Financial Services Act 2012 (c. 21)

PART 2 U.K. Amendments of Financial Services and Markets Act 2000

Recognised investment exchanges and clearing houses U.K.

32 Recognised bodies: procedure for giving directions under s.296 etc U.K.

(1) Section 298 of FSMA 2000 (directions under section 296 and revocation orders under section 297(2) or (2A): procedure) is amended as follows.

(2) In subsection (1), omit paragraphs (b) and (c) (requirements to bring notice to attention of members of the body and other persons).

(3) In subsection (3), omit paragraphs (b) and (c) (members of the body and other persons may make representations).

(4) For subsection (4) substitute—

“(4) The period for making representations is such period as is specified in the notice (which may, in any particular case, be extended by the appropriate regulator).”

(5) In subsection (6), omit paragraph (b) (notice of decision to members of the body and others) and the “and” before it.

(6) In subsection (7), for “considers it essential” substitute “ reasonably considers it necessary ”.

Commencement Information

I1 S. 32 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.