{
  "url": "https://openlegislation.uk/companies-act-1989/section-157",
  "json_url": "https://openlegislation.uk/companies-act-1989/section-157.json",
  "legislation": "ukpga/1989/40",
  "legislation_title": "Companies Act 1989",
  "legislation_url": "https://openlegislation.uk/companies-act-1989",
  "path": "section/157",
  "kind": "section",
  "number": "157",
  "heading": null,
  "text": "(1) A recognised body shall give the appropriate regulator at least three months notice of any proposal to amend, revoke or add to its default rules; and the regulator may within three months from receipt of the notice direct the recognised body not to proceed with the proposal, in whole or in part.\n(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.\n(2) A direction under this section may be varied or revoked.\n(3) Any amendment or revocation of, or addition to, the default rules of a recognised body in breach of a direction under this section is ineffective.\n(4) The appropriate regulator”—\n(a) in relation to a recognised UK investment exchange, means the FCA, and\n(b) in relation to a recognised clearing house or a recognised CSD, means the Bank of England.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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))"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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."
    },
    {
      "type": "F",
      "label": "F3",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "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."
    },
    {
      "type": "F",
      "label": "F5",
      "text": "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))"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "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))"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "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."
    },
    {
      "type": "F",
      "label": "F9",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "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))"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "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))"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1989/40/section/157",
    "retrieved_at": "2026-10-29T09:45:50.516840+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}