The Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015

PART 6 Miscellaneous

Rules and requirements imposed by a regulator under this Order

20.—(1) Requirements imposed by either regulator under this Order may make different provision for different cases.

(2) Rules made under article 2 or 17—

(a) by the FCA are to be treated as if they were general rules made by the FCA under section 137A ((the FCA’s general rules)(1);

(b) by the PRA are to be treated as if they were general rules made by the PRA under section 137G (the PRA’s general rules),

and Part 9A of FSMA shall apply in relation to rules made under those articles.

Giving of notices, documents etc under this Order

21.  Regulations under section 414 (service of notices), and subsection (4) of that section, apply in relation to any notice, direction or document of any kind required to be given under any provision of this Order (however that requirement is expressed) as if those provisions were provisions of FSMA.

Consultation

22.—(1) This article applies where any provision in Part 9A of FSMA imposes on either regulator, in connection with the making or issuing of any rules or other instrument or document under Part 5 of FSMA or under this Order—

(a) a requirement (however expressed) to publish a draft of the rules, instrument or other document with or without other material and to invite representations about it, or

(b) a requirement (however expressed) to consult particular persons.

(2) The requirement may be satisfied by things done (wholly or in part) before the commencement of this Order.

Enforcement of this Order

23.  A contravention of a requirement imposed by or under this Order is to be treated for the purposes of Part 14 of FSMA (disciplinary measures) as a contravention of a relevant requirement within the meaning of section 204A(2) (meaning of “relevant requirement” and “appropriate regulator”)(2).

(1)

Section 137A was inserted, together with sections 137B to 137T and the rest of Part 9A, by the Financial Services Act 2012 (c. 21), section 24.

(2)

Section 204A was inserted by the Financial Services Act 2012 (c.21), Schedule 9, paragraph 10 and amended by S.I. 2013/1773.