Section 49

Where immediately before the main commencement day— these Regulations do not affect the reference to the Tribunal or any related appeal. a person has a right to make a reference to the Tribunal in respect of any decision of the FCA to refusal the approval of a prospectus, or such a reference has been made but the reference or any related appeal has not been determined. If the Tribunal remit the matter to the FCA for decision, regulation 48(2) applies in relation to a prospectus approved by the FCA in accordance with a direction of the Tribunal as it applies in relation to a prospectus approved before the main commencement day.

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