Financial Services Act 2012

Financial Services Act 2012

2012 CHAPTER 21

Commentary

Part 2 - Amendments of Financial Services and Markets Act 2000

Recognised investment exchanges and clearing houses

Section 35 and Schedule 8: Sections 28 to 34: minor and consequential amendments

404. Section 35 introduces Schedule 8 which makes minor amendments to FSMA in consequence of the conferral of the functions under Part 18 on the Bank (in relation to recognised clearing houses) and the FCA (in relation to recognised investment exchanges).

405. Paragraphs 2 to 36 of Schedule 8 make amendments to Part 18 mainly to amend references to the FSA to the Bank or the FCA (as appropriate). The effect of the amendments made by paragraphs 11, 14(3)(b) and 15(3)(c) is that the Bank and the FCA (as the case may be) may take certain forms of action to enforce such directly applicable requirements (specified in European law) as are specified in an order made by the Treasury.

406. Paragraph 37 makes amendments to section 392 (warning and decision notices: application of provisions relating to third party rights and access to evidence) so that sections 393 (third party rights) and 394 (access to material of the relevant regulator) apply where a warning notice or decision notice is given under the new section 312G or 312H.

407. Paragraph 38 makes amendments to section 412A of FSMA (approval and monitoring of trade-matching and reporting systems) to transfer to the FCA the FSA’s functions under that section and paragraph 39 makes similar amendments to section 412B (procedure for approval and suspension or withdrawal of approval).