Please note that the date you requested in the address for this web page is not an actual date upon which a change occurred to this item of legislation. You are being shown the legislation from , which is the first date before then upon which a change was made.

Part X U.K. Rules and Guidance

Chapter I U.K. Rule-making Powers

Procedural provisions U.K.

152 Notification of rules to the Treasury. U.K.

(1) If the Authority makes any rules, it must give a copy to the Treasury without delay.

(2) If the Authority alters or revokes any rules, it must give written notice to the Treasury without delay.

(3) Notice of an alteration must include details of the alteration.

Modifications etc. (not altering text)

C1 S. 152 applied (6.8.2001) by S.I. 2001/2512, arts. 1(1), 7(2)

153 Rule-making instruments. U.K.

(1) Any power conferred on the Authority to make rules is exercisable in writing.

(2) An instrument by which rules are made by the Authority (“a rule-making instrument”) must specify the provision under which the rules are made.

(3) To the extent to which a rule-making instrument does not comply with subsection (2), it is void.

(4) A rule-making instrument must be published by the Authority in the way appearing to the Authority to be best calculated to bring it to the attention of the public.

(5) The Authority may charge a reasonable fee for providing a person with a copy of a rule-making instrument.

(6) A person is not to be taken to have contravened any rule made by the Authority if he shows that at the time of the alleged contravention the rule-making instrument concerned had not been made available in accordance with this section.

Modifications etc. (not altering text)

C2 S. 153 applied (6.8.2001) by S.I. 2001/2512, arts. 1(1), 7(2)

154 Verification of rules. U.K.

(1) The production of a printed copy of a rule-making instrument purporting to be made by the Authority—

(a) on which is endorsed a certificate signed by a member of the Authority’s staff authorised by it for that purpose, and

(b) which contains the required statements,

is evidence (or in Scotland sufficient evidence) of the facts stated in the certificate.

(2) The required statements are—

(a) that the instrument was made by the Authority;

(b) that the copy is a true copy of the instrument; and

(c) that on a specified date the instrument was made available to the public in accordance with section 153(4).

(3) A certificate purporting to be signed as mentioned in subsection (1) is to be taken to have been properly signed unless the contrary is shown.

(4) A person who wishes in any legal proceedings to rely on a rule-making instrument may require the Authority to endorse a copy of the instrument with a certificate of the kind mentioned in subsection (1).

Modifications etc. (not altering text)

C3 S. 154 applied (6.8.2001) by S.I. 2001/2512, arts. 1(1), 7(2)

S. 154 excluded (6.8.2001) by S.I. 2001/2512, arts. 1(1), 7(4)

S. 154 excluded (2.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments and Transitional Provisions) (Credit Unions) Order 2002 (S.I. 2002/1501), art. 12(1) (with art. 13)

155 Consultation. U.K.

(1) If the Authority proposes to make any rules, it must publish a draft of the proposed rules in the way appearing to it to be best calculated to bring them to the attention of the public.

(2) The draft must be accompanied by—

(a) a cost benefit analysis;

(b) an explanation of the purpose of the proposed rules;

(c) an explanation of the Authority’s reasons for believing that making the proposed rules is compatible with its general duties under section 2; and

(d) notice that representations about the proposals may be made to the Authority within a specified time.

(3) In the case of a proposal to make rules under a provision mentioned in subsection (9), the draft must also be accompanied by details of the expected expenditure by reference to which the proposal is made.

(4) Before making the proposed rules, the Authority must have regard to any representations made to it in accordance with subsection (2)(d).

(5) If the Authority makes the proposed rules, it must publish an account, in general terms, of—

(a) the representations made to it in accordance with subsection (2)(d); and

(b) its response to them.

(6) If the rules differ from the draft published under subsection (1) in a way which is, in the opinion of the Authority, significant—

(a) the Authority must (in addition to complying with subsection (5)) publish details of the difference; and

(b) those details must be accompanied by a cost benefit analysis.

(7) Subsections (1) to (6) do not apply if the Authority considers that the delay involved in complying with them would be prejudicial to the interests of consumers.

(8) Neither subsection (2)(a) nor subsection (6)(b) applies if the Authority considers—

(a) that, making the appropriate comparison, there will be no increase in costs; or

(b) that, making that comparison, there will be an increase in costs but the increase will be of minimal significance.

(9) Neither subsection (2)(a) nor subsection (6)(b) requires a cost benefit analysis to be carried out in relation to rules made under—

(a) section 136(2);

(b) subsection (1) of section 213 as a result of subsection (4) of that section;

(c) section 234;

(d) paragraph 17 of Schedule 1.

