Financial Services and Markets Act 2000

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Changes over time for: Section 429

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 07 March 2025. 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.

This section has no associated Explanatory Notes

(1)No order is to be made under—

(a)section [F11J, 3B(4), 3F(6), 55C,] F2... [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. . . [F8or 419] [F8, 419 or 419B], or

F9(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 [F103RE,] [F1190B [F12131O(7),] [F13, 137AA(3), 137GA(2)] [F14138BA,] [F15138EA(3),] [F16141B,] [F17142W,] [F18143C(2), 143D(2), 143G(1),] [F19144C(1), F20...] [F21, 214A, 214B] [F22, 214D]] [F23, 262, [F24271S,] [F25282C,] [F26284A,] [F27300M,] F28... [F29309Z8] [F30, 333T or 417(5)] [F31or paragraph 5, 6, 58(3)(a), 59(3)(a) or 60(8) of Schedule 2A]] unless a draft of the regulations has been laid before Parliament and approved by a resolution of each House.

[F32(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 [F33contain—

[F34(aa)provision made under section 71Q which amends or repeals a provision of this Act;

(ab)provision made under section 71R which amends, repeals or revokes a provision of this Act or another Act of Parliament, an Act of the Scottish Parliament, an Act or Measure of Senedd Cymru, or Northern Ireland legislation;]

(a)provision made under section 59AB(2) which modifies, excludes or applies with modifications any provision of primary legislation;]

[F35(b)provision made under section 137FBA(3);]

[F36(ba)provision made under section 143B(2) which amends this Act;]

[F37(bb)provision made under section 309H(2) which modifies, excludes or applies with modifications any provision of primary legislation;]

[F38(c)]provision made under section 410A, other than provision made only by virtue of subsection (2) of that section];

[F39(d)provision made under paragraph 15(3) of Schedule 17];

[F40(d)provision made under paragraph 3(4) or 9(3) of Schedule 19B;]

[F41(e)provision made under paragraph 12 of Schedule 19C.]

(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) [F42or (10)] [F42, (10) or (10B)];

(f)it adds one or more activities to those that are controlled activities for the purposes of section 21; [F43or]

(g)it adds one or more investments to those which are controlled investments for the purposes of section 21 [F44; 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.

[F45(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 [F463G(1), [F47, 312L] 137D(1)(b),] [F48165A(2)(d) [F49, 192A(4)] or] 431(2) or to which [F50section 22B [F51, 23A [F52, 71S] or 142Z] or] paragraph 26 of Schedule 2 applies, shall be subject to annulment in pursuance of a resolution of either House of Parliament.

[F53(9)Any provision that may be made in a statutory instrument under this Act subject to annulment in pursuance of a resolution of either House of Parliament may be made in a statutory instrument [F54which is subject to a procedure before Parliament for the approval of the instrument in draft before it is made or its approval after it is made.]]

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) 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)