The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023

Modification to section 139A (power of the FCA to give guidance)

13.  Section 139A (power of the FCA to give guidance)(1) applies as if—

(a) subsection (4) was omitted;

(b) for subsection (5) there was substituted—

“(5) Where this subsection applies, the FCA must, unless it considers that the delay in complying with this subsection would be prejudicial to the interests of persons who receive, have received or may receive invitations or inducements communicated by registered persons to engage in investment activity in relation to qualifying cryptoassets—

(a) publish a draft of the proposed guidance in the way appearing to the FCA to be best calculated to bring it to the attention of the public;

(b) publish a notice that representations about the proposals may be made to the FCA within a specified time; and

(c) before making the proposed guidance, have regard to any representations made to it in accordance with paragraph (b).”.

(1)

Section 139A was inserted by section 24(1) of the Financial Services Act 2012 and amended by paragraph 16 of Schedule 3 to the Financial Guidance and Claims Act 2018 and S.I. 2016/680, 2019/632.