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Financial Services and Markets Act 2000
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303Initial report by Director
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(1)The Authority must send to the Treasury and to the Director a copy of any regulatory provisions with which it is provided on an application for recognition under section 287 or 288.
(2)The Authority must send to the Director such information in its possession as a result of the application for recognition as it considers will assist him in discharging his functions in connection with the application.
(3)The Director must issue a report as to whether—
(a)a regulatory provision of which a copy has been sent to him under subsection (1) has a significantly adverse effect on competition; or
(b)a combination of regulatory provisions so copied to him have such an effect.
(4)If the Director’s conclusion is that one or more provisions have a significantly adverse effect on competition, he must state his reasons for that conclusion.
(5)When the Director issues a report under subsection (3), he must send a copy of it to the Authority, the Competition Commission and the Treasury.
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