244.Section 77 of FSMA (as amended by section 16(5)) provides that the FCA may discontinue or suspend the listing of securities where there are special circumstances which preclude normal regular dealings with them. (“Discontinuance” and “suspension” are defined in section 78(13) and (14).) Section 78 describes the procedural arrangements which apply where the FCA, of its own doing, proposes or decides to discontinue or suspend the listing of securities. Section 78A sets out the procedure to be followed where the issuer applies to the FCA for listing to be discontinued or suspended.
245.The requirement imposed by section 78A(2) to issue a written notice where the FCA decides to discontinue or suspend the listing of securities at the request of the issuer is onerous in practice as the FCA may wish to act very quickly in response to the request. Therefore section 17(2) makes some minor and technical changes to section 78A to enable the FCA to give notice in writing or orally where the FCA decides to take the action requested by the issuer. Subsection (2)(c) substitutes section 78A(3) and sets out the information which should be included in a notification.
246.Subsection (3) makes a consequential change to section 395 which sets out provision in relation to the procedural arrangements which must be put in place by the FCA so that an oral notification under section 78A constitutes a “supervisory notice” for the purposes of that section.