The Public Offers and Admissions to Trading (Amendment and Consequential and Transitional Provisions) Regulations 2025
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Change 1
5 Temporary exemption from requirement relating to financial promotion approval
(1) During the interim exemption period determined under paragraph (7), section 55NA(1) of the Act (general requirement relating to financial promotion approval) does not apply to the giving of approval of the content of a platform-related communication by an authorised person in relation to whom the conditions in paragraph (3) and (4) are met. (2) A communication is a “platform-related communication” if, or to the extent that, its content relates to an offer of relevant securities to the public which is made, or to be made, by means of an electronic system operated by the authorised person in the course of the carrying on of the new regulated activity. (3) The first condition is that the authorised person has made an application falling within regulation 4(1). (4) The second condition is that, during the 3 months beginning with the commencement date, the authorised person has made an application under section 55NA of the Act which is or includes an application— (a) for the grant of permission to approve the content of platform-related communications for the purposes of section 21 of the Act, or (b) for the variation of an existing permission under section 55NA of the Act so as to include relevant securities for the purposes of platform-related communications. (5) For the purposes of this regulation and of section 55V of the Act (determination of applications), an application under section 55NA of the Act which is made before the commencement day and is or includes an application of the kind mentioned in paragraph (4)(a) or (b) is to be taken to have been made on the commencement day. (6) When the FCA has received both— (a) the application mentioned in paragraph (3), and (b) the application mentioned in paragraph (4) (“the section 55NA application”), the FCA must give the authorised person a written notice confirming that this regulation applies from such day as the FCA may specify in the notice. (7) The interim exemption period begins with the day specified in the notice under paragraph (6) and ends— (a) in a case where the section 55NA application is withdrawn by the authorised person under section 55V(4) of the Act, with the day on which it is withdrawn; (b) in a case where the FCA gives the authorised person notice under section 55V(5) of the Act of the granting of the section 55NA application, with the day before that specified in the notice as that from which the grant or variation of permission has effect; (c) in a case where the FCA gives the authorised person a decision notice under section 55X(4)(ea) or (eb) of the Act relating to a decision to give or vary permission under section 55NA but to exercise its power under subsection (4)(b) of that section, with the day before that from which the grant or variation has effect; (d) in a case where the FCA gives the authorised person a decision notice under section 55X(4)(f) of the Act relating to the refusal of the section 55NA application, with the day on which the notice is given; (e) in a case where, before the occurrence of an event falling within any of sub-paragraphs (a) to (d), the FCA gives the authorised person a decision notice under section 55Z(2) of the Act relating to cancellation of the person’s Part 4A permission, with the day on which the notice is given. (8) Paragraph (1) does not affect the operation of Part 4A of the Act in relation to the section 55NA application. (9) In this regulation— “relevant securities” has the meaning given in regulation 5 of the 2024 Regulations; “offer of relevant securities to the public” has the meaning given in regulation 7 of those Regulations.
5 Temporary exemption from requirement relating to financial promotion approval
(1) During the interim exemption period determined under paragraph (7), section 55NA(1) of the Act (general requirement relating to financial promotion approval) does not apply to the giving of approval of the content of a platform-related communication by an authorised person in relation to whom the conditions in paragraph (3) and (4) are met. (2) A communication is a “platform-related communication” if, or to the extent that, its content relates to an offer of relevant securities to the public which is made, or to be made, by means of an electronic system operated by the authorised person in the course of the carrying on of the new regulated activity. (3) The first condition is that the authorised person has made an application falling within regulation 4(1). (4) The second condition is that, during the 3 months beginning with the commencement date, the authorised person has made an application under section 55NA of the Act which is or includes an application— (a) for the grant of permission to approve the content of platform-related communications for the purposes of section 21 of the Act, or (b) for the variation of an existing permission under section 55NA of the Act so as to include relevant securities for the purposes of platform-related communications. (5) For the purposes of this regulation and of section 55V of the Act (determination of applications), an application under section 55NA of the Act which is made before the commencement day and is or includes an application of the kind mentioned in paragraph (4)(a) or (b) is to be taken to have been made on the commencement day. (6) When the FCA has received both— (a) the application mentioned in paragraph (3), and (b) the application mentioned in paragraph (4) (“the section 55NA application”), the FCA must give the authorised person a written notice confirming that this regulation applies from such day as the FCA may specify in the notice. (7) The interim exemption period begins with the day specified in the notice under paragraph (6) and ends— (a) in a case where the section 55NA application is withdrawn by the authorised person under section 55V(4) of the Act, with the day on which it is withdrawn; (b) in a case where the FCA gives the authorised person notice under section 55V(5) of the Act of the granting of the section 55NA application, with the day before that specified in the notice as that from which the grant or variation of permission has effect; (c) in a case where the FCA gives the authorised person a decision notice under section 55X(4)(ea) or (eb) of the Act relating to a decision to give or vary permission under section 55NA but to exercise its power under subsection (4)(b) of that section, with the day before that from which the grant or variation has effect; (d) in a case where the FCA gives the authorised person a decision notice under section 55X(4)(f) of the Act relating to the refusal of the section 55NA application, with the day on which the notice is given; (e) in a case where, before the occurrence of an event falling within any of sub-paragraphs (a) to (d), the FCA gives the authorised person a decision notice under section 55Z(2) of the Act relating to cancellation of the person’s Part 4A permission, with the day on which the notice is given. (8) Paragraph (1) does not affect the operation of Part 4A of the Act in relation to the section 55NA application. (9) In this regulation— “relevant securities” has the meaning given in regulation 5 of the 2024 Regulations; “offer of relevant securities to the public” has the meaning given in regulation 7 of those Regulations.
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