Source: http://www.legislation.gov.uk/ukpga/2000/8/part/X/chapter/I/2011-07-01
Timestamp: 2019-10-14 14:37:22
Document Index: 51236614

Matched Legal Cases: ['art 1', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 10', 'art. 10', 'art. 10', 'art. 10', 'art. 10', 'art. 10', 'art. 10', 'art. 2', 'art. 7', 'art. 9', 'art. 9', 'art. 8', 'art. 15', 'art. 37', 'art. 27', 'art. 18', 'art. 29', 'art. 9', 'art. 2', 'art. 2', 'art. 15', 'art. 37', 'art. 27', 'art. 18', 'art. 29', 'art. 9', 'art. 2', 'art. 2', 'art. 11', 'art. 13', 'art. 11', 'art. 13', 'art 6', 'art. 2', 'art. 9', 'art. 2', 'art. 2', 'art. 2', 'art. 12', 'art. 13', 'art. 12', 'art. 6', 'art. 16', 'art. 38', 'art. 28', 'art. 19', 'art. 30', 'art. 10']

Chapter IU.K. Rule-making Powers
as appear to it to be necessary or expedient for the purpose of [F1meeting any of its regulatory objectives].
[F2(1A)The Authority may also make such rules applying to authorised persons who are investment firms or credit institutions, with respect to the provision by them of a relevant ancillary service, as appear to the Authority to be necessary or expedient for the purpose of [F1meeting any of its regulatory objectives].
F1Words in s. 138(1)(1A) substituted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 3(4), 26(1)(c)
F2S. 138(1A)-(1C) inserted (6.12.2006) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Modification of Powers) Regulations 2006 (S.I. 2006/2975), reg. 3(a) (with reg. 14)
F3S. 138(3)(7)-(9) omitted (8.4.2010) by virtue of Financial Services Act 2010 (c. 28), ss. 24(1), 26(1)(g)(l), Sch. 2 para. 11
[F4[F4139AGeneral rules about remunerationU.K.
(13)References to the Implementation Standards or to international standards of a kind mentioned in subsection (4) are to standards that are for the time being in force.]]
F4S. 139A inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 6, 26(2)(b)
[F5[F5139BRules about recovery plansU.K.
(1)The Authority must exercise its power to make general rules so as to make rules requiring each authorised person (or each authorised person of a specified description) to prepare, and keep up-to-date, a recovery plan.
(2)A “recovery plan” is a document containing information within subsection (3) or (4) of a specified description.
(3)Information is within this subsection if it relates to action to be taken to secure that, in the event of specified circumstances affecting the carrying on of the business (or any part of the business) of the authorised person—
(b)a specified part of the business of the authorised person,
(4)Information is within this subsection if it would facilitate the carrying on of the business (or any part of the business) of the authorised person by any other person.
(5)The Authority must consider whether each recovery plan makes satisfactory provision in relation to the matters required by the rules to be covered by the plan.
(6)If the Authority considers that a recovery plan fails to make satisfactory provision in relation to any such matter, the Authority must take such steps as it considers appropriate to deal with the failure.
(7)The steps that the Authority may take include requiring the recovery plan to be revised.
(8)The authorised persons subject to general rules about recovery plans must include authorised persons in relation to whom any power under Part 1 of the Banking Act 2009 (special resolution regime) is exercisable.
(9)Before preparing a draft of general rules about recovery plans having effect in relation to those persons, the Authority must consult—
F5Ss. 139B-139F inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 7(1), 26(2)(b)
139CRules about resolution plansU.K.
(1)The Authority must exercise its power to make general rules so as to make rules requiring each authorised person (or each authorised person of a specified description) to prepare, and keep up-to-date, a resolution plan.
139ERules about recovery and resolution plans: supplementary provisionU.K.
(1)General rules about recovery or resolution plans may, in particular—
(a)impose a requirement on authorised persons to collect, and keep up-to-date, information of a description specified in the rules; and
(b)make provision as to the inclusion in the plans of information in respect of the steps to be taken to ensure compliance with that requirement.
