F1Part 8AShort selling
Short selling rules
131DShort selling rules: procedure in urgent cases
1
The Authority may make short selling rules (and may subsequently amend those rules) without complying with section 155 (consultation in relation to proposed rules) if it considers that it is necessary to do so, in order to—
a
maintain confidence in the UK financial system; or
b
protect the stability of the UK financial system.
2
Any rules made by virtue of subsection (1) (“emergency rules”) cease to have effect at the end of the period of three months beginning with the day on which the rules are made (“the relevant day”); but this is subject as follows.
3
The Authority may direct that emergency rules are to cease to have effect at the end of a period (not exceeding six months beginning with the relevant day) specified in the direction.
4
A direction under subsection (3) may be made only if, immediately before the end of the period mentioned in subsection (2), the Authority considers that it is necessary to do so, in order to—
a
maintain confidence in the UK financial system; or
b
protect the stability of the UK financial system.
5
Such a direction must be published by the Authority in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
6
Nothing in subsection (2) or (3) prevents the Authority from revoking emergency rules before the end of the periods referred to there.
Pt. 8A inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 8, 26(2)(b)