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SCHEDULES

Section 4

SCHEDULE 1E+W+S+N.I.Bank of England Financial Policy Committee

PART 1 E+W+S+N.I.Schedule to be inserted as Schedule 2A to Bank of England Act 1998

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Commencement Information

I1Sch. 1 Pt. 1 in force at 19.2.2013 for specified purposes by S.I. 2013/113, art. 2(2), Sch. Pt. 4

I2Sch. 1 Pt. 1 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

Prospective

This is the Schedule to be inserted in the Bank of England Act 1998 after Schedule 2—

Section 9B

SCHEDULE 2AE+W+S+N.I.Financial Policy Committee
Terms of office of appointed membersE+W+S+N.I.

1(1)Appointment under section 9B(1)(d) or (e) as a member of the Financial Policy Committee is to be for a period of 3 years, but this is subject to sub-paragraph (2) and to paragraph 3.

(2)Initially some appointments may be for shorter and different periods so as to secure that appointments expire at different times.

2(1)A person may not be appointed as a member of the Committee under section 9B(1)(e) more than twice.

(2)For this purpose an appointment which by virtue of paragraph 1(2) is for a period of less than 3 years is to be disregarded.

3(1)If it appears to the Chancellor of the Exchequer that in the circumstances it is desirable to do so, the Chancellor may, before the end of the term for which a person is appointed as a member of the Committee under section 9B(1)(e), extend the persons's term of office on one occasion for a specified period of not more than 6 months.

(2)The term being extended may be the person's first or second term or, in a case where paragraph 2(2) allows a third term, the person's third term.

(3)If a person whose first term of office is extended is subsequently re-appointed under section 9B(1)(e)—

(a)the length of the second term is to be reduced by a period equal to the extension of the first term, but

(b)the second term may itself subsequently be extended under sub-paragraph (1).

(4)In a case where a person's second term of office is extended and paragraph 2(2) allows a third term, sub-paragraph (3) is to be read as if the references to first and second terms were references to second and third terms respectively.

4(1)A person appointed under section 9B(1)(d) or (e) may resign the office by written notice to the Bank.

(2)Where the notice relates to a person appointed under section 9B(1)(e), the Bank must give a copy of the notice to the Treasury.

5The terms and conditions on which a person holds office as a member of the Committee appointed under section 9B(1)(e) are to be such as the Oversight Committee may determine.

Qualification for appointmentE+W+S+N.I.

6(1)The following persons are disqualified for appointment under section 9B(1)(d) or (e)—

(a)a Minister of the Crown;

(b)a person serving in a government department in employment in respect of which remuneration is paid out of money provided by Parliament.

(2)A member of the Monetary Policy Committee of the Bank appointed under section 13(2)(c) is disqualified for appointment under section 9B(1)(e).

Removal of appointed membersE+W+S+N.I.

7A person appointed under section 9B(1)(d) or (e) vacates office on becoming a person to whom paragraph 6(1)(a) or (b) applies.

8A person appointed under section 9B(1)(d) vacates office on ceasing to have executive responsibility within the Bank for the analysis of threats to financial stability.

9(1)The Oversight Committee may, with the consent of the Chancellor of the Exchequer, remove a member appointed under section 9B(1)(d) or (e) (“M”) if it is satisfied—

(a)that M has been absent from 3 or more meetings of the Financial Policy Committee without the Committee's consent,

(b)that M has become bankrupt, that a debt relief order (under Part 7A of the Insolvency Act 1986) has been made in respect of M, that M's estate has been sequestrated or that M has made an arrangement with or granted a trust deed for M's creditors, or

(c)that M is unable or unfit to discharge M's functions as a member.

(2)The Oversight Committee may, with the consent of the Chancellor of the Exchequer, also remove a member appointed under section 9B(1)(e) (“M”) if it is satisfied that in all the circumstances M's financial or other interests are such as substantially to affect the functions as member which it would be proper for M to discharge.

MeetingsE+W+S+N.I.

10(1)The Committee shall meet at least 4 times in each calendar year.

(2)The Governor of the Bank (or in the Governor's absence the Bank's Deputy Governor for financial stability) may summon a meeting at any time on giving such notice as the person giving the notice thinks the circumstances require.

ProceedingsE+W+S+N.I.

11(1)At a meeting of the Committee, the proceedings are to be regulated as follows.

(2)The quorum is to be 6 (excluding the Treasury's representative) and of the 6—

(a)one must be the Governor of the Bank or the Bank's Deputy Governor for financial stability,

(b)unless both those mentioned in paragraph (a) are present, one must be either of the other Deputy Governors of the Bank, and

(c)one must be a member appointed under section 9B(1)(e).

(3)The chair is to be taken by the Governor of the Bank or, if the Governor is not present, by the Bank's Deputy Governor for financial stability.

(4)The person chairing the meeting must seek to secure that decisions of the Committee are reached by consensus wherever possible.

(5)Where that person forms the opinion that consensus cannot be reached, a decision is to be taken by a vote of all those members present at the meeting.

(6)In the event of a tie, the person chairing the meeting is to have a second casting vote.

(7)At a meeting of the Committee—

(a)the Treasury's representative may not vote, and

(b)any view expressed by the Treasury's representative is to be disregarded in determining under sub-paragraph (4) or (5) whether there is a consensus.

(8)Subject to sub-paragraphs (2) to (7) and paragraph 14, the Committee is to determine its own procedure.

12The Committee may, in relation to sub-paragraph (2), (3), (4) or (5) of paragraph 11, determine circumstances in which a member who is not present at, but is in communication with, a meeting is to be treated for the purposes of that sub-paragraph as present at it.

13The Committee may invite other persons to attend, or to attend and speak at, any meeting of the Committee.

14If a member of the Committee (“M”) has any direct or indirect interest (including any reasonably likely future interest) in any dealing or business which falls to be considered by the Committee—

(a)M must disclose that interest to the Committee when it considers the dealing or business, and

(b)the Committee must decide whether M is to be permitted to participate in any proceedings of the Committee relating to any question arising from its consideration of the dealing or business, and if so to what extent and subject to what conditions (if any).

PART 2 E+W+S+N.I.Other amendments relating to Financial Policy Committee

Bank of England Act 1998 (c. 11)E+W+S+N.I.

1In section 4 of the Bank of England Act 1998 (annual report by Bank), in subsection (2), for the “and” at the end of paragraph (a) substitute—

(aa)a report by the court of directors on the activities of the Financial Policy Committee of the Bank, and.

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Commencement Information

I3Sch. 1 para. 1 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

2In section 15 of the Bank of England Act 1998 (publication of minutes of meetings of Monetary Policy Committee) after subsection (4) insert—

(4A)The Bank shall exclude from minutes published under this section information which relates to proceedings of the Financial Policy Committee if the Bank considers that publication of that information would be against the public interest.

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Commencement Information

I4Sch. 1 para. 2 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

3In section 40 of the Bank of England Act 1998 (orders), after subsection (4) insert—

(4A)Section 9N contains its own provisions about parliamentary procedure in relation to an order under section 9L.

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Commencement Information

I5Sch. 1 para. 3 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

House of Commons Disqualification Act 1975 (c. 24)E+W+S+N.I.

4In Part 3 of Schedule 1 to the House of Commons Disqualification Act 1975 (other disqualifying offices), at the appropriate place insert— “ Member of the Financial Policy Committee of the Bank of England appointed under section 9B(1)(d) or (e) of the Bank of England Act 1998. ”

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Commencement Information

I6Sch. 1 para. 4 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

Northern Ireland Assembly Disqualification Act 1975 (c. 25)E+W+S+N.I.

5In Part 3 of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (other disqualifying offices), at the appropriate place insert— “ Member of the Financial Policy Committee of the Bank of England appointed under section 9B(1)(d) or (e) of the Bank of England Act 1998. ”

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Commencement Information

I7Sch. 1 para. 5 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

Section 5

SCHEDULE 2E+W+S+N.I.Further amendments relating to Bank of England

Court of directorsE+W+S+N.I.

1(1)Schedule 1 to the Bank of England Act 1998 (which makes further provision about the court of directors) is amended as follows.E+W+S+N.I.

(2)For paragraph 1 substitute—

1(1)Appointment as Governor of the Bank shall be for a period of 8 years.

(2)Appointment as Deputy Governor of the Bank shall be for a period of 5 years.

(3)A person may not be appointed—

(a)as Governor, more than once, or

(b)as Deputy Governor, more than twice.

(4)A person appointed as Governor or Deputy Governor of the Bank shall work exclusively for the Bank; and for this purpose work in an office that an enactment requires to be held by the Governor or a Deputy Governor is to be taken to be work for the Bank.

(3)In paragraph 2—

(a)for “director” substitute “ non-executive director ”, and

(b)for the words from “3 years” to the end substitute “ 4 years, or such shorter period as may be specified in the appointment ”.

(4)Omit paragraph 3.

(5)In paragraph 4, for “director” substitute “ non-executive director ”.

(6)In paragraph 5—

(a)in sub-paragraph (1), for “director” substitute “ non-executive director ”, and

(b)for sub-paragraph (2) substitute—

(2)An officer or employee of the Bank, other than a person holding office under section 9B(1)(e), is disqualified for appointment as non-executive director of the Bank.

(7)For paragraph 6 substitute—

6(1)The fact that a person has held office as Governor of the Bank does not disqualify that person from appointment as Deputy Governor or non-executive director of the Bank.

(2)The fact that a person has held office as Deputy Governor or non-executive director of the Bank does not disqualify that person from re-appointment to that office or for appointment to the other office or as Governor of the Bank, but this is subject to paragraph 1(3)(b).

(8)In paragraph 7(2), for “director” substitute “ non-executive director ”.

(9)In paragraph 8—

(a)the existing provision becomes sub-paragraph (1),

(b)in that provision, for “director” substitute “ non-executive director ”, and

(c)after that provision insert—

(2)In relation to the Deputy Governor for prudential regulation, the reference in sub-paragraph (1)(c) to inability or unfitness to discharge functions as member of the court of directors is to be read as including a reference to inability or unfitness to discharge functions as Chief Executive of the Prudential Regulation Authority.

(10)In paragraph 11—

(a)the existing provision becomes sub-paragraph (1),

(b)in sub-paragraph (1)(b), for “servant” substitute “ employee ”,

(c)in sub-paragraph (1)(c)(ii), for “servants” substitute “ employees ”, and

(d)after sub-paragraph (1) insert—

(2)The duties and powers that may be delegated under this paragraph do not include duties and powers that are by any enactment expressly imposed or conferred on the court of directors.

(11)After paragraph 12 insert—

Publication of record of meetingsE+W+S+N.I.

12A(1)The Bank must publish a record of each meeting of the court—

(a)before the end of the period of 6 weeks beginning with the day of the meeting, or

(b)if no meeting of the court is subsequently held during that period, before the end of the period of 2 weeks beginning with the day of the next meeting.

(2)The record must specify any decisions taken at the meeting (including decisions to take no action) and must set out, in relation to each decision, a summary of the court's deliberations.

(3)Sub-paragraphs (1) and (2) do not require the publication of information whose publication within the time required by sub-paragraph (1) would in the opinion of the court be against the public interest.

(4)Publication under this section is to be in such manner as the Bank thinks fit.

(12)In paragraph 13, after sub-paragraph (3), insert—

(3A)But a member of the court who is the Governor or a Deputy Governor of the Bank may not be designated under paragraph (a) or (b) of sub-paragraph (3).

F1(13). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(14)In paragraph 15, for “director” substitute “ non-executive director ”.

(15)Nothing in sub-paragraphs (2) to (7) affects the term of any appointment made before the commencement of that provision.

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Amendments (Textual)

Commencement Information

I8Sch. 2 para. 1 in force at 19.2.2013 for specified purposes by S.I. 2013/113, art. 2(2), Sch. Pt. 4

I9Sch. 2 para. 1 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

Monetary Policy CommitteeE+W+S+N.I.

2(1)Schedule 3 to the Bank of England Act 1998 (Monetary Policy Committee) is amended as follows.E+W+S+N.I.

(2)In paragraph 1, for the words from “except that” to the end substitute “ but this is subject to paragraph 2B ”.

(3)Omit paragraph 2.

(4)After paragraph 2A insert—

2B(1)If it appears to the Chancellor of the Exchequer that in the circumstances it is desirable to do so, the Chancellor may, before the end of the 3 years for which a person is appointed as a member of the Committee under section 13(2)(c), extend the persons's term of office on one occasion for a specified period of not more than 6 months.

(2)The term being extended may be the person's first or second term.

(3)If a person whose first term of office is extended is subsequently re-appointed under section 13(2)(c)—

(a)the length of the second term is to be reduced by a period equal to the extension of the first term, but

(b)the second term may itself subsequently be extended under sub-paragraph (1).

(5)In paragraph 3—

(a)the existing provision becomes sub-paragraph (1), and

(b)after that provision insert—

(2)Where the notice relates to a person appointed under section 13(2)(c), the Bank must give a copy of the notice to the Treasury.

(6)In paragraph 4—

(a)omit sub-paragraph (1),

(b)for sub-paragraph (2) substitute—

(2)The terms and conditions on which a person holds office as a member of the Committee appointed under section 13(2)(c) are to be such as the Oversight Committee may determine., and

(c)omit sub-paragraph (3).

F2(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8)In paragraph 9—

(a)in sub-paragraph (1)—

(i)for “Bank” substitute “ Oversight Committee ”, and

(ii)in paragraph (a), for “the Committee's meetings” and “the Committee's consent” substitute “ meetings of the Monetary Policy Committee ” and “that Committee's consent”, and

(b)omit sub-paragraph (2).

(9)In paragraphs 10(2) and 11(3), leave out “with executive responsibility”.

(10)After paragraph 13 insert—

13AThe Committee may invite other persons to attend, or to attend and speak at, any meeting of the Committee.

(11)Sub-paragraph (3) does not affect the term of any appointment made before the commencement of that sub-paragraph, and sub-paragraph (6) does not affect the status of a person appointed before the commencement of that sub-paragraph during the remainder of the term for which the person had been appointed.

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Amendments (Textual)

Commencement Information

I10Sch. 2 para. 2 in force at 19.2.2013 for specified purposes by S.I. 2013/113, art. 2(2), Sch. Pt. 4

I11Sch. 2 para. 2 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

ImmunityE+W+S+N.I.

3(1)Section 244 of the Banking Act 2009 (immunity) is amended as follows.E+W+S+N.I.

(2)In subsection (2)—

(a)in paragraph (a), for “servant” substitute “ employee ”, and

(b)in paragraph (c), for “functions exercised” substitute “ the exercise or purported exercise of the Bank's functions under the Financial Services and Markets Act 2000, of its other regulatory functions or of functions undertaken ”.

(3)After subsection (2) insert—

(2A)The Bank's functions under the Financial Services and Markets Act 2000 are to be taken to include any functions that it may exercise as a result of an appointment under any of sections 97, 166 to 169 and 284 of that Act.

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Commencement Information

I12Sch. 2 para. 3 in force at 19.2.2013 for specified purposes by S.I. 2013/113, art. 2(2), Sch. Pt. 4

I13Sch. 2 para. 3 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

Changes in terminologyE+W+S+N.I.

4In section 4 of the Bank of England Act 1998 (Bank's annual report), in subsection (4)(a), for “directors” substitute “ non-executive directors ”.

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Commencement Information

I14Sch. 2 para. 4 in force at 19.2.2013 for specified purposes by S.I. 2013/113, art. 2(2), Sch. Pt. 4

I15Sch. 2 para. 4 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

5In Schedule 7 to the Bank of England Act 1998 (restriction on disclosure of information), in paragraph 1(3)(a), for “servant” substitute “ employee ”.

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Commencement Information

I16Sch. 2 para. 5 in force at 19.2.2013 for specified purposes by S.I. 2013/113, art. 2(2), Sch. Pt. 4

I17Sch. 2 para. 5 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

6In Part 3 of Schedule 1 to the House of Commons Disqualification Act 1975 (other disqualifying offices), in the entry relating to the Bank of England, for “Director” substitute “ non-executive director ”.

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Commencement Information

I18Sch. 2 para. 6 in force at 19.2.2013 for specified purposes by S.I. 2013/113, art. 2(2), Sch. Pt. 4

I19Sch. 2 para. 6 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

7In Part 3 of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (other disqualifying offices), in the entry relating to the Bank of England, for “Director” substitute “ non-executive director ”.

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Commencement Information

I20Sch. 2 para. 7 in force at 19.2.2013 for specified purposes by S.I. 2013/113, art. 2(2), Sch. Pt. 4

I21Sch. 2 para. 7 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

Section 6

SCHEDULE 3E+W+S+N.I.Financial Conduct Authority and Prudential Regulation Authority: Schedules to be substituted as Schedules 1ZA and 1ZB to FSMA 2000

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Modifications etc. (not altering text)

Commencement Information

I22Sch. 3 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I23Sch. 3 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I24Sch. 3 in force at 19.2.2013 for specified purposes by S.I. 2013/113, art. 2(2), Sch. Pt. 4

I25Sch. 3 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

These are the Schedules 1ZA and 1ZB to be substituted for Schedule 1 to FSMA 2000—

Section 1A

SCHEDULE 1ZAE+W+S+N.I.The Financial Conduct Authority

PART 1 E+W+S+N.I.General
InterpretationE+W+S+N.I.

1In this Schedule—

  • the Bank” means the Bank of England;

  • functions”, in relation to the FCA, means functions conferred on the FCA by or under any provision of this Act (see section 1A(6) which affects the meaning of references to such functions).

ConstitutionE+W+S+N.I.

2(1)The constitution of the FCA must provide for the FCA to have a governing body.

(2)The governing body must consist of—

(a)a chair appointed by the Treasury,

(b)a chief executive appointed by the Treasury,

(c)the Bank's Deputy Governor for prudential regulation,

(d)2 members appointed jointly by the Secretary of State and the Treasury, and

(e)at least one other member appointed by the Treasury.

(3)The members referred to in sub-paragraph (2)(a), (c) and (d) are to be non-executive members.

(4)In exercising its powers under sub-paragraph (2)(e) to appoint executive or non-executive members, the Treasury must secure that the majority of members of the governing body are non-executive members.

(5)An employee of the FCA may not be appointed as a non-executive member.

(6)In the following provisions of this Schedule an “appointed member” means a member of the governing body appointed under sub-paragraph (2)(a), (b), (d) or (e).

3(1)The terms of service of the appointed members are to be determined by the Treasury.

(2)In the case of a member appointed under paragraph 2(2)(d), the Treasury must consult the Secretary of State about the terms of service.

