PART 6Temporary recognition for purposes of Part 17 of the 2000 Act
Power to extend the period specified in regulation 62(3)(d)67
1
The Treasury may by regulations made by statutory instrument amend regulation 62(3)(d) so as to extend the period for the time being specified in that provision, if the Treasury considers it necessary to do so.
2
The Treasury may only make regulations under paragraph (1) if, no later than 6 months before the end of the period to be extended, the FCA has submitted to the Treasury an assessment as to the effect of extending, and not extending, the period for the time being specified in regulation 62(3)(d) on—
a
stand-alone schemes and sub-funds to which regulation 62 applies,
b
the financial markets, and
c
the ability of the FCA to discharge its functions in a way that advances its objectives under Part 1A92 of the 2000 Act.
3
Regulations under paragraph (1) may not extend the period for the time being specified in regulation 62(3)(d) by more than 12 months on any one occasion.
4
A statutory instrument which contains regulations under paragraph (1) is subject to annulment in pursuance of a resolution of either House of Parliament.