Paragraph 5 I1

England and Wales

Section 3 is amended as follows.

I5(2)

In subsection (2) for “Secretary of State” substitute “appropriate national authority”.

After that subsection insert—

“(2A)
The regulator may at any time make a proposal to the Secretary of State for the giving of a direction under subsection (2).
(2B)
Before making a proposal, the regulator must consult such persons as it considers appropriate.
(2C)
Before giving a direction under subsection (2), other than a direction proposed by the regulator, the Secretary of State must consult—
(a)
the regulator, and
(b)
any other person that the Secretary of State considers appropriate.”

(4)

In subsection (3)—

(a)

omit “not exceeding level 5 on the standard scale”;

(b)

for “£50” substitute “level 1 on the standard scale”.

Annotations

Commencement

I1: Sch. 5 para. 5 not in force at Royal Assent, see s. 170(4)(b)(viii)(c)
I2: Sch. 5 para. 5(1) in force at 28.6.2022 for specified purposes for E. by S.I. 2022/561, regs. 1(2), 3(f), Sch. para. 6
I3: Sch. 5 para. 5(1)(2) in force at 5.9.2023 for W. by S.I. 2023/914, reg. 2(b)(xiii), Sch. para. 4
I4: Sch. 5 para. 5(1) in force at 1.10.2023 in so far as not already in force except in relation to W. by S.I. 2023/993, reg. 2(n)(ii)
I5: Sch. 5 para. 5(2) in force at 28.6.2022 for E. by S.I. 2022/561, regs. 1(2), 3(f), Sch. para. 7
I6: Sch. 5 para. 5(3)(4) in force at 1.10.2023 except in relation to W. by S.I. 2023/993, reg. 2(n)(ii) (with reg. 4)
I7: Sch. 5 para. 5(3)(4) in force at 6.4.2024 for W. by S.I. 2024/207, reg. 2(d)(xi), Sch. (with regs. 3, 4, 8-12)