(2)If the Authority considers that an authorised person has contravened that requirement, the Authority may require the authorised person to appoint a skilled person to collect or update the information in question.
(b)appearing to the Authority to have the skills necessary to collect or update the information in question.
(4)The skilled person may require any person to provide all such assistance as the skilled person may reasonably require to collect or update the information in question.
(5)A requirement imposed by subsection (4) is enforceable, on the application of the Authority, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.
(6)A contractual or other requirement imposed on a person (“P”) to keep any information in confidence does not apply if—
(a)the information is or may be relevant to anything required to be done as a result of section 139B or 139C or this section;
(b)an authorised person or a skilled person requests or requires P to provide the information for the purpose of securing that those things are done; and
(c)the Authority has approved the making of the request or the imposition of the requirement before it is made or imposed.
(7)An authorised person may provide information (whether received under subsection (6) or otherwise) that would otherwise be subject to a contractual or other requirement to keep in confidence if it is provided for the purposes of anything required to be done as a result of section 139B or 139C or this section.
(8)General rules about recovery or resolution plans may, in particular, make provision about the form of the plans.
(9)When making general rules about recovery or resolution plans, the Authority must have regard to any international standards about documents whose purpose corresponds to the purpose of recovery or resolution plans.
139FSpecial provision in relation to resolution plansU.K.
(1)In the case of resolution plans required to be prepared by general rules, the Authority must consult—
(b)the Bank of England (“the Bank”),
(2)After being consulted under subsection (1)—
(a)the Treasury or the Bank may notify the Authority that, in the opinion of the Treasury or the Bank, a resolution plan fails to make satisfactory provision in relation to any such matter; and
(b)if the Treasury or the Bank give a notification under paragraph (a), the Treasury or the Bank must give reasons for being of that opinion to the Authority.
(3)The Authority must have regard to any notification given under paragraph (a) of subsection (2) before considering whether any resolution plan makes satisfactory provision in relation to any such matter.
(a)a notification is given under that paragraph, but
(b)the Authority is nonetheless of the opinion that the resolution plan makes satisfactory provision in relation to any such matter,
the Authority must give reasons for being of that opinion to the person who gave the notification.]
140 Restriction on managers of [F6certain collective investment schemes].U.K.
[F7(1)The Authority may make rules prohibiting an authorised person who has permission to act as—
(a)the manager of an authorised unit trust scheme, or
(b)the management company of an authorised UCITS open-ended investment company, from carrying on a specified activity.]
(2)Such rules may specify an activity which is not a regulated activity.
[F8(3)In this section—
(a)“authorised UCITS open-ended investment company” means an authorised open-ended investment company to which the UCITS directive applies; and
(b)“management company” has the meaning given by [F9Article 2.1(b)] of the UCITS directive.]
F6Words in s. 140 sidenote substituted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), reg. 5(a)
F7S. 140(1) substituted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), reg. 5(b)
F8S. 140(3) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), reg. 5(c)
F9Words in s. 140(3)(b) substituted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(4)
141 Insurance business rules.U.K.
(1)The Authority may make rules prohibiting an authorised person who has permission to effect or carry out contracts of insurance from carrying on a specified activity.
(3)The Authority may make rules in relation to contracts entered into by an authorised person in the course of carrying on business which consists of the effecting or carrying out of contracts of long-term insurance.
(4)Such rules may, in particular—
(a)restrict the descriptions of property or indices of the value of property by reference to which the benefits under such contracts may be determined;
(b)make provision, in the interests of the protection of policyholders, for the substitution of one description of property, or index of value, by reference to which the benefits under a contract are to be determined for another such description of property or index.
(5)Rules made under this section are referred to in this Act as insurance business rules.
