Financial Services Act 2012

116 Orders: Parliamentary control

(1) A statutory instrument containing (alone or with other provision) an order to which subsection (2) applies may not be made unless a draft of the instrument has been laid before Parliament and approved by a resolution of each House.

(2) This subsection applies to—

(a) an order under section 37(2) (power to amend sections 391 and 395 of FSMA 2000);

(b) an order under Part 3 (mutual societies);

(c) an order under section 107 (power to make further provision about regulation of consumer credit);

(d) an order under section 118 (power to make further consequential amendments) that amends or repeals primary legislation.

(3) A statutory instrument containing an order under this Act, other than an instrument to which section 94 or subsection (1) applies or an instrument containing only provision made under section 122 (commencement), is subject to annulment in pursuance of a resolution of either House of Parliament.

(4) In this section “primary legislation” means—

(a) an Act of Parliament,

(b) an Act of the Scottish Parliament,

(c) a Measure or Act of the National Assembly for Wales, or

(d) Northern Ireland legislation.