{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-300A",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-300A.json",
  "legislation": "ukpga/2000/8",
  "legislation_title": "Financial Services and Markets Act 2000",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000",
  "path": "section/300A",
  "kind": "section",
  "number": "300A",
  "heading": "Power of appropriate regulator to disallow excessive regulatory provision",
  "text": "(1) This section applies where a recognised body proposes to make any regulatory provision in connection with—\n(a) its business as an investment exchange,\n(b) the provision by it of clearing services, or\n(c) the provision by it of services falling within section 285(2)(b) or (3)(b).\n(2) If it appears to the appropriate regulator—\n(a) that the proposed provision will impose a requirement on persons affected (directly or indirectly) by it, and\n(b) that the requirement is excessive,\nthe appropriate regulator may direct that the proposed provision must not be made.\n(3) A requirement is excessive if—\n(a) it is not required under ... any enactment or rule of law in the United Kingdom, and\n(b) either—\n(i) it is not justified as pursuing a reasonable regulatory objective, or\n(ii) it is disproportionate to the end to be achieved.\n(4) In considering whether a requirement is excessive the appropriate regulator must have regard to all the relevant circumstances, including—\n(a) the effect of existing legal and other requirements,\n(b) the global character of financial services and markets and the international mobility of activity,\n(c) the desirability of facilitating innovation, and\n(d) the impact of the proposed provision on market confidence.\n(5) In this section “requirement” includes any obligation or burden.\n(6) Any provision made in contravention of a direction under this section is of no effect.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 300A and cross-heading inserted (20.12.2006) by Investment Exchanges and Clearing Houses Act 2006 (c. 55), ss. 1, 5(2) (with s. 5(3))"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 300A(1) substituted (24.1.2013 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. 8 para. 18(a) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 300A(2) substituted (24.1.2013 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. 8 para. 18(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 300A(3)(a) omitted (31.12.2020) by virtue of The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662), regs. 1(3), 5(16) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in s. 300A(4) substituted (24.1.2013 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. 8 para. 18(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words in s. 300A heading substituted (24.1.2013 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. 8 para. 18(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/8/section/300A",
    "retrieved_at": "2026-10-29T09:21:21.899993+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."
}