Objectives of FSA etc
I13Meeting FSA's regulatory objectives
1
The Financial Services and Markets Act 2000 is amended as follows.
2
In section 44(3)
(refusal of application by authorised person to vary or cancel its Part IV permission), for the words from “to it—” to the end substitute “
to it that it is desirable to refuse the application in order to meet any of its regulatory objectives.
”
3
In section 45 (variation or cancellation of Part IV permissions: FSA's own-initiative power)—
a
in subsection (1), for paragraph (c) substitute—
c
it is desirable to exercise the power in order to meet any of its regulatory objectives.
b
after that subsection insert—
1A
For the purposes of subsection (1)(c) it does not matter whether there is a relationship between the authorised person and the persons whose interests will be protected by the exercise of the power under this section.
4
In section 138(1) and (1A)
(general rule-making power), for “protecting the interests of consumers” substitute “
meeting any of its regulatory objectives
”
.
5
In section 194 (general grounds on which power of intervention is exercisable)—
a
in subsection (1), for paragraph (c) substitute—
c
it is desirable to exercise the power in order to meet any of its regulatory objectives.
b
after that subsection insert—
1A
For the purposes of subsection (1)(c) it does not matter whether there is a relationship between the incoming firm and the persons whose interests will be protected by the exercise of the power of intervention.