Section 157 I1

United Kingdom

(1)

F1A recognised body shall give the F2appropriate regulator at least F3three months notice of any proposal to amend, revoke or add to its default rules; and the F4regulator may within three months from receipt of the notice direct F5the recognised body not to proceed with the proposal, in whole or in part.

F6(1A)

The appropriate regulator may, if it considers it appropriate to do so, agree a shorter period of notice and, in a case where it does so, any direction under this section must be given by it within that shorter period.

(2)

A direction under this section may be varied or revoked.

(3)

Any amendment or revocation of, or addition to, the default rules of F7a recognised body in breach of a direction under this section is ineffective.

F8(4)

The appropriate regulator”—

(a)

in relation to a recognised UK investment exchange, means the FCA, and

(b)

in relation to a F9recognised clearing house F10or a recognised CSD, means the Bank of England.

Annotations

Textual amendments

F1: Words in s. 157(1) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(4)(a)(i) (with regs. 7(4), 9(1))
F2: Words in s. 157(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 65(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3: Words in s. 157(1) substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(4)(a)(ii) (with regs. 52-58)
F4: Word in s. 157(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 65(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5: Words in s. 157(1) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(4)(a)(ii) (with regs. 7(4), 9(1))
F6: S. 157(1A) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(4)(b) (with regs. 52-58)
F7: Words in s. 157(3) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(4)(b) (with regs. 7(4), 9(1))
F8: S. 157(4) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 65(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9: Words in s. 157(4)(b) substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(4)(c) (with regs. 52-58)
F10: Words in s. 157(4)(b) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(4)(c) (with regs. 7(4), 9(1))

Commencement

I1: S. 157 wholly in force at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch. (subject to savings in art. 3(1))

Notes on Part VII

Modifications

C1

Pt. VII (ss. 154-191): functions of the Secretary of State transferred (7.6.1992) to the Treasury by S.I. 1992/1315, art. 2(1)(c) (with art. 6)

Pt. VII (ss. 154-191) applied (E.W.S.) (15.8.1995) by S.I. 1995/2049, reg.3; and applied (with modifications) (E.W.S.) (15.8.1995) by S.I. 1995/2049, regs.3,4,5,19, 26; and applied (with modifications) (15.7.1996) by S.I. 1996/1469, regs.3, 4, 5

C2

Pt. VII: power to apply conferred (1.12.2001) by 2000 c. 8, s. 301(1)(a); S.I. 2001/3538, art. 2(1)

Notes on Recognised bodies

Textual amendments

F1: S. 155 cross-heading substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(2) (with regs. 7(4), 9(1))