Financial Services Act 2010

General

23 Orders or regulations

(1) This section applies to orders or regulations under this Act made by the Treasury or the Secretary of State.

(2) Orders or regulations—

(a) may contain incidental, supplementary, consequential, transitory, transitional or saving provision, and

(b) may make different provision for different cases or circumstances.

(3) Orders or regulations are to be made by statutory instrument.

(4) Where orders or regulations are subject to “affirmative resolution procedure” the orders or regulations may not be made unless a draft of the statutory instrument containing them has been laid before, and approved by a resolution of, each House of Parliament.

(5) Where orders or regulations are subject to “negative resolution procedure” the statutory instrument containing them is subject to annulment in pursuance of a resolution of either House of Parliament.

24 Minor and consequential amendments

(1) Schedule 2 contains minor and consequential amendments.

(2) In that Schedule—

• Part 1 contains amendments of the Financial Services and Markets Act 2000, and

• Part 2 contains amendments of other legislation.

(3) The Treasury or the Secretary of State may by order make such other provision amending, repealing or revoking any enactment as they consider necessary or expedient in consequence of any provision made by this Act.

(4) “Enactment” includes—

(a) an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978,

(b) an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament,

(c) an enactment contained in, or in an instrument made under, Northern Ireland legislation, or

(d) an enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales.

(5) An order under subsection (3) is subject to negative resolution procedure.

25 Extent

This Act extends to England and Wales, Scotland and Northern Ireland.

26 Commencement

(1) The following provisions of this Act come into force on the day on which this Act is passed—

(a) section 1,

(b) section 2(1) and (5) to (8) (subject, in the case of subsection (6), to the exception mentioned in paragraph (k)),

(c) section 3(1) and (4),

(d) sections 4 and 5,

(e) section 16,

(f) sections 19 to 23,

(g) in section 24—

(i) subsections (1) and (2) so far as relating to the paragraphs of Schedule 2 mentioned in paragraph (l), and

(ii) subsections (3) to (5),

(h) section 25,

(i) this section,

(j) section 27,

(k) Schedule 1 except so far as that Schedule relates to paragraph 13, 15 or 16 of Schedule 1A to the Financial Services and Markets Act 2000, and

(l) paragraphs 1 to 6, 11, 13, 16(1) and (2), 22, 24(1) and (2), 25, 27, 28, 30 to 32, 33(1) and (3), 34, 35, 37 to 45 and 48 of Schedule 2.

(2) The following provisions of this Act come into force at the end of the period of 2 months beginning with the day on which this Act is passed—

(a) section 3(2), (3) and (5),

(b) sections 6 to 12,

(c) section 18,

(d) section 24(1) and (2) so far as relating to the paragraphs of Schedule 2 mentioned in paragraph (e), and

(e) paragraphs 7 to 10, 12, 14, 15, 16(3), 17 to 20, 26, 29, 33(4), 46 and 47 of Schedule 2.

(3) The other provisions of this Act come into force on such day as the Treasury or the Secretary of State may by order appoint (and different days may be appointed for different purposes).

(4) The Treasury or the Secretary of State may by order make such provision as they consider necessary or expedient for transitory, transitional or saving purposes in connection with the commencement of any provision made by this Act.

27 Short title

This Act may be cited as the Financial Services Act 2010.