(3)Before appointing a person as an appointed member, the Treasury (or as the case requires the Treasury and the Secretary of State) must consider whether the person has any financial or other interests that could have a material effect on the extent of the functions as member that it would be proper for the person to discharge.

(4)The terms of service of an appointed member (“M”) must be such as—

(a)to secure that M is not subject to direction by the Treasury or the Secretary of State,

(b)to require M not to act in accordance with the directions of any other person, and

(c)to prohibit M from acquiring any financial or other interests that have a material effect on the extent of the functions as member that it would be proper for M to discharge.

(5)If an appointed member is an employee of the FCA, the member's interest as employee is to be disregarded for the purposes of sub-paragraphs (3) and (4)(c) and paragraph 4(1)(b).

(6)A person who is an employee of the PRA is disqualified for appointment as an appointed member.

(7)The FCA may pay expenses to the Bank's Deputy Governor for prudential regulation in respect of that person's service as a member.

4(1)The Treasury may remove an appointed member from office—

(a)on the grounds of incapacity or serious misconduct, or

(b)on the grounds that in all the circumstances the member's financial or other interests are such as to have a material effect on the extent of the functions as member that it would be proper for the person to discharge.

(2)Before removing from office a member appointed under paragraph 2(2)(d), the Treasury must consult the Secretary of State.

5The validity of any act of the FCA is not affected—

(a)by any vacancy in any of the offices mentioned in paragraph 2(2)(a), (b) or (c), or

(b)by a defect in the appointment of a person—

(i)to any of those offices, or

(ii)as an appointed member.

6The Bank's Deputy Governor for prudential regulation must not take part in any discussion by or decision of the FCA which relates to—

(a)the exercise of the FCA's functions in relation to a particular person, or

(b)a decision not to exercise those functions.

RemunerationE+W+S+N.I.

7The FCA must pay to the appointed members such remuneration as may be determined—

(a)in the case of the non-executive members, by the Treasury;

(b)in the case of the executive members, by the FCA.

Arrangements for discharging functionsE+W+S+N.I.

8(1)The FCA may make arrangements for any of its functions to be discharged by a committee, sub-committee, officer or member of staff of the FCA, but subject to the following provisions.

(2)In exercising its legislative functions, the FCA must act through its governing body.

(3)For that purpose, the following are the FCA's legislative functions—

(a)making rules;

(b)issuing codes under section 64 or 119;

(c)issuing statements under—

(i)section 63C, 64, 69, 88C, 89S, 93, 124, 131J, 138N, 192H, 192N, 210 or 312J,

(ii)section 345D (whether as a result of section 345(2) or section 249(1)), or

(iii)section 80 of the Financial Services Act 2012;

(d)giving directions under section 316, 318 or 328.

(4)The function of issuing general guidance (as defined in section 139B(5)) may not be discharged by an officer or member of staff of the FCA.

RecordsE+W+S+N.I.

9The FCA must maintain satisfactory arrangements for—

(a)recording decisions made in the exercise of its functions, and

(b)the safe-keeping of those records which it considers ought to be preserved.

Publication of record of meetings of governing bodyE+W+S+N.I.

10(1)The FCA must publish a record of each meeting of its governing body—

(a)before the end of the period of 6 weeks beginning with the day of the meeting, or

(b)if no meeting of the governing body is subsequently held during that period, before the end of the period of 2 weeks beginning with the day of the next meeting.

(2)The record must specify any decision taken at the meeting (including decisions to take no action) and must set out, in relation to each decision, a summary of the deliberations of the governing body.

(3)Sub-paragraphs (1) and (2) do not require the publication of information whose publication within the time required by sub-paragraph (1) would in the opinion of the governing body be against the public interest.

(4)Publication under this section is to be in such manner as the FCA thinks fit.

Annual reportE+W+S+N.I.

11(1)At least once a year the FCA must make a report to the Treasury on—

(a)the discharge of its functions,

(b)the extent to which, in its opinion, its operational objectives have been advanced,

(c)the extent to which, in its opinion, it has acted compatibly with its strategic objective,

(d)how, in its opinion, it has complied with the duty in section 1B(4),

(e)its consideration of the matter mentioned in section 1B(5)(b),

(f)its consideration of the principles in section 3B,

(g)how it has complied with section 3D,

(h)any direction received under section 3I or 3J during the period to which the report relates,

(i)how it has complied with section 354A(1) so far as relating to co-operation with persons outside the United Kingdom, and

(j)such other matters as the Treasury may from time to time direct.

(2)Sub-paragraph (1) does not require the inclusion in the report of any information whose publication would in the opinion of the FCA be against the public interest.

(3)The report must be accompanied by—

(a)a statement of the remuneration of the appointed members of the governing body of the FCA during the period to which the report relates, and

(b)such other reports or information, prepared by such persons, as the Treasury may from time to time direct.

(4)The Treasury must lay before Parliament a copy of each report received by them under this paragraph.

Annual public meetingE+W+S+N.I.

12(1)Not later than 3 months after making a report under paragraph 11, the FCA must hold a public meeting (“the annual meeting”) for the purposes of enabling that report to be considered.

(2)The FCA must organise the annual meeting so as to allow—

(a)a general discussion of the contents of the report which is being considered, and

(b)a reasonable opportunity for those attending the meeting to put questions to the FCA about the way in which it discharged, or failed to discharge, its functions during the period to which the report relates.

(3)But otherwise the annual meeting is to be organised and conducted in such a way as the FCA considers appropriate.

(4)The FCA must give reasonable notice of its annual meeting.

(5)That notice must—

(a)give details of the time and place at which the meeting is to be held,

(b)set out the proposed agenda for the meeting,

(c)indicate the proposed duration of the meeting,

(d)give details of the FCA's arrangements for enabling persons to attend, and

(e)be published by the FCA in the way appearing to it to be best calculated to bring the notice to the attention of the public.

(6)If the FCA proposes to alter any of the arrangements which have been included in the notice given under sub-paragraph (5), it must—

(a)give reasonable notice of the alteration, and

(b)publish that notice in the way appearing to the FCA to be best calculated to bring it to the attention of the public.

Report of annual meetingE+W+S+N.I.

13Not later than one month after its annual meeting, the FCA must publish a report of the proceedings of the meeting.

Accounts and auditE+W+S+N.I.

14(1)The Treasury may—

(a)require the FCA to comply with any provisions of the Companies Act 2006 about accounts and their audit which would not otherwise apply to it, or

(b)direct that any provision of that Act about accounts and their audit is to apply to the FCA with such modifications as are specified in the direction, whether or not the provision would otherwise apply to the FCA.

(2)Compliance with any requirement under sub-paragraph (1)(a) or (b) is enforceable by injunction or, in Scotland, an order for specific performance under section 45 of the Court of Session Act 1988.

(3)Proceedings under sub-paragraph (2) may be brought only by the Treasury.

15(1)The FCA must send a copy of its annual accounts to the Comptroller and Auditor General as soon as is reasonably practicable.

(2)The Comptroller and Auditor General must—

(a)examine, certify and report on accounts received under this paragraph, and

(b)send a copy of the certified accounts and the report to the Treasury.

(3)The Treasury must lay the copy of the certified accounts and the report before Parliament.

(4)Except as provided by paragraph 14(1), the FCA is exempt from the requirements of Part 16 of the Companies Act 2006 (audit), and its balance sheet must contain a statement to that effect.

(5)In this paragraph “annual accounts” has the meaning given in section 471 of the Companies Act 2006.

PART 2 E+W+S+N.I.Status
StatusE+W+S+N.I.

16In relation to any of its functions—

(a)the FCA is not to be regarded as acting on behalf of the Crown, and

(b)its members, officers and staff are not to be regarded as Crown servants.

Exemption from requirement for use of “limited” in name of FCAE+W+S+N.I.

17The FCA is to continue to be exempt from the requirements of the Companies Act 2006 relating to the use of “limited” as part of its name.

18If the Secretary of State is satisfied that any action taken by the FCA makes it inappropriate for the exemption given by paragraph 17 to continue, the Secretary of State may, after consulting the Treasury, give a direction removing it.

PART 3 E+W+S+N.I.Penalties and fees
PenaltiesE+W+S+N.I.

19In determining its policy with respect to the amounts of penalties to be imposed by it under this Act, the FCA must take no account of the expenses which it incurs, or expects to incur, in discharging its functions.

20(1)The FCA must in respect of each of its financial years pay to the Treasury its penalty receipts after deducting its enforcement costs.

(2)The FCA's “penalty receipts” in respect of a financial year are any amounts received by it during the year by way of penalties imposed under this Act.

(3)The FCA's “enforcement costs” in respect of a financial year are the expenses incurred by it during the year in connection with—

(a)the exercise, or consideration of the possible exercise, of any of its enforcement powers in particular cases, or

(b)the recovery of penalties imposed under this Act.

(4)For this purpose the FCA's enforcement powers are—

(a)its powers under any of the provisions mentioned in section 133(7A),

(b)its powers under section 56 (prohibition orders),

(c)its powers under Part 25 of this Act (injunctions and restitution),

(d)its powers under any other enactment specified by the Treasury by order,

(e)its powers in relation to the investigation of relevant offences, and

(f)its powers in England and Wales or Northern Ireland in relation to the prosecution of relevant offences.

(5)“Relevant offences” are—

(a)offences under FSMA 2000,

(b)offences under subordinate legislation made under that Act,

(c)offences falling within section 402(1) of that Act,

(d)offences under Part 7 of the Financial Services Act 2012, and

(e)any other offences specified by the Treasury by order.

(6)The Treasury may give directions to the FCA as to how the FCA is to comply with its duty under sub-paragraph (1).

(7)The directions may in particular—

(a)specify descriptions of expenditure that are, or are not, to be regarded as incurred in connection with either of the matters mentioned in sub-paragraph (3),

(b)relate to the calculation and timing of the deduction in respect of the FCA's enforcement costs, and

(c)specify the time when any payment is required to be made to the Treasury.

(8)The directions may also require the FCA to provide the Treasury at specified times with specified information relating to—

(a)penalties that the FCA has imposed under this Act, or

(b)the FCA's enforcement costs.

(9)The Treasury must pay into the Consolidated Fund any sums received by them under this paragraph.

21(1)The FCA must prepare and operate a scheme (“the financial penalty scheme”) for ensuring that the amounts that, as a result of the deduction for which paragraph 20(1) provides, are retained by the FCA in respect of amounts paid to it by way of penalties imposed under this Act are applied for the benefit of regulated persons.

(2)Regulated persons” means—

(a)authorised persons,

(b)recognised investment exchanges,

(c)issuers of securities admitted to the official list, and

(d)issuers who have requested or approved the admission of financial instruments to trading on a regulated market.

(3)The financial penalty scheme may, in particular, make different provision with respect to different classes of regulated person.

(4)The financial penalty scheme must ensure that those who have become liable to pay a penalty to the FCA in any financial year of the FCA do not receive any benefit under the scheme in the following financial year.

(5)Up-to-date details of the financial penalty scheme must be set out in a document (“the scheme details”).

22(1)The scheme details must be published by the FCA in the way appearing to it to be best calculated to bring them to the attention of the public.

(2)Before making the financial penalty scheme, the FCA must publish a draft of the proposed scheme in the way appearing to the FCA to be best calculated to bring it to the attention of the public.

(3)The draft must be accompanied by notice that representations about the proposals may be made to the FCA within a specified time.

(4)Before making the scheme, the FCA must have regard to any representations made to it in accordance with sub-paragraph (3).

(5)If the FCA makes the proposed scheme, it must publish an account, in general terms, of—

(a)the representations made to it in accordance with sub-paragraph (3), and

(b)its response to them.

(6)If the scheme differs from the draft published under sub-paragraph (2) in a way which is, in the opinion of the FCA, significant, the FCA must (in addition to complying with sub-paragraph (5)) publish details of the difference.

(7)The FCA must, without delay, give the Treasury a copy of any scheme details published by it.

(8)The FCA may charge a reasonable fee for providing a person with a copy of—

(a)a draft published under sub-paragraph (2);

(b)scheme details.

(9)Sub-paragraphs (2) to (6) and (8)(a) also apply to a proposal to alter or replace the financial penalty scheme.

FeesE+W+S+N.I.

23(1)The FCA may make rules providing for the payment to it of such fees, in connection with the discharge of any of its qualifying functions, as it considers will (taking account of its expected income from fees and charges provided for by any other provision of this Act) enable it—

(a)to meet expenses incurred in carrying out its functions or for any incidental purpose,

(b)to repay the principal of, and pay any interest on, any relevant borrowing and to meet relevant commencement expenses, and

(c)to maintain adequate reserves.

(2)The “qualifying functions” of the FCA are—

(a)its functions under or as a result of this Act or any of the other Acts mentioned in section 1A(6), and

(b)its functions under or as a result of a qualifying EU provision that is specified, or of a description specified, for the purposes of this sub-paragraph by the Treasury by order.

(3)In sub-paragraph (1)(b)—

  • relevant borrowing” means any money borrowed by the FCA which has been used for the purpose of meeting expenses incurred in relation to its assumption of functions under this Act, and

  • relevant commencement expenses” means expenses incurred by the FCA—

    (a)

    in preparation for the exercise of functions by the FCA under this Act, or

    (b)

    for the purpose of facilitating the exercise by the FCA of those functions or otherwise in connection with their exercise by it.

(4)Neither section 1A(6)(d) nor the definition of “functions” in paragraph 1 applies for the purposes of sub-paragraph (2).

(5)For the purposes of sub-paragraph (3) it is irrelevant when the borrowing of the money, the incurring of the expenses or the assumption of functions took place (and, in particular, it is irrelevant if any of those things were done at a time when the FCA was known as the Financial Services Authority).

(6)In the case of rules made under Part 6 of this Act, the rules may, in particular, require the payment of fees in respect of—

(a)the continued inclusion of securities or persons in any list or register required to be kept by the FCA as a result of any provision made by or under that Part,

(b)access to any list or register within paragraph (a), and

(c)the continued admission of financial instruments to trading on a regulated market.

(7)In fixing the amount of any fee which is to be payable to the FCA, no account is to be taken of any sums which the FCA receives, or expects to receive, by way of penalties imposed by it under this Act.

(8)Any fee which is owed to the FCA under any provision made by or under this Act may be recovered as a debt due to the FCA.

Services for which fees may not be chargedE+W+S+N.I.

24The power conferred by paragraph 23 may not be used to require—

(a)a fee to be paid in respect of the discharge of any of the FCA's functions under paragraph 13, 14, 19 or 20 of Schedule 3, or

(b)a fee to be paid by any person whose application for approval under section 59 has been granted.

PART 4 E+W+S+N.I.Miscellaneous
Exemption from liability in damagesE+W+S+N.I.

25(1)None of the following is to be liable in damages for anything done or omitted in the discharge, or purported discharge, of the FCA's functions—

(a)the FCA;

(b)any person (“P”) who is, or is acting as, a member, officer or member of staff of the FCA;

(c)any person who could be held vicariously liable for things done or omitted by P, but only in so far as the liability relates to P's conduct.

(2)Anything done or omitted by a person mentioned in sub-paragraph (1)(a) or (b) while acting, or purporting to act, as a result of an appointment under any of sections 166 to 169 is to be taken for the purposes of sub-paragraph (1) to have been done or omitted in the discharge, or as the case may be purported discharge, of the FCA's functions.

(3)Sub-paragraph (1) does not apply—

(a)if the act or omission is shown to have been in bad faith, or

(b)so as to prevent an award of damages made in respect of an act or omission on the ground that the act or omission was unlawful as a result of section 6(1) of the Human Rights Act 1998.

Accredited financial investigatorsE+W+S+N.I.

26For the purposes of this Act anything done by an accredited financial investigator within the meaning of the Proceeds of Crime Act 2002 who—

(a)is, or is acting as, an officer of, or member of the staff of, the FCA, or

(b)is appointed by the FCA under section 97, 167 or 168 to conduct an investigation,

is to be treated as done in the exercise or discharge of a function of the FCA.

Amounts required by rules to be paid to the FCAE+W+S+N.I.

27Any amount (other than a fee) which is required by rules to be paid to the FCA may be recovered as a debt due to the FCA.

Section 2A

SCHEDULE 1ZBE+W+S+N.I.The Prudential Regulation Authority

PART 1 E+W+S+N.I.General
InterpretationE+W+S+N.I.

1In this Schedule—

  • the Bank” means the Bank of England;

  • functions”, in relation to the PRA, means functions conferred on the PRA by or under any provision of this Act (see section 2A(6) which affects the meaning of references to such functions).

ConstitutionE+W+S+N.I.

2The constitution of the PRA must provide—

(a)for the Governor of the Bank to be the chair of the PRA,

(b)for the Bank's Deputy Governor for prudential regulation to be the chief executive of the PRA, and

(c)for the PRA to have a governing body.

3The governing body must consist of —

(a)the chair,

(b)the chief executive,

(c)the Bank's Deputy Governor for financial stability,

(d)the chief executive of the FCA, and

(e)other members (in this Schedule referred to as “appointed members”).

4The validity of any act of the PRA is not affected—

(a)by any vacancy resulting from a vacancy in the office of Governor of the Bank, Deputy Governor of the Bank for prudential regulation, Deputy Governor of the Bank for financial stability, or chief executive of the FCA, or

(b)by a defect in the appointment of a person—

(i)to any of those offices, or

(ii)as an appointed member.

5The chief executive of the FCA must not take part in any discussion by or decision of the PRA which relates to—

(a)the exercise of the PRA's functions in relation to a particular person, or

(b)a decision not to exercise those functions.

Appointed members of governing bodyE+W+S+N.I.

6The appointed members must be appointed by the court of directors of the Bank with the approval of the Treasury.

7Paragraphs 8 to 12 apply to the exercise by the court of directors of the Bank of its power to appoint appointed members.

8The court of directors must secure that the majority of the members of the governing body of the PRA are non-executive members.

9For the purposes of paragraph 8, and for the purposes of the PRA's duty in section 3C (duty to follow principles of good governance) none of the following is a non-executive member—

(a)the members referred to in paragraph 3(a), (b) and c), and

(b)a member who is an employee of the PRA or of the Bank.

10The court of directors must have regard to generally accepted principles of good practice relating to the making of public appointments.

11(1)Before appointing a person as an appointed member, the court of directors must consider whether the person has any financial or other interests that could have a material effect on the extent of the functions as member that it would be proper for the person to discharge.

