Regulation 12 Transfer of Directive Functions

After regulation 69, insert—

“PART 7A

Transfer of functions

Transfer of the directive functions

69A.

(1)

The Treasury may make regulations by statutory instrument for the purposes specified in Part 1 of Schedule A1 to these Regulations.

(2)

A statutory instrument which contains regulations under paragraph (1) is subject to annulment in pursuance of a resolution of either House of Parliament.

(3)

The FCA may make rules for purposes specified in Part 2 of Schedule A1 to these Regulations.

(4)

Rules made under paragraph (3) are to be treated for the purposes of the Act as if they were made under section 137A of the Act.

(5)

The FCA may make technical standards for the purposes specified in Part 3 of Schedule A1 to these Regulations.”.