{
  "url": "https://openlegislation.uk/financial-services-act-1986-repealed/section-121",
  "json_url": "https://openlegislation.uk/financial-services-act-1986-repealed/section-121.json",
  "legislation": "ukpga/1986/60",
  "legislation_title": "Financial Services Act 1986 (repealed)",
  "legislation_url": "https://openlegislation.uk/financial-services-act-1986-repealed",
  "path": "section/121",
  "kind": "section",
  "number": "121",
  "heading": "Designated agencies.",
  "text": "(1) The Secretary of State shall not make a delegation order transferring any function to a designated agency unless he is satisfied that any statements of principle, rules, regulations, codes of practice and guidance of which copies are furnished to him under section 114(9) or (10) above do not have, and are not intended or likely to have, to any significant extent the effect of restricting, distorting or preventing competition or, if they have or are intended or likely to have that effect to any significant extent, that the effect is not greater than is necessary for the protection of investors.\n(2) The powers conferred by subsection (3) below shall be exercisable by the Secretary of State if at any time it appears to him that—\n(a) any statements of principle, rules, regulations or codes of practice issued or made by a designated agency in the exercise of functions transferred to it by a delegation order or any guidance issued by a designated agency;\n(b) any practices of a designated agency; or\n(c) any practices of persons who are subject to statements of principle, rules, regulations or codes of practice issued or made by it in the exercise of those functions,\nhave, or are intended or are likely to have, to any significant extent the effect of restricting, distorting or preventing competition and that that effect is greater than is necessary for the protection of investors.\n(3) The powers exercisable under this subsection are—\n(a) to make an order in respect of the agency under section 115(2) above as if the circumstances were such as are there mentioned; or\n(b) to direct the agency to take specified steps for the purpose of securing that the statements of principle, rules, regulations, codes of practice, guidance or practices in question do not have the effect mentioned in subsection (2) above.\n(4) The practices referred to in paragraph (b) of subsection (2) above are practices of the designated agency in its capacity as such; and the practices referred to in paragraph (c) of that subsection are practices in relation to business in respect of which the persons in question are subject to any such statements of principle, rules, regulations, or codes of practice as are mentioned in paragraph (a) of that subsection and which are required or contemplated by those statements of principle, rules, regulations, or codes of practice or by any such guidance as is there mentioned or are otherwise attributable to the conduct of the agency in its capacity as such.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words substituted by Companies Act 1989 (c. 40, SIF 27), s. 206(1), Sch. 23 para. 15(2)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words substituted by Companies Act 1989 (c. 40, SIF 27), s. 206(1), Sch. 23 para. 15(3)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words substituted by Companies Act 1989 (c. 40, SIF 27), s. 206(1), Sch. 23 para. 15(4)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words substituted by Companies Act 1989 (c. 40, SIF 27), s. 206(1), Sch. 23 para. 15(5)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 121(1)(2) amended (1.1.1993) by S.I. 1992/3218, reg. 55, Sch. 9 para.35."
    },
    {
      "type": "C",
      "label": "C2",
      "text": "S. 121 amended (prosp.) by Companies Act 1989 (c. 40, SIF 27), ss. 154, 155, 169(4) s. 121 extended (1.1.1996) by S.I. 1995/3275, reg. 32, Sch. 7 para. 33 s. 121 amended (1.7.1994) by S.I. 1994/1696, reg. 62(2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1986/60/section/121",
    "retrieved_at": "2026-10-29T09:53:57.234744+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."
}