I1S. 142 wholly in force at 1.12.2001; s. 142 not in force at Royal Assent see s. 431(2); s. 142(1)-(4)(6) in force at 25.2.2001 by S.I. 2001/516, art. 2(a), Sch. Pt. 1; s. 142 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
F10S. 143 repealed (6.4.2007) by Companies Act 2006 (c. 46), ss. 964(2), 1295, 1300(2), Sch. 16; S.I. 2007/1093, art. 2(1)(b) (with arts. 4, 11)
(1)The Authority may make rules (“price stabilising rules”) as to—
(3)The Authority may make rules which, for the purposes of section 397(5)(b), treat a person who acts or engages in conduct—
(b)in conformity with such provisions corresponding to price stabilising rules and made by a body or authority outside the United Kingdom as may be specified in the rules under this subsection,
(4)The Treasury may by order impose limitations on the power to make rules under this section.
(5)Such an order may, in particular—
(a)specify the kinds of investment in relation to which price stabilising rules may make provision;
(b)specify the kinds of investment in relation to which rules made under subsection (3) may make provision;
(c)provide for price stabilising rules to make provision for action to be taken for the purpose of stabilising the price of investments only in such circumstances as the order may specify;
(d)provide for price stabilising rules to make provision for action to be taken for that purpose only at such times or during such periods as the order may specify.
(6)If provisions specified in rules made under subsection (3) are altered, the rules continue to apply to those provisions as altered, but only if before the alteration the Authority has notified the body or authority concerned (and has not withdrawn its notification) that it is satisfied with its consultation procedures.
[F11(7)“Consultation procedures” means procedures designed to provide an opportunity for persons likely to be affected by alterations to those provisions to make representations about proposed alterations to any of those provisions.]
F11S. 144(7) substituted (6.4.2007) by Companies Act 2006 (c. 46), ss. 964(3), 1300(2); S.I. 2007/1093, art. 2(1)(b) (with arts. 4, 11)
I2S. 144 wholly in force at 18.6.2001; s. 144 not in force at Royal Assent see s. 431(2); s. 144(4)(5) in force at 25.2.2001 by S.I. 2001/516, art. 2(a), Sch. Pt. 1; s. 144 in force in so far as not already in force at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.
[F12(3A)But subsection (3) does not prevent the Authority from making rules under subsection (1) in relation to a communication that would not contravene section 21(1) if made by a person other than an authorised person, without the approval of an authorised person, if the conditions set out in subsection (3B) are satisfied.
(i)paragraphs 1 to 8 of Article 19 of the markets in financial instruments directive;F13. . .
(ii)any implementing measure made under paragraph 10 of that Article[F14; or]
[F15(iii)Article 77 of the UCITS directive,]
F12S. 145(3A)(3B) inserted (6.12.2006) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Modification of Powers) Regulations 2006 (S.I. 2006/2975), reg. 4 (with reg. 14)
F13Word in s. 145(3B)(b)(i) omitted (1.7.2011) by virtue of The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(5)(a)
F14Word in s. 145(3B)(b)(ii) inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(5)(b)
F15S. 145(3B)(b)(iii) inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(5)(c)
I3S. 145 wholly in force at 18.6.2001; s. 145 not in force at Royal Assent see s. 431(2); s. 145(5) in force at 25.2.2001 by S.I. 2001/516, art. 2(a), Sch. Pt. 1; s. 145 in force in so far as not already in force at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.
146 Money laundering rules.U.K.
The Authority may make rules in relation to the prevention and detection of money laundering in connection with the carrying on of regulated activities by authorised persons.
(1)The Authority may make rules (“control of information rules”) about the disclosure and use of information held by an authorised person (“A”).
(a)require the withholding of information which A would otherwise have to disclose to a person (“B”) for or with whom A does business in the course of carrying on any regulated or other activity;
(b)specify circumstances in which A may withhold information which he would otherwise have to disclose to B;
(c)require A not to use for the benefit of B information A holds which A would otherwise have to use in that way;
(d)specify circumstances in which A may decide not to use for the benefit of B information A holds which A would otherwise have to use in that way.
Modification or waiverU.K.