(2)The terms on which an appointed member (“M”) is appointed must be such as—

(a)to secure that M is not subject to direction by the Bank,

(b)to require M not to act in accordance with the directions of any other person, and

(c)to prohibit M from acquiring any financial or other interests that have a material effect on the extent of the functions as member that it would be proper for M to discharge.

(3)If M is an employee of the PRA, M's interest as employee is to be disregarded for the purposes of sub-paragraphs (1) and (2)(c) and paragraph 14.

12An employee of the FCA is disqualified for appointment as an appointed member.

13The PRA must pay to the Bank the amount of any expenses incurred by the Bank in connection with the appointment of appointed members.

14The court of directors of the Bank may, with the approval of the Treasury, remove an appointed member from office—

(a)on the grounds of incapacity or serious misconduct, or

(b)on the grounds that in all the circumstances the member's financial or other interests are such as to have a material effect on the extent of the functions as member that it would be proper for the person to discharge.

Terms of serviceE+W+S+N.I.

15(1)The terms of service of the members of the governing body are to be determined by the Oversight Committee of the Bank.

(2)The PRA must pay to the members of its governing body such remuneration as may be determined by that Committee.

Arrangements for discharging functionsE+W+S+N.I.

16(1)The PRA may make arrangements for any of its functions to be discharged by a committee, sub-committee, officer or member of staff of the PRA, but subject to the following provision.

(2)In exercising its legislative functions or its functions under section 2E (strategy), the PRA must act through its governing body.

(3)For that purpose, the following are the PRA's legislative functions—

(a)making rules;

(b)issuing codes under section 64;

(c)issuing statements under—

(i)section 63C, 64, 69, 192H, 192N, 210 or 345D, or

(ii)section 80 of the Financial Services Act 2012;

(d)giving directions under section 316 or 318;

(e)issuing guidance under section 2I.

RecordsE+W+S+N.I.

17The PRA must maintain satisfactory arrangements for—

(a)recording decisions made in the exercise of its functions, and

(b)the safe-keeping of those records which it considers ought to be preserved.

BudgetE+W+S+N.I.

18(1)The PRA must, for each of its financial years, adopt an annual budget which has been approved by the Bank.

(2)The budget must be adopted before the start of the financial year to which it relates, except that the first budget must be adopted as soon as reasonably practicable after the coming into force of this paragraph.

(3)The PRA may, with the approval of the Bank, vary the budget for a financial year at any time after its adoption.

(4)The PRA must publish each budget, and each variation of a budget, in such manner as the PRA thinks fit.

Annual reportE+W+S+N.I.

19(1)At least once a year the PRA must make a report to the Treasury on—

(a)the discharge of its functions,

(b)the extent to which, in its opinion, its objectives have been advanced,

(c)its consideration of the principles in section 3B and of the matter mentioned in section 2H(1)(b),

(d)how it has complied with section 3D,

(e)any direction given under section 3I or 3J during the period to which the report relates,

(f)how it has complied with section 354B(1) so far as relating to co-operation with persons outside the United Kingdom, and

(g)such other matters as the Treasury may from time to time direct.

(2)Sub-paragraph (1) does not require the inclusion in the report of any information whose publication would in the opinion of the PRA be against the public interest.

(3)The report must be accompanied by—

(a)a statement of the remuneration of the members of the governing body of the PRA during the period to which the report relates, and

(b)such other reports or information, prepared by such persons, as the Treasury may from time to time direct.

(4)The Treasury must lay before Parliament a copy of each report received by them under this paragraph.

Consultation about annual reportE+W+S+N.I.

20(1)In relation to each report made under paragraph 19, the PRA must publish at the same time as the report an invitation to members of the public to make representations to the PRA, within the 3 months beginning with the date of publication—

(a)about the report,

(b)about the way in which the PRA has discharged, or failed to discharge, its functions during the period to which the report relates, and

(c)about the extent to which, in their opinion, the PRA's objectives have been advanced and the PRA has considered the regulatory principles in section 3B and the matter mentioned in section 2H(1)(b).

(2)The invitation must be published in the way appearing to it to be best calculated to bring the invitation to the attention of the public.

Report on consultationE+W+S+N.I.

21(1)The PRA must publish a report about its consultation in accordance with paragraph 20.

(2)The report must contain an account, in general terms, of any representations received in pursuance of the invitation published under that paragraph.

(3)The report must be published not later than 4 months after the date on which the report under paragraph 19 was published.

Accounts and auditE+W+S+N.I.

22(1)The Treasury may—

(a)require the PRA to comply with any provisions of the Companies Act 2006 about accounts and their audit which would not otherwise apply to it, or

(b)direct that any provision of that Act about accounts and their audit is to apply to the PRA with such modifications as are specified in the direction, whether or not the provision would otherwise apply to the PRA.

(2)Compliance with any requirement under sub-paragraph (1)(a) or (b) is enforceable by injunction or, in Scotland, an order for specific performance under section 45 of the Court of Session Act 1988.

(3)Proceedings under sub-paragraph (2) may be brought only by the Treasury.

23(1)The PRA must send a copy of its annual accounts to the Comptroller and Auditor General as soon as is reasonably practicable.

(2)The Comptroller and Auditor General must—

(a)examine, certify and report on accounts received under this paragraph, and

(b)send a copy of the certified accounts and the report to the Treasury.

(3)The Treasury must lay the copy of the certified accounts and the report before Parliament.

(4)The PRA must send a copy of the certified accounts and the report to the Bank.

(5)Except as provided by paragraph 22(1), the PRA is exempt from the requirements of Part 16 of the Companies Act 2006 (audit), and its balance sheet must contain a statement to that effect.

(6)In this paragraph “annual accounts” has the meaning given in section 471 of the Companies Act 2006.

PART 2 E+W+S+N.I.Status
StatusE+W+S+N.I.

24In relation to any of its functions—

(a)the PRA is not to be regarded as acting on behalf of the Crown, and

(b)its members, officers and staff are not to be regarded as Crown servants.

Exemption from requirement for use of “limited” in name of PRAE+W+S+N.I.

25The PRA is to be exempt from the requirements of the Companies Act 2006 relating to the use of “limited” as part of its name.

26If the Secretary of State is satisfied that any action taken by the PRA makes it inappropriate for the exemption given by paragraph 25 to continue, the Secretary of State may, after consulting the Treasury, give a direction removing it.

PART 3 E+W+S+N.I.Penalties and fees
PenaltiesE+W+S+N.I.

27In determining its policy with respect to the amounts of penalties to be imposed by it under this Act, the PRA must take no account of the expenses which it incurs, or expects to incur, in discharging its functions.

28(1)The PRA must in respect of each of its financial years pay to the Treasury its penalty receipts after deducting its enforcement costs.

(2)The PRA's “penalty receipts” in respect of a financial year are any amounts received by it during the year by way of penalties imposed under this Act.

(3)The PRA's “enforcement costs” in respect of a financial year are the expenses incurred by it during the year in connection with—

(a)the exercise, or consideration of the possible exercise, of any of its enforcement powers in particular cases, or

(b)the recovery of penalties imposed under this Act.

(4)For this purpose the PRA's enforcement powers are—

(a)its powers under any of the provisions mentioned in section 133(7A),

(b)its powers under section 56 (prohibition orders),

(c)its powers under Part 25 of this Act (injunctions and restitution),

(d)its powers under any other enactment specified by the Treasury by order,

(e)its powers in relation to the investigation of relevant offences, and

(f)its powers in England and Wales or Northern Ireland in relation to the prosecution of relevant offences.

(5)“Relevant offences” are—

(a)offences under FSMA 2000,

(b)offences under subordinate legislation made under that Act, and

(c)any other offences specified by the Treasury by order.

(6)The Treasury may give directions to the PRA as to how the PRA is to comply with its duty under sub-paragraph (1).

(7)The directions may in particular—

(a)specify descriptions of expenditure that are, or are not, to be regarded as incurred in connection with either of the matters mentioned in sub-paragraph (3),

(b)relate to the calculation and timing of the deduction in respect of the PRA's enforcement costs, and

(c)specify the time when any payment is required to be made to the Treasury.

(8)The directions may also require the PRA to provide the Treasury at specified times with information relating to—

(a)penalties that the PRA has imposed under FSMA 2000, or

(b)the PRA's enforcement costs.

(9)The Treasury must pay into the Consolidated Fund any sums received by them under this paragraph.

29(1)The PRA must prepare and operate a scheme (“the financial penalty scheme”) for ensuring that the amounts that, as a result of the deduction for which paragraph 28(1) provides, are retained by the PRA in respect of amounts paid to it by way of penalties imposed under this Act are applied for the benefit of PRA-authorised persons.

(2)The financial penalty scheme may, in particular, make different provision with respect to different classes of PRA-authorised person.

(3)The financial penalty scheme must ensure that those who have become liable to pay a penalty to the PRA in any financial year of the PRA do not receive any benefit under the scheme in the following financial year.

(4)Up-to-date details of the financial penalty scheme must be set out in a document (“the scheme details”).

30(1)The scheme details must be published by the PRA in the way appearing to it to be best calculated to bring them to the attention of the public.

(2)Before making the financial penalty scheme, the PRA must publish a draft of the proposed scheme in the way appearing to the PRA to be best calculated to bring it to the attention of the public.

(3)The draft must be accompanied by notice that representations about the proposals may be made to the PRA within a specified time.

(4)Before making the scheme, the PRA must have regard to any representations made to it in accordance with sub-paragraph (3).

(5)If the PRA makes the proposed scheme, it must publish an account, in general terms, of—

(a)the representations made to it in accordance with sub-paragraph (3), and

(b)its response to them.

(6)If the scheme differs from the draft published under sub-paragraph (2) in a way which is, in the opinion of the PRA, significant, the PRA must (in addition to complying with sub-paragraph (5)) publish details of the difference.

(7)The PRA must, without delay, give the Treasury a copy of any scheme details published by it.

(8)The PRA may charge a reasonable fee for providing a person with a copy of—

(a)a draft published under sub-paragraph (2);

(b)scheme details.

(9)Sub-paragraphs (2) to (6) and (8)(a) also apply to a proposal to alter or replace the financial penalty scheme.

FeesE+W+S+N.I.

31(1)The PRA may make rules providing for the payment to it of such fees, in connection with the discharge of any of its qualifying functions, as it considers will (taking account of its expected income from fees and charges provided for by any other provision of this Act) enable it—

(a)to meet expenses incurred in carrying out its functions or for any incidental purpose,

(b)to repay the principal of, and pay any interest on, any relevant borrowing and to meet relevant commencement expenses, and

(c)to maintain adequate reserves.

(2)The “qualifying functions” of the PRA are—

(a)its functions under or as a result of this Act or any of the other Acts mentioned in section 2A(6), and

(b)its functions under or as a result of a qualifying EU provision that is specified, or of a description specified, for the purposes of this sub-paragraph by the Treasury by order.

(3)In sub-paragraph (1)(b)—

  • relevant borrowing” means any money borrowed by the PRA which has been used for the purpose of meeting expenses incurred in relation to its assumption of functions under this Act, and

  • relevant commencement expenses” means expenses incurred by the PRA, the FCA or the Bank—

    (a)

    in preparation for the exercise of functions by the PRA under this Act, or

    (b)

    for the purpose of facilitating the exercise by the PRA of those functions or otherwise in connection with their exercise by it.

(4)Neither section 2A(6)(d) nor the definition of “functions” in paragraph 1 applies for the purposes of sub-paragraph (2).

(5)For the purposes of sub-paragraph (3) it is irrelevant when the borrowing of the money, the incurring of the expenses or the assumption of functions took place (and, in particular, it is irrelevant if expenses were incurred by the FCA at a time when it was known as the Financial Services Authority).

(6)In fixing the amount of any fee which is to be payable to the PRA, no account is to be taken of any sums which the PRA receives, or expects to receive, by way of penalties imposed by it under this Act.

(7)Any fee which is owed to the PRA under any provision made by or under this Act may be recovered as a debt due to the PRA.

Services for which fees may not be chargedE+W+S+N.I.

32The power conferred by paragraph 31 may not be used to require—

(a)a fee to be paid in respect of the discharge of any of the PRA's functions under paragraph 13, 14, 19 or 20 of Schedule 3, or

(b)a fee to be paid by any person whose application for approval under section 59 has been granted.

PART 4 E+W+S+N.I.Miscellaneous
Exemption from liability in damagesE+W+S+N.I.

33(1)None of the following is to be liable in damages for anything done or omitted in the discharge, or purported discharge, of the PRA's functions—

(a)the PRA;

(b)any person (“P”) who is, or is acting as, a member, officer or member of staff of the PRA;

(c)any person who could be held vicariously liable for things done or omitted by P, but only in so far as the liability relates to P's conduct.

(2)Anything done or omitted by a person mentioned in sub-paragraph (1)(a) or (b) while acting, or purporting to act, as a result of an appointment under any of sections 97, 166 to 169 and 284 is to be taken for the purposes of sub-paragraph (1) to have been done or omitted in the discharge, or as the case may be purported discharge, of the PRA's functions.

(3)Sub-paragraph (1) does not apply—

(a)if the act or omission is shown to have been in bad faith, or

(b)so as to prevent an award of damages made in respect of an act or omission on the ground that the act or omission was unlawful as a result of section 6(1) of the Human Rights Act 1998.

Accredited financial investigatorsE+W+S+N.I.

34For the purposes of this Act anything done by an accredited financial investigator within the meaning of the Proceeds of Crime Act 2002 who—

(a)is, or is acting as, an officer of, or member of the staff of, the PRA, or

(b)is appointed by the PRA under section 167 or 168 to conduct an investigation,

is to be treated as done in the exercise or discharge of a function of the PRA.

Amounts required by rules to be paid to the PRAE+W+S+N.I.

35Any amount (other than a fee) which is required by rules to be paid to the PRA may be recovered as a debt due to the PRA.

Section 12

SCHEDULE 4E+W+S+N.I.EEA passport rights and treaty rights

PART 1 E+W+S+N.I.Amendments of Schedule 3 to FSMA 2000: EEA passport rights

IntroductoryE+W+S+N.I.

1Schedule 3 to FSMA 2000 (EEA passport rights) is amended as follows.

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Commencement Information

I26Sch. 4 para. 1 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I27Sch. 4 para. 1 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

Exercise of passport rights by EEA firmsE+W+S+N.I.

2(1)Paragraph 13 (establishment) is amended as follows.E+W+S+N.I.

(2)In sub-paragraphs (1) and (1A), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

(3)After sub-paragraph (1A) insert—

(1B)Where the PRA receives a consent notice, it must give a copy to the FCA without delay.

(1C)Where the FCA receives a consent notice it must in prescribed cases give a copy to the PRA without delay.

(1D)In a case where the FCA is the appropriate UK regulator, the consent of the PRA is required for any notice by the FCA for the purposes of sub-paragraph (1)(ba) which relates to—

(a)a PRA-regulated activity,

(b)a PRA-authorised person, or

(c)a person whose immediate group includes a PRA-authorised person.

(1E)If the FCA—

(a)receives a consent notice, or

(b)receives under sub-paragraph (1B) a copy of a consent notice,

it must prepare for the firm's supervision.

(1F)If the PRA—

(a)receives a consent notice, or

(b)receives under sub-paragraph (1C) a copy of a consent notice which identifies PRA-regulated activities or relates to a PRA-authorised person,

it must prepare for the firm's supervision.

(4)In sub-paragraph (2)—

(a)for “Authority” substitute “ appropriate UK regulator ”, and

(b)omit paragraph (a).

(5)In sub-paragraph (3), for “Authority” substitute “ appropriate UK regulator ”.

(6)In sub-paragraph (4), after the definition of “applicable provisions” insert—

the appropriate UK regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the relevant single market directive;.

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Commencement Information

I28Sch. 4 para. 2 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I29Sch. 4 para. 2 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

3(1)Paragraph 14 (services) is amended as follows.E+W+S+N.I.

(2)In sub-paragraph (1), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

(3)After sub-paragraph (1) insert—

(1A)Relevant notice” means—

(a)a regulator's notice, or

(b)where none is required by sub-paragraph (1), a notice informing the appropriate UK regulator of the firm's intention to provide services in the United Kingdom.

(1B)Where the PRA receives a relevant notice, it must give a copy to the FCA without delay.

(1C)Where the FCA receives a relevant notice, it must in prescribed cases give a copy to the PRA without delay.

(1D)If the FCA—

(a)receives a relevant notice, or

(b)receives under sub-paragraph (1B) a copy of a relevant notice,

it must prepare for the firm's supervision.

(1E)If the PRA—

(a)receives a relevant notice, or

(b)receives under sub-paragraph (1C) a copy of a relevant notice which identifies PRA-regulated activities or relates to a PRA-authorised person,

it must, unless the firm falls within paragraph 5(e), prepare for the firm's supervision.

(4)For sub-paragraph (2) substitute—

(2)If the appropriate UK regulator has received a relevant notice, it must, unless the firm falls within paragraph 5(a) or (e), notify the firm of the applicable provisions (if any).

(5)Omit sub-paragraph (2A).

(6)In sub-paragraph (3)—

(a)for “(2)(b)” substitute “ (2) ”, and

(b)for the words from “Authority” to the end substitute “ appropriate UK regulator received the relevant notice ”.

(7)In sub-paragraph (4), after the definition of “applicable provisions” insert—

the appropriate UK regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the relevant single market directive;.

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Commencement Information

I30Sch. 4 para. 3 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I31Sch. 4 para. 3 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

4(1)Paragraph 15A (application for approval to manage UCITS) is amended as follows.E+W+S+N.I.

(2)For “Authority” or “Authority's”, in each place, substitute “ appropriate UK regulator ” or “appropriate UK regulator's”.

(3)After sub-paragraph (6) insert—

(6A)If—

(a)the FCA is the appropriate UK regulator, and

(b)the firm is, or the firm's immediate group includes, a PRA-authorised person,

the FCA must give the PRA a copy of the notice under sub-paragraph (4).

(4)In sub-paragraph (7), before the definition of “specified” insert—

the appropriate UK regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the UCITS directive;.

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Commencement Information

I32Sch. 4 para. 4 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I33Sch. 4 para. 4 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

5(1)Paragraph 15B (representations and references to the Tribunal) is amended as follows.E+W+S+N.I.

(2)For “Authority”, in both places, substitute “ appropriate UK regulator ”.

(3)After sub-paragraph (3) insert—

(4)In this paragraph “the appropriate UK regulator” has the same meaning as in paragraph 15A.

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Commencement Information

I34Sch. 4 para. 5 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I35Sch. 4 para. 5 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

6In paragraph 15C (information to home state regulator), in sub-paragraph (1), for “Authority” substitute “ appropriate UK regulator, as defined in paragraph 15A(7), ”.

