Financial Services and Markets Act 2000

[F1309HRules under section 309G(3): transitional provisionU.K.
This section has no associated Explanatory Notes

(1)In relation to rules made by the Bank of England or the FCA under section 309G(3), the power conferred by section 137T(c) to make transitional provision includes, in particular, power—

(a)to provide for anything done under this Chapter, or under Part 5 (performance of regulated activities), in relation to a senior management function of a particular description to be treated as having been done in relation to a senior management function of a different description;

(b)to provide for anything done under this Chapter, or under Part 5 (including any application or order made, any requirement imposed and any approval or notice given) to cease to have effect, to continue to have effect, or to continue to have effect with modifications, or subject to time limits or conditions;

(c)to provide for rules made by the regulator making the rules under section 309G(3) to apply with modifications;

(d)to make saving provision.

(2)The Treasury may by regulations make whatever incidental, consequential, transitional, supplemental or saving provision the Treasury consider appropriate in connection with the making of rules under section 309G(3).

(3)Regulations under subsection (2) may—

(a)confer functions on the Bank of England or the FCA (including the function of making rules);

(b)modify legislation (including any provision of, or made under, this Act).

(4)In subsection (3)(b)—

  • “legislation” means primary legislation, subordinate legislation (within the meaning of the Interpretation Act 1978) and [F2assimilated direct] legislation, but does not include rules or other instruments made by any regulator;

  • “modify” includes amend, repeal or revoke.]

Textual Amendments