Financial Services and Markets Act 2000

Changes over time for: Section 138L

Version Superseded: 30/01/2024

Alternative versions:

Status:

Point in time view as at 18/09/2023. This version of this provision has been superseded.

Status

You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.

Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.

Changes to legislation:

Financial Services and Markets Act 2000, Section 138L is up to date with all changes known to be in force on or before 22 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation

Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.

[F1138LConsultation: general exemptionsU.K.

This section has no associated Explanatory Notes

(1)Sections 138I(1)(b) and (2) to (5) and 138K do not apply in relation to rules made by the FCA if the FCA considers that the delay involved in complying with them would be prejudicial to the interests of consumers, as defined in section 425A.

(2)Sections 138J(1)(b) and (2) to (5) and 138K do not apply in relation to rules made by the PRA if the PRA considers that the delay involved in complying with them would—

(a)be prejudicial to the safety and soundness of PRA-authorised persons, or

(b)in a case where section 2C applies, be prejudicial to securing the appropriate degree of protection for policyholders.

(3)The provisions listed in subsection (4) do not apply if the regulator concerned considers that, making the appropriate comparison—

(a)there will be no increase in costs, or

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

(4)Those provisions are—

(a)subsections (2)(a) and (5)(a) of section 138I;

(b)subsections (2)(a) and (5)(a) of section 138J.

(5)The “appropriate comparison” means—

(a)in relation to section 138I(2)(a) or 138J(2)(a), a comparison between the overall position if the rules are made and the overall position if the rules are not made;

(b)in relation to section 138I(5)(a) or 138J(5)(a), a comparison between the overall position after the making of the rules and the overall position before they were made.]

Textual Amendments

F1Pt. 9A substituted for ss. 138-164 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 24(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.