Article 15 Modification to Authority’s rule-making powerI1

United Kingdom

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

art. 15 heading word substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 136(d)(iv)
art. 15(1)(1A) substituted for art. 15(1) by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 136(d)(i)
art. 15(2) words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 136(d)(ii)(aa)
art. 15(2) words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 136(d)(ii)(bb)
art. 15(3) words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 136(d)(iii)(aa)
art. 15(3) words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 136(d)(iii)(bb)
art. 15(3) words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 136(d)(iii)(cc)
art. 15(3) words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 136(d)(iii)(dd)

(1)

Subsections (1) and (1A)^f1 of section 138 of FSMA 2000 (general rule-making power) have effect as if modified by inserting after “protecting the interests of consumers”—

“or for the purposes of, to facilitate or in consequence of a transfer under section 3 of the Banking (Special Provisions) Act 2008”.

(2)

Section 148(2)^f2 of FSMA 2000 (modification or waiver of rules) shall also apply—

(a)

in the absence of an application by a person subject to rules made by the Authority; and

(b)

without any requirement for the consent of such a person.

(3)

Section 148(4)^f3 of FSMA 2000 shall not prevent the Authority from modifying or waiving rules in relation to a relevant undertaking under section 148 of that Act provided that the Authority is satisfied that the modification or waiver is necessary for the purposes of, to facilitate or in consequence of the transfer.

Article 15 Modification to Authority’s rule-making powerI1

Annotations

Commencement

Footnotes