Section 29

Where the FCA is satisfied that a person has repeatedly and seriously contravened any provision within paragraph (2) (whether or not each contravention is of the same provision), the FCA may decide that, for a period not exceeding 5 years— the FCA will not accept from the person any application under regulated market admission rules for the approval of a prospectus, the FCA will not engage in any process initiated by the person for validation of a prospectus under regulated market admission rules, and the person is not permitted— to publish a prospectus, to attempt to have a prospectus approved, or to have a prospectus validated. The provisions referred to in paragraph (1) are— any provision of regulated market admission rules; any provision of these Regulations; any provision contained in or made under Part 6 of FSMA 2000; section 89 of the Financial Services Act 2012 (misleading statements); section 90 of that Act (misleading impressions). If the FCA proposes that for a period the restrictions in paragraph (1) are to apply in relation to a person, the FCA must give the person a warning notice specifying the length of the proposed period. If the FCA decides that for a period the restrictions in paragraph (1) are to apply in relation to a person— the FCA must give the person a decision notice, the period starts with the date of the notice, and the notice must— be dated; specify the length of the period; state that the period begins with the date of the notice; and state that the person may refer the matter to the Tribunal. If the FCA decides that for a specified period the restrictions in paragraph (1) are to apply in relation to a person, the person may refer the matter to the Tribunal.

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