Section 122IA: Power to suspend auctioning of auctioned products on a recognised auction platform, Financial Services and Markets Act 2000

The FCA may suspend the auctioning of a relevant auctioned product at an auction conducted by a recognised auction platform where it considers it necessary for the purpose of the exercise by it of functions under the market abuse regulation or any supplementary market abuse legislation.

If the FCA does so the recognised auction platform may refer the matter to the Tribunal.

A suspension by the FCA takes place—

immediately, if the FCA specify this is the case, or

on such later date as the FCA specify.

The FCA may—

cancel a suspension under subsection (1), and

impose such conditions for the cancellation to take effect as it considers appropriate.

The provisions relating to the suspension and removal of financial instruments from trading set out in—

section 313B(2) to (4) (suspension or removal of financial instruments from trading: procedure), and

sections 313BA (procedure following consideration of representations) to 313BC (decisions on applications for revocation by institutions),

apply, with the modifications set out in subsection (6), to a suspension of the auctioning of a relevant auctioned product at an auction conducted by a recognised auction platform.

The modifications referred to in subsection (5) are—

references to a requirement imposed on an institution under section 313A are to be read as references to the suspension of the auctioning of the relevant auctioned product;

references to an institution are to be read as references to the recognised auction platform;

in section 313B, the omission of—

subsection (2)(a)(ii);

in subsection (3A)(d), the words "or the issuer of the financial instrument in question" and "or the issuer";

in subsection (3A)(f), the words "or the issuer of the financial instrument in question;

the omission of section 313BA(5)(b) and (8);

the omission of section 313BB(6)(b); and

the omission of section 313BC(3)(b) and (6)(b).

In this section "relevant auctioned product" means an auctioned product , within the meaning of regulation 4 of the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021.

Section 122IA: Power to suspend auctioning of auctioned products on a recognised auction platform

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