction may, in particular, be imposed so as to require the |
| |
provider to take, or refrain from taking, specified action. |
| |
| |
(a) | withdraw a suspension or restriction, or |
| |
(b) | vary a suspension or restriction so as to reduce the period for |
| 35 |
which it has effect or otherwise to limit its effect. |
| |
(7) | The FCA may not take action against a provider under this section after |
| |
the end of the limitation period unless, before the end of that period, it |
| |
has given a warning notice to the provider under section 89R(1). |
| |
(8) | “The limitation period” means the period of 3 years beginning with the |
| 40 |
first day on which the FCA knew that the provider had contravened the |
| |
requirement or restriction. |
| |
(9) | For this purpose the FCA is to be treated as knowing that a provider has |
| |
contravened a requirement or restriction if it has information from |
| |
which that can reasonably be inferred. |
| 45 |
|
| |
|