148 Modification or waiver of rules.U.K.
[F17(2)The Authority may, on the application or with the consent of a person who is subject to rules made by the Authority, direct that all or any of those rules (other than rules made under section 247 (trust scheme rules) or section 248 (scheme particulars rules))—
(a)are not to apply to that person; or
(b)are to apply to him with such modifications as may be specified in the direction.]
(3)An application must be made in such manner as the Authority may direct.
(a)compliance by the F18. . . person with the rules, or with the rules as unmodified, would be unduly burdensome or would not achieve the purpose for which the rules were made; and
(6)Unless it is satisfied that it is inappropriate or unnecessary to do so, a direction must be published by the Authority in such a way as it thinks most suitable for bringing the direction to the attention of—
(a)those likely to be affected by it; and
(b)others who may be likely to make an application for a similar direction.
(7)In deciding whether it is satisfied as mentioned in subsection (6), the Authority must—
(a)take into account whether the direction relates to a rule contravention of which is actionable in accordance with section 150;
(b)consider whether its publication would prejudice, to an unreasonable degree, the commercial interests of the F19. . . person concerned or any other member of his immediate group; and
(c)consider whether its publication would be contrary to an international obligation of the United Kingdom.
(8)For the purposes of paragraphs (b) and (c) of subsection (7), the Authority must consider whether it would be possible to publish the direction without either of the consequences mentioned in those paragraphs by publishing it without disclosing the identity of the F20. . . person concerned.
(9)The Authority may—
(b)vary it on the application, or with the consent, of the F21. . . person to whom it relates.
(10)“Direction” means a direction under subsection (2).
(11)“Immediate group”, in relation to [F22a person](“A”), means—
F16S. 148(1) omitted (12.7.2007) by virtue of The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 10(a)
F17S. 148(2) substituted (12.7.2007) by The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 10(b)
F18Word in s. 148(4)(a) omitted (12.7.2007) by virtue of The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 10(c)
F19Word in s. 148(7)(b) omitted (12.7.2007) by virtue of The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 10(c)
F20Word in s. 148(8) omitted (12.7.2007) by virtue of The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 10(c)
F21Word in s. 148(9)(b) omitted (12.7.2007) by virtue of The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 10(c)
F22Words in s. 148(11) substituted (12.7.2007) by The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 10(d)
C12S. 148 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(3); S.I. 2001/3538, art. 2(1)
S. 148 modified (temp. from 31.10.2001) by S.I. 2001/3374, arts. 1, 11
S. 148 restricted (6.8.2001) by S.I. 2001/2512, arts. 1(1), 5(4)
C13S. 148 modified (temp.) (8.4.2002) by The Financial Services and Markets Act 2000 (Permission and Applications) (Credit Unions etc.) Order 2002 (S.I. 2002/704), art. 7
C14S. 148 applied (with modifications) (11.4.2002 for certain purposes and 27.4.2002 otherwise) by The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), art. 9G(2) (as inserted by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2), 4)
C15S. 148: power to make rules amended (18.7.2002 for certain purposes and 21.8.2002 otherwise) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), regs. 1, 3(2)(a)
C16S. 148 applied (6.8.2001) by S.I. 2001/2512, arts. 1(1), 7(1)
S. 148 applied (11.4.2002 for certain purposes and 27.4.2002 otherwise) by The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), art. 9H(2) (as inserted by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2), 4)
C17S. 148 modified (temp. from 1.1.2004 to 31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(2) 26, {29}
C18S. 148 modified (temp. from 1.1.2004 to 14.1.2005) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(2) 22, {27}
C19S. 148 applied (with modifications) (31.12.2011) by The Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011 (S.I. 2011/2832), art. 8
C20S. 148(2) extended (1.12.2001) by S.I. 2001/3647, arts. 1, 4, Sch. 2 paras. 1-3
C21S. 148(2) applied (with modifications) (22.2.2008) by The Northern Rock plc Transfer Order 2008 (S.I. 2008/432), art. 15(2)
