Financial Services and Markets Act 2000

Changes over time for: Section 429

Version Superseded: 04/05/2016

Status:

Point in time view as at 26/03/2015. This version of this provision has been superseded.

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Changes to legislation:

Financial Services and Markets Act 2000, Section 429 is up to date with all changes known to be in force on or before 26 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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429 Parliamentary control of statutory instruments.U.K.

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(1)No order is to be made under—

(a)section [F11J, 3B(4), 3F(6), 55C,] [F271A(4),] [F3138K(6)(c), 144(4), 192(b) or (e)] [F4, 192B(6), 204A(7), 213(1A),] 236(5), [F5285(4), 380(12), 382(15), 384(13),] [F6404G] F7. . . or 419, or

F8(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

unless a draft of the order has been laid before Parliament and approved by a resolution of each House.

(2)No regulations are to be made under section [F990B [F10142W,] [F11, 214A, 214B ][F12, 214D]] [F13, 262, 333C or 333R] unless a draft of the regulations has been laid before Parliament and approved by a resolution of each House.

[F14(2A)Regulations to which subsection (2B) applies are not to be made unless a draft of the regulations has been laid before Parliament and approved by a resolution of each House.

(2B)This subsection applies to regulations which contain provision made under section 410A, other than provision made only by virtue of subsection (2) of that section.]

(3)An order to which, if it is made, subsection (4) or (5) will apply is not to be made unless a draft of the order has been laid before Parliament and approved by a resolution of each House.

(4)This subsection applies to an order under section 21 if—

(a)it is the first order to be made, or to contain provisions made, under section 21(4);

(b)it varies an order made under section 21(4) so as to make section 21(1) apply in circumstances in which it did not previously apply;

(c)it is the first order to be made, or to contain provision made, under section 21(5);

(d)it varies a previous order made under section 21(5) so as to make section 21(1) apply in circumstances in which it did not, as a result of that previous order, apply;

(e)it is the first order to be made, or to contain provisions made, under section 21(9) or (10);

(f)it adds one or more activities to those that are controlled activities for the purposes of section 21; or

(g)it adds one or more investments to those which are controlled investments for the purposes of section 21.

(5)This subsection applies to an order under section 38 if—

(a)it is the first order to be made, or to contain provisions made, under that section; or

(b)it contains provisions restricting or removing an exemption provided by an earlier order made under that section.

(6)An order containing a provision to which, if the order is made, subsection (7) will apply is not to be made unless a draft of the order has been laid before Parliament and approved by a resolution of each House.

(7)This subsection applies to a provision contained in an order if—

(a)it is the first to be made in the exercise of the power conferred by subsection (1) of section 326 or it removes a body from those for the time being designated under that subsection; or

(b)it is the first to be made in the exercise of the power conferred by subsection (6) of section 327 or it adds a description of regulated activity or investment to those for the time being specified for the purposes of that subsection.

(8)Any other statutory instrument made under this Act, apart from one made under section [F153G(1), 137D(1)(b),] [F16165A(2)(d) [F17, 192A(4)] or] 431(2) or to which [F18section 22B [F19, 23A or 142Z] or] paragraph 26 of Schedule 2 applies, shall be subject to annulment in pursuance of a resolution of either House of Parliament.