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Commencement Information

I36Sch. 4 para. 6 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I37Sch. 4 para. 6 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

7In paragraph 17 (continuing regulation of EEA firms)—

(a)before paragraph (a) insert—

(za)require the FCA and the PRA to notify each other about EEA firms qualifying for authorisation;, and

(b)in paragraph (c), for “the Authority” substitute “ the FCA or the PRA ”.

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Commencement Information

I38Sch. 4 para. 7 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I39Sch. 4 para. 7 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

8In paragraph 18 (giving up right to authorisation), in paragraph (b), for “Part IV permission” substitute “ Part 4A permission ”.

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Commencement Information

I40Sch. 4 para. 8 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I41Sch. 4 para. 8 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

Exercise of passport rights by UK firmsE+W+S+N.I.

9In Part 3 (exercise of passport rights by UK firms), before the italic heading before paragraph 19 insert—

Meaning of “the appropriate UK regulator”E+W+S+N.I.

18AIn this Part of this Schedule “the appropriate UK regulator” means—

(a)where the UK firm is a PRA-authorised person, the PRA;

(b)in any other case, the FCA.

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Commencement Information

I42Sch. 4 para. 9 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I43Sch. 4 para. 9 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

10(1)Paragraph 19 (establishment) is amended as follows.E+W+S+N.I.

(2)For “Authority”, in each place, substitute “ appropriate UK regulator ”.

(3)After sub-paragraph (7B) insert—

(7C)Where the PRA is the appropriate UK regulator, it must consult the FCA before deciding whether to give a consent notice, except where sub-paragraph (7A) applies.

(7D)Where the FCA is the appropriate UK regulator, it must consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.

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Commencement Information

I44Sch. 4 para. 10 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I45Sch. 4 para. 10 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

11(1)Paragraph 20 (services) is amended as follows.E+W+S+N.I.

(2)For “Authority”, in each place, substitute “ appropriate UK regulator ”.

(3)After sub-paragraph (3A) insert—

(3AA)Where the PRA is the appropriate UK regulator, it must consult the FCA before deciding whether to give a consent notice.

(3AB)Where the FCA is the appropriate UK regulator, it must consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.

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Commencement Information

I46Sch. 4 para. 11 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I47Sch. 4 para. 11 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

12In paragraph 20ZA (information for host state regulator), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

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Commencement Information

I48Sch. 4 para. 12 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I49Sch. 4 para. 12 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

13In paragraph 20B (notice of intention to market), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

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Commencement Information

I50Sch. 4 para. 13 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I51Sch. 4 para. 13 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

14In paragraph 22 (continuing regulation of UK firms), in sub-paragraph (3)—

(a)for “the Authority's consent” substitute “ the consent of the FCA or the PRA ”, and

(b)in paragraph (b), for “the Authority” substitute “ the FCA or the PRA ”.

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Commencement Information

I52Sch. 4 para. 14 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I53Sch. 4 para. 14 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

15(1)Paragraph 23 (power to impose requirements) is amended as follows.E+W+S+N.I.

(2)For “the Authority”, in each place, substitute “ the FCA ”.

(3)In sub-paragraph (1)(a), for “Part IV permission” substitute “ Part 4A permission ”.

(4)In sub-paragraphs (2) and (2A), for “section 45” substitute “ section 55L or 55M ”.

(5)After sub-paragraph (2A) insert—

(2B)This paragraph does not affect any duty of the FCA to consult the PRA before exercising its power under section 55L or 55M.

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Commencement Information

I54Sch. 4 para. 15 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I55Sch. 4 para. 15 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

16(1)Paragraph 24 (which relates to UK firms exercising rights under the banking consolidation directive) is amended as follows.E+W+S+N.I.

(2)In sub-paragraph (1)(a), for “Part IV permission” substitute “ Part 4A permission ”.

(3)In sub-paragraph (2)—

(a)for “the Authority”, in the first place, substitute “ either regulator ”,

(b)in paragraph (a), for “Part IV permission” substitute “ Part 4A permission ”, and

(c)in paragraph (b), for “the Authority” substitute “ that regulator ”.

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Commencement Information

I56Sch. 4 para. 16 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I57Sch. 4 para. 16 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

17After paragraph 24 insert—

Arrangements between FCA and PRAE+W+S+N.I.

24A(1)The regulators may make arrangements about—

(a)how they will consult each other when required to do so by paragraph 19(7C) or (7D) or 20(3AA) or (3AB) or by regulations under paragraph 22;

(b)how each of them will act in response to any advice or representations received from the other.

(2)The arrangements may require one regulator to obtain the consent of the other in specified circumstances before—

(a)giving a consent notice under paragraph 19 or 20, or

(b)exercising specified functions under regulations under paragraph 22.

(3)The arrangements must be in writing, and must specify—

(a)the EEA rights to which they relate, and

(b)the date on which they come into force.

(4)Where arrangements are in force under this paragraph, the regulators must exercise functions in accordance with the arrangements.

(5)The regulators must publish any arrangements under this paragraph in such manner as they think fit.

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Commencement Information

I58Sch. 4 para. 17 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I59Sch. 4 para. 17 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I60Sch. 4 para. 17 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

18In paragraph 25 (information to be included in the public record) for “Authority” substitute “ FCA ”.

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Commencement Information

I61Sch. 4 para. 18 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I62Sch. 4 para. 18 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

19In paragraph 26 (UK management companies: delegation of functions), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

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Commencement Information

I63Sch. 4 para. 19 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I64Sch. 4 para. 19 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

20In paragraph 27 (UK management companies: withdrawal of authorisation), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

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Commencement Information

I65Sch. 4 para. 20 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I66Sch. 4 para. 20 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

21In paragraph 28 (management companies: request for information), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

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Commencement Information

I67Sch. 4 para. 21 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I68Sch. 4 para. 21 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

PART 2 E+W+S+N.I.Amendments of Schedule 4 to FSMA 2000: Treaty rights

22Schedule 4 to FSMA 2000 (Treaty rights) is amended as follows.

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Commencement Information

I69Sch. 4 para. 22 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I70Sch. 4 para. 22 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

23(1)Paragraph 3 (exercise of Treaty rights) is amended as follows.E+W+S+N.I.

(2)In sub-paragraph (2), for “Authority” substitute “ appropriate UK regulator ”.

(3)After that sub-paragraph insert—

(2A)In sub-paragraph (2) “the appropriate UK regulator” means—

(a)where any of the activities to which the notification under that sub-paragraph relates is a PRA-regulated activity, the PRA;

(b)in any other case, the FCA.

(2B)Where the PRA receives a notification under sub-paragraph (2), it must give a copy to the FCA without delay.

(2C)Where the FCA receives a notification under sub-paragraph (2), it must in prescribed cases give a copy to the PRA without delay.

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Commencement Information

I71Sch. 4 para. 23 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I72Sch. 4 para. 23 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

24After paragraph 3 insert—

Notification between UK regulatorsE+W+S+N.I.

3ARegulations may require the PRA and the FCA to notify each other about Treaty firms qualifying for authorisation.

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Commencement Information

I73Sch. 4 para. 24 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I74Sch. 4 para. 24 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

25(1)Paragraph 4 (permission) is amended as follows.E+W+S+N.I.

(2)In sub-paragraph (3)—

(a)for “a Part IV permission” substitute “ a Part 4A permission ”, and

(b)for “Authority” substitute “ appropriate UK regulator ”.

(3)In sub-paragraph (4), for “Authority” substitute “ appropriate UK regulator ”.

(4)After that sub-paragraph insert—

(5)The appropriate UK regulator” means—

(a)where the Treaty firm is a PRA-authorised person, the FCA or the PRA;

(b)in any other case, the FCA.

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Commencement Information

I75Sch. 4 para. 25 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I76Sch. 4 para. 25 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

26(1)Paragraph 5 (notice to Authority) is amended as follows.E+W+S+N.I.

(2)In sub-paragraph (2), for “the Authority” substitute “ the appropriate UK regulator ”.

(3)After sub-paragraph (2) insert—

(2A)The appropriate UK regulator” means—

(a)where any of the activities to which the notice relates is a PRA-regulated activity, the PRA;

(b)in any other case, the FCA.

(2B)Where the PRA receives a notice under sub-paragraph (2), it must give a copy to the FCA without delay.

(2C)Where the FCA receives a notice under sub-paragraph (2) from—

(a)a PRA-authorised person, or

(b)a person whose immediate group includes a PRA-authorised person,

it must give a copy to the PRA without delay.

(4)For sub-paragraph (4) substitute—

(4)Subsections (1), (4) and (8) of section 55U apply to a notice under sub-paragraph (2) as they apply to an application for a Part 4A permission.

(5)In the italic heading immediately before paragraph 5, for “Authority” substitute “ UK regulator ”.

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Commencement Information

I77Sch. 4 para. 26 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I78Sch. 4 para. 26 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

I79Sch. 4 para. 26(4) in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

PART 3 E+W+S+N.I.Amendments of sections 34 and 35 of FSMA 2000: EEA firms and Treaty firms

27(1)Section 34 of FSMA 2000 (EEA firms) is amended as follows.E+W+S+N.I.

(2)In subsection (2), for “the Authority” substitute “ the appropriate regulator ”.

(3)After that subsection insert—

(2A)In subsection (2) “the appropriate regulator” means—

(a)in the case of a PRA-authorised person, the PRA, and

(b)in any other case, the FCA.

(4)In subsection (3), for “Part IV permission” substitute “ Part 4A permission ”.

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Commencement Information

I80Sch. 4 para. 27 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I81Sch. 4 para. 27 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

28(1)Section 35 of FSMA 2000 (Treaty firms) is amended as follows.E+W+S+N.I.

(2)In subsection (2), for “the Authority” substitute “ the appropriate regulator ”.

(3)After that subsection insert—

(2A)In subsection (2) “the appropriate regulator” means—

(a)in the case of a PRA-authorised person, the PRA, and

(b)in any other case, the FCA.

(4)In subsection (3), for “Part IV permission” substitute “ Part 4A permission ”.

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Commencement Information

I82Sch. 4 para. 28 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I83Sch. 4 para. 28 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

PART 4 E+W+S+N.I.Amendments of Part 13 of FSMA 2000: Powers of intervention

29Part 13 of FSMA 2000 (incoming firms: intervention by Authority) is amended as follows.

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Commencement Information

I84Sch. 4 para. 29 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I85Sch. 4 para. 29 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

30In the heading to Part 13, for “Authority” substitute “ FCA or PRA ”.

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Commencement Information

I86Sch. 4 para. 30 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I87Sch. 4 para. 30 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

31In section 193 (interpretation of Part 13), in subsection (1), in the definition of “power of intervention”, for “the Authority” substitute “ the FCA or the PRA ”.

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Commencement Information

I88Sch. 4 para. 31 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I89Sch. 4 para. 31 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

32(1)Section 194 (general grounds on which power of intervention is exercisable) is amended as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)for “Authority”, in each place, substitute “ appropriate regulator ”,

(b)in paragraph (c), for the words from “meet” to the end substitute advance—

(i)in the case of the FCA, one or more of its operational objectives, and

(ii)in the case of the PRA, any of its objectives.

(3)After subsection (1A) insert—

(1B)The appropriate regulator” means—

(a)where the incoming firm is a PRA-authorised person, the FCA or the PRA;

(b)in any other case, the FCA.

(4)In subsection (3), for “Authority”, in each place, substitute “ FCA ”.

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Commencement Information

I90Sch. 4 para. 32 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I91Sch. 4 para. 32 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

33(1)Section 194A (contravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive) is amended as follows.E+W+S+N.I.

(2)For “the Authority” or “the Authority's”, in each place, substitute “ the appropriate regulator ” or “the appropriate regulator's”.

(3)After subsection (8) insert—

(9)Subsection (4) is not to be regarded as requiring the PRA to take action in relation to the contravention of a requirement falling within subsection (3) in a case where it is satisfied that the FCA is required to act, and is acting or has acted, under subsection (4)—

(a)in relation to that requirement, or

(b)where that requirement is imposed by rules made by the PRA, in relation to an identical requirement imposed by rules made by the FCA.

(10)The appropriate regulator” means—

(a)where the relevant EEA firm is a PRA-authorised person, the FCA or, subject to subsection (9), the PRA;

(b)in any other case, the FCA.

(4)In the heading, for “Authority” substitute “ appropriate regulator ”.

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Commencement Information

I92Sch. 4 para. 33 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I93Sch. 4 para. 33 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

34(1)Section 195 (exercise of power in support of overseas regulator) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “Authority” substitute “ appropriate regulator ”.

(3)In subsection (2), for “Authority's” substitute “appropriate regulator's”.

(4)After subsection (2) insert—

(2A)The appropriate regulator” means—

(a)where the incoming firm is a PRA-authorised person, the FCA or the PRA;

(b)in any other case, the FCA.

(5)In subsection (4)—

(a)in paragraph (a), for “the Authority” substitute “ either regulator ”, and

(b)omit paragraph (b).

(6)In subsections (5) to (8), for “Authority”, in each place, substitute “ appropriate regulator ”.

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Commencement Information

I94Sch. 4 para. 34 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I95Sch. 4 para. 34 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

35(1)Section 195A (contravention by relevant EEA firm or EEA UCITS of directive requirement: home state regulator primarily responsible for securing compliance) is amended as follows.E+W+S+N.I.

(2)For “the Authority” or “the Authority's”, in each place, substitute “ the appropriate regulator ” or “the appropriate regulator's”.

(3)After subsection (11A) insert—

(11B)Subsection (4) is not to be regarded as requiring the PRA to notify the home state regulator in relation to the contravention of a requirement falling within subsection (2) or (3) in a case where the PRA is satisfied that the FCA is required to act, and is acting or has acted, under subsection (4) in relation to that requirement.

(4)In subsection (12), before the definition of “home state” insert—

the appropriate regulator” means—

(a)where the relevant EEA firm is a PRA-authorised person, the FCA or, subject to subsection (11B), the PRA;

(b)in any other case, the FCA;.

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Commencement Information

I96Sch. 4 para. 35 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I97Sch. 4 para. 35 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

36For section 196 substitute—

196The power of intervention

(1)If a regulator is entitled to exercise its power of intervention in respect of an incoming firm under this Part, it may impose any requirement in relation to the firm which that regulator could impose if—

(a)the firm's permission was a Part 4A permission; and

(b)the regulator was entitled to exercise its power under section 55L(3) or 55M(3).

(2)The FCA must consult the PRA before exercising its powers by virtue of this section in relation to—

(a)a PRA-authorised person, or

(b)a member of a group which includes a PRA-authorised person.

(3)The PRA must consult the FCA before exercising its powers by virtue of this section.

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Commencement Information

I98Sch. 4 para. 36 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I99Sch. 4 para. 36 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

37(1)Section 197 (procedure on exercise of power of intervention) is amended as follows.E+W+S+N.I.

(2)In subsection (2), for “Authority” substitute “ regulator ”.

(3)In subsection (3), for “the Authority” substitute “ a regulator ”.

(4)In subsection (4)—

(a)in paragraph (c), for “Authority's” substitute “regulator's”, and

(b)in paragraph (d), for “Authority” substitute “ regulator ”.

(5)In subsections (5) to (7), for “Authority”, in each place, substitute “ regulator ”.

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Commencement Information

I100Sch. 4 para. 37 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I101Sch. 4 para. 37 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

38(1)Section 198 (power to apply to court for injunction in respect of certain overseas insurance companies) is amended as follows.E+W+S+N.I.

(2)In subsections (1) to (3), for “Authority”, in each place, substitute “ appropriate regulator ”.

(3)After subsection (3) insert—

(3A)The appropriate regulator” means whichever regulator is, at the time when the request is received, the competent authority for the purposes of the provision referred to in subsection (1)(a), (b) or (c).

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Commencement Information

I102Sch. 4 para. 38 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I103Sch. 4 para. 38 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

39(1)Section 199 (additional procedure for EEA firms in certain cases) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “the Authority” substitute “ a regulator ”.

(3)In subsection (2)(a)(i), for “the Authority” substitute “ that regulator ”.

(4)In subsections (3) to (11), for “the Authority” substitute “ the regulator ”.

(5)After subsection (11) insert—

(12)Subsection (3) is not to be regarded as requiring the PRA to take action in relation to the contravention of a relevant requirement in a case where it is satisfied that the FCA is required to act, and is acting or has acted, under subsection (3)—

(a)in relation to that requirement, or

(b)where that requirement is imposed by rules made by the PRA, in relation to an identical requirement imposed by rules made by the FCA.

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Commencement Information

I104Sch. 4 para. 39 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I105Sch. 4 para. 39 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

40(1)Section 199A (management companies: loss of authorisation) is amended as follows.E+W+S+N.I.

(2)In subsection (2), for “Authority”, in both places, substitute “ appropriate regulator ”.

(3)For subsection (4) substitute—

(4)In this section—

  • the appropriate regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the UCITS directive;

  • collective investment scheme” has the same meaning as in Part 17.

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Commencement Information

I106Sch. 4 para. 40 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I107Sch. 4 para. 40 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

41(1)Section 200 (rescission and variation of requirements) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “The Authority” substitute “ Either regulator ”.

(3)In subsection (2)—

(a)for “the Authority”, in the first place, substitute “ either regulator ”, and

(b)for “the Authority”, in the second place, substitute “ the regulator ”.

(4)In subsections (3) and (4), for “Authority” substitute “ regulator ”.

(5)In subsection (5)—

(a)for “the Authority”, in the first place, substitute “ either regulator ”, and

(b)in paragraph (a), for “the Authority” substitute “ the regulator ”.

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Commencement Information

I108Sch. 4 para. 41 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I109Sch. 4 para. 41 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

42For section 201 substitute—

201Effect of certain requirements on other persons

If either regulator, in exercising its power of intervention, imposes on an incoming firm a requirement of the kind mentioned in subsection (4) of section 55P, the requirement has the same effect in relation to the firm as it would have in relation to an authorised person if it had been imposed on the authorised person by the regulator acting under section 55L or 55M.

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Commencement Information

I110Sch. 4 para. 42 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I111Sch. 4 para. 42 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

43In section 202 (contravention of requirement imposed under Part 13), in subsection (1), for “the Authority” substitute “ a regulator ”.

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Commencement Information

I112Sch. 4 para. 43 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2

I113Sch. 4 para. 43 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

Section 15

SCHEDULE 5E+W+S+N.I.Performance of regulated activities

1Part 5 of FSMA 2000 is amended as follows.

