Section 30 Treasury power in relation to rulesI1I2

FSMA 2000 is amended as follows.

After section 3RD (inserted by section 29) insert—

“Power of Treasury to require making of rules by regulations

3RE

(1)

The Treasury may by regulations require a regulator to exercise a power under this Act to make rules in relation to a specified activity or a specified description of person.

(2)

Regulations under this section may—

(a)

specify matters that the rules must cover;

(b)

specify a period within which the rules must be made.

(3)

But except so far as permitted by subsection (2), regulations under this section may not require rules to be made—

(a)

in a specified form or with specified content, or

(b)

to achieve or advance a specified outcome.

(4)

If no period is specified under subsection (2)(b) the rules must be made as soon as reasonably practicable after the coming into force of the regulations.”

In section 429 (Parliamentary control of statutory instruments) in subsection (2) after “section” insert “3RE,”.