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There are currently no known outstanding effects for the Financial Services and Markets Act 2023, Section 29.
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(1)FSMA 2000 is amended as follows.
(2)After section 3R (arrangements for provision of services) insert—
(1)Each regulator must keep under review generally any rules made by the regulator under this Act or any other enactment (whenever passed or made).
(2)Subsection (1) does not apply to rules made for the purpose of complying with a direction or recommendation of the Financial Policy Committee of the Bank of England under—
(a)section 9H of the Bank of England Act 1998 (directions to FCA or PRA requiring macro-prudential measures), or
(b)section 9Q of that Act (recommendations to FCA and PRA).
(1)Each regulator must prepare and publish a statement of its policy with respect to its review of rules under section 3RA.
(2)The statement must provide information about—
(a)how representations (including by a statutory panel) can be made to each regulator with respect to its review of rules under section 3RA, and
(b)the arrangements to ensure that those representations are considered.
(3)In this section “statutory panel” has the meaning given by section 1RB(5).
(4)If a statement published under this section is altered or replaced by a regulator, the regulator must publish the altered or replaced statement.
(5)A statement prepared under this section must be published by the regulator in the way appearing to that regulator to be best designed to bring it to the attention of the public.
(1)The Treasury may by direction require a regulator to carry out a review of specified rules if—
(a)the rules have been in force for at least 12 months,
(b)the Treasury consider that it is in the public interest that the rules are reviewed, and
(c)it does not appear to the Treasury that—
(i)the regulator is carrying out, or proposes to carry out, a review of those rules, or
(ii)if the regulator proposes to carry out a review, the proposals are appropriate for the purposes of carrying out an effective review.
(2)Subsection (1) only applies to rules falling within section 3RA(1).
(3)The Treasury must consult the regulator concerned before giving a direction under subsection (1).
(4)In exercising the power under this section, the Treasury must have regard to the desirability of minimising any adverse effect that the carrying out of the review may have on the exercise by the regulator of any of its other functions.
(5)A direction under subsection (1) may—
(a)specify the period within which a review must be carried out;
(b)determine the scope and conduct of a review;
(c)require the provision of interim reports during the carrying out of a review.
(6)Provision made in a direction under subsection (5)(b) may include a requirement—
(a)for a review to be carried out by a person appointed by the regulator who is independent of the regulator;
(b)for any such appointment to be made only with the approval of the Treasury.
(7)As soon as practicable after giving a direction under subsection (1) the Treasury must—
(a)lay before Parliament a copy of the direction, and
(b)publish the direction in such manner as the Treasury think fit.
(8)Subsection (7) does not apply where the Treasury consider that publication of the direction would be against the public interest.
(9)A direction under subsection (1) may be varied or revoked by the giving of a further direction.
(1)This section applies where the Treasury have given a direction to a regulator under section 3RC(1) to carry out a review.
(2)The regulator must make a written report to the Treasury as to the opinion of the regulator in relation to the following matters—
(a)if the regulator is the FCA, whether the rules under review—
(i)are compatible with the FCA’s strategic objective,
(ii)advance one or more of the FCA’s operational objectives, and
(iii)advance the competitiveness and growth objective;
(b)if the regulator is the PRA, whether the rules under review—
(i)advance one or more of the PRA’s objectives, and
(ii)advance the PRA’s competition objective and the PRA’s competitiveness and growth objective;
(c)whether and to what extent the rules are functioning effectively and achieving their intended purpose;
(d)whether any amendments should be made to the rules and, if so, what those amendments should be;
(e)whether any rules should be revoked (with or without replacement);
(f)whether any other action should be taken and, if so, what that action should be.
(3)As soon as practicable after receiving the report the Treasury must—
(a)lay before Parliament a copy of the report, and
(b)publish the report in such manner as the Treasury think fit.
(4)When complying with subsection (3) the Treasury may withhold material from the report if the Treasury consider that publication of the material would be against the public interest.”
Commencement Information
I1S. 29 not in force at Royal Assent, see s. 86(3)
I2S. 29 in force at 29.8.2023 by S.I. 2023/779, reg. 4(t)
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