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Financial Services and Markets Act 2023

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Changes over time for: Section 30

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30Treasury power in relation to rulesU.K.
This section has no associated Explanatory Notes

(1)FSMA 2000 is amended as follows.

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

3REPower of Treasury to require making of rules by regulations

(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.

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

Commencement Information

I1S. 30 not in force at Royal Assent, see s. 86(3)

I2S. 30 in force at 29.8.2023 by S.I. 2023/779, reg. 4(u)

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