Textual Amendments
F1Pt. 9C inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 1; S.I. 2021/671, reg. 4(b)
(1)Sections 143G and 143H do not apply where the FCA makes Part 9C rules—
(a)in order to comply with a direction given by the Financial Policy Committee of the Bank of England under section 9H of the Bank of England Act 1998 (directions requiring macro-prudential measures), or
(b)in order to act in accordance with a recommendation made by that Committee under section 9Q of that Act (recommendations about the exercise of the FCA's functions).
(2)Section 143H does not apply in relation to Part 9C rules if the FCA considers that the delay involved in complying with that section would be prejudicial to the interests of consumers (as defined in section 425A).
(3)If the FCA proposes Part 9C rules that change existing Part 9C rules and the changes consist of or include changes which, in the FCA's opinion, are not material—
(a)the explanations described in section 143H(1) are not required in relation to the rules to the extent that they make those changes, but
(b)the draft of the rules must be accompanied by a statement of the FCA's opinion.
(4)If the FCA makes Part 9C rules that change existing Part 9C rules and the changes consist of or include changes which, in the FCA's opinion, are not material—
(a)the summary and explanations described in section 143H(2) are not required in relation to the rules to the extent that they make those changes, but
(b)the FCA must publish a statement of its opinion.
(5)For the purposes of this section, whether a change to Part 9C rules is material is to be determined by the FCA by reference to, among other things, the risks specified in or under section 143C(2) or 143D(2) and the matters specified in or under section 143G(1).]