Section 27

In this regulation, “a relevant application” means an application to the FCA under regulated market admission rules for approval of a prospectus or supplementary prospectus. If the FCA proposes to refuse a relevant application, it must give the applicant written notice. The notice must state the FCA’s reasons for the proposed refusal. If the FCA decides to refuse a relevant application, it must give the applicant written notice. The notice must— give the FCA’s reasons for refusing the application, and inform the applicant of the right to refer the matter to the Tribunal. If the FCA refuses a relevant application, the applicant may refer the matter to the Tribunal.

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Source: legislation.gov.uk · retrieved 2026-09-04