PART 5A

Designated activities
CHAPTER 1

GENERAL PROVISIONS

Designated activities: rules
71N
1
The FCA may make rules relating to designated activities.
2
The power under subsection (1) is only exercisable in so far as designated activity regulations provide for the FCA to make rules—
a
relating to the designated activity, or
b
relating to specified matters relating to designated activities.
3
The FCA may by notice suspend any rules made under subsection (1) for such period as it considers appropriate.
4
Rules under subsection (1) may include provision enabling requirements imposed by the rules to be dispensed with, or modified, in such cases or circumstances as may be determined by the FCA under the rules (subject to subsection (5)).
5
The powers under subsections (3) and (4) are only exercisable in such circumstances as may be specified in designated activity regulations.
6
Before suspending any rules in accordance with subsection (3), the FCA must consult the PRA.
7
A notice under subsection (3) must be published by the FCA in the way appearing to the FCA to be best calculated to bring it to the attention of persons likely to be affected by it.
8
The reference in section 137T(a) (supplementary powers) to “
authorised persons
” includes, in relation to rules made under this section, a reference to any persons to whom the rules under this section apply.
Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 8(2), 86(3); S.I. 2023/779, reg. 4(e)
Pt. 5A Ch. 1 heading inserted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 2