Financial Services and Markets Bill - continued        House of Lords

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  PART VI
  OFFICIAL LISTING
 
The competent authority
The competent authority.     70. - (1) On the coming into force of this section, the functions conferred on the competent authority by this Part are to be exercised by the Authority.
 
      (2) Schedule 7 modifies this Act in its application to the Authority when it acts as the competent authority.
 
      (3) But provision is made by Schedule 8 allowing some or all of those functions to be transferred by the Treasury so as to be exercisable by another person.
 
General duty of the competent authority.     71. - (1) In discharging its general functions the competent authority must have regard to-
 
 
    (a) the need to use its resources in the most efficient and economic way;
 
    (b) the principle that a burden or restriction which is imposed on a person should be proportionate to the benefits, considered in general terms, which are expected to arise from the imposition of that burden or restriction;
 
    (c) the desirability of facilitating innovation in respect of listed securities;
 
    (d) the international character of capital markets and the desirability of maintaining the competitive position of the United Kingdom;
 
    (e) the need to minimise the adverse effects on competition of anything done in the discharge of those functions;
 
    (f) the desirability of facilitating competition in relation to listed securities.
      (2) The competent authority's general functions are-
 
 
    (a) its function of making rules under this Part (considered as a whole);
 
    (b) its functions in relation to the giving of general guidance in relation to this Part (considered as a whole);
 
    (c) its function of determining the general policy and principles by reference to which it performs particular functions under this Part.
 
The official list
The official list.     72. - (1) The competent authority must maintain the official list.
 
      (2) The competent authority may admit to the official list such securities and other things as it considers appropriate.
 
      (3) But-
 
 
    (a) nothing may be admitted to the official list except in accordance with this Part; and
 
    (b) the Treasury may by order provide that anything which falls within a description or category specified in the order may not be admitted to the official list.
      (4) The competent authority may make rules ("listing rules") for the purposes of this Part.
 
      (5) In the following provisions of this Part-
 
 
    "security" means anything which has been, or may be, admitted to the official list; and
 
    "listing" means being included in the official list in accordance with this Part.
 
Listing
Applications for listing.     73. - (1) Admission to the official list may be granted only on an application made to the competent authority in such manner as may be required by listing rules.
 
      (2) No application for listing may be entertained by the competent authority unless it is made by, or with the consent of, the issuer of the securities concerned.
 
      (3) No application for listing may be entertained by the competent authority in respect of securities which are to be issued by a body of a prescribed kind.
 
      (4) The competent authority may not grant an application for listing unless it is satisfied that-
 
 
    (a) the requirements of listing rules (so far as they apply to the application), and
 
    (b) any other requirements imposed by the authority in relation to the application,
       are complied with.
 
      (5) An application for listing may be refused if, for a reason relating to the issuer, the competent authority considers that granting it would be detrimental to the interests of investors.
 
      (6) An application for listing securities which are already officially listed in another EEA State may be refused if the issuer has failed to comply with any obligations to which he is subject as a result of that listing.
 
Decision on application.     74. - (1) The competent authority must notify the applicant of its decision on an application for listing-
 
 
    (a) before the end of the period of six months beginning with the date on which the application is received; or
 
    (b) if within that period the authority has required the applicant to provide further information in connection with the application, before the end of the period of six months beginning with the date on which that information is provided.
      (2) If the competent authority fails to comply with subsection (1), it is to be taken to have decided to refuse the application.
 
      (3) If the competent authority decides to grant an application for listing, it must give the applicant written notice.
 
      (4) If the competent authority proposes to refuse an application for listing, it must give the applicant a warning notice.
 
      (5) If the competent authority decides to refuse an application for listing, it must give the applicant a decision notice.
 
      (6) If the competent authority decides to refuse an application for listing, the applicant may refer the matter to the Tribunal.
 
      (7) If securities are admitted to the official list, their admission may not be called in question on the ground that any requirement or condition for their admission has not been complied with.
 
 
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