Section 19: Primary information providers
257.Section 19 inserts new sections 89P, 89Q, 89R, 89S, 89T, 89U and 89V into Part 6 of FSMA.
258.New section 89P enables the FCA to make rules which may require the issuers of financial instruments to use primary information providers for the purposes of disseminating information to the market. A “primary information provider” is defined in subsection (2) as a person approved by the FCA for the purposes of section 89P. Subsection (4) specifies that 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 information of a specified description and other matters. Subsections (5) to (9) make similar provision to that made by section 88 (as amended by section 18(2)) in relation to sponsors.
259.New sections 89R to 89V make similar provision in the case of primary information providers to that made by new sections 88A to 88F, which confer on the FCA new supervisory and disciplinary powers in relation to sponsors.