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Commencement Information

I114Sch. 5 para. 1 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

2(1)Section 58 (applications relating to prohibition orders: procedure and right to refer to Tribunal) is amended as follows.E+W+S+N.I.

(2)In subsections (2) to (5), for “Authority” substitute “ appropriate regulator ”.

(3)After subsection (5) insert—

(6)The appropriate regulator” means the regulator to which the application is made.

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Commencement Information

I115Sch. 5 para. 2 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

3In section 59 (approval for particular arrangements), omit subsection (9).

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Commencement Information

I116Sch. 5 para. 3 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

4(1)Section 60 (applications for approval), for “Authority” or “Authority's”, in each place, substitute “ appropriate regulator ” or “appropriate regulator's”.E+W+S+N.I.

(2)For subsection (3) substitute—

(3)At any time after the application is received and before it is determined, the appropriate regulator may require the applicant to provide it with such further information as it reasonably considers necessary to enable it to determine the application or, as the case requires, to decide whether to give consent.

(3)In subsection (6), for “Part IV” substitute “ Part 4A ”.

(4)After subsection (6) insert—

(7)The PRA must consult the FCA before—

(a)giving a direction under subsection (2)(a) in relation to a class of applicants, or

(b)imposing a requirement under subsection (2)(b) on a class of applicants.

(8)The PRA must as soon as practicable notify the FCA of the receipt or withdrawal of an application to the PRA, unless the case is one in which by virtue of arrangements under section 59B the consent of the FCA is not required.

(9)“The appropriate regulator”—

(a)in relation to a controlled function which is of a description specified in rules made by the FCA, means the FCA;

(b)in relation to a controlled function which is of a description specified in rules made by the PRA, means the PRA, and for the purposes of subsection (3) also includes the FCA in cases where the consent of the FCA is required.

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Commencement Information

I117Sch. 5 para. 4 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I118Sch. 5 para. 4 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

5(1)Section 61 (determination of applications) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “The Authority may grant an application made under section 60” substitute “ The regulator to which an application is made under section 60 may grant the application ”.

(3)In subsection (2)—

(a)for “the Authority” substitute “ the regulator ”, and

(b)after “general rules” insert “ made by that regulator ”.

(4)After subsection (2) insert—

(2A)Subsections (1) and (2) apply in relation to the giving by the FCA of any required consent as they apply in relation to the grant of the application.

(5)In subsection (3), for the words from the beginning to “determine” substitute “ The regulator to which an application is made under section 60 must, before the end of the period for consideration, determine ”.

(6)After subsection (3) insert—

(3A)The period for consideration”—

(a)in any case where the application under section 60 is made by a person applying for permission under Part 4A (see section 60(6)), means whichever ends last of—

(i)the period within which the application for that permission must be determined under section 55V(1) or (2), and

(ii)the period of 3 months beginning with the date on which the regulator receives the application under section 60, and

(b)in any other case, means the period of 3 months beginning with the date on which the regulator receives the application under section 60.

(7)In subsection (4), for “the Authority”, in each place, substitute “ a regulator ”.

(8)In subsection (5)—

(a)for “Authority”, in the first place, substitute “ regulator to which the application was made ”, and

(b)for “Authority”, in the second place, substitute “ regulator ”.

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Commencement Information

I119Sch. 5 para. 5 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

6(1)Section 62 (applications for approval: procedure and right to refer to Tribunal) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for the words from “If” to “, it” substitute “ If the regulator to which an application is made under section 60 (“an application”) decides to grant the application, it ”.

(3)In subsections (2) to (4)—

(a)for “the Authority” substitute “ the regulator to which an application is made ”, and

(b)for “an application” substitute “ the application ”.

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Commencement Information

I120Sch. 5 para. 6 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

7(1)Section 63 (withdrawal of approval) is amended as follows.E+W+S+N.I.

(2)In subsection (2)—

(a)for “its approval, the Authority may take into account any matter which it could take into account if it were” substitute “ an approval, the FCA or the PRA may take into account any matter which could be taken into account in ”, and

(b)at the end insert “ (on the assumption, if it is not the case, that the application was one falling to be considered by it) ”.

(3)In subsections (3) to (5)—

(a)for “the Authority” substitute “ a regulator ”, and

(b)for “its approval” substitute “ an approval ”.

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Commencement Information

I121Sch. 5 para. 7 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

8In section 63A (performance of controlled functions without approval: power to impose penalties)—

(a)for “Authority”, in each place, substitute “ appropriate regulator ”,

(b)after subsection (5) insert—

(5A)The appropriate regulator”—

(a)in relation to a controlled function which is of a description specified in rules made by the FCA, means the FCA, and

(b)in relation to a controlled function which is of a description specified in rules made by the PRA, means the PRA., and

(c)in subsection (6), after “Any” insert “ other ”.

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Commencement Information

I122Sch. 5 para. 8 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

9In section 63B (procedure and right to refer to Tribunal), for “the Authority”, in each place, substitute “ a regulator ”.

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Commencement Information

I123Sch. 5 para. 9 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

10(1)Section 63C (statement of policy) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “The Authority” substitute “ Each regulator ”.

(3)In subsections (2) and (3), for “The Authority's” substitute “Each regulator's”.

(4)In subsection (4), for “the Authority” substitute “ the regulator that has issued the statement ”.

(5)In subsection (5)—

(a)for “The Authority” substitute “ A regulator ”, and

(b)after “issued” insert “ by it ”.

(6)In subsection (6), for “replaced, the Authority” substitute “ replaced by a regulator, the regulator ”.

(7)In subsection (7), for “The Authority” substitute “ A regulator ”.

(8)In subsection (8)—

(a)after “section” insert “ by a regulator ”, and

(b)for “Authority”, in both places, substitute “ regulator ”.

(9)In subsection (9), for “Authority” substitute “ regulator ”.

(10)In subsection (10)—

(a)for “the Authority” substitute “ a regulator ”, and

(b)after “published” insert “ by it ”.

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Commencement Information

I124Sch. 5 para. 10 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I125Sch. 5 para. 10 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

11(1)Section 63D (statement of policy: procedure) is amended as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)for “issuing” substitute “ a regulator issues ”, and

(b)for “Authority”, in both places, substitute “ regulator ”.

(3)In subsections (2), (3), (4) and (5) (in both places), for “Authority” substitute “ regulator ”.

(4)In subsection (6)—

(a)for “The Authority” substitute “ A regulator ”, and

(b)after “published” insert “ by it ”.

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Commencement Information

I126Sch. 5 para. 11 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I127Sch. 5 para. 11 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

12(1)Section 64 (conduct of approved persons: statement and codes) is amended as follows.E+W+S+N.I.

(2)In subsection (2)—

(a)for “the Authority” substitute “ a regulator ”, and

(b)after “subsection (1)” insert “ or (1A) ”.

(3)In subsection (3)(a) to (c), for “Authority” substitute “ regulator issuing the code ”.

(4)In subsection (4)—

(a)for “The Authority” substitute “ A regulator ”, and

(b)after “issued” insert “ by it ”.

(5)In subsection (5)—

(a)after “replaced” insert “ by a regulator ”, and

(b)for “Authority” substitute “ regulator ”.

(6)In subsection (6)—

(a)for “the Authority”, in the first place, substitute “ the regulator that issued it ”, and

(b)for “the Authority”, in the second place, substitute “ that regulator ”.

(7)In subsection (10), for “The Authority” substitute “ A regulator ”.

(8)In subsection (11), for paragraph (b) substitute—

(b)is to be treated for the purposes of section 1B(6)(a) as part of the FCA's rule-making functions (where the power is exercisable by the FCA) and is to be treated for the purposes of section 2J(1)(a) as part of the PRA's rule-making functions (where the power is exercisable by the PRA).

(9)In subsection (12)—

(a)for “The Authority” substitute “ A regulator ”, and

(b)after “published” insert “ by it ”.

(10)For subsection (13) substitute—

(13)Any expression which is used both in this section and section 59 has the same meaning in this section as in that section.

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Commencement Information

I128Sch. 5 para. 12 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I129Sch. 5 para. 12 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

13(1)Section 65 (statements and codes: procedure) is amended as follows.E+W+S+N.I.

(2)For subsection (1) substitute—

(1)Before a regulator issues a statement or code under section 64, it must—

(a)consult the other regulator; and

(b)after doing so, publish a draft of the statement or code in the way appearing to it to be best calculated to bring the statement or code to the attention of the public.

(1A)The duty of the FCA to consult the PRA under subsection (1)(a) applies only in so far as the statement or code applies to persons in relation to whom approval is given under section 59 in respect of the performance by them of significant-influence functions (within the meaning of that section) in relation to the carrying on by PRA-authorised persons of regulated activities.

(3)In subsection (2)(b), for “the Authority” substitute “ the regulator publishing the draft ”.

(4)In subsection (3)—

(a)for “issuing” substitute “ a regulator issues ”, and

(b)for “the Authority” substitute “ it ”.

(5)In subsection (4), for “the Authority” substitute “ a regulator ”.

(6)In subsection (5)—

(a)for “the Authority”, in the first place, substitute “ the regulator issuing the statement or code ”, and

(b)for “the Authority”, in the second place, substitute “ the regulator ”.

(7)In subsection (6), for “the Authority” substitute “ the regulator concerned ”.

(8)For subsection (7) substitute—

(7)Subsections (1)(b) and (2) to (6) do not apply in relation to—

(a)a statement or code issued by the FCA if it considers that the delay involved in complying with them would be prejudicial to the interests of consumers, as defined in section 425A; or

(b)a statement or code issued by the PRA if it considers that the delay involved in complying with them would—

(i)be prejudicial to the safety and soundness of PRA-authorised persons, or

(ii)in a case where section 2C applies, be prejudicial to securing the appropriate degree of protection for policyholders.

(9)In subsection (9)—

(a)for “The Authority” substitute “ A regulator ”, and

(b)after “published” insert “ by it ”.

(10)For subsection (11) substitute—

(11)Cost benefit analysis” means—

(a)an analysis of the costs together with an analysis of the benefits that will arise—

(i)if the proposed statement or code is issued, or

(ii)if subsection (5)(b) applies, from the statement or code that has been issued, and

(b)subject to subsection (11A), an estimate of those costs and of those benefits.

(11A)If, in the opinion of the regulator concerned—

(a)the costs or benefits referred to in subsection (11) cannot reasonably be estimated, or

(b)it is not reasonably practicable to produce an estimate,

the cost benefit analysis need not estimate them, but must include a statement of the opinion of the regulator concerned and an explanation of it.

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Commencement Information

I130Sch. 5 para. 13 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I131Sch. 5 para. 13 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

14(1)Section 66 (disciplinary powers) is amended as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)in the opening words—

(i)for “The Authority” substitute “ A regulator ”, and

(ii)after “this section” insert “ (whether or not it has given its approval in relation to the person) ”, and

(b)in paragraphs (a) and (b), for “ Authority” substitute “ regulator ”.

(3)For subsection (2) substitute—

(2)For the purposes of action by the FCA, a person is guilty of misconduct if, while an approved person—

(a)the person has failed to comply with a statement of principle issued by the FCA under section 64, or

(b)the person has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person—

(i)by or under this Act, or

(ii)by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order.

(2A)For the purposes of action by the PRA, a person is guilty of misconduct if, while an approved person in respect of the performance of a significant-influence function in relation to the carrying on by a PRA-authorised person of a regulated activity—

(a)the person has failed to comply with a statement of principle issued by the PRA under section 64, or

(b)the person has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person—

(i)by or under this Act, or

(ii)by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order.

(4)In subsection (3), for “Authority” substitute “ regulator ”.

(5)In subsection (3D), for “The Authority” substitute “ The regulator taking action under this section ”.

(6)In subsection (4)—

(a)for “The Authority”, in the first place, substitute “ A regulator ”, and

(b)for “the Authority”, in the second place, substitute “ the regulator ”.

(7)In subsection (5)(a), for “the Authority” substitute “ a regulator ”.

(8)For subsection (6) substitute—

(6)Approved person” means a person in relation to whom an approval is given under that section.

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Commencement Information

I132Sch. 5 para. 14 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I133Sch. 5 para. 14 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

15(1)Section 67 (disciplinary measures: procedure and right to refer to Tribunal) is amended as follows.E+W+S+N.I.

(2)In subsections (1) and (4), for “the Authority” substitute “ a regulator ”.

(3)In subsection (7)—

(a)for “the Authority”, in the first place, substitute “ a regulator ”, and

(b)for “the Authority”, in the second place, substitute “ the regulator ”.

(4)In subsection (9)—

(a)for “an approved person (“A”),” substitute “ a person (“A”) in relation to whom approval has been given, ”, and

(b)omit the second sentence.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I134Sch. 5 para. 15 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

16In section 68 (publication), for “the Authority” substitute “ the regulator publishing it ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I135Sch. 5 para. 16 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

17(1)Section 69 (statement of policy) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “The Authority must” substitute “ Each regulator must ”.

(3)In subsection (2), for “The Authority's” substitute “A regulator's”.

(4)In subsection (3)—

(a)for “The Authority” substitute “ A regulator ”, and

(b)after “issued” insert “ by it ”.

(5)In subsection (4), for “replaced, the Authority” substitute “ replaced by a regulator, the regulator ”.

(6)In subsection (5), for “The Authority” substitute “ A regulator ”.

(7)In subsection (6)—

(a)after “section” insert “ by a regulator ”, and

(b)for “the Authority”, in both places, substitute “ the regulator ”.

(8)In subsection (7), for “Authority” substitute “ regulator ”.

(9)In subsection (8)—

(a)for “the Authority” substitute “ a regulator ”, and

(b)after “published” insert “ by it ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I136Sch. 5 para. 17 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I137Sch. 5 para. 17 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

18(1)Section 70 (statements of policy: procedure) is amended as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)for “issuing” substitute “ a regulator issues ”, and

(b)for “Authority”, in both places, substitute “ regulator ”.

(3)In subsections (2), (3), (4) and (5) (in both places), for “Authority” substitute “ regulator ”.

(4)In subsection (6)—

(a)for “The Authority” substitute “ A regulator ”, and

(b)after “published” insert “ by it ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I138Sch. 5 para. 18 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I139Sch. 5 para. 18 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

Section 22

SCHEDULE 6E+W+S+N.I.Control of business transfers

1Part 7 of FSMA 2000 is amended as follows.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I140Sch. 6 para. 1 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

2Before section 104 insert—

103AMeaning of “the appropriate regulator”

(1)In this Part “the appropriate regulator” means—

(a)in relation to a scheme in respect of which the authorised person concerned is a PRA-authorised person, the PRA;

(b)in any other case, the FCA.

(2)In this Part, “the authorised person concerned”—

(a)in the case of an insurance business transfer scheme, is to be read in accordance with section 105(2);

(b)in the case of a banking business transfer scheme, is to be read in accordance with section 106(2);

(c)in the case of a reclaim fund business transfer scheme, means the reclaim fund to whose business the scheme relates.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I141Sch. 6 para. 2 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

3(1)Section 109 (scheme reports) is amended as follows.E+W+S+N.I.

(2)For “Authority”, in each place, substitute “ appropriate regulator ”.

(3)After subsection (3) insert—

(4)Where the appropriate regulator is the PRA, it must consult the FCA before—

(a)nominating or approving a person under subsection (2)(b), or

(b)approving a form under subsection (3).

(5)Subsection (6) applies where the appropriate regulator is the FCA and either—

(a)the transferee is a PRA-authorised person, or

(b)the authorised person concerned or the transferee has as a member of its immediate group a PRA-authorised person.

(6)The FCA must consult the PRA before—

(a)nominating or approving a person under subsection (2)(b), or

(b)approving a form under subsection (3).

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I142Sch. 6 para. 3 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

4(1)Section 110 (right to participate in proceedings) is amended as follows.E+W+S+N.I.

(2)The existing provision becomes subsection (1).

(3)For paragraph (a) of that subsection substitute—

(a)the FCA,

(aa)in the case of a scheme falling within subsection (2), the PRA, and.

(4)After that subsection insert—

(2)A scheme falls within this subsection if—

(a)the authorised person concerned or the transferee is a PRA-authorised person, or

(b)the authorised person concerned or the transferee has as a member of its immediate group a PRA-authorised person.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I143Sch. 6 para. 4 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

5In section 112 (effect of order sanctioning business transfer scheme), in subsections (10) and (11), for “Authority” substitute “ appropriate regulator ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I144Sch. 6 para. 5 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

6After section 112 insert—

112ZADuty of regulator to provide copy of order

(1)Where the PRA receives under section 112(10) a copy of an order it must, without delay, give a copy of it to the FCA.

(2)Where the FCA receives under section 112(10) a copy of an order it must, without delay, give a copy of it to the PRA if the order relates to a scheme in respect of which—

(a)the transferee is a PRA-authorised person, or

(b)the authorised person concerned or the transferee has as a member of its immediate group a PRA-authorised person.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I145Sch. 6 para. 6 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

7(1)Section 113 (appointment of actuary) is amended as follows.E+W+S+N.I.

(2)In subsection (2)—

(a)for “the Authority”, in the first place, substitute “ either regulator ”, and

(b)for “Authority”, in the second place, substitute “ regulator which made the application ”.

(3)After that subsection insert—

(3)An application under subsection (2) may be made by the PRA only if—

(a)the authorised person concerned or the transferee is a PRA-authorised person, or

(b)the authorised person concerned or the transferee has as a member of its immediate group a PRA-authorised person.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I146Sch. 6 para. 7 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

8In section 115 (certificates for purposes of insurance business transfers overseas), for “Authority” substitute “ appropriate regulator ”.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I147Sch. 6 para. 8 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

9Schedule 12 to FSMA (transfer schemes: certificates) is amended as follows.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I148Sch. 6 para. 9 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

10In paragraph 1, for “the Authority”, in each place, substitute “ the appropriate regulator ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I149Sch. 6 para. 10 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

11(1)Paragraph 2 is amended as follows.E+W+S+N.I.

(2)In the following places, for “Authority” substitute “ appropriate regulator ”

(a)sub-paragraph (1)(b);

(b)in the first place in sub-paragraph (3).

(3)In sub-paragraph (3), after “transferred” insert “ certification ”.

