C1 Part XVIII Recognised Investment Exchanges and Clearing Houses
Chapter I Exemption
F1Power to disallow excessive regulatory provision
S. 300A and cross-heading inserted (20.12.2006) by Investment Exchanges and Clearing Houses Act 2006 (c. 55), ss. 1, 5(2) (with s. 5(3))
300CF2Restriction on making provision before F5appropriate regulator decides whether to act
1
Where notice of a proposal to make regulatory provision is required to be given to the F7appropriate regulator under section 300B, the provision must not be made—
a
before that notice is given, or
b
subject to the following provisions of this section, before the end of the initial period.
2
The initial period is—
a
the period of 30 days beginning with the day on which the F8appropriate regulator receives notice of the proposal, or
b
if any consultation period announced by the body in relation to the proposal ends after that 30-day period, the end of the consultation period.
3
4
If—
a
before the end of the initial period the F4appropriate regulator notifies the body that it is not calling in the proposal, or
b
the initial period ends without the F6appropriate regulator having notified the body that it is calling in the proposal,
the body may then make the proposed provision.
5
Any provision made in contravention of this section is of no effect.
Pt. 18 applied in part (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 7, Sch. 2 (as amended (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 37 (with regs. 7(4), 9(1)))