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Financial Services and Markets Act 2000

Section 149: Evidential provisions

277.This section enables the Authority to make rules which, if breached, will not lead to any disciplinary or other sanction provided for under the Act.  Rules made under this section must state that they will not give rise to sanctions under the Act, but they must also indicate that their contravention can be relied on as indicating that another rule has been contravened, or that compliance with the rule can be relied on as indicating that another rule has been complied with.  In particular, this power will enable the Authority to elaborate on rules, including principles, which are framed at a higher level of generality.  The power can be used to promulgate codes, such as a code of practice, whereby rules comprising the code carry evidential status as to whether a higher level principle, which is underpinned by the code, has been breached.

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