Why didn’t you use Section 75(4) FSMA to ensure that investors were provided with the appropriate level of protection?
Section 75(4) FSMA enables us to refuse the listing of a security if the issuer has not complied with the requirements of the Listing Rules or has failed to meet the additional requirements we imposed on the issuer. This section does not provide us with the powers to impose requirements that are outside the remit of the Listing Rules. The ECNs were admitted to the Official List through a prospectus that met the disclosure requirements set out in the Prospectus Rules; and the Exchange Offer was conducted in accordance with the purchase of own securities other than equity shares as set out in LR12. Section 75 of FSMA does not provide us with powers to ask for additional requirements in relation to disclosure within the Exchange offer document or additional requirements to the conditions of the offer as both of these are outside the remit of this section of FSMA.
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