(4)In sub-paragraph (6)(c), for “, the Authority” substitute

(i)the PRA, if the transferee is a PRA-authorised person with a Part 4A permission or with permission under Schedule 4;

(ii)the FCA, if the transferee is a person with a Part 4A permission or with permission under Schedule 4 but is not a PRA-authorised person.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I150Sch. 6 para. 11 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

12In paragraph 3, for “Authority” substitute “ appropriate regulator ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I151Sch. 6 para. 12 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

13In paragraph 4, for “Authority”, in the first place, substitute “ appropriate regulator ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I152Sch. 6 para. 13 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

14In paragraph 5, for “Authority”, in the first place, substitute “ appropriate regulator ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I153Sch. 6 para. 14 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

15In paragraph 5A, for “the Authority” substitute “ the appropriate regulator ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I154Sch. 6 para. 15 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

16In paragraph 8(2)—

(a)for paragraph (a) substitute—

(a)if the transferee is a PRA-authorised person with a Part 4A permission or with permission under Schedule 4, the PRA;

(aa)if the transferee is a person with Part 4A permission or with permission under Schedule 4 but is not a PRA-authorised person, the FCA;, and

(b)in paragraph (c), after “(a)” insert “ , (aa) ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I155Sch. 6 para. 16 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

17In paragraph 9, for “Authority” substitute “ appropriate regulator ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I156Sch. 6 para. 17 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

18(1)Paragraph 9A is amended as follows.E+W+S+N.I.

(2)The existing provision becomes sub-paragraph (1).

(3)In that sub-paragraph, for “Authority” substitute “ relevant regulator ”.

(4)After that sub-paragraph insert—

(2)In this paragraph the “relevant regulator” means—

(a)if the transferee is a PRA-authorised person, the PRA;

(b)in any other case, the FCA.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I157Sch. 6 para. 18 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

19(1)Paragraph 10 is amended as follows.E+W+S+N.I.

(2)In sub-paragraph (2), for “Authority” substitute “ FCA or the PRA ”.

(3)In sub-paragraph (5), for “Authority” substitute “ regulator which supervises the transferee's margin of solvency ”.

(4)In sub-paragraph (6), for “Authority” substitute “ FCA or the PRA ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I158Sch. 6 para. 19 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

Section 29

SCHEDULE 7E+W+S+N.I.Application of provisions of FSMA 2000 to Bank of England etc

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I159Sch. 7 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I160Sch. 7 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I161Sch. 7 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

This is the Schedule 17A to be inserted in FSMA 2000 after Schedule 17—

Section 285A

SCHEDULE 17AE+W+S+N.I.Further provision in relation to exercise of Part 18 functions by Bank of England

PART 1 E+W+S+N.I.Co-operation between appropriate regulators
Memorandum of understanding between appropriate regulators and PRAE+W+S+N.I.

1(1)The appropriate regulators must prepare and maintain a memorandum describing how they intend to work together in exercising their functions in relation to persons who are recognised bodies.

(2)The memorandum must in particular make provision about—

(a)the need for each party when exercising a function in relation to any person (“A”) who is a recognised body, or any member of A's group, to have regard to the exercise (or possible exercise) of any function by the other party in relation to A or any member of A's group;

(b)the role of each party in cases where they are both exercising functions in relation to the same persons;

(c)the obtaining and disclosure of information;

(d)the co-ordination by the parties of the exercise of their powers to appoint competent persons under Part 11 (information gathering and investigations) to conduct investigations on their behalf.

(3)In this paragraph any reference to a function is to any function whether conferred by or under any provision of this Part of this Act or any other provision of this Act or otherwise.

2(1)The appropriate regulators and the PRA must prepare and maintain a memorandum describing how they intend to work together in exercising their functions in relation to persons who are recognised bodies and who—

(a)are PRA-authorised persons; or

(b)are members of a group of which a member is a PRA-authorised person.

(2)The memorandum must in particular make provision about—

(a)the need for each party when exercising a function in relation to any person (“A”) who is a recognised body, or any member of A's group, to have regard to the exercise (or possible exercise) of any function by the other party in relation to A or any member of A's group;

(b)the role of each party in cases where they are both exercising functions in relation to the same persons;

(c)the obtaining and disclosure of information;

(d)the co-ordination by the parties of the exercise of their powers to appoint competent persons under Part 11 (information gathering and investigations) to conduct investigations on their behalf.

(3)In this paragraph any reference to a function is to any function whether conferred by or under any provision of this Part of this Act or any other provision of this Act or otherwise.

3The parties to a memorandum under paragraph 1 or 2 must review the memorandum at least once in each calendar year.

4The parties to a memorandum under paragraph 1 or 2 must give the Treasury a copy of the memorandum and any revised memorandum.

5The Treasury must lay before Parliament a copy of any document received by them under paragraph 4.

6The parties to a memorandum under paragraph 1 or 2 must ensure that the memorandum as currently in force is published in the way appearing to them to be best calculated to bring it to the attention of the public.

Notification by FCA of action in relation to recognised clearing housesE+W+S+N.I.

7The FCA must notify the Bank of England of any direction given by it under section 128 to a recognised clearing house (market abuse: suspension of investigations).

8The FCA must notify the Bank of England of any requirement imposed by it under section 313A on a recognised clearing house (power to require suspension or removal of financial instruments from trading).

PART 2 E+W+S+N.I.Application of provisions of this Act in relation to Bank of England
IntroductionE+W+S+N.I.

9(1)The provisions of this Act mentioned in this Part of this Schedule are to apply in relation to the Bank of England in accordance with the provision made by this Part of this Schedule.

(2)In any case where sub-paragraph (1) applies—

(a)any reference in this Act to the FCA or the PRA which is contained in, or relates to, any of those provisions (however expressed) is to be read as a reference to the Bank; and

(b)this Act has effect with any other necessary modifications.

RulesE+W+S+N.I.

10(1)The following provisions of Part 9A of this Act are to apply in relation to rules made by the Bank under any provision made by or under this Act—

(a)section 137T (general supplementary powers);

(b)sections 138A and 138B (modification or waiver of rules), but with the omission of subsection (4)(b) of section 138A and subsection (4) of section 138B;

(c)section 138C (evidential provisions);

(d)section 138D (actions for damages), but with the omission of subsection (2);

(e)section 138E (limits on effect of contravening rules);

(f)section 138F (notification of rules);

(g)section 138G (rule-making instruments);

(h)section 138H (verification of rules);

(i)section 138J (consultation), but with the omission of subsections (1)(a), (2)(c) and (5)(b); and

(j)section 138L (consultation: general exemptions), but with the omission of subsections (1) and (3).

(2)Any reference in any of those provisions to an authorised person is to be read as a reference to a recognised clearing house.

(3)Section 138J(2)(d) has effect in relation to rules proposed to be made by the Bank as if the reference to the compatibility of the proposed rules with the provisions mentioned in section 138J(2)(d) were a reference to their compatibility with the Bank's financial stability objective.

(4)Section 138L(2) has effect as if for paragraphs (a) and (b) there were substituted “ be prejudicial to financial stability ”.

Information gathering and investigationsE+W+S+N.I.

11(1)The powers conferred by section 165(1) and (3) (power to require information) are exercisable by the Bank or (as the case may be) its officers to impose requirements on—

(a)a recognised clearing house;

(b)a person who for the purposes of section 165 is connected with a recognised clearing house.

(2)The information or documents that the Bank may require to be provided or produced are limited to—

(a)information or documents reasonably required in connection with the exercise by the Bank of functions conferred on it by or under this Part of this Act;

(b)information or documents reasonably required in connection with the exercise by the Bank of any of its other functions in pursuance of its financial stability objective; and

(c)information or documents which the Bank reasonably considers may enable or assist the FCA in discharging functions conferred on the FCA by or under this Act.

(3)In consequence of the provision made by sub-paragraph (2), section 165(4) is not to apply in relation to section 165(1) and (3) as applied by this paragraph.

12The power conferred by section 166 (reports by skilled person) is exercisable by the Bank as if references in that section to an authorised person were to a recognised clearing house.

13(1)The powers conferred by section 167 (appointment of persons to carry out general investigations) are exercisable by the Bank as if references in that section to an authorised person were to any recognised clearing house other than an overseas clearing house.

(2)In addition to the powers conferred by section 171, a person conducting an investigation under section 167 as a result of this paragraph is to have the powers conferred by sections 172 and 173 (and for this purpose the references in those sections to an investigator are to be read accordingly).

14(1)The power conferred by section 168(5) (appointment of persons to carry out investigations in particular cases) is exercisable by the Bank.

(2)That power is exercisable if it appears to the Bank that there are circumstances suggesting that—

(a)a clearing house may be guilty of an offence under section 398(1) or an offence under prescribed regulations relating to money laundering;

(b)a clearing house may have contravened a rule made by the Bank under this Part of this Act;

(c)a clearing house may have contravened the recognition requirements;

(d)a clearing house may have contravened any qualifying EU provision that is specified, or of a description specified, for the purposes of this sub-paragraph by the Treasury by order;

(e)a clearing house may have breached the general prohibition.

(3)In addition to the powers conferred by section 171, a person conducting an investigation under section 168(5) as a result of this paragraph is to have the powers conferred by sections 172 and 173 (and for this purpose the references in those sections to an investigator are to be read accordingly).

15An overseas regulator may, in accordance with section 169, request the Bank to exercise the power conferred by section 165 (as applied by paragraph 11 of this Schedule).

16The power to give information under section 176(1) (entry of premises under warrant) is exercisable by the Bank, or an investigator appointed by the Bank, as if the reference to the second set of conditions were omitted.

Powers in relation to parent undertakingsE+W+S+N.I.

17(1)The following provisions of Part 12A of this Act are to apply in relation to the Bank—

(a)section 192C (power to direct qualifying parent undertaking);

(b)section 192D (requirements that may be imposed);

(c)section 192E (direction: procedure);

(d)section 192G (references to Tribunal);

(e)section 192H (statement of policy);

(f)section 192I (statement of policy: procedure);

(g)section 192J (rules requiring provision of information);

(h)sections 192K to 192N (enforcement).

(2)For the purposes of those provisions section 192B (meaning of “qualifying parent undertaking”) is to apply as if the reference in subsection (1) to a qualifying authorised person or recognised UK investment exchange were a reference to a recognised clearing house other than an overseas clearing house.

(3)Section 192C has effect as if—

(a)the general condition in subsection (2) were that the Bank considers that it is desirable to give the direction for the purpose of the effective regulation of one or more recognised clearing houses in the group of the qualifying parent undertaking,

(b)subsections (3) and (4) were omitted, and

(c)the reference in subsection (5)(a) to authorised persons or recognised investment exchanges were a reference to recognised clearing houses.

(4)Section 192E has effect as if the reference in subsection (1) to an authorised person or recognised investment exchange were a reference to a recognised clearing house.

(5)Section 192I has effect as if the reference in subsection (1)(a) to the other regulator and the Bank were a reference to the FCA and the PRA.

(6)Before the Bank gives a notice under section 192E(1) or (8)(b)—

(a)if the notice relates to the parent undertaking of an authorised person or recognised investment exchange, the Bank must consult the FCA, and

(b)if the notice relates to the parent undertaking of a PRA-authorised person, the Bank must also consult the PRA.

AuditorsE+W+S+N.I.

18(1)Section 342 (information given by auditor to a regulator) applies in relation to a relevant auditor as if—

(a)the references in that section to a recognised investment exchange were to a recognised clearing house,

(b)in the case of an auditor of a recognised clearing house which is also an authorised person or recognised investment exchange, the references to a regulator included the Bank, and

(c)in the case of an auditor of a recognised clearing house not falling within paragraph (b), the references to a regulator were to the Bank.

(2)A “relevant auditor” is a person who is, or has been, an auditor of a recognised clearing house appointed under or as a result of a statutory provision.

19(1)Section 343 (information given by auditor: person with close links) applies in relation to a relevant auditor as if—

(a)the references in that section to a recognised investment exchange were to a recognised clearing house,

(b)in the case of an auditor of a recognised clearing house which is an authorised person or which is a recognised investment exchange, the references to a regulator included the Bank, and

(c)in the case of an auditor of a recognised clearing house not falling within paragraph (b), the references to a regulator were to the Bank.

(2)A “relevant auditor” is a person who—

(a)is, or has been, an auditor of a recognised clearing house appointed under or as a result of a statutory provision, and

(b)is, or has been, an auditor of a person who has close links with the recognised clearing house.

20Section 344 (duty of auditor resigning to give notice) applies to an auditor to whom section 342 applies (whether by virtue of paragraph 18 or otherwise) as if—

(a)the references in that section to a recognised investment exchange were to a recognised clearing house,

(b)in the case of an auditor of a recognised clearing house which is neither an authorised person nor a recognised investment exchange, the reference in the definition of “the appropriate regulator” to the FCA were a reference to the Bank,

(c)in the case of an auditor of a recognised clearing house which is a PRA-authorised person, the reference in the definition of “the appropriate regulator” to the PRA were a reference to the PRA and the Bank, and

(d)in the case, not falling within paragraph (c), of an auditor of a recognised clearing house which is an authorised person or which is a recognised investment exchange, the reference in the definition of “the appropriate regulator” to the FCA were a reference to the FCA and the Bank.

21Sections 345A to 345E apply to auditors to whom section 342 applies only by virtue of paragraph 18 as if—

(a)the references in those sections to an auditor or actuary to whom section 342 applies were to an auditor to whom section 342 applies by virtue of paragraph 18,

(b)the references in those sections to a PRA-authorised person were to a recognised clearing house,

(c)in a case where the Bank disqualifies a person from being an auditor of a recognised clearing house that is also a recognised investment exchange, section 345A(5)(a) required the Bank to notify the FCA, and

(d)the references in sections 345D and 345E to a regulator included the Bank.

Public record and disclosure of informationE+W+S+N.I.

22Section 347 (record of authorised persons, recognised investment exchanges, etc), so far as it relates to recognised investment exchanges, applies in relation to the Bank as if references in that section to a recognised investment exchange were to a recognised clearing house.

23Sections 348 to 350 and 353 (disclosure of information) apply in relation to information received by the Bank for the purposes of, or in the discharge of, any of its functions relating to recognised clearing houses.

InsolvencyE+W+S+N.I.

24(1)The following provisions of Part 24 of this Act are to apply in relation to the Bank—

(a)section 356 (powers to participate in proceedings: company voluntary arrangements);

(b)section 358 (powers to participate in proceedings: trust deeds for creditors in Scotland);

(c)section 359 (administration order);

(d)section 362 (powers to participate in administration proceedings);

(e)section 362A (consent to appointment of administrator);

(f)section 363 (powers to participate in proceedings: receivership);

(g)section 365 (powers to participate in proceedings: voluntary winding-up);

(h)section 367 (winding-up petitions);

(i)section 371 (powers to participate in proceedings: winding-up).

(2)Those provisions are to apply as if any reference to an authorised person or recognised investment exchange were a reference to a recognised clearing house.

25In the case of any regulated activity which is carried on for the purposes of, or in connection with, the provision of clearing services, the reference to the FCA in section 375(1) is to be read as including a reference to the Bank.

Injunctions and restitutionE+W+S+N.I.

26(1)The power to make an application under section 380(1), (2) or (3) (injunctions) is exercisable by the Bank.

(2)For the purposes of the application, any reference in that section to a relevant requirement is to—

(a)a requirement that is imposed by or under any provision of this Part of this Act that relates to a recognised clearing house;

(b)a requirement that is imposed under any other provision of this Act by the Bank;

(c)a requirement that is imposed by any qualifying EU provision that is specified, or of a description specified, for the purposes of this sub-paragraph by the Treasury by order; or

(d)a requirement that is imposed by this Act and whose contravention constitutes an offence that the Bank has power to prosecute under this Act (see section 401, as applied by paragraph 31).

27(1)The power to make an application under section 382(1) (restitution order) is exercisable by the Bank.

(2)For the purposes of the application, any reference in that section to a relevant requirement is to be read in accordance with paragraph 26(2) of this Schedule.

28(1)The power conferred by section 384(5) (power of FCA to require restitution order) is exercisable by the Bank.

(2)That power is exercisable if the Bank is satisfied that a recognised clearing house has contravened a relevant requirement, or been knowingly concerned in the contravention of a relevant requirement, and—

(a)that profits have accrued to the recognised clearing house as a result of the contravention; or

(b)that one or more persons have suffered loss or been otherwise adversely affected as a result of the contravention.

(3)For the purposes of that power, “relevant requirement” is to be read in accordance with paragraph 26(2) of this Schedule.

(4)Where this paragraph applies, section 384(5) and (6) are to have effect as if—

(a)any reference to the person concerned were a reference to the recognised clearing house; and

(b)any reference to subsection (1) were a reference to sub-paragraph (2) of this paragraph.

NoticesE+W+S+N.I.

29The provisions of Part 26 of this Act (notices) apply in relation to a warning or decision notice given by the Bank under section 192L, 312G or 312H as they apply in relation to such a notice given by the FCA under that section.

OffencesE+W+S+N.I.

30Section 398 (misleading the FCA: residual cases) applies to information given to the Bank in purported compliance with—

(a)a requirement that is imposed by or under any provision of Part 18 of this Act that relates to a recognised clearing house;

(b)a requirement that is imposed under any other provision of this Act by the Bank; or

(c)a requirement that is imposed by any qualifying EU provision specified, or of a description specified, for the purposes of this paragraph by the Treasury by order.

31(1)Section 401 (proceedings for an offence) applies to the Bank as if for the purposes of subsections (2)(a) and (3)(a) of that section the Bank were an appropriate regulator in respect of each of the following offences—

(a)an offence under section 177(3) where the investigation is being, or is likely to be, conducted on behalf of the Bank;

(b)an offence under section 177(4) where the requirement is imposed by the Bank;

(c)an offence under section 177(6) where the warrant is issued as a result of information on oath given by the Bank or a person appointed by it to conduct an investigation on its behalf;

(d)an offence under section 398(1) where the information was given to the Bank.

(2)Section 401(3B) has effect subject to the provision made by this paragraph (so that the FCA is not the appropriate regulator for the purposes of subsections (2)(a) and (3)(a) in respect of the above offences).

RecordsE+W+S+N.I.

32Paragraph 17 of Schedule 1ZB (records) applies in relation to the recording of decisions made by the Bank in the exercise of its functions relating to recognised clearing houses.

Annual reportE+W+S+N.I.

33Paragraph 19 of Schedule 1ZB (annual report by PRA) applies in relation to the Bank, but—

(a)as if for paragraphs (a) to (f) of sub-paragraph (1) there were substituted—

(a)the discharge of its functions relating to recognised clearing houses,

(b)the extent to which, in its opinion, in discharging those functions its financial stability objective has been met,, and

(b)as if sub-paragraph (3) were omitted.

PART 3 E+W+S+N.I.Winding up, administration or insolvency of UK clearing houses
Notice to Bank of England of preliminary stepsE+W+S+N.I.

