Part IU.K. Regulation of Investment Business

Modifications etc. (not altering text)

C1Pt. I (ss. 1-128) amended (S.) (22.5.2000) by S.I. 2000/121, regs. 1, 37, Sch. 2

C2Pt. I (ss. 1–128): power to modify conferred (prosp.) by Courts and Legal Services Act 1990 (c. 41, SIF 76:1), ss. 89, 124(3), Sch. 14 para. 9(c)

Chapter VU.K. Conduct of Investment Business

Modifications etc. (not altering text)

C3Chapters III–XI (ss. 7–111): certain functions transferred by S.I. 1990/354, art. 5

[F147B Modification or waiver of statements of principle in particular cases.U.K.

(1)The relevant regulatory authority may on the application of any person—

(a)modify a statement of principle issued under section 47A so as to adapt it to his circumstances or to any particular kind of business carried on by him, or

(b)dispense him from compliance with any such statement of principle, generally or in relation to any particular kind of business carried on by him.

(2)The powers conferred by this section shall not be exercised unless it appears to the relevant regulatory authority—

(a)that compliance with the statement of principle in question would be unduly burdensome for the applicant having regard to the benefit which compliance would confer on investors, and

(b)that the exercise of those powers will not result in any undue risk to investors.

(3)The powers conferred by this section may be exercised unconditionally or subject to conditions; and section 47A(3) applies in the case of failure to comply with a condition as in the case of failure to comply with a statement of principle.

(4)The relevant regulatory authority for the purposes of this section is—

(a)in the case of a member of a recognised self-regulating organisation or professional body, in relation to investment business in the carrying on of which he is subject to the rules of the organisation or body, that organisation or body;

(b)in any other case, or in relation to other investment business, the Secretary of State.

(5)The references in paragraph 4(1) of Schedule 2 and paragraph 4(2) of Schedule 3 (requirements for recognition of self-regulating organisations and professional bodies) to monitoring and enforcement of compliance with statements of principle include monitoring and enforcement of compliance with conditions imposed by the organisation or body under this section.]

Textual Amendments