ENF 21.10 Cancellation of approval as a sponsor

The FSA may cancel a sponsor's approval if it considers that a sponsor has failed to meet the criteria for approval as a sponsor as set out in LR 8.6.5R.

The FSA recognises that its decision to cancel a sponsor's approval may have a substantial impact on the sponsor.

When considering whether to cancel a sponsor's approval, the FSA will take into account all relevant factors, including, but not limited to, the following:

1. (1)

   the competence of the sponsor;

2. (2)

   the adequacy of the sponsor's systems and controls;

3. (3)

   the sponsor's history of compliance with the listing rules;

4. (4)

   the nature, seriousness and duration of the suspected failure of the sponsor to meet (at all times) the criteria for approval as a sponsor set out in LR 8.6.5R;

5. (5)

   any matter which the FSA could take into account if it were considering an application for approval as a sponsor made under section 88(3)(d) of the Act.