34(1)An application for an administration order in respect of a UK clearing house may not be determined unless the conditions below are satisfied.

(2)A petition for a winding up order in respect of a UK clearing house may not be determined unless the conditions below are satisfied.

(3)A resolution for voluntary winding up of a UK clearing house may not be made unless the conditions below are satisfied.

(4)An administrator of a UK clearing house may not be appointed unless the conditions below are satisfied.

(5)Condition 1 is that the Bank of England has been notified—

(a)by the applicant for an administration order, that the application has been made,

(b)by the petitioner for a winding up order, that the petition has been presented,

(c)by the UK clearing house, that a resolution for voluntary winding up may be made, or

(d)by the person proposing to appoint an administrator, of the proposed appointment.

(6)Condition 2 is that a copy of the notice complying with Condition 1 has been filed (in Scotland, lodged) with the court (and made available for public inspection by the court).

(7)Condition 3 is that—

(a)the period of 2 weeks, beginning with the day on which the notice is received, has ended, or

(b)the Bank of England has informed the person who gave the notice that—

(i)it has no objection to the order, resolution or appointment being made, and

(ii)it does not intend to exercise a stabilisation power under Part 1 of the Banking Act 2009.

(8)Arranging for the giving of notice in order to satisfy Condition 1 can be a step with a view to minimising the potential loss to a UK clearing house's creditors for the purpose of section 214 of the Insolvency Act 1986 (wrongful trading).

(9)In this paragraph “the court” means—

(a)in England and Wales, the High Court,

(b)in Scotland, the Court of Session, and

(c)in Northern Ireland, the High Court.

Power to give directions to insolvency practitionerE+W+S+N.I.

35(1)This paragraph applies where a person has been appointed to act as an insolvency practitioner (within the meaning of section 388 of the Insolvency Act 1986 or Article 3 of the Insolvency (Northern Ireland) Order 1989) in relation to a company which is, or has been, a UK clearing house.

(2)The Bank of England may give directions to the person if satisfied that it is desirable to give the directions, having regard to the public interest in—

(a)protecting and enhancing the stability of the UK financial system,

(b)protecting and enhancing public confidence in the stability of the UK financial system, and

(c)maintaining the continuity of central counterparty clearing services.

(3)Before giving directions the Bank of England must consult—

(a)the Treasury,

(b)(if the clearing house is a PRA-authorised person) the PRA, and

(c)the FCA.

(4)Directions are enforceable, on an application by the Bank of England, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.

(5)A person is not liable for damages in respect of action or inaction in accordance with directions.

(6)The immunity does not extend to action or inaction—

(a)in bad faith, or

(b)in contravention of section 6(1) of the Human Rights Act 1998.

PART 4 E+W+S+N.I.Fees

36(1)The Bank of England may, in connection with the discharge of any of its qualifying functions, require recognised clearing houses to pay fees to the Bank.

(2)The “qualifying functions” of the Bank are—

(a)its functions under or as a result of this Part of this Act, and

(b)its functions under or as a result of a qualifying EU provision that is specified, or of a description specified, for the purposes of this sub-paragraph by the Treasury by order.

(3)The power of the Bank to set fees includes power to set fees for the purpose of meeting expenses incurred by it or the FCA—

(a)in preparation for the exercise of functions by the Bank under this Part of this Act, or

(b)for the purpose of facilitating the exercise by the Bank of those functions or otherwise in connection with their exercise by it.

(4)It is irrelevant when the expenses were incurred (and, in particular, it is irrelevant if expenses were incurred by the FCA at a time when it was known as the Financial Services Authority).

37Any fee which is owed to the Bank under paragraph 36 may be recovered as a debt due to the Bank.

Section 35

SCHEDULE 8E+W+S+N.I.Sections 28 to 34: minor and consequential amendments

1FSMA 2000 is amended as follows.

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Commencement Information

I162Sch. 8 para. 1 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I163Sch. 8 para. 1 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

2(1)Section 286 (qualification for recognition) is amended as follows.E+W+S+N.I.

(2)In subsection (1)(a), for “the Authority” substitute “ the appropriate regulator ”.

(3)In subsections (4A), (4C) and (6), for “the Authority” substitute “ the FCA ”.

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Commencement Information

I164Sch. 8 para. 2 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I165Sch. 8 para. 2 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

3(1)Section 287 (application by an investment exchange) is amended as follows.E+W+S+N.I.

(2)In subsections (1) and (2) for “the Authority”, in each place, substitute “ the FCA ”.

(3)In subsection (3)—

(a)in paragraph (a), after “provision” insert “ by another person ”,

(b)in paragraph (b), for “clearing services” substitute “ services falling within section 285(2)(b) ”, and

(c)in paragraphs (d) and (e), for “the Authority” substitute “ the FCA ”.

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Commencement Information

I166Sch. 8 para. 3 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I167Sch. 8 para. 3 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

4(1)Section 288 (application by a clearing house) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “the Authority” substitute “ the Bank of England ”.

(3)In subsection (2)—

(a)in the opening words, for “the Authority” substitute “ the Bank of England ”, and

(b)in paragraph (d), for “the Authority” substitute “ the Bank ”.

(4)In subsection (3)(b), after “clearing services” insert “ or services falling within section 285(3)(b) ”.

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Commencement Information

I168Sch. 8 para. 4 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I169Sch. 8 para. 4 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

5In section 289 (applications: supplementary), in subsections (1), (2) (in both places) and (3), for “the Authority” substitute “ the appropriate regulator ”.

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Commencement Information

I170Sch. 8 para. 5 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I171Sch. 8 para. 5 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

6(1)Section 290 (recognition orders) is amended as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)for “the Authority”, in the first place, substitute “ the appropriate regulator ”, and

(b)for “the Authority”, in the second place, substitute “ the regulator concerned ”.

(3)In subsection (1B), for “the Authority” substitute “ the FCA ”.

(4)Omit subsection (2).

(5)In subsection (3), for “the Authority” substitute “ the appropriate regulator ”.

(6)Omit subsection (6).

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Commencement Information

I172Sch. 8 para. 6 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I173Sch. 8 para. 6 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

7(1)Section 290A (refusal of recognition on ground of excessive regulatory provision) is amended as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)for “The Authority must” substitute “ The appropriate regulator must ”,

(b)for “the Authority that” substitute “ it that ”,

(c)omit the “or” following paragraph (a), and

(d)at the end of paragraph (b) insert or

(c)the provision by the applicant of services falling within section 285(2)(b) or (3)(b),.

(3)In subsection (3), for “Authority” substitute “ appropriate regulator ”.

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Commencement Information

I174Sch. 8 para. 7 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I175Sch. 8 para. 7 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

8In section 292 (overseas investment exchanges and overseas clearing house), in subsections (2), (3)(c) and (d), (4) and (5)(c), for “the Authority” substitute “ the appropriate regulator ”.

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Commencement Information

I176Sch. 8 para. 8 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I177Sch. 8 para. 8 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

9In section 292A (publication of information by recognised investment exchange), in subsections (1), (3), (5) and (6), for “Authority” substitute “ FCA ”.

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Commencement Information

I178Sch. 8 para. 9 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I179Sch. 8 para. 9 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

10(1)Section 293 (notification requirements) is amended as follows.E+W+S+N.I.

(2)In subsections (1) to (3) and (5), for “Authority” substitute “ appropriate regulator ”.

(3)In subsection (6)—

(a)in paragraph (a), after “provision” insert “ by another person ”,

(b)in paragraph (b), for “clearing services” substitute “ services falling within section 285(2)(b) ”, and

(c)for “the Authority” substitute “ the FCA and the Bank of England ”.

(4)In subsection (7)—

(a)in paragraph (a), after “clearing services” insert “ or services falling within section 285(3)(b) ”,

(b)in paragraph (b), after “clearing services” insert “ or services falling within section 285(3)(b) ”, and

(c)for “the Authority” substitute “ the Bank of England and the FCA ”.

(5)In subsection (9), for “the Authority's” substitute “the appropriate regulator's”.

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Commencement Information

I180Sch. 8 para. 10 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I181Sch. 8 para. 10 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

11For section 293A substitute—

293AInformation: compliance with EU requirements

The appropriate regulator may require a recognised body to give the appropriate regulator such information as the appropriate regulator reasonably requires in order to satisfy itself that the body is complying with any qualifying EU provision that is specified, or of a description specified, for the purposes of this section by the Treasury by order.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I182Sch. 8 para. 11 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I183Sch. 8 para. 11 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I184Sch. 8 para. 11 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

12In section 294 (modification or waiver of rules), in subsections (1), (2), (4) and (6), for “Authority” substitute “ appropriate regulator ”.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I185Sch. 8 para. 12 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I186Sch. 8 para. 12 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

13(1)Section 295 (notification: overseas investment exchanges and overseas clearing houses) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “the Authority” substitute “ the appropriate regulator ”.

(3)In subsection (2), for the words from “likely” to the end substitute “ likely to affect the appropriate regulator's assessment of whether it is satisfied as to the requirements set out in section 292(3) ”.

(4)In subsection (3), for “the Authority” substitute “ the appropriate regulator ”.

(5)Omit subsection (4).

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I187Sch. 8 para. 13 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I188Sch. 8 para. 13 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

14(1)Section 296 (power to give directions) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “the Authority” substitute “ the appropriate regulator ”.

(3)In subsection (1A)—

(a)for the words from “in the case of a recognised body which is a recognised investment” to “the body” substitute “ if it appears to the appropriate regulator that a recognised body ”, and

(b)for the words from “directly applicable” to the end substitute “ directly applicable EU regulation specified (or of a description specified) in an order made by the Treasury ”.

(4)In subsection (2), for “The Authority” substitute “ The regulator concerned ”.

(5)In subsection (2A)—

(a)in the opening words, for “a recognised investment exchange other than an overseas investment exchange” substitute “ a recognised body other than an overseas investment exchange or overseas clearing house ”,

(b)in paragraph (a)—

(i)for “the Authority”, in both places, substitute “ the regulator concerned ”, and

(ii)for “the exchange” substitute “ the body ”, and

(c)in paragraph (b), for “the exchange” substitute “ the body ”.

(6)In subsection (3), for “the Authority” substitute “ the regulator concerned ”.

(7)In subsection (4), for “the Authority” substitute “ an appropriate regulator ”.

(8)In the heading, for “Authority's” substitute “Appropriate regulator's”.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I189Sch. 8 para. 14 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I190Sch. 8 para. 14 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I191Sch. 8 para. 14 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

15(1)Section 297 (revoking recognition) is amended as follows.E+W+S+N.I.

(2)In subsections (1) and (2), for “the Authority” substitute “ the appropriate regulator ”.

(3)In subsection (2A)—

(a)in the opening words—

(i)for “the Authority” substitute “ the appropriate regulator ”, and

(ii)omit “which is a recognised investment exchange”,

(b)in paragraphs (a) and (b), after “exchange” insert “ or (as the case may be) of a clearing house ”, and

(c)in paragraph (c), for the words from “directly applicable” to the end substitute “ directly applicable EU regulation specified (or of a description specified) in an order made by the Treasury ”.

(4)In subsection (2C), at the end insert “ or overseas clearing house ”.

(5)In subsections (5) and (6), for “the Authority” substitute “ the appropriate regulator ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I192Sch. 8 para. 15 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I193Sch. 8 para. 15 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I194Sch. 8 para. 15 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

16In section 298 (directions and revocation: procedure)—

(a)in subsections (1), (6) and (7), after “section 296” insert “ or 296A ”, and

(b)in subsections (1), (2)(a), (3), (5), (6), (7) (in both places) and (8), for “the Authority” substitute “ the appropriate regulator ”.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I195Sch. 8 para. 16 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I196Sch. 8 para. 16 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

17In section 299 (complaints about recognised bodies), in subsections (1) and (2), for “Authority” substitute “ appropriate regulator ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I197Sch. 8 para. 17 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I198Sch. 8 para. 17 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

18In section 300A (power to disallow excessive regulatory provision)—

(a)in subsection (1), for the words from “with” to the end substitute with—

(a)its business as an investment exchange,

(b)the provision by it of clearing services, or

(c)the provision by it of services falling within section 285(2)(b) or (3)(b)., and

(b)in subsections (2) (in both places) and (4), and in the heading, for “Authority” substitute “ appropriate regulator ”.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I199Sch. 8 para. 18 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I200Sch. 8 para. 18 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

19In section 300B (duty to notify proposal to make regulatory provision) for “Authority” (in each place) substitute “ appropriate regulator ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I201Sch. 8 para. 19 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I202Sch. 8 para. 19 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

20In section 300C (restriction on making provision before Authority decides whether to act), in subsections (1), (2)(a), (3) (in both places), (4)(a) and (b), and in the heading, for “Authority” substitute “ appropriate regulator ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I203Sch. 8 para. 20 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I204Sch. 8 para. 20 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

21(1)Section 300D (consideration by Authority whether to disallow proposed provision) is amended as follows.E+W+S+N.I.

(2)In subsections (1) to (4) and (5)(a) and (b), for “Authority” substitute “ appropriate regulator ”.

(3)In subsection (6)—

(a)in the opening words, for “the Authority” substitute “ the appropriate regulator ”,

(b)in paragraph (b)—

(i)for “the Authority's” substitute “the appropriate regulator's”, and

(ii)for “the Authority” substitute “ the regulator concerned ”, and

(c)in paragraph (c)(i) and (ii), for “the Authority” substitute “ the appropriate regulator ”.

(4)In the heading, for “Authority” substitute “ appropriate regulator ”.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I205Sch. 8 para. 21 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I206Sch. 8 para. 21 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

22(1)Section 301 (supervision of certain contracts) is amended as follows.E+W+S+N.I.

(2)In subsection (2), for “the Authority” substitute “ the Bank of England ”.

(3)In subsection (3)—

(a)for “the Authority”, in the first place, substitute “ the FCA or the Bank of England ”, and

(b)for “the Authority”, in the second place, substitute “ the Bank ”.

(4)In subsections (4)(a), (6)(a), (7) and (9), for “Authority” substitute “ Bank of England ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I207Sch. 8 para. 22 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I208Sch. 8 para. 22 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

23In section 301A (obligation to notify the Authority: acquisitions of control), in subsections (1) and (2), and in the heading, for “the Authority” substitute “ the FCA ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I209Sch. 8 para. 23 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I210Sch. 8 para. 23 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

24In section 301B (requirements for s.301A notices), in subsections (1) to (3), for “Authority” substitute “ FCA ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I211Sch. 8 para. 24 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I212Sch. 8 para. 24 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

25In section 301C (acknowledgement of receipt), in subsections (1) and (2), for “Authority” substitute “ FCA ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I213Sch. 8 para. 25 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I214Sch. 8 para. 25 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

26In section 301F (assessment: general), in subsections (1) to (3), for “Authority” substitute “ FCA ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I215Sch. 8 para. 26 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I216Sch. 8 para. 26 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

27(1)Section 301G (assessment: procedure) is amended as follows.E+W+S+N.I.

(2)In subsections (1) (in both places) and (2) to (5), for “Authority” substitute “ FCA ”.

(3)In subsection (6), for “the Authority's” substitute “the FCA's”.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I217Sch. 8 para. 27 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I218Sch. 8 para. 27 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

28In section 301H (duration of approval), in subsections (1), (2) and (3) (in both places), for “the Authority” substitute “ the FCA ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I219Sch. 8 para. 28 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I220Sch. 8 para. 28 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

29In section 301I (objections by the Authority), in subsections (1) to (5), and in the heading, for “Authority” substitute “ FCA ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I221Sch. 8 para. 29 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I222Sch. 8 para. 29 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

30In section 301J (restriction notices), in subsections (1), (2)(b), (3) and (7), for “Authority” substitute “ FCA ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I223Sch. 8 para. 30 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I224Sch. 8 para. 30 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

31In section 301K (order for sale of shares), in subsection (1), for “the Authority” substitute “ the FCA ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I225Sch. 8 para. 31 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I226Sch. 8 para. 31 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

32(1)Section 301L (offences under Chapter) is amended as follows.E+W+S+N.I.

(2)In subsections (1) and (2) (in both places), for “the Authority” substitute “ the FCA ”.

(3)In subsection (4), for “the Authority's” substitute “the FCA's”.

(4)In subsections (5) and (9), for “the Authority” substitute “ the FCA ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I227Sch. 8 para. 32 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I228Sch. 8 para. 32 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

33In section 312A (exercise of passport rights by EEA market operator), in subsection (1)(b), for “the Authority” substitute “ the FCA ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I229Sch. 8 para. 33 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I230Sch. 8 para. 33 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

34In section 312B (removal of passport rights from EEA market operator), in subsections (1) (in each place), (3), (4)(b), (5), (6), (7)(a) and (b), (8)(b), (9) to (11), (12) (in both places) and (13) (in the first place), for “Authority” substitute “ FCA ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I231Sch. 8 para. 34 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I232Sch. 8 para. 34 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

35In section 312C (exercise of passport rights by recognised investment exchange), in subsections (2) to (6), for “Authority” substitute “ FCA ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I233Sch. 8 para. 35 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I234Sch. 8 para. 35 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

36(1)Section 313 (interpretation) is amended as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)after the definition of “applicant” insert—

central counterparty clearing services” has the same meaning as in section 155 of the Companies Act 1989 (see subsection (3A) of that section);, and

(b)at the end insert—

UK clearing house” means a clearing house—

(a)which has its head office or its registered office (or both) in the United Kingdom,

(b)which provides central counterparty clearing services, and

(c)in relation to which a recognition order is in force.

(3)In subsection (4), after “clearing services” insert “ or services falling within section 285(3)(b) ”.

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Commencement Information

I235Sch. 8 para. 36 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I236Sch. 8 para. 36 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

37In section 392 (warning and decisions notices: application of provisions relating to third party rights and access to evidence)—

(a)in paragraph (a), after “section 280(1),” insert “ section 312G(1), ”, and

(b)in paragraph (b), after “section 280(2),” insert “ section 312H(1), ”.

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Commencement Information

I237Sch. 8 para. 37 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I238Sch. 8 para. 37 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

38In section 412A (approval and monitoring of trade-matching and reporting systems), in subsections (1), (2), (4), (5) (in both places), (6) (in both places) and (7), for “Authority” substitute “ FCA ”.

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Commencement Information

I239Sch. 8 para. 38 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I240Sch. 8 para. 38 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

39In section 412B (procedure for approval and suspension or withdrawal of approval), in subsections (1) to (6), (7) (in both places), (8) and (9), for “Authority” substitute “ FCA ”.

