Section 410 International obligations.C1

United Kingdom

(1)

If it appears to the Treasury that any action proposed to be taken by a relevant person would be incompatible with F1any international obligations of the United Kingdom, they may direct that person not to take that action.

(2)

If it appears to the Treasury that any action which a relevant person has power to take is required for the purpose of implementing any such obligations, they may direct that person to take that action.

(3)

A direction under this section—

(a)

may include such supplemental or incidental requirements as the Treasury consider necessary or expedient; and

(b)

is enforceable, on an application made by the Treasury, by injunction or, in Scotland, by an order for specific performance under section 45 of the M1Court of Session Act 1988.

(4)

“Relevant person” means—

F2(a)

the FCA;

(aa)

the PRA;

(ab)

the Bank of England when exercising functions conferred on it by Part 18;

F3(b)

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

(c)

any recognised investment exchange (other than one which is an overseas investment exchange);

(d)

any recognised clearing house (other than one which is an overseas clearing house);

F4(da)

any recognised CSD;

(e)

a person included in the list maintained under section 301; or

(f)

the scheme operator of the ombudsman scheme.

Annotations

Textual amendments

F1: Word in s. 410(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 83; 2020 c. 1, Sch. 5 para. 1(1)
F2: S. 410(4)(a)(aa)(ab) substituted for s. 410(4)(a) (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 47, 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3: S. 410(4)(b) omitted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), ss. 16(14)(i), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F4: S. 410(4)(da) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(36) (with regs. 7(4), 9(1))

Marginal citations

M1: 1988 c. 36.

Modifications

C1: S. 410 applied (1.12.2001) by S.I. 1995/1537, reg. 23(3) (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 509(d))

Notes on International powers and obligations

Textual amendments

F1: Words in s. 410 cross-heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 32(2), 86(3) (with savings in The Financial Services and Markets Act 2023 (Commencement No. 2 and Transitional Provisions) Regulations 2023 (S.I. 2023/936), reg. 4); S.I. 2023/779, reg. 4(w)