# Financial Services and Markets Act 2023, Paragraph 16: Code of Practice

Extent: E+W+S+N.I.

(1) The Treasury must issue a code of practice about the use of the stabilisation powers.
(2) The code may, in particular, provide guidance on—
(a) how the special resolution objectives are to be understood and achieved,
(b) the choice between different options,
(c) the information to be provided in the course of a consultation under this Schedule,
(d) how to determine whether Condition 2 in paragraph 17 is met,
(e) how to determine whether the test for the use of stabilisation powers under paragraph 19 is satisfied,
(f) paragraphs 89 and 92, and
(g) compensation, including how the Treasury intend to satisfy the requirement under paragraph 87(3).
(3) See also paragraph 29 which requires the inclusion in the code of certain matters about bridge central counterparties.
(4) The Treasury may revise and re-issue the code of practice.
(5) Before issuing or re-issuing the code of practice the Treasury must consult the Bank, the FCA and the PRA.
(6) The Bank must have regard to the code of practice.
(7) As soon as is reasonably practicable after issuing or re-issuing the code of practice the Treasury must lay a copy before Parliament.

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Source: https://www.legislation.gov.uk/ukpga/2023/29/schedule/11/paragraph/16 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.