The Consumer Composite Investments (Designated Activities) Regulations 2024

PART 1 Application with modifications of provisions of FSMA 2000

Temporary CCI intervention rules

1.  Sections 138M to 138O of FSMA 2000 (temporary product intervention rules)(1) apply to rules made by virtue of regulation 6 as they apply to product intervention rules made under section 137D of FSMA 2000 as if—

(a) each reference to product intervention rules were a reference to rules made by virtue of regulation 6 of these Regulations;

(b) in section 138M(1), for the words “advancing” to the end there were substituted “advancing the consumer protection objective”;

(c) in section 138O(1), the reference to section 138N were a reference to section 138N as applied by these Regulations.

Restitution

2.  Section 384 of FSMA 2000 (power of FCA or PRA to require restitution)(2) applies in respect of contraventions of a requirement imposed by virtue of regulation 6 of these Regulations and persons knowingly concerned in the contravention of such a requirement as if, in subsection (1), reference to an authorised person or recognised investment exchange included persons subject to designated activity rules made by virtue of regulation 6 of these Regulations.

(1)

Sections 138M to 138O were substituted by section 24(1) of the Financial Services Act 2012 (c. 21).

(2)

Relevant amendments were made by paragraphs 23(2)(a), (b), 23(4)(a), (b) and 23(5) of Schedule 9 to the Financial Services Act 2012 and S.I. 2016/680. There are other amendments which are not relevant.