C22S. 148(2) applied (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 37(2)
C23S. 148(2) applied (7.10.2008 at 9.30 a.m.) by The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008, (S.I. 2008/2644) {art. 27(2)}
C24S. 148(2) applied (8.10.2008 at 10.10 a.m.) by The Transfer of Rights and Liabilities to ING Order 2008 (S.I. 2008/2666), art. 18(2)
C25S. 148(2) applied (8.10.2008 at 12.15 p.m.) by The Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2674), art. 29(2)
C26S. 148(2) modified (30.3.2009 at 8.00 a.m.) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), art. 9(2)(5)
C27S. 148(2) applied (1.1.2010) by The Northern Rock plc Transfer Order 2009 (S.I. 2009/3226), arts. 1(2)(b), 20(2)
C28S. 148(3)-(9)(11) applied (with modifications) (3.9.2001 for specified purposes otherwise 1.12.2001) by S.I. 2001/1228, regs. 1(2)(b)(c), 7(3)(4) (with reg. 1(2)(3)); S.I. 2001/2632, art. 2(2), Sch. Pt. 2; S.I. 2001/3538, art. 2(1)
C29S. 148(3)-(9)(11) applied (with modifications) (N.I.) (1.11.2004) by Open-Ended Investment Companies Regulations (Northern Ireland) 2004 (S.R. 2004/335), regs. 1(1)(b), 7(3)(4) (with reg. 1(2))
C30S. 148(4) restricted (22.2.2008) by The Northern Rock plc Transfer Order 2008 (S.I. 2008/432), art. 15(3)
C31S. 148(4) restricted (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 37(3)
C32S. 148(4) restricted (7.10.2008 at 9.30 a.m.) by The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2644), art. 27(3)
C33S. 148(4) restricted (8.10.2008 at 10.10 a.m.) by The Transfer of Rights and Liabilities to ING Order 2008 (S.I. 2008/2666), art. 18(3)
C34S. 148(4) restricted (8.10.2008 at 12.15 p.m.) by The Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2674), art. 29(3)
C35S. 148(4) restricted (30.3.2009 at 8.00 a.m.) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), art. 9(3)-(5)
C36S. 148(4) restricted (1.1.2010) by The Northern Rock plc Transfer Order 2009 (S.I. 2009/3226), arts. 1(2)(b), 20(3)(4)
I4S. 148 wholly in force at 3.9.2001; s. 148 not in force at Royal Assent see s. 431(2); s. 148 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch. s. 148 in so far as not already in force at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2
149 Evidential provisions.U.K.
(1)If a particular rule so provides, contravention of the rule does not give rise to any of the consequences provided for by other provisions of this Act.
(2)A rule which so provides must also provide—
(a)that contravention may be relied on as tending to establish contravention of such other rule as may be specified; or
(b)that compliance may be relied on as tending to establish compliance with such other rule as may be specified.
(3)A rule may include the provision mentioned in subsection (1) only if the Authority considers that it is appropriate for it also to include the provision required by subsection (2).
C37S. 149(1) applied (2.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments and Transitional Provisions) (Credit Unions) Order 2002 (S.I. 2002/1501), art. 11(1) (with art. 13)
C38S. 149(2)(3) applied (with modifications) (2.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments and Transitional Provisions) (Credit Unions) Order 2002 (S.I. 2002/1501), art. 11(2) (with art. 13)
(a)[F23Part 6 rules];
[F24(aa)rules under section 131B (short selling rules);] or
F23Words in s. 150(4)(a) substituted (1.7.2005) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2005 (S.I. 2005/381), regs. 1(2), 6
F24S. 150(4)(aa) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss, 24(1), 26(2)(d)(e), {Sch. 2 para. 12}
C39S. 150 applied (1.12.2001) by S.I. 2001/1228, regs. 1(2)(c), 25(6) (with reg. 1(2)(3)); S.I. 2001/3538, art. 2(1)
C40S. 150: power to make rules amended (18.7.2002 for certain purposes and 21.8.2002 otherwise) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), reg. 1, 3(2)(a)
C41S. 150 applied (with modifications) (11.4.2002 for certain purposes and 27.4.2002 otherwise) by The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), art. 9G (as inserted by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2), 4)
C42S. 150 applied (N.I.) (1.11.2004) by Open-Ended Investment Companies Regulations (Northern Ireland) 2004 (S.R. 2004/335), regs. 1(1)(b), 25(6) (with reg. 1(2))
I5S. 150 wholly in force at 1.12.2001; s. 150 not in force at Royal Assent see s. 431(2); s. 150(3)-(5) in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 150 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 150 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
