The Financial Services Act 2012 (Transitional Provisions) (Miscellaneous Provisions) Order 2013

Consideration whether to allow proposed provision

42.—(1) Paragraphs (2) to (4) apply if, before the commencement date, the Authority—

(a) had notified a recognised clearing house under section 300C(3)(1) (restriction on making provision before deciding whether to act) that it was calling in a proposal to make regulatory provision; and

(b) had not notified the clearing house of its decision whether to disallow the provision.

(2) The notification to which paragraph (1)(a) refers is to be treated as if it had been given by the Bank of England.

(3) Any notice published under section 300D(2)(2) (consideration whether to disallow proposed provision) is to be treated as if it had been published by the Bank of England.

(4) Any extension of the period for making representations granted by the Authority under section 300D(3) is to be treated as if it had been granted by the Bank of England.

(5) Paragraph (6) applies if, before the commencement date—

(a) the Authority had notified a recognised clearing house of its decision not to disallow a regulatory provision, for the purposes of section 300D(5)(a); and

(b) the regulatory provision had not been made.

(6) The notification is to be treated as if it had been given by the Bank of England.

(1)

Section 300C was inserted by the Investment Exchanges and Clearing Houses Act 2006, section 2 and is amended by the 2012 Act, Schedule 8, paragraph 20.

(2)

Section 300D was inserted by the Investment Exchanges and Clearing Houses Act 2006, section 2 and is amended by the 2012 Act, Schedule 8, paragraph 21.