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(1)No order is to be made under—
(a)section [F11J, 3B(4), 3F(6), 55C,] [F2[F371A(4),]] [F4138K(6)(c), 144(4), 192(b) or (e)] [F5, 192B(6), 204A(7), 213(1A),] 236(5), [F6285(4), 380(12), 382(15), 384(13),] [F7404G] F8. . . [F9or 419] [F9, 419 or 419B], or
F10(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 [F1190B [F12142W,] [F13, 214A, 214B] [F14, 214D]] [F15, 262, [F16284A] F17... [F18or 333T]] unless a draft of the regulations has been laid before Parliament and approved by a resolution of each House.
[F19(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 [F20contain—
(a)provision made under section 59AB(2) which modifies, excludes or applies with modifications any provision of primary legislation;]
[F21(b)provision made under section 137FBA(3);]
[F22(c)]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) [F23or (10)] [F23, (10) or (10B)];
(f)it adds one or more activities to those that are controlled activities for the purposes of section 21; [F24or]
(g)it adds one or more investments to those which are controlled investments for the purposes of section 21 [F25; or
(h)it adds one or more activities to those that are controlled claims management activities 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.
[F26(7A)An order to which, if it is made, subsection (7B) 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.
(7B)This subsection applies to an order under section 419A(4) if—
(a)it is the first order to be made, or to contain provisions made, under that subsection; or
(b)it adds one or more benefits to those that are specified benefits for the purposes of section 419A.]
(8)Any other statutory instrument made under this Act, apart from one made under section [F273G(1), 137D(1)(b),] [F28165A(2)(d) [F29, 192A(4)] or] 431(2) or to which [F30section 22B [F31, 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.
Textual Amendments
F1Words in s. 429(1)(a) inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 49(2)(a)(i), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
F2Word in s. 429(1)(a) inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 136(2)(a), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
F3Word in s. 429(1)(a) omitted (13.9.2018 for specified purposes, 10.12.2018 for specified purposes, 18.7.2019 for specified purposes, 9.8.2019 for specified purposes, 9.12.2019 for specified purposes, 7.12.2020 in so far as not already in force) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 4 para. 21; S.I. 2018/990, reg. 2(1)(2)(3) (with regs. 3-6); S.I. 2019/1136, reg. 2(2)(3)(4)(5) (with reg. 3)
F4Words in s. 429(1)(a) substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 136(2)(b), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
F5Words in s. 429(1)(a) inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 49(2)(a)(ii), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
F6Words in s. 429(1)(a) inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 49(2)(a)(iii), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
F7Word in s. 429(1)(a) inserted (12.10.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(3), Sch. 2 para. 33(2)(b); S.I. 2010/2480, art. 2
F8Word in s. 429(1)(a) omitted (12.10.2010) by virtue of Financial Services Act 2010 (c. 28), ss. 24(1), 26(3), Sch. 2 para. 33(2)(a); S.I. 2010/2480, art. 2
F9Words in s. 429(1)(a) substituted (E.W.S.) (6.10.2018) by Financial Guidance and Claims Act 2018 (c. 10), ss. 27(12)(a), 37(5); S.I. 2018/1045, reg. 2(a)
F10S. 429(1)(b) omitted (24.1.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 49(2)(b), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
F11Words in s. 429(2) inserted (8.11.2006) by Companies Act 2006 (c. 46), ss. 1272, 1300(1)(a), Sch. 15 para. 12
F12Word in s. 429(2) inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 136(3), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
F13Words in s. 429(2) inserted (17.2.2009 for certain purposes and 21.2.2009 otherwise) by Banking Act 2009 (c. 1), ss. 178, 263(1) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 4
F14Word in s. 429(2) inserted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(1)(l), Sch. 2 para. 33(3)
F15Words in s. 429(2) substituted (3.3.2015) by Pension Schemes Act 2015 (c. 8), s. 89(1)(a), Sch. 3 para. 12 (with s. 87)
F16Word in s. 429(2) inserted (4.5.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 31(3), 41(1)
F17Words in s. 429(2) omitted (1.1.2019) by virtue of Financial Guidance and Claims Act 2018 (c. 10), s. 37(5), Sch. 3 para. 20; S.I. 2018/1330, reg. 2(g)(v)
F18Words in s. 429(2) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 29(5), 41(3); S.I. 2016/627, reg. 2(1)(w)
F19S. 429(2A)(2B) inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 136(4), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
F20Words in s. 429(2B) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 22(3)(a), 41(3); S.I. 2016/627, reg. 2(1)(p)
F21S. 429(2B)(b) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 33(5)(a), 41(3); S.I. 2016/627, reg. 2(1)(x)
F22Words in s. 429(2B) renumbered as s. 429(2B)(c) (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 33(5)(b), 41(3); S.I. 2016/627, reg. 2(1)(x)
F23Words in s. 429(4)(e) substituted (E.W.S.) (6.10.2018) by Financial Guidance and Claims Act 2018 (c. 10), ss. 27(12)(b)(i), 37(5); S.I. 2018/1045, reg. 2(a)
F24Word in s. 429(4)(f) omitted (E.W.S.) (6.10.2018) by virtue of Financial Guidance and Claims Act 2018 (c. 10), ss. 27(12)(b)(ii), 37(5); S.I. 2018/1045, reg. 2(a)
F25S. 429(4)(h) and word inserted (E.W.S.) (6.10.2018) by Financial Guidance and Claims Act 2018 (c. 10), ss. 27(12)(b)(iii), 37(5); S.I. 2018/1045, reg. 2(a)
F26S. 429(7A)(7B) inserted (E.W.S.) (6.10.2018) by Financial Guidance and Claims Act 2018 (c. 10), ss. 27(12)(c), 37(5); S.I. 2018/1045, reg. 2(a)
F27Words in s. 429(8) inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 49(3)(a), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
F28Words in s. 429(8) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(e), Sch. 2 para. 33(4)
F29Word in s. 429(8) inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 49(3)(b), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
F30Words in s. 429(8) inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 49(3)(c), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
F31Words in s. 429(8) substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 136(5), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1