F1PART 9ARules and Guidance

CHAPTER 3Guidance

139APower of the FCA to give guidance

(1)

The FCA may give guidance consisting of such information and advice as it considers appropriate—

(a)

with respect to the operation of specified parts of this Act and of any rules made by the FCA;

(b)

with respect to any other matter relating to functions of the FCA;

(c)

with respect to any other matters about which it appears to the FCA to be desirable to give information or advice.

F2(1A)

The FCA may not give guidance under this section relating to its functions under sections 333H, 333I, 333J, 333K and 333Q (see section 333P for provision about the giving of guidance relating to these functions).

(2)

The FCA may give financial or other assistance to persons giving information or advice of a kind which the FCA could give under this section.

(3)

Subsection (5) applies where the FCA proposes to give guidance to FCA-regulated persons generally, or to a class of FCA-regulated persons, in relation to rules to which those persons are subject.

(4)

Subsection (5) also applies in relation to guidance which the FCA proposes to give to persons generally, or to a class of person, in relation to its functions under the short selling regulation F3or the market abuse regulation or a directly applicable EU regulation made under the market abuse regulation.

(5)

Where this subsection applies, subsections (1), (2)(e) and (3) of section 138I (consultation) apply to the proposed guidance as they apply to proposed rules, unless the FCA considers that the delay in complying with those provisions would be prejudicial to the interests of consumers.

(6)

The FCA may—

(a)

publish its guidance,

(b)

offer copies of its published guidance for sale at a reasonable price, and

(c)

if it gives guidance in response to a request made by any person, make a reasonable charge for that guidance.

(7)

In this Chapter, references to guidance given by the FCA include references to any recommendations made by the FCA to FCA-regulated persons generally, or to any class of FCA-regulated person.

(8)

“Consumers” has the meaning given in section 1G.

(9)

“FCA-regulated person” means—

(a)

an authorised person, or

(b)

any person who is otherwise subject to rules made by the FCA.

139BNotification of FCA guidance to the Treasury

(1)

On giving any general guidance, the FCA must give written notice to the Treasury without delay.

(2)

If the FCA alters any of its guidance, it must give written notice to the Treasury without delay.

(3)

The notice under subsection (2) must include details of the alteration.

(4)

If the FCA revokes any of its general guidance, it must give written notice to the Treasury without delay.

(5)

“General guidance” means guidance given by the FCA under section 139A which is—

(a)

given to persons generally, to FCA-regulated persons generally or to a class of FCA-regulated person,

(b)

intended to have continuing effect, and

(c)

given in writing or other legible form.

(6)

“FCA-regulated person” has the same meaning as in section 139A.