Financial Services and Markets Act 2000

429 Parliamentary control of statutory instruments. U.K.

(1) No order is to be made under—

(a) section [F1 1J, 3B(4), 3F(6), 55C,] F2 ... [F3 138K(6)(c), 144(4), 192(b) or (e)] [F4 , 192B(6), 204A(7), 213(1A),] 236(5), [F5 285(4), 380(12), 382(15), 384(13),] [F6 404G] F7 . . . [F8 or 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 [F10 3RE,] [F11 90B [F12 131O(7),] [F13 , 137AA(3), 137GA(2)] [F14 138BA,] [F15 138EA(3),] [F16 141B,] [F17 142W,] [F18 143C(2), 143D(2), 143G(1),] [F19 144C(1), F20 ...] [F21 , 214A, 214B] [F22 , 214D]] [F23 , 262, [F24 271S,] [F25 282C,] [F26 284A,] [F27 300M,] F28 ... [F29 309Z8] [F30 , 333T or 417(5)] [F31 or 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 [F33 contain—

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

(f) it adds one or more activities to those that are controlled activities for the purposes of section 21; [F43 or]

(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 [F46 3G(1), [F47 , 312L] 137D(1)(b),] [F48 165A(2)(d) [F49 , 192A(4)] or] 431(2) or to which [F50 section 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 [F54 which 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

F1 Words 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

F2 Word 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)

F3 Words 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

F4 Words 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

F5 Words 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

F6 Word 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

F7 Word 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

F8 Words 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)

F9 S. 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

F10 Word in s. 429(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 30(3), 86(3); S.I. 2023/779, reg. 4(u)

F11 Words in s. 429(2) inserted (8.11.2006) by Companies Act 2006 (c. 46), ss. 1272, 1300(1)(a), Sch. 15 para. 12

F12 Word in s. 429(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(c), Sch. 8 para. 9

F13 Words in s. 429(2) inserted (1.9.2023 for specified purposes) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 8 para. 16(2)(a); S.I. 2023/934, reg. 2(b)(vi)

F14 Word in s. 429(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 34(3), 86(3); S.I. 2023/779, reg. 4(x)

F15 Word in s. 429(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 31(5), 86(3); S.I. 2023/779, reg. 4(v)

F16 Word in s. 429(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 65(4)(a), 86(3); S.I. 2023/779, reg. 4(qq)

F17 Word 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

F18 Words in s. 429(2) inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 17(2) (with Sch. 2 Pt. 3); S.I. 2021/671, reg. 4(b)

F19 Words in s. 429(2) inserted (9.6.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 3 para. 19 (with Sch. 3 Pt. 4); S.I. 2021/671, reg. 2(d)

F20 Word in s. 429(2) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), ss. 65(4)(b), 86(3); S.I. 2023/779, reg. 4(qq)

F21 Words 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

F22 Word 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)

F23 Words 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)

F24 Words in s. 429(2) inserted (23.2.2022) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 9 para. 8; S.I. 2022/163, reg. 2(a)

F25 Word in s. 429(2) inserted (23.2.2022) by Financial Services Act 2021 (c. 22), ss. 25(8), 49(5); S.I. 2022/163, reg. 2(b)

F26 Word in s. 429(2) inserted (4.5.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 31(3), 41(1)

F27 Word in s. 429(2) inserted (1.1.2024 at 1.00 a.m.) by Financial Services and Markets Act 2023 (c. 29), ss. 49(3), 86(3); S.I. 2023/1382, reg. 10(e)

F28 Words 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)

F29 Word in s. 429(2) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 17(a)

F30 Words in s. 429(2) substituted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), ss. 69(5), 86(3); S.I. 2023/779, reg. 4(uu)

F31 Words in s. 429(2) inserted (1.9.2023 for specified purposes) by virtue of Financial Services Act 2021 (c. 22), s. 49(5), Sch. 8 para. 16(2)(b); S.I. 2023/934, reg. 2(b)(vi)

F32 S. 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

F33 Words 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)

F34 S. 429(2B)(aa)(ab) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 8(8)(a), 86(3); S.I. 2023/779, reg. 4(e)

F35 S. 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)

F36 S. 429(2B)(ba) inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 17(3) (with Sch. 2 Pt. 3); S.I. 2021/671, reg. 4(b)

F37 S. 429(2B)(bb) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 17(b)

F38 Words 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)

F39 S. 429(2B)(d) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 63(2), 86(3); S.I. 2023/779, reg. 4(pp)

F40 S. 429(2B)(d) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(e), Sch. 12 para. 10

F41 S. 429(2B)(e) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(e), Sch. 13 para. 2

F42 Words 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)

F43 Word 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)

F44 S. 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)

F45 S. 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)

F46 Words 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

F47 Word in s. 429(8) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 19(6), 86(3); S.I. 2023/779, reg. 4(n)

F48 Words 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)

F49 Word 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

F50 Words 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

F51 Words 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

F52 Word in s. 429(8) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 8(8)(b), 86(3); S.I. 2023/779, reg. 4(e)

F53 S. 429(9) inserted (1.9.2023 for specified purposes) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 8 para. 16(3); S.I. 2023/934, reg. 2(b)(vi)

F54 Words in s. 429(9) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 8(8)(c), 86(3); S.I. 2023/779, reg. 4(e)