Financial Services and Markets Bill - continued        House of Commons

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The competent authority
The competent authority.     69. - (1) On the coming into force of this section, the functions conferred on the competent authority by this Part are to be exercised by the Stock Exchange.
      (2) But provision is made by Schedule 7 allowing some or all of those functions to be transferred by the Treasury so as to be exercisable by another person.
      (3) The exercise of any functions of the competent authority under this Part may be delegated to-
    (a) its governing body;
    (b) a committee; or
    (c) an authorised officer or employee of the competent authority.
      (4) But listing rules may be made only by the competent authority's governing body or a committee.
      (5) Listing rules made by a committee cease to have effect unless confirmed by the competent authority's governing body before the end of the period of 28 days beginning with the day on which they are made.
      (6) If listing rules cease to have effect as a result of subsection (5), the validity of anything done under the rules cannot be questioned merely because of that.
      (7) Any delegation under subsection (3) is to be disregarded when determining, for the purposes of section 94(2) or paragraph 1(1) of Schedule 7, by whom a function conferred by this Part is exercisable.
      (8) "Committee" means-
    (a) a committee of the competent authority's governing body; or
    (b) a sub-committee of such a committee.
The official list
The official list.     70. - (1) The competent authority must continue to maintain the official list.
      (2) The competent authority may admit to the official list such securities and other things as it considers appropriate.
      (3) But-
    (a) nothing may be admitted to the official list except in accordance with this Part; and
    (b) the Treasury may by order provide that anything which falls within a description or category specified in the order may not be admitted to the official list.
      (4) The competent authority may make rules ("listing rules") for the purposes of this Part.
      (5) In the following provisions of this Part-
    "security" means anything which has been, or may be, admitted to the official list; and
    "listing" means being included in the official list in accordance with this Part.
Applications for listing.     71. - (1) Admission to the official list may be granted only on an application made to the competent authority in such manner as may be required by the listing rules.
      (2) No application for listing may be entertained by the competent authority unless it is made by, or with the consent of, the issuer of the securities concerned.
      (3) No application for listing may be entertained by the competent authority in respect of securities which are to be issued by a company of a prescribed kind.
      (4) The competent authority may not grant an application for listing unless it is satisfied that-
    (a) the requirements of listing rules (so far as they apply to the application), and
    (b) any other requirements imposed by the authority in relation to the application,
  are complied with.
      (5) An application for listing may be refused if, for a reason relating to the issuer, the competent authority considers that granting it would be detrimental to the interests of investors.
      (6) An application for listing securities which are already officially listed in another EEA State may be refused if the issuer has failed to comply with any obligations to which he is subject as a result of that listing.
Decision on application.     72. - (1) The competent authority must notify the applicant of its decision on an application for listing-
    (a) before the end of the period of six months beginning with the date on which the application is received; or
    (b) if within that period the authority has required the applicant to provide further information in connection with the application, before the end of the period of six months beginning with the date on which that information is provided.
      (2) If the competent authority fails to comply with subsection (1), it is to be taken to have refused the application.
      (3) If securities are admitted to the official list, their admission may not be called in question on the ground that any requirement or condition for their admission has not been complied with.
Discontinuance and suspension of listing.     73. - (1) The competent authority may, in accordance with listing rules, discontinue the listing of any securities if satisfied that there are special circumstances which preclude normal regular dealings in them.
      (2) The competent authority may, in accordance with listing rules, suspend the listing of any securities.
      (3) If securities are suspended under subsection (2) they are to be treated, for the purposes of sections 89 and 91, as still being listed.
      (4) This section applies to securities whenever they were admitted to the official list.
Listing particulars
Listing particulars and other documents.     74. - (1) Listing rules may provide that securities (other than new securities) of a kind specified in the rules may not be admitted to the official list unless-
    (a) listing particulars have been submitted to, and approved by, the competent authority and published; or
    (b) in such cases as may be specified by listing rules, such document (other than listing particulars or a prospectus of a kind required by listing rules) as may be so specified has been published.
      (2) "Listing particulars" means a document in such form and containing such information as may be specified in listing rules.
      (3) For the purposes of this Part, the persons responsible for listing particulars are to be determined in accordance with regulations made by the Treasury.
      (4) Nothing in this section affects the competent authority's general power to make listing rules.
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Prepared 14 December 1999