[F1 (e) paragraph 12 of Schedule 1A.]

(10) “Cost benefit analysis” means an estimate of the costs together with an analysis of the benefits that will arise—

(a) if the proposed rules are made; or

(b) if subsection (6) applies, from the rules that have been made.

(11) “The appropriate comparison” means—

(a) in relation to subsection (2)(a), a comparison between the overall position if the rules are made and the overall position if they are not made;

(b) in relation to subsection (6)(b), a comparison between the overall position after the making of the rules and the overall position before they were made.

(12) The Authority may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1).

Textual Amendments

F1 S. 155(9)(e) inserted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(1)(g)(l), Sch. 2 para. 13

Modifications etc. (not altering text)

C4 S. 155 excluded (6.8.2001) by S.I. 2001/2512, arts. 1(1), 7(3)

S. 155 excluded (31.10.2001) by S.I. 2001/3374, arts. 1, 12(2)

C5 S. 155 excluded (15.7.2004) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Complaints Relating to General Insurance and Mortgages) Order 2004 (S.I. 2004/454), art. 12(1) (as inserted by The Financial Services and Markets Act 2000 (Transitional Provisions) (Complaints Relating to General Insurance and Mortgages) (Amendment) Order 2004 (S.I. 2004/1609), art. 6

C6 S. 155 excluded (29.10.2004) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Mortgages) Order 2004 (S.I. 2004/2615), arts. 1(2)(a), 4(2)

C7 S. 155 excluded (7.12.2006) by The Compensation Act 2006 (Contribution for Mesothelioma Claims) Regulations 2006 (S.I. 2006/3259), regs. 1(1), 4

C8 S. 155 excluded (30.6.2008 for certain purposes, 1.1.2009 otherwise) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2007 (S.I. 2007/3510), arts. 1(2), 6(2)

C9 S. 155(1) applied (6.3.2008) by The Regulated Covered Bonds Regulations 2008 (S.I. 2008/346), reg. 42(4)(5)

C10 S. 155(2)(c) restricted (17.8.2001) by S.I. 2001/2617, arts. 2(a), 4(3), 8, Sch. 2 paras. 9, 11(b), 13, 14

C11 S. 155(2)(d) applied (6.3.2008) by The Regulated Covered Bonds Regulations 2008 (S.I. 2008/346), reg. 42(4)(5)

C12 S. 155(4) applied (6.3.2008) by The Regulated Covered Bonds Regulations 2008 (S.I. 2008/346), reg. 42(4)(5)

C13 S. 155(7) modified (22.2.2008) by The Northern Rock plc Transfer Order 2008 (S.I. 2008/432), art. 16(1)

C14 S. 155(7) modified (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 38(1)

C15 S. 155(7) modified (7.10.2008 at 9.30 a.m.) by The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008, (S.I. 2008/2644) {art. 28(1)}

C16 S. 155(7) modified (8.10.2008 at 10.10 a.m.) by The Transfer of Rights and Liabilities to ING Order 2008 (S.I. 2008/2666), art. 19(1)

C17 S. 155(7) modified (8.10.2008 at 12.15 p.m.) by The Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2674), art. 30(1)

C18 S. 155(7) modified (30.3.2009 at 8.00 a.m.) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), art. 10(1)

C19 S. 155(7) modified by Payment Services Regulations 2009 (S.I. 2009/209), Sch. 7 para. 3(1) (as inserted (1.10.2009 for certain purposes, 1.11.2009 otherwise) by The Payment Services (Amendment) Regulations 2009 (S.I. 2009/2475), regs. 1(2)(3), 13)

C20 S. 155(7) modified (1.1.2010) by The Northern Rock plc Transfer Order 2009 (S.I. 2009/3226), arts. 1(2)(b), 21(1)

156 General supplementary powers. U.K.

(1) Rules made by the Authority may make different provision for different cases and may, in particular, make different provision in respect of different descriptions of authorised person, activity or investment.

(2) Rules made by the Authority may contain such incidental, supplemental, consequential and transitional provision as the Authority considers appropriate.

Modifications etc. (not altering text)

C21 S. 156 applied (6.8.2001) by S.I. 2001/2512, arts. 1(1), 7(2)

C22 S. 156: power to make rules amended (18.7.2002 for certain purposes and 21.8.2002 otherwise) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), regs. 1, 3(2)(a)