PART 2

Amendments of Financial Services and Markets Act 2000

Regulated activities

Orders under section 22 of FSMA 2000
8
1
Schedule 2 to FSMA 2000 (regulated activities) is amended as follows.
2
In paragraph 25(1)—
a
after “22(1)” insert “ or (1A) ”, and
b
for “the Authority”, in each place, substitute “ either regulator ”.
3
For paragraph 26 substitute—

Parliamentary control
26
1
This paragraph applies to any order made under section 22(1) or (1A) which contains a statement by the Treasury that, in their opinion, the effect (or one of the effects) of the proposed order would be that an activity which is not a regulated activity would become a regulated activity.
2
No order to which this paragraph applies may be made unless—
a
a draft of the order has been laid before Parliament and approved by a resolution of each House, or
b
sub-paragraph (4) applies.
3
Sub-paragraph (4) applies if an order to which this paragraph applies also 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.
4
Where this sub-paragraph 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).
5
The “relevant period” is a period of 28 days beginning with the day on which the order is made.
6
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.
S. 8 in force at 24.1.2013 by S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1