(1)The IPSA must prepare a code to be observed by members of the House of Commons, the content of which is provision made by virtue of subsections (7) and (8).
(2)In this Act “the MPs' code of conduct relating to financial interests” means the code prepared under this section as it is in effect for the time being.
(3)The IPSA must review the code regularly and revise it as appropriate.
(4)In preparing or revising the code, the IPSA must consult—
(a)the Speaker of the House of Commons,
(b)the Leader of the House of Commons,
(c)the House of Commons Committee on Standards and Privileges,
(d)members of the House of Commons, and
(e)any other person the IPSA considers appropriate.
(5)The Speaker must lay the code (or revision) before the House of Commons.
(6)The code (or revision) does not come into effect until it is approved by a resolution of the House of Commons.
(7)The code must require members to register specified information about specified financial interests in a register maintained by the IPSA.
(8)The code must prohibit a member from—
(a)by any specified means, advocating or initiating any cause or matter on behalf of any person in consideration of any specified payment or specified benefit in kind, or
(b)in consideration of any specified payment or specified benefit in kind, urging any other member to advocate or initiate, by any specified means, any cause or matter on behalf of any person.
(9)The IPSA must publish the register mentioned in subsection (7) in a way it considers appropriate.
(10)In this section “financial interest” includes—
(a)a benefit in kind;
(b)an indirect financial interest (such as a financial interest of a member of the family of the member concerned).
(11)In this section references to a payment or a benefit in kind include references—
(a)to a payment or benefit in kind to any person;
(b)to an offer or agreement to make a payment or provide a benefit in kind.