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11.—(1) Subject to paragraphs (2) and (5), the Treasury may by instrument in writing delegate all or any of the functions conferred by this Part of these Regulations to the Authority; and references in these Regulations to the “designated agency” are references to the Authority so far as such functions are so delegated.
(2) The functions conferred on the Treasury by regulation 12 may not be delegated.
(3) The designated agency shall send to the Treasury a copy of any guidance issued by virtue of these Regulations and any requirements imposed by it on an Operator by virtue of regulation 10, and give them written notice of any amendment or revocation of, or addition to, any such guidance or requirements.
(4) The designated agency shall—
(a)send to the Treasury a copy of any guidance issued by it which is intended to have continuing effect and is issued in writing or other legible form; and
(b)give them written notice of any amendment or revocation of, or addition to, guidance issued by it,
but notice need not be given of the revocation of guidance other than is mentioned in subparagraph (a) or of any amendment or addition which does not result in or consist of such guidance as is there mentioned.
(5) The Treasury shall not delegate any function to the Authority unless they are satisfied that—
(a)any guidance issued by it in the exercise of its functions under these Regulations;
(b)any requirements imposed by it on an Operator by virtue of regulation 10;
(c)any guidance proposed to be issued by it in the exercise of its functions under these Regulations; and
(d)any requirements it proposes to impose on an Operator by virtue of regulation 10,
do not have, and are not intended or likely to have, to any significant extent the effect of restricting, distorting or preventing competition, or if they have or are intended or likely to have that effect to any significant extent, that the effect is not greater than is necessary for the protection of investors.
(6) The powers conferred by paragraph (7) shall be exercisable by the Treasury if at any time it appears to them that—
(a)any guidance issued by the designated agency in the exercise of its functions under these Regulations;
(b)any requirements imposed by the designated agency on an Operator by virtue of regulation 10; or
(c)any practices of the designated agency followed in the exercise of its functions under these Regulations,
have, or are intended or likely to have, to any significant extent the effect of restricting, distorting or preventing competition and that the effect is greater than is necessary for the protection of investors.
(7) The powers exercisable under this paragraph are—
(a)to resume all or any of the functions delegated to the designated agency by the written instrument referred to in paragraph (1); or
(b)to direct the designated agency to take specified steps for the purpose of securing that the guidance, requirements or practices in question do not have the effect mentioned in paragraph (6).
(8) The Treasury may by written instrument—
(a)at the request or with the consent of the designated agency; or
(b)if at any time it appears to them that the designated agency is unable or unwilling to discharge all or any of the functions delegated to it,
resume all or any of the functions delegated to the designated agency under paragraph (1).
(9) Neither the designated agency nor any person who is, or is acting as, a member, officer or member of staff of the designated agency shall be liable in damages for anything done or omitted in the discharge or purported discharge of functions delegated under paragraph (1) unless the act or omission is shown to have been in bad faith.
(10) In this regulation—
(a)any reference to guidance issued to an Operator by the designated agency is a reference to any guidance issued or any recommendation made by the designated agency in writing, or other legible form, which is intended to have continuing effect, and is issued or made to an Operator; and
(b)references to the practices of the designated agency are references to the practices of the designated agency in its capacity as such.
(11) If under paragraph (1) the Treasury delegate to the designated agency the Treasury’s function of making applications to the court under regulation 9(5), the reference to the Treasury in regulation 9(6) shall, unless the Treasury otherwise provide in the instrument by which that function is delegated, be taken as a reference to the designated agency.
Commencement Information
I1Reg. 11 in force at 26.11.2001, see reg. 1
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