Section 89P: Primary information providers, Financial Services and Markets Act 2000

Part 6 rules may require issuers of financial instruments to use primary information providers for the purpose of giving information of a specified description to a market of a specified description.

"Primary information provider" means a person approved by the FCA for the purposes of this section.

"Specified" means specified in the Part 6 rules.

Part 6 rules made by virtue of subsection (1) may—

provide for the FCA to maintain a list of providers;

impose requirements on a provider in relation to the giving of information or of information of a specified description;

specify the circumstances in which a person is qualified for being approved as a provider;

provide for limitations or other restrictions to be imposed on the giving of information to which an approval relates (whether or not the approval has already been granted);

provide for the approval of a provider to be suspended on the application of the provider.

If the FCA proposes—

to refuse a person's application under information provider rules,

to impose limitations or other restrictions on the giving of information to which a person's approval relates, or

to cancel a person's approval as a provider otherwise than at the person's request,

it must give the person a warning notice.

If the FCA decides—

to grant the application under information provider rules,

not to impose limitations or other restrictions on the giving of information to which a person's approval relates, or

not to cancel the approval,

it must give the person concerned written notice of its decision.

If the FCA decides—

to refuse to grant the application under information provider rules,

to impose limitations or other restrictions on the giving of information to which a person's approval relates, or

to cancel the approval,

it must give the person concerned a decision notice.

A person to whom a decision notice is given under this section may refer the matter to the Tribunal.

In this section any reference to an application under information provider rules means—

an application for approval as a provider,

an application for the suspension of an approval as a provider,

an application for the withdrawal of the suspension of an approval as a provider, or

an application for the withdrawal or variation of a limitation or other restriction on the giving of information to which a provider's approval relates.

Section 89P: Primary information providers

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