GLOSSARY

General functions of the competent authority relating to Official List definition

Produced in partnership with Charles Kerrigan of CMS

What does General functions of the competent authority relating to Official List mean?

The competent authority relating to the Official List is the Financial Conduct Authority (FCA) and the FCA exercises the following general functions in relation to the Official List: (1) making rules; (2) providing guidance ; (3) determining the policy and principles for performing particular functions.

With regard to the competent authority (FSA) discharging its general functions listed above, see Financial Services and Markets Act 2000 s 73(2)(a), (b) and (c). In performing its general functions, the competent authority take account of: (a) efficiency: i.e., the need to use its resources in the most efficient and economic way [Financial Services and Markets Act 2000 s 73(1)(a)]; (b) proportionate benefits: i.e., the principle that a burden or restriction which is imposed on a person should be proportionate to the benefits, considered in general terms, which are expected to arise from the imposition of that burden or restriction [Financial Services and Markets Act 2000 s 73(1)(b)]; (c) innovation: facilitating innovation in respect of listed securities [see Halsbury's Laws of England Financial Services and Institutions Vol 48 (2008) 5th Edition PARA 11 Note 11]; and in respect of financial instruments [for 'financial instrument' see Council Directive 2003/6 (OJ L96, 12.4.2003, p 16)] which have otherwise been admitted to trading on a regulated market ['Regulated market' has the meaning given in European Council Directive 93/22 (OJ L141, 11.6.93, p 27) or for which a request for admission to trading on such a market has been made]; (d) competition: the international character of capital markets and the desirability of maintaining the competitive position of the United Kingdom [Financial Services and Markets Act 2000 s 73(1)(d)]; (e) adverse effects: the need to minimise the adverse effects on competition of anything done in the discharge of those functions [Financial Services and Markets Act 2000 s 73(1)(e)]; and (f) competition in secondary market: facilitating competition in relation to listed securities and in relation to financial instruments which have otherwise been admitted to trading on a regulated market or for which a request for admission to trading on such a market has been made [Financial Services and Markets Act 2000 s 73(1)(e)] (substituted by SI 2005/381). Halsbury's Laws of England Financial Services and Institutions Vol 48 (2008) 5th Edition PARA 385.


General functions of the competent authority relating to Official List is referenced 3 in UK Parliament Acts

General functions of the competent authority relating to Official List is referenced 1 in Halsbury's Laws of England

Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.

  Case studies

"While we began looking at LexisNexis products primarily for cost saving, it quickly became more about customer service, ease of onboarding, ongoing training and breadth of resources available."

Co-Op


Access all documents on General functions of the competent authority relating to Official List

GET ACCESS NOW