151 Limits on effect of contravening rules.U.K.
(1)A person is not guilty of an offence by reason of a contravention of a rule made by the Authority.
(1)If the Authority makes any rules, it must give a copy to the Treasury without delay.
(2)If the Authority alters or revokes any rules, it must give written notice to the Treasury without delay.
C43S. 152 applied (6.8.2001) by S.I. 2001/2512, arts. 1(1), 7(2)
153 Rule-making instruments.U.K.
(1)Any power conferred on the Authority to make rules is exercisable in writing.
(2)An instrument by which rules are made by the Authority (“a rule-making instrument”) must specify the provision under which the rules are made.
(3)To the extent to which a rule-making instrument does not comply with subsection (2), it is void.
(4)A rule-making instrument must be published by the Authority in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
(5)The Authority may charge a reasonable fee for providing a person with a copy of a rule-making instrument.
(6)A person is not to be taken to have contravened any rule made by the Authority if he shows that at the time of the alleged contravention the rule-making instrument concerned had not been made available in accordance with this section.
C44S. 153 applied (6.8.2001) by S.I. 2001/2512, arts. 1(1), 7(2)
154 Verification of rules.U.K.
(1)The production of a printed copy of a rule-making instrument purporting to be made by the Authority—
(a)on which is endorsed a certificate signed by a member of the Authority’s staff authorised by it for that purpose, and
(a)that the instrument was made by the Authority;
(c)that on a specified date the instrument was made available to the public in accordance with section 153(4).
(4)A person who wishes in any legal proceedings to rely on a rule-making instrument may require the Authority to endorse a copy of the instrument with a certificate of the kind mentioned in subsection (1).
C45S. 154 applied (6.8.2001) by S.I. 2001/2512, arts. 1(1), 7(2)
S. 154 excluded (6.8.2001) by S.I. 2001/2512, arts. 1(1), 7(4)
S. 154 excluded (2.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments and Transitional Provisions) (Credit Unions) Order 2002 (S.I. 2002/1501), art. 12(1) (with art. 13)
(1)If the Authority proposes to make any rules, it must publish a draft of the proposed rules in the way appearing to it to be best calculated to bring them to the attention of the public.
(a)a cost benefit analysis;
(b)an explanation of the purpose of the proposed rules;
(c)an explanation of the Authority’s reasons for believing that making the proposed rules is compatible with its general duties under section 2; and
(d)notice that representations about the proposals may be made to the Authority within a specified time.
(3)In the case of a proposal to make rules under a provision mentioned in subsection (9), the draft must also be accompanied by details of the expected expenditure by reference to which the proposal is made.
(4)Before making the proposed rules, the Authority must have regard to any representations made to it in accordance with subsection (2)(d).
(5)If the Authority makes the proposed rules, it must publish an account, in general terms, of—
(a)the representations made to it in accordance with subsection (2)(d); and
(6)If the rules differ from the draft published under subsection (1) in a way which is, in the opinion of the Authority, significant—
(a)the Authority must (in addition to complying with subsection (5)) publish details of the difference; and
(7)Subsections (1) to (6) do not apply if the Authority considers that the delay involved in complying with them would be prejudicial to the interests of consumers.
(8)Neither subsection (2)(a) nor subsection (6)(b) applies if the Authority considers—
(9)Neither subsection (2)(a) nor subsection (6)(b) requires a cost benefit analysis to be carried out in relation to rules made under—
(d)paragraph 17 of Schedule 1.
