Draft Regulations laid before Parliament under sections 71S(2) and 429(2), (2A) and (9) of, and paragraph 26(2)(a) of Schedule 2 to, the Financial Services and Markets Act 2000, for approval by resolution of each House of Parliament.
Draft Statutory Instruments
Financial Services And Markets
Made
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Coming into force in accordance with regulation 2
The Treasury make these Regulations in exercise of the powers conferred by sections 21, 22(1) and (5), 71K, 71L, 71M, 71N(2) and (5), 71O(2), (10) and (11), 71P, 71Q, 71R, 138EA(3) and 428(3) of, and paragraph 25 of Schedule 2 to, the Financial Services and Markets Act 2000(1).
In the opinion of the Treasury, one of the effects of these Regulations is that an activity which is not a regulated activity (within the meaning of the Financial Services and Markets Act 2000) will become a regulated activity.
In accordance with sections 71S(2) and 429(2), (2A) and (9) of, and paragraph 26(2)(a) of Schedule 2 to, the Financial Services and Markets Act 2000(2), a draft of this instrument has been laid before, and approved by a resolution of, each House of Parliament.
2000 c. 8. Sections 71K to 71S were inserted by section 8(2) of the Financial Services and Markets Act 2023 (c. 29). Section 138EA was inserted by section 31(2) of that Act. Section 428(3) was amended by section 66(3)(a) of that Act.
Subsections (2A) and (2B) of section 429 were inserted by section 136 of the Financial Services (Banking Reform) Act 2013 (c. 33). Subsection (2) was amended by section 31(5) of the Financial Services and Markets Act 2023 and subsection (2B)(aa) and (ab) were inserted by section 8(8)(a) of that Act. There are other amendments that are not relevant.