Financial Services Act 2021

PART 3 Transitional provision

Rules made before Part 1 of this Schedule comes into force

19 (1) The Financial Conduct Authority may identify general rules made under section 137A of the Financial Services and Markets Act 2000 before Part 1 of this Schedule comes into force and without complying with sections 143G and 143H of that Act (“pre-commencement rules”) that are to be Part 9C rules.

(2) Where the Financial Conduct Authority identifies such rules, it must, as soon as reasonably practicable after Part 1 of this Schedule comes into force, publish—

(a) a list of the pre-commencement rules that are to be Part 9C rules, and

(b) a statement confirming that, in deciding that those pre-commencement rules should be Part 9C rules, the Financial Conduct Authority has—

(i) considered the risks specified in or under section 143C(2) or 143D(2) and the matters specified in or under section 143G(1), and

(ii) considered, and consulted the Treasury about, the likely effect of the rules on relevant equivalence decisions (as defined in section 143G).

(3) Rules included in the list published in accordance with sub-paragraph (2)(a) are to be treated for all purposes as Part 9C rules.

Pre-commencement consultation etc

20 (1) In relation to Part 9C rules, the requirements of the provisions listed in sub-paragraph (2) may be satisfied by things done before Part 1 of this Schedule comes into force (as well as by things done after that time).

(2) Those provisions are—

(a) section 138I of the Financial Services and Markets Act 2000 (consultation);

(b) sections 143G to 143I of that Act (inserted by Part 1 of this Schedule).

Relevant equivalence decisions

21 For the purposes of section 143G of the Financial Services and Markets Act 2000 (inserted by Part 1 of this Schedule), an equivalence decision may be a relevant equivalence decision by virtue of a notice in writing given by the Treasury before Part 1 of this Schedule comes into force (as well as by a notice given after that time).

Carbon target

22 In relation to the making of Part 9C rules that are made on or before 1 January 2022—

(a) paragraph (c) of section 143G(1) of the Financial Services and Markets Act 2000 (duty to have regard to carbon target for 2050) does not apply, and

(b) section 143H(1)(b) of that Act does not require an explanation in respect of matters specified in that paragraph.

Interpretation

23 In this Part of this Schedule, “Part 9C rules” has the same meaning as in the Financial Services and Markets Act 2000 (see section 143F of that Act, inserted by Part 1 of this Schedule).