(1)Section 114 of the Financial Services Act 1986 (power to transfer functions to designated agency) applies to the functions of the Secretary of State under this Part in relation to a UK investment exchange or clearing house, with the exception of his functions with respect to the making of orders and regulations.
(2)If immediately before the commencement of this section—
(a)a designated agency is exercising all functions in relation to such bodies which are capable of being transferred under that section, and
(b)no draft order is lying before Parliament resuming any of those functions,
the order bringing this section into force shall have effect as a delegation order made under that section transferring to that agency all the functions which may be transferred by virtue of this section.
(3)The Secretary of State may—
(a)in the circumstances mentioned in subsection (3), (4) or (5) of section 115 of the [1986 c. 60.] Financial Services Act 1986, or
(b)if it appears to him that a designated agency is unable or unwilling to discharge all or any of the functions under this Part which have been transferred to it,
make an order under that section resuming all functions under this Part which have been transferred to the agency.
This does not affect his power to make an order under subsection (1) or (2) of that section with respect to such functions.