PART 1A

The Regulators
CHAPTER 3

Further provisions relating to FCA and PRA

Relationship between FCA and PRA

Parliamentary control of orders under section 3G
3H
1
No order may be made under section 3G unless—
a
a draft of the order has been laid before Parliament and approved by a resolution of each House, or
b
subsection (3) applies.
2
Subsection (3) applies if an order under section 3G contains a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the order without a draft being so laid and approved.
3
Where this subsection applies the order—
a
must be laid before Parliament after being made, and
b
ceases to have effect at the end of the relevant period unless before the end of that period the order is approved by a resolution of each House of Parliament (but without that affecting anything done under the order or the power to make a new order).
4
The “relevant period” is a period of 28 days beginning with the day on which the order is made.
5
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 4 days.
Pt. 1A substituted for Pt. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 6(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.