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Paragraph 8 F1

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The FCA may make arrangements for any of its functions to be discharged by a committee, sub-committee, officer or member of staff of the FCA, but subject to the following provisions.

C1C2C3(2)

In exercising its legislative functions, the FCA must act through its governing body.

(3)

For that purpose, the following are the FCA's legislative functions—

(a)

making rules F2under this Act or under F3assimilated direct legislation;

F4(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)

issuing statements under—

(i)

section F563ZD, 63C, F6... 69, 88C, 89S, 93, 124, F7... 138N, F8142V, 192H, 192N, 210 F9or 312J,

(ii)

section 345D (whether as a result of section 345(2) F10, section 249(1) or 261K(1)), or

(iii)

section 80 of the Financial Services Act 2012;

(d)

giving directions under section 316, 318 or 328.

F11(e)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(F12f)

making technical standards in accordance with Chapter 2A of Part 9A;

(g)

making EU Exit instruments under the Financial Regulators’ Powers (Technical Standards) (Amendment etc.) (EU Exit) Regulations 2018.

(F133A)

In exercising its functions under sections 9(2) and 10 of the Financial Guidance and Claims Act 2018 (approving and reviewing standards set by F14Money and Pensions Service), the FCA must act through its governing body.

(4)

The function of issuing general guidance (as defined in section 139B(5) F15...) may not be discharged by an officer or member of staff of the FCA.

(F165)

In respect of the exercise of a function under Part 1 of the Competition Act 1998, the power in sub-paragraph (1) is subject to provision in rules made under section 51 of that Act by virtue of paragraph 1A of Schedule 9 to that Act.

Annotations

Textual amendments

F1

Schs. 1ZA, 1ZB substituted for Sch. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 3 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.

F2

Words in Sch. 1ZA para. 8(3)(a) inserted (1.7.2021) by Financial Services Act 2021 (c. 22), ss. 43(3), 49(5); S.I. 2021/739, reg. 3(w)

F3

Words in Sch. 1ZA para. 8(3)(a) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 44(4)(w)

F4

Sch. 1ZA para. 8(3)(b) omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(22)

F5

Word in Sch. 1ZA para. 8(3)(c)(i) inserted (25.7.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 16(b)(i); S.I. 2014/1819, art. 2(4)(b)

F6

Word in Sch. 1ZA para. 8(3)(c)(i) omitted (7.3.2016) by virtue of Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 16(b)(ii); S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

F7

Word in Sch. 1ZA para. 8(3)(c)(i) omitted (14.1.2025 for specified purposes, 13.7.2026 in so far as not already in force) by virtue of The Short Selling Regulations 2025 (S.I. 2025/29), reg. 2(2)(3), Sch. 2 para. 1(10); S.I. 2026/587, reg. 2(b)

F8

Word in Sch. 1ZA para. 8(3)(c)(i) inserted (1.1.2019) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(6), 148(5); S.I. 2018/1306, art. 2(d)

F9

Words in Sch. 1ZA para. 8(3)(c)(i) substituted (1.1.2019) by Financial Guidance and Claims Act 2018 (c. 10), s. 37(5), Sch. 3 para. 21(2)(a)(i); S.I. 2018/1330, reg. 2(g)(vi)

F10

Words in Sch. 1ZA para. 8(3)(c)(ii) substituted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(21) (with reg. 24)

F11

Sch. 1ZA para. 8(3)(e) omitted (1.1.2019) by virtue of Financial Guidance and Claims Act 2018 (c. 10), s. 37(5), Sch. 3 para. 21(2)(a)(ii); S.I. 2018/1330, reg. 2(g)(vi)

F12

Sch. 1ZA para. 8(3)(f)(g) inserted (26.10.2018) by The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 7(9)(a)

F13

Sch. 1ZA para. 8(3A) inserted (1.10.2018) by Financial Guidance and Claims Act 2018 (c. 10), s. 37(5), Sch. 3 para. 21(2)(b); S.I. 2018/1029, reg. 2(q) (with Sch. para. 2)

F14

Words in Sch. 1ZA para. 8(3A) substituted (6.4.2019) by The Financial Guidance and Claims Act 2018 (Naming and Consequential Amendments) Regulations 2019 (S.I. 2019/383), reg. 1(1), Sch. para. 7(d)

F15

Words in Sch. 1ZA para. 8(4) omitted (1.1.2019) by virtue of Financial Guidance and Claims Act 2018 (c. 10), s. 37(5), Sch. 3 para. 21(2)(c); S.I. 2018/1330, reg. 2(g)(vi)

F16

Sch. 1ZA para. 8(5) inserted (1.11.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 8 para. 7(2); S.I. 2014/2458, art. 2(b)(bb)(ii)

Modifications

C1

Sch. 1ZA para. 8(2) modified (20.2.2013) by The Financial Services Act 2012 (Transitional Provisions) (Rules and Miscellaneous Provisions) Order 2013 (S.I. 2013/161), arts. 1(1), 3(8)(a)(9)

C2

Sch. 1ZA para. 8(2) modified (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 64(6)

C3

Sch. 1ZA para. 8(2) modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 85(8)

Notes on Schedule 1ZA

Modifications

C1

Sch. 1ZA applied (with modifications) (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 1 paras. 2(2)(a), 5(1)(2) (with art. 3)

Notes on Part 1

Modifications

C1

Sch. 1ZA Pt. 1 modified by S.I. 2007/3298, reg. 4(4) (as amended) (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 131(c)

C2

Sch. 1ZA Pt. 1 modified (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), regs. 1(2), 46(9), 63(8) (with regs. 8, 15)