OpenLegislation

Paragraph 14 I1I2I3

(1)

Section 296 (power to give directions) is amended as follows.

(2)

In subsection (1), for “the Authority” substitute “ the appropriate regulator ”.

(3)

In subsection (1A)—

(a)

for the words from “in the case of a recognised body which is a recognised investment” to “the body” substitute “ if it appears to the appropriate regulator that a recognised body ”, and

(b)

for the words from “directly applicable” to the end substitute “ directly applicable EU regulation specified (or of a description specified) in an order made by the Treasury ”.

(4)

In subsection (2), for “The Authority” substitute “ The regulator concerned ”.

(5)

In subsection (2A)—

(a)

in the opening words, for “a recognised investment exchange other than an overseas investment exchange” substitute “ a recognised body other than an overseas investment exchange or overseas clearing house ”,

(b)

in paragraph (a)—

(i)

for “the Authority”, in both places, substitute “ the regulator concerned ”, and

(ii)

for “the exchange” substitute “ the body ”, and

(c)

in paragraph (b), for “the exchange” substitute “ the body ”.

(6)

In subsection (3), for “the Authority” substitute “ the regulator concerned ”.

(7)

In subsection (4), for “the Authority” substitute “ an appropriate regulator ”.

(8)

In the heading, for “Authority's” substitute “Appropriate regulator's”.

Annotations

Commencement

I1

Sch. 8 para. 14 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I2

Sch. 8 para. 14 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I3

Sch. 8 para. 14 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.