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Financial Services and Markets Act 2000

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Changes over time for: Section 300C

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Financial Services and Markets Act 2000, Section 300C is up to date with all changes known to be in force on or before 23 December 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. Help about Changes to Legislation

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Valid from 20/12/2006

[F1[F2300CRestriction on making provision before Authority decides whether to actU.K.
This section has no associated Explanatory Notes

(1)Where notice of a proposal to make regulatory provision is required to be given to the Authority under section 300B, the provision must not be made—

(a)before that notice is given, or

(b)subject to the following provisions of this section, before the end of the initial period.

(2)The initial period is—

(a)the period of 30 days beginning with the day on which the Authority receives notice of the proposal, or

(b)if any consultation period announced by the body in relation to the proposal ends after that 30-day period, the end of the consultation period.

(3)If before the end of the initial period the Authority notifies the body that it is calling in the proposal, the provisions of section 300D (consideration by Authority whether to disallow proposed provision) apply as to when the provision may be made.

(4)If—

(a)before the end of the initial period the Authority notifies the body that it is not calling in the proposal, or

(b)the initial period ends without the Authority having notified the body that it is calling in the proposal,

the body may then make the proposed provision.

(5)Any provision made in contravention of this section is of no effect.]]

Textual Amendments

F1S. 300A and cross-heading inserted (20.12.2006) by Investment Exchanges and Clearing Houses Act 2006 (c. 55), ss. 1, 5(2) (with s. 5(3))

F2Ss. 300B-300E inserted (20.12.2006) by Investment Exchanges and Clearing Houses Act 2006 (c. 55), ss. 2, 3, 5(2) (with s. 5(3))

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