The Public Offers and Admissions to Trading Regulations 2024
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Change 1
29 Power to refuse to accept applications or to prohibit validation or publication
(1) Where the FCA is satisfied that a person has repeatedly and seriously contravened any provision within paragraph (2) (whether or not each contravention is of the same provision), the FCA may decide that, for a period not exceeding 5 years— (a) the FCA will not accept from the person any application under regulated market admission rules for the approval of a prospectus, (b) the FCA will not engage in any process initiated by the person for validation of a prospectus under regulated market admission rules, and (c) the person is not permitted— (i) to publish a prospectus, (ii) to attempt to have a prospectus approved, or (iii) to have a prospectus validated. (2) The provisions referred to in paragraph (1) are— (a) any provision of regulated market admission rules; (b) any provision of these Regulations; (c) any provision contained in or made under Part 6 of FSMA 2000; (d) section 89 of the Financial Services Act 2012 (misleading statements); (e) section 90 of that Act (misleading impressions). (3) If the FCA proposes that for a period the restrictions in paragraph (1) are to apply in relation to a person, the FCA must give the person a warning notice specifying the length of the proposed period. (4) If the FCA decides that for a period the restrictions in paragraph (1) are to apply in relation to a person— (a) the FCA must give the person a decision notice, (b) the period starts with the date of the notice, and (c) the notice must— (i) be dated; (ii) specify the length of the period; (iii) state that the period begins with the date of the notice; and (iv) state that the person may refer the matter to the Tribunal. (5) If the FCA decides that for a specified period the restrictions in paragraph (1) are to apply in relation to a person, the person may refer the matter to the Tribunal.
29 Power to refuse to accept applications or to prohibit validation or publication
(1) Where the FCA is satisfied that a person has repeatedly and seriously contravened any provision within paragraph (2) (whether or not each contravention is of the same provision), the FCA may decide that, for a period not exceeding 5 years— (a) the FCA will not accept from the person any application under regulated market admission rules for the approval of a prospectus, (b) the FCA will not engage in any process initiated by the person for validation of a prospectus under regulated market admission rules, and (c) the person is not permitted— (i) to publish a prospectus, (ii) to attempt to have a prospectus approved, or (iii) to have a prospectus validated. (2) The provisions referred to in paragraph (1) are— (a) any provision of regulated market admission rules; (b) any provision of these Regulations; (c) any provision contained in or made under Part 6 of FSMA 2000; (d) section 89 of the Financial Services Act 2012 (misleading statements); (e) section 90 of that Act (misleading impressions). (3) If the FCA proposes that for a period the restrictions in paragraph (1) are to apply in relation to a person, the FCA must give the person a warning notice specifying the length of the proposed period. (4) If the FCA decides that for a period the restrictions in paragraph (1) are to apply in relation to a person— (a) the FCA must give the person a decision notice, (b) the period starts with the date of the notice, and (c) the notice must— (i) be dated; (ii) specify the length of the period; (iii) state that the period begins with the date of the notice; and (iv) state that the person may refer the matter to the Tribunal. (5) If the FCA decides that for a specified period the restrictions in paragraph (1) are to apply in relation to a person, the person may refer the matter to the Tribunal.
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