Where the FCA receives a section 301A notice, it must—
determine whether to approve the acquisition to which it relates; or
propose to object to the acquisition.
In making its determination the FCA must—
consider the suitability of the section 301A notice-giver and the financial soundness of the acquisition in order to ensure the sound and prudent management of the recognised investment exchange in question; and
have regard to the likely influence that the section 301A notice-giver will have on the recognised investment exchange.
The FCA may only object to an acquisition if it is not satisfied that the approval requirement is met.
The approval requirement is that the acquisition in question by the notice-giver does not pose a threat to the sound and prudent management of any financial market operated by the recognised investment exchange.