The Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Rules) Order 2001

Consultation on new rules etc. before Royal Assent

13.—(1) This article applies to a consultation which—

(a) took place at any time before 14th June 2000 (being the date on which the Act received Royal Assent);

(b) was undertaken in relation to provisions proposed to be included in an instrument to which this Part applies;

(c) included the publication of those provisions in the manner which appeared to the Authority to be best calculated to bring it to the attention of the public; and

(d) invited representations about the provisions to be made to the Authority within a specified time; but

(e) was not accompanied by a necessary item.

(2) Where the Authority makes, issues or gives an instrument containing provisions which have been the subject of consultation to which this article applies then, provided the requirements of paragraph (3) are met, the Authority is to be treated as having satisfied the relevant consultation requirements in respect of that instrument in so far as it contains those provisions.

(3) The requirements of this paragraph are that—

(a) the Authority must, before making, issuing or giving the instrument, publish any necessary item in the form required by the relevant consultation requirements;

(b) the necessary item must be accompanied by a notice that representations about the matters contained in it may be made to the Authority within the period specified in the notice;

(c) before making the instrument to which the necessary item relates, the Authority must have regard to any representations made to it either in response to the invitation referred to in paragraph (1)(d) or in accordance with sub-paragraph (b).

(4) If the Authority makes an instrument containing the provisions which have been the subject of consultation to which this article applies then—

(a) the Authority must publish an account, in general terms, of the representations made to it either in response to the invitation referred to in paragraph (1)(d) or in accordance with paragraph (3)(b) and its response to them;

(b) if the instrument made differs from the provisions published in a way which is, in the opinion of the Authority, significant the Authority must comply with any requirement imposed by the Act in a case when such a difference arises between what is published for consultation and what is contained in an instrument of that kind.