[F25(e)paragraph 12 of Schedule 1A.]
(a)if the proposed rules are made; or
(b)if subsection (6) applies, from the rules that have been made.
(a)in relation to subsection (2)(a), a comparison between the overall position if the rules are made and the overall position if they are not made;
(b)in relation to subsection (6)(b), a comparison between the overall position after the making of the rules and the overall position before they were made.
(12)The Authority may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1).
F25S. 155(9)(e) inserted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(1)(g)(l), Sch. 2 para. 13
C46S. 155 excluded (6.8.2001) by S.I. 2001/2512, arts. 1(1), 7(3)
S. 155 excluded (31.10.2001) by S.I. 2001/3374, arts. 1, 12(2)
C47S. 155 excluded (15.7.2004) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Complaints Relating to General Insurance and Mortgages) Order 2004 (S.I. 2004/454), art. 12(1) (as inserted by The Financial Services and Markets Act 2000 (Transitional Provisions) (Complaints Relating to General Insurance and Mortgages) (Amendment) Order 2004 (S.I. 2004/1609), art. 6
C48S. 155 excluded (29.10.2004) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Mortgages) Order 2004 (S.I. 2004/2615), arts. 1(2)(a), 4(2)
C49S. 155 excluded (7.12.2006) by The Compensation Act 2006 (Contribution for Mesothelioma Claims) Regulations 2006 (S.I. 2006/3259), regs. 1(1), 4
C50S. 155 excluded (30.6.2008 for certain purposes, 1.1.2009 otherwise) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2007 (S.I. 2007/3510), arts. 1(2), 6(2)
C51S. 155(1) applied (6.3.2008) by The Regulated Covered Bonds Regulations 2008 (S.I. 2008/346), reg. 42(4)(5)
C52S. 155(2)(c) restricted (17.8.2001) by S.I. 2001/2617, arts. 2(a), 4(3), 8, Sch. 2 paras. 9, 11(b), 13, 14
C53S. 155(2)(d) applied (6.3.2008) by The Regulated Covered Bonds Regulations 2008 (S.I. 2008/346), reg. 42(4)(5)
C54S. 155(4) applied (6.3.2008) by The Regulated Covered Bonds Regulations 2008 (S.I. 2008/346), reg. 42(4)(5)
C55S. 155(7) modified (22.2.2008) by The Northern Rock plc Transfer Order 2008 (S.I. 2008/432), art. 16(1)
C56S. 155(7) modified (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 38(1)
C57S. 155(7) modified (7.10.2008 at 9.30 a.m.) by The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008, (S.I. 2008/2644) {art. 28(1)}
C58S. 155(7) modified (8.10.2008 at 10.10 a.m.) by The Transfer of Rights and Liabilities to ING Order 2008 (S.I. 2008/2666), art. 19(1)
C59S. 155(7) modified (8.10.2008 at 12.15 p.m.) by The Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2674), art. 30(1)
C60S. 155(7) modified (30.3.2009 at 8.00 a.m.) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), art. 10(1)
C61S. 155(7) modified by Payment Services Regulations 2009 (S.I. 2009/209), Sch. 7 para. 3(1) (as inserted (1.10.2009 for certain purposes, 1.11.2009 otherwise) by The Payment Services (Amendment) Regulations 2009 (S.I. 2009/2475), regs. 1(2)(3), 13)
C62S. 155(7) modified (1.1.2010) by The Northern Rock plc Transfer Order 2009 (S.I. 2009/3226), arts. 1(2)(b), 21(1)
(1)Rules made by the Authority may make different provision for different cases and may, in particular, make different provision in respect of different descriptions of authorised person, activity or investment.
(2)Rules made by the Authority may contain such incidental, supplemental, consequential and transitional provision as the Authority considers appropriate.
C63S. 156 applied (6.8.2001) by S.I. 2001/2512, arts. 1(1), 7(2)
C64S. 156: power to make rules amended (18.7.2002 for certain purposes and 21.8.2002 otherwise) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), regs. 1, 3(2)(a)