SCHEDULES

SCHEDULE 23

Part I General Amendments

13

(1)

Section 115 of the M1Financial Services Act 1986 (resumption of transferred functions) is amended as follows.

(2)

For subsection (5) substitute—

“(5)

Where the transferred functions consist of or include any legislative functions, an order may be made under subsection (2) above if at any time it appears to the Secretary of State that the instruments issued or made by the agency do not satisfy the requirements of section 114(9)(b) above.”.

(3)

In subsection (7)—

(a)

in the opening words, for “subsection (2)(b) above” substitute “this section”, and

(b)

in paragraph (a) for “functions of making rules or regulations” substitute “functions of issuing or making statements of principle, rules, regulations or codes of practice”.