Financial Services Act 2012U.K.
9U.K.In section 73 of the Financial Services Act 2012 (duty of FCA to investigate and report on possible regulatory failure), in subsection (1)(b)(i)—
(a)for “their activities,” substitute “ of the carrying on of regulated activities, ”, and
(b)for “or for the regulation of collective investment schemes” substitute “ , for the regulation of collective investment schemes or for the regulation of recognised investment exchanges, ”.
10(1)Section 85 of the Financial Services Act 2012 (relevant functions in relation to complaints scheme) is amended as follows.U.K.
(2)For subsection (2) substitute—
“(2)The relevant functions of the FCA or the PRA are—
(a)its functions conferred by or under FSMA 2000, other than its legislative functions, and
(b)such other functions as the Treasury may by order provide.”
(3)For subsection (3) substitute—
“(3)The relevant functions of the Bank of England are—
(a)its functions under Part 18 of FSMA 2000 (recognised clearing houses) or under Part 5 of the Banking Act 2009 (inter-bank payment systems), other than its legislative functions, and
(b)such other functions as the Treasury may by order provide.”
(4)In subsections (4) and (5), for “subsection (2)” substitute “ subsection (2)(a) ”.
(5)In subsections (6) and (7), for “subsection (3)” substitute “ subsection (3)(a) ”.
(6)After subsection (7) insert—
“(8)For the purposes of subsection (2), sections 1A(6) and 2A(6) of FSMA 2000 do not apply.”