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.