Article 18 Modification to Authority’s rule-making power

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

art. 18 heading word substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 148(b)(iv)
art. 18(1)(1A) substituted for art. 18(1) by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 148(b)(i)
art. 18(2) words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 148(b)(ii)(aa)
art. 18(2) words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 148(b)(ii)(bb)
art. 18(3) words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 148(b)(iii)(aa)
art. 18(3) words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 148(b)(iii)(bb)
art. 18(3) words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 148(b)(iii)(cc)
art. 18(3) words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 148(b)(iii)(dd)

(1)

Subsections (1) and (1A)^f1 of section 138 of the 2000 Act (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 6 or 8 of the Banking (Special Provisions) Act 2008”.

(2)

Section 148(2)^f2 of the 2000 Act (modification or waiver of rules) shall also apply in relation to ING—

(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 the 2000 Act shall not prevent the Authority from modifying or waiving rules in relation to ING 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.

Annotations

Footnotes

f1: Subsections (1A) to (1C) were inserted by S.I. 2006/2975.
f2: Subsection (2) was substituted by S.I. 2007/1973.
f3: Subsection (4)(a) was amended by S.I. 2007/1973.