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Commencement Information

I241Sch. 8 para. 39 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I242Sch. 8 para. 39 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

Section 37

SCHEDULE 9E+W+S+N.I.Discipline and enforcement

PART 1 E+W+S+N.I.Introductory

1FSMA 2000 is amended as follows.

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Commencement Information

I243Sch. 9 para. 1 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

PART 2 E+W+S+N.I.Authorised persons acting without permission

2(1)Section 20 (authorised persons acting without permission) is amended as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)in the opening words, after “an authorised person” insert “ other than a PRA-authorised person ”,

(b)for paragraph (a) substitute—

(a)given to that person under Part 4A, or, and

(c)in the words after paragraph (b), for “Authority” substitute “ FCA ”.

(3)After that subsection insert—

(1A)If a PRA-authorised person carries on a regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with permission given to the person under Part 4A or resulting from any other provision of this Act, the person is to be taken to have contravened—

(a)a requirement imposed by the FCA, and

(b)a requirement imposed by the PRA.

(4)For subsection (2) substitute—

(2)A contravention within subsection (1) or (1A)—

(a)does not, except as provided by section 23(1A), make a person guilty of an offence,

(b)does not, except as provided by section 26A, make any transaction void or unenforceable, and

(c)does not, except as provided by subsection (3), give rise to any right of action for breach of statutory duty.

(5)In subsection (3), for “the contravention”, in the first place, substitute “ a contravention within subsection (1) or (1A) ”.

(6)After subsection (3) insert—

(4)Subsections (1) and (1A) are subject to section 39(1D).

(5)References in this Act to an authorised person acting in contravention of this section are references to the person acting in a way that results in a contravention within subsection (1) or (1A).

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Commencement Information

I244Sch. 9 para. 2 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

3(1)Section 23 (contravention of the general prohibition) is amended as follows.E+W+S+N.I.

(2)After subsection (1) insert—

(1A)An authorised person (“A”) is guilty of an offence if A carries on a credit-related regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with permission—

(a)given to that person under Part 4A, or

(b)resulting from any other provision of this Act.

(1B)In this Act “credit-related regulated activity” means a regulated activity of a kind designated by the Treasury by order.

(1C)The Treasury may designate a regulated activity under subsection (1B) only if the activity involves a person—

(a)entering into or administering an agreement under which the person provides another person with credit,

(b)exercising or being able to exercise the rights of the lender under an agreement under which another person provides a third party with credit, or

(c)taking steps to procure payment of debts due under an agreement under which another person is provided with credit.

(1D)But a regulated activity may not be designated under subsection (1B) if the agreement in question is one under which the obligation of the borrower is secured on land.

(1E)Credit” includes any cash loan or other financial accommodation.

(1F)A person guilty of an offence under subsection (1A) is liable—

(a)on summary conviction, to imprisonment for a term not exceeding the applicable maximum term or a fine not exceeding the statutory maximum, or both;

(b)on conviction on indictment, to imprisonment for a term not exceeding two years, or a fine, or both.

(1G)The “applicable maximum term” is—

(a)in England and Wales, 12 months (or 6 months, if the offence was committed before the commencement of section 154(1) of the Criminal Justice Act 2003);

(b)in Scotland, 12 months;

(c)in Northern Ireland, 6 months.

(3)After subsection (3) insert—

(4)Subsection (1A) is subject to section 39(1D).

(5)No proceedings may be brought against a person in respect of an offence under subsection (1A) in a case where either regulator has taken action under section 205, 206 or 206A in relation to the alleged contravention within section 20(1) or (1A).

(4)In the heading to the section, at the end insert “ or section 20(1) or (1A) ”.

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Commencement Information

I245Sch. 9 para. 3 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

4After section 23 insert—

23AParliamentary control in relation to certain orders under section 23

(1)This section applies to the first order made under section 23(1B).

(2)This section also applies to any subsequent order made under section 23(1B) which contains a statement by the Treasury that, in their opinion, the effect (or one of the effects) of the proposed order would be that an activity would become a credit-related regulated activity.

(3)An order to which this section applies may not be made unless a draft of the order has been laid before Parliament and approved by a resolution of each House.

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Commencement Information

I246Sch. 9 para. 4 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

5After section 26 insert—

26AAgreements relating to credit

(1)An agreement that is made by an authorised person in contravention of section 20 is unenforceable against the other party if the agreement is entered into in the course of carrying on a credit-related regulated activity involving matters falling within section 23(1C)(a).

(2)The other party is entitled to recover—

(a)any money or other property paid or transferred by that party under the agreement, and

(b)compensation for any loss sustained by that party as a result of having parted with it.

(3)In subsections (1) and (2) “agreement” means an agreement—

(a)which is made after this section comes into force, and

(b)the making or performance of which constitutes, or is part of, the credit-related regulated activity.

(4)If the administration of an agreement involves the carrying on of a credit-related regulated activity, the agreement may not be enforced by a person for the time being exercising the rights of the lender under the agreement unless that person has permission, given under Part 4A or resulting from any other provision of this Act, in relation to that activity.

(5)If the taking of steps to procure payment of debts due under an agreement involves the carrying on of a credit-related regulated activity, the agreement may not be enforced by a person for the time being exercising the rights of the lender under the agreement unless the agreement is enforced in accordance with permission—

(a)given under Part 4A to the person enforcing the agreement, or

(b)resulting from any other provision of this Act.

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Commencement Information

I247Sch. 9 para. 5 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

6In section 27 (agreements made through unauthorised persons) for subsection (1) substitute—

(1)This section applies to an agreement that—

(a)is made by an authorised person (“the provider”) in the course of carrying on a regulated activity,

(b)is not made in contravention of the general prohibition,

(c)if it relates to a credit-related regulated activity, is not made in contravention of section 20, and

(d)is made in consequence of something said or done by another person (“the third party”) in the course of—

(i)a regulated activity carried on by the third party in contravention of the general prohibition, or

(ii)a credit-related regulated activity carried on by the third party in contravention of section 20.

(1A)The agreement is unenforceable against the other party.

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Commencement Information

I248Sch. 9 para. 6 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

7In section 28 (agreements made unenforceable by section 26 or 27)—

(a)at the end of subsection (1) insert “ , other than an agreement entered into in the course of carrying on a credit-related regulated activity ”, and

(b)in the heading to the section, at the end insert “ : general cases ”.

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Commencement Information

I249Sch. 9 para. 7 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

8After section 28 insert—

28ACredit-related agreements made unenforceable by section 26, 26A or 27

(1)This section applies to an agreement that—

(a)is entered into in the course of carrying on a credit-related regulated activity, and

(b)is unenforceable because of section 26, 26A or 27.

(2)The amount of compensation recoverable as a result of that section is—

(a)the amount agreed by the parties, or

(b)on the application of either party, the amount specified in a written notice given by the FCA to the applicant.

(3)If on application by the relevant firm the FCA is satisfied that it is just and equitable in the circumstances of the case, it may by written notice to the applicant allow—

(a)the agreement to be enforced, or

(b)money paid or property transferred under the agreement to be retained.

(4)In considering whether to allow the agreement to be enforced or (as the case may be) the money or property paid or transferred under the agreement to be retained the FCA must—

(a)if the case arises as a result of section 26 or 26A, have regard to the issue mentioned in subsection (5), or

(b)if the case arises as a result of section 27, have regard to the issue mentioned in subsection (6).

(5)The issue is whether the relevant firm reasonably believed that by making the agreement the relevant firm was neither contravening the general prohibition nor contravening section 20.

(6)The issue is whether the provider knew that the third party was (in carrying on the credit-related regulated activity) either contravening the general prohibition or contravening section 20.

(7)An application to the FCA under this section by the relevant firm may relate to specified agreements or to agreements of a specified description or made at a specified time.

(8)The relevant firm” means—

(a)in a case falling within section 26, the person in breach of the general prohibition;

(b)in a case falling within section 26A or 27, the authorised person concerned.

(9)If the FCA thinks fit, it may when acting under subsection (2)(b) or (3)—

(a)limit the determination in its notice to specified agreements, or agreements of a specified description or made at a specified time;

(b)make the determination in its notice conditional on the doing of specified acts by the applicant.

28BDecisions under section 28A: procedure

(1)A notice under section 28A(2)(b) or (3) must—

(a)give the FCA's reasons for its determination, and

(b)give an indication of—

(i)the right to have the matter referred to the Tribunal that is conferred by subsection (3), and

(ii)the procedure on such a reference.

(2)The FCA must, so far as it is reasonably practicable to do so, give a copy of the notice to any other person who appears to it to be affected by the determination to which the notice relates.

(3)A person who is aggrieved by the determination of an application under section 28A(2)(b) or (3) may refer the matter to the Tribunal.

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Commencement Information

I250Sch. 9 para. 8 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

PART 3 E+W+S+N.I.Market abuse

9(1)In the provisions of Part 8 (market abuse) mentioned in sub-paragraph (2), for “Authority” or “Authority's”, in each place, substitute “ FCA ” or “FCA's”.E+W+S+N.I.

(2)The provisions are: sections 119, 120 (including the heading), 121 to 130A and 131A.

(3)In section 121 (codes: procedure), for subsection (10) substitute—

(10)Cost benefit analysis” means—

(a)an analysis of the costs together with an analysis of the benefits that will arise—

(i)if the proposed code is issued, or

(ii)if subsection (5)(b) applies, from the code that has been issued, and

(b)subject to subsection (10A), an estimate of those costs and of those benefits.

(10A)If, in the opinion of the FCA—

(a)the costs or benefits referred to in subsection (10) cannot reasonably be estimated, or

(b)it is not reasonably practicable to produce an estimate,

the cost benefit analysis need not estimate them, but must include a statement of the FCA's opinion and an explanation of it.

(4)In section 130 (guidance), in subsection (1)(b), for “section 397 of this Act” substitute “ Part 7 of the Financial Services Act 2012 ”.

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Commencement Information

I251Sch. 9 para. 9 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

PART 4 E+W+S+N.I.Disciplinary measures

10In Part 14 (disciplinary measures), before section 205 insert—

204AMeaning of “relevant requirement” and “appropriate regulator”

(1)The following definitions apply for the purposes of this Part.

(2)Relevant requirement” means a requirement imposed—

(a)by or under this Act, or

(b)by a qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order.

(3)The PRA is “the appropriate regulator” in the case of a contravention of—

(a)a requirement that is imposed under any provision of this Act by the PRA;

(b)a requirement under section 56(6) where the authorised person concerned is a PRA-authorised person and the prohibition order concerned is made by the PRA;

(c)a requirement under section 59(1) or (2) where the authorised person concerned is a PRA-authorised person and the approval concerned falls to be given by the PRA.

(4)In the case of a contravention of a requirement that is imposed by a qualifying EU provision, “the appropriate regulator” for the purpose of any provision of this Part is whichever of the PRA or the FCA (or both) is specified by the Treasury by order in relation to the qualifying EU provision for the purposes of that provision of this Part.

(5)In the case of a contravention of a requirement where the contravention constitutes an offence, the “appropriate regulator” is whichever of the PRA or the FCA has power to prosecute the offence (see section 401).

(6)The FCA is “the appropriate regulator” in the case of a contravention of any other requirement imposed by or under this Act.

(7)The Treasury may by order amend the provisions defining “the appropriate regulator”.

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Commencement Information

I252Sch. 9 para. 10 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I253Sch. 9 para. 10 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

11In section 205 (public censure)—

(a)for “Authority”, in the first place, substitute “ appropriate regulator ”, and

(b)for the words from “a requirement” to “may” substitute “ a relevant requirement imposed on the person, it may ”.

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Commencement Information

I254Sch. 9 para. 11 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

12(1)Section 206 (financial penalties) is amended as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)for “Authority” substitute “ appropriate regulator ”, and

(b)for the words from “a requirement” to “auctioning regulation” substitute “ a relevant requirement imposed on the person, ”.

(3)In subsection (3), for “Authority” substitute “ regulator that imposed the penalty ”.

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Commencement Information

I255Sch. 9 para. 12 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

13(1)Section 206A (suspending permission to carry on regulated activities etc.) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “Authority” substitute “ appropriate regulator ”.

(3)After that subsection insert—

(1A)The power conferred by subsection (1) is also exercisable by the FCA if it considers that an authorised person has contravened a requirement imposed on the person by—

(a)the Payment Services Regulations 2009, or

(b)the Electronic Money Regulations 2011.

(4)In subsection (2)—

(a)in the definition of “permission”, for “the Authority” substitute “ the FCA or the PRA ”, and

(b)omit the definition of “relevant requirement”.

(5)In subsection (6), for “Authority” substitute “ appropriate regulator ”.

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Commencement Information

I256Sch. 9 para. 13 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

14In section 207(1) (proposal to take disciplinary measures), for “the Authority” substitute “ a regulator ”.

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Commencement Information

I257Sch. 9 para. 14 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

15In section 208(1) and (4) (decision notice), for “the Authority”, in each place, substitute “ a regulator ”.

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Commencement Information

I258Sch. 9 para. 15 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

16In section 209 (publication), for “the Authority” substitute “ the regulator concerned ”.

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Commencement Information

I259Sch. 9 para. 16 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

17(1)Section 210 (statements of policy) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “The Authority” substitute “ Each regulator ”.

(3)After subsection (1) insert—

(1A)Each regulator's policy with respect to the imposition of penalties, suspensions or restrictions under this Part must include policy with respect to their imposition in relation to conduct which constitutes or may constitute an offence by virtue of section 23(1A) (authorised persons carrying on credit-related regulated activities otherwise than in accordance with permission).

(4)In subsection (2), for “The Authority's” substitute “A regulator's”.

(5)In subsection (3)—

(a)for “The Authority” substitute “ A regulator ”, and

(b)after “issued” insert “ by it ”.

(6)In subsection (4), for “replaced, the Authority” substitute “ replaced by a regulator, the regulator ”.

(7)In subsection (5), for “The Authority” substitute “ A regulator ”.

(8)In subsection (6)—

(a)after “section” insert “ by a regulator ”, and

(b)for “Authority”, in both places, substitute “ regulator ”.

(9)In subsection (7)—

(a)for “the Authority” substitute “ a regulator ”, and

(b)after “published” insert “ by it ”.

(10)In subsection (8), for “Authority” substitute “ regulator ”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I260Sch. 9 para. 17 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I261Sch. 9 para. 17 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

18(1)Section 211 (statements of policy: procedure) is amended as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)for “issuing” substitute “ a regulator issues ”, and

(b)for “Authority”, in both places, substitute “ regulator ”.

(3)In subsections (2) to (4) and (5) (in both places), for “Authority” substitute “ regulator ”.

(4)In subsection (6), for “The Authority” substitute “ A regulator ”.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I262Sch. 9 para. 18 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I263Sch. 9 para. 18 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

PART 5 E+W+S+N.I.Injunctions and restitution

19(1)Section 380 (injunctions) is amended as follows.E+W+S+N.I.

(2)In subsections (1) to (3), for “Authority” substitute “ appropriate regulator ”.

(3)In subsection (6)(a)—

(a)in the opening words, for “Authority” substitute “ appropriate regulator ”,

(b)for sub-paragraph (i) (but not the “or” following it) substitute—

(i)which is imposed by or under this Act or by a qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order, and

(c)in sub-paragraph (ii), for the words from “which the Authority” to the end substitute “ mentioned in section 402(1) ”.

(4)In subsection (7), omit paragraph (a) (and the “and” at the end of it).

(5)After subsection (7) insert—

(8)The PRA is the “appropriate regulator” in the case of a contravention of—

(a)a requirement that is imposed by the PRA under any provision of this Act,

(b)a requirement under section 56(6) where the authorised person concerned is a PRA-authorised person and the prohibition order concerned is made by the PRA, or

(c)a requirement under section 59(1) or (2) where the authorised person concerned is a PRA-authorised person and the approval concerned falls to be given by the PRA.

(9)In the case of a contravention of a requirement that is imposed by a qualifying EU provision, “the appropriate regulator” is whichever of the PRA or the FCA (or both) is specified by the Treasury by order in relation to the qualifying EU provision for the purposes of this section.

(10)In the case of a contravention of a requirement where the contravention constitutes an offence under this Act, the “appropriate regulator” is whichever of the PRA or the FCA has power to prosecute the offence (see section 401).

(11)The FCA is the “appropriate regulator” in the case of a contravention of any other requirement.

(12)The Treasury may by order amend the definition of “appropriate regulator”.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I264Sch. 9 para. 19 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I265Sch. 9 para. 19 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

20(1)Section 381 (injunctions in case of market abuse) is amended as follows.E+W+S+N.I.

(2)In subsections (1) to (3), for “Authority” substitute “ FCA ”.

(3)In subsection (4), after “The court” insert “ may ”.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I266Sch. 9 para. 20 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

21(1)Section 382 (restitution orders) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “Authority” substitute “ appropriate regulator ”.

(3)In subsections (2) and (3), for “Authority” substitute “ regulator concerned ”.

(4)In subsection (7), for “Authority” substitute “ appropriate regulator ”.

(5)In subsection (9)(a)—

(a)in the opening words, for “Authority” substitute “ appropriate regulator ”,

(b)for sub-paragraph (i) (but not the “or” following it) substitute—

(i)which is imposed by or under this Act or by a qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order, and

(c)in sub-paragraph (ii), for the words from “which the Authority” to the end substitute “ mentioned in section 402(1) ”.

(6)In subsection (10), omit paragraph (a) (and the “and” at the end of it).

(7)After subsection (10) insert—

(11)The PRA is the “appropriate regulator” in the case of a contravention of—

(a)a requirement that is imposed by the PRA under any provision of this Act,

(b)a requirement under section 56(6) where the authorised person concerned is a PRA-authorised person and the prohibition order concerned is made by the PRA, or

(c)a requirement under section 59(1) or (2) where the authorised person concerned is a PRA-authorised person and the approval concerned falls to be given by the PRA.

(12)In the case of a contravention of a requirement that is imposed by a qualifying EU provision, “the appropriate regulator” is whichever of the PRA or the FCA (or both) is specified by the Treasury by order in relation to the qualifying EU provision for the purposes of this section.

(13)In the case of a contravention of a requirement where the contravention constitutes an offence under this Act, the “appropriate regulator” is the regulator which has power to prosecute the offence (see section 401).

(14)The FCA is the “appropriate regulator” in the case of a contravention of any other requirement.

(15)The Treasury may by order amend the definition of “appropriate regulator”.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I267Sch. 9 para. 21 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I268Sch. 9 para. 21 in force at 1.4.2013 in so far as not already in force by