F1PART 9CPrudential regulation of FCA investment firms

Rules

143GMatters to consider when making Part 9C rules

(1)

When making Part 9C rules, the FCA must, among other things, have regard to—

(a)

any relevant standards set by an international standard-setting body,

(b)

the likely effect of the rules on the relative standing of the United Kingdom as a place for internationally active investment firms to be based or to carry on activities,

(c)

the target in section 1 of the Climate Change Act 2008 (carbon target for 2050), and

(d)

any other matter specified by the Treasury by regulations.

(2)

For the purposes of subsection (1)(b), the FCA must consider the United Kingdom's standing in relation to the other countries and territories in which, in its opinion, internationally active investment firms are most likely to choose to be based or carry on activities.

(3)

When making Part 9C rules, the FCA must consider, and consult the Treasury about, the likely effect of the rules on relevant equivalence decisions.

(4)

For the purpose of this section, an equivalence decision is “relevant” if the Treasury have, by notice in writing, informed the FCA that it is relevant for that purpose.

(5)

In this section—

“equivalence decision” means a decision as to whether the law and practice of one country or territory is equivalent to the law and practice of another country or territory, either generally or as it relates to a particular matter;

“territory” includes the European Union and any other international organisation or authority comprising countries or territories.

(6)

This section is subject to section 143I.