Section 78: Discontinuance or suspension: procedure., Financial Services and Markets Act 2000

A discontinuance or suspension by the FCA on its own initiative takes effect—

immediately, if the notice under subsection (2) states that that is the case;

in any other case, on such date as may be specified in that notice.

If on its own initiative the FCA—

proposes to discontinue or suspend the listing of securities, or

discontinues or suspends the listing of securities with immediate effect,

it must give the issuer of the securities written notice.

The notice must—

give details of the discontinuance or suspension;

state the FCA's reasons for the discontinuance or suspension and for choosing the date on which it took effect or takes effect;

inform the issuer of the securities that he may make representations to the FCA within such period as may be specified in the notice (whether or not he has referred the matter to the Tribunal);

inform him of the date on which the discontinuance or suspension took effect or will take effect; and

inform him of his right to refer the matter to the Tribunal.

The FCA may extend the period within which representations may be made to it.

If, having considered any representations made by the issuer of the securities, the FCA decides—

to discontinue or suspend the listing of the securities, or

if the discontinuance or suspension has taken effect, not to cancel it,

the FCA must give the issuer of the securities written notice.

A notice given under subsection (5) must inform the issuer of the securities of his right to refer the matter to the Tribunal.

If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.

If the FCA decides—

not to discontinue or suspend the listing of the securities, or

if the discontinuance or suspension has taken effect, to cancel it,

the FCA must give the issuer of the securities written notice.

The effect of cancelling a discontinuance is that the securities concerned are to be readmitted, without more, to the official list.

If—

the FCA has suspended the listing of securities on its own initiative, or securities have been suspended by the Bank of England under section 19, 39B or 48L of the Banking Act 2009, or paragraph 44 or 65 of Schedule 11 to the Financial Services and Markets Act 2023 and

the FCA proposes to refuse an application by the issuer of the securities for the cancellation of the suspension,

the FCA must give the issuer a warning notice.

The FCA must, having considered any representations made in response to the warning notice—

if it decides to refuse the application, give the issuer of the securities a decision notice;

if it grants the application, give him written notice of its decision.

If the FCA decides to refuse an application for the cancellation of the suspension of listed securities, the applicant may refer the matter to the Tribunal.

"Discontinuance" means a discontinuance of listing under section 77(1).

"Suspension" means a suspension of listing under section 77(2) and in subsections (10) and (12), includes a suspension of listing under section 19, 39B or 48L of the Banking Act 2009 or paragraph 44 or 65 of Schedule 11 to the Financial Services and Markets Act 2023.

Section 78: Discontinuance or suspension: procedure.

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