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Financial Services and Markets Act 2000

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[F1140HRole of the TreasuryU.K.

This section has no associated Explanatory Notes

(1)This section applies where—

(a)[F2the CMA] has given section 140B advice and the regulator has published a response under section 140G, and

(b)the [F3CMA] remains of the opinion that one or more of the things mentioned in section 140B(4) may cause or contribute to, the effect mentioned in section 140B(5).

(2)The [F4CMA] may refer the section 140B advice to the Treasury by sending the Treasury—

(a)a copy of the section 140B advice and of the response, and

(b)a request to consider the advice and the response.

(3)In referring the section 140B advice, the [F4CMA] may give advice to the Treasury as to what action, if any, ought to be taken by the regulator.

(4)If section 140B advice is referred to them, the Treasury may give a direction to the regulator to which the advice was given requiring the regulator to take such action as may be specified in the direction.

(5)In considering whether to give a direction and, if so, what action to specify, the Treasury must have regard to—

(a)any advice the [F5CMA] has given under subsection (3),

(b)any action which the section 140B advice suggests that the regulator should take, and

(c)the response of the regulator to the section 140B advice.

(6)The direction may not require the regulator to do anything that it has no power to do, but the existence of the direction is relevant to the exercise of any discretion conferred on the regulator.

(7)Before giving a direction under this section, the Treasury must consult the regulator to which it is to be given.

(8)If the Treasury give a direction under this section they must—

(a)publish in such manner as they think fit a statement giving details of the direction and of their reasons for giving it, and

(b)lay a copy of the statement before Parliament.]

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