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(1)Section 14 of the Financial Services and Markets Act 2000 (c. 8) (cases in which the Treasury may arrange independent inquiries) is amended as follows.
(2)In subsection (2)(b)(i), after “by this Act” there is inserted “ , or by any previous statutory provision, ”.
(3)In subsection (3)(b), for the words after “but for a serious failure” there is substituted “in—
(i)the regulatory system established by Part 6 or by any previous statutory provision concerned with the official listing of securities; or
(ii)the operation of that system.”
(4)After subsection (5) there is inserted—
“(5A)“Event” does not include any event occurring before 1st December 2001 (but no such limitation applies to the reference in subsection (4) to surrounding circumstances).”
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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