Any power to make regulations conferred on the Treasury by this Regulation is exercisable by statutory instrument.

Unless paragraph 5 applies, a statutory instrument containing regulations made under this Regulation is subject to annulment in pursuance of a resolution of either House of Parliament.

This paragraph applies to any regulations made for the purposes set out in paragraphs 2 and 3 of Schedule 3 which contain a statement by the Treasury that, in their opinion, the effect (or one of the effects) of the proposed regulations would be that an activity which is not a regulated activity for the purposes of FSMA would become a regulated activity.

This paragraph applies if regulations to which paragraph 5 applies also contain a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the regulations without a draft being so laid and approved.

The “relevant period” is a period of 28 days beginning with the day on which the regulations are made.

In calculating the relevant period no account is to be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days.

Treasury directions under this Regulation may be varied or revoked.

A direction given by the Treasury must be laid before each House of Parliament and published in a way appearing to the Treasury to be best calculated to bring it to the attention of the public.

A direction may only be given, amended or revoked by the FCA under F4... Article 14 (“an FCA direction”) with the approval of the Treasury.

For the purposes of paragraph 3, “international organisations” includes the European Union.

The Treasury must notify the FCA in writing whether or not they approve an FCA direction within four weeks from the day on which that direction is submitted to the Treasury for approval (“the relevant period”).

If the Treasury do not give notice under paragraph 5 before the end of the relevant period the Treasury are deemed to have approved the direction.

Provision of a draft direction to the Treasury for consultation does not amount to submission of the direction for approval.

A copy of each FCA direction given under this Article must be must be laid before Parliament and published in a way appearing to the FCA to be best calculated to bring it to the attention of the public.

A direction by the FCA under Article 46(4) may make different provision in relation to different applications or categories of application.

A direction by the FCA under Article F64a or 46(5) may make different provision for different cases or categories of case.

A direction by the FCA under Article F74a or 46 may be varied or revoked by a further direction under that provision.

The provisions of Part 9A of FSMA (rules and guidance) listed in paragraph 2 apply in relation to rules made by the FCA under F9this Regulation as they apply in relation to rules made by the FCA under that Part of that Act, subject to the F10modifications in paragraphs 2A and 3.

In its application to rules made under Article 31, section 138I has effect as if the reference to the PRA in subsection (1)(a) were a reference to the Bank of England.

Section 137T applies as if the reference to authorised persons F13included a reference to persons who are not authorised persons but to whom any of the rules made by the FCA under this Regulation apply.

The Treasury may make regulations for the purposes specified in Part 1 of Schedule 3 to this Regulation.

The FCA may make technical standards for the purposes set out in Part 2 of Schedule 3 to this Regulation.

The FCA may make technical standards for the purposes set out in Part 3 of Schedule 3 to this Regulation applying to authorised persons who are not PRA-authorised persons.

The PRA may make technical standards for the purposes set out in Part 3 of Schedule 3 to this Regulation applying to authorised persons who are PRA-authorised persons.