The Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Rules) Order 2001

Designation of pre-commencement provisions

4.—(1) The Authority may, before commencement, designate such pre-commencement provisions as appear to it to be necessary or expedient.

(2) To designate a pre-commencement provision, the Authority must—

(a) make an instrument in writing identifying the provision in the manner required by paragraph (3);

(b) specify in the instrument the provision of or under the Act under which the pre-commencement provision will be treated as having effect;

(c) specify any modification to be made to the provision pursuant to article 5;

(d) identify the class of persons to whom the continued rule will apply;

(e) include in the instrument an explanation of the purposes of the pre-commencement provision being designated;

(f) include in the instrument an explanation of the Authority’s reasons for believing that designating the pre-commencement provision is compatible with its general duties under section 2;

(g) publish the instrument in the way appearing to the Authority to be best calculated to bring it to the attention of the public;

(h) have in place arrangements whereby a copy of the continued rule (incorporating any modifications made under article 5) may be made available to any person on request.

(3) In order to identify the pre-commencement provision for the purposes of paragraph (2) the Authority must give sufficient information about—

(a) the date, title, author and source of the enactment, subordinate legislation or other instrument in which the provision is found;

(b) whether the provision comprises the whole of that enactment, subordinate legislation or other instrument or only a part of it (in which case identifying which part);

(c) whether the provision has been amended or whether its meaning has been affected by any subsequent provision,

to ensure that a person can ascertain with certainty the content of the provision being designated.

(4) To the extent that the instrument does not comply with paragraph 2(b), it is void.

(5) The Authority may charge a reasonable fee for providing a person with a copy of an instrument made under this article or of the continued rule made available under paragraph (2)(h).

(6) The Authority must give a copy of any designation instrument to the Treasury without delay.

(7) The making of an instrument under this article is a legislative function for the purposes of Schedule 1.

(8) A person is not to be taken to have contravened any continued rule if he shows that at the time of the alleged contravention the designation instrument concerned had not been published in accordance with paragraph (2)(g).