SCHEDULES
C1 SCHEDULE 2 Regulated Activities
Part III Supplemental Provisions
The order-making power
25
1
An order under section 22(1) F2or (1A) may—
a
provide for exemptions;
b
confer powers on the Treasury or F3either regulator;
c
authorise the making of regulations or other instruments by the Treasury for purposes of, or connected with, any relevant provision;
d
authorise the making of rules or other instruments by F3either regulator for purposes of, or connected with, any relevant provision;
e
make provision in respect of any information or document which, in the opinion of the Treasury or F3either regulator, is relevant for purposes of, or connected with, any relevant provision;
f
make such consequential, transitional or supplemental provision as the Treasury consider appropriate for purposes of, or connected with, any relevant provision.
2
Provision made as a result of sub-paragraph (1)(f) may amend any primary or subordinate legislation, including any provision of, or made under, this Act.
3
“Relevant provision” means any provision—
a
of section 22 or this Schedule; or
b
made under that section or this Schedule.
F1Parliamentary control
Sch. 2 para. 26 and crossheading substituted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 8(3), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
F126
1
This paragraph applies to any order made under section 22(1) or (1A) which contains a statement by the Treasury that, in their opinion, the effect (or one of the effects) of the proposed order would be that an activity which is not a regulated activity would become a regulated activity.
2
No order to which this paragraph applies may be made unless—
a
a draft of the order has been laid before Parliament and approved by a resolution of each House, or
b
sub-paragraph (4) applies.
3
Sub-paragraph (4) applies if an order to which this paragraph applies also contains a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the order without a draft being so laid and approved.
4
Where this sub-paragraph applies the order—
a
must be laid before Parliament after being made, and
b
ceases to have effect at the end of the relevant period unless before the end of that period the order is approved by a resolution of each House of Parliament (but without that affecting anything done under the order or the power to make a new order).
5
The “relevant period” is a period of 28 days beginning with the day on which the order is made.
6
In calculating the relevant period no account is to be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than 4 days.
Interpretation
27
1
In this Schedule—
“buying” includes acquiring for valuable consideration;
“offering” includes inviting to treat;
“property” includes currency of the United Kingdom or any other country or territory; and
“selling” includes disposing for valuable consideration.
2
In sub-paragraph (1) “disposing” includes—
a
in the case of an investment consisting of rights under a contract—
i
surrendering, assigning or converting those rights; or
ii
assuming the corresponding liabilities under the contract;
b
in the case of an investment consisting of rights under other arrangements, assuming the corresponding liabilities under the contract or arrangements;
c
in the case of any other investment, issuing or creating the investment or granting the rights or interests of which it consists.
3
In this Schedule references to an instrument include references to any record (whether or not in the form of a document).
Sch. 2 applied by 1974 c. 39, s. 16(6E)(c) (as inserted (1.9.2002) by S.I. 2001/544, arts. 2(1)(2)(b), 90(2); S.I. 2001/3538, art. 2(1))