Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Investment Exchanges and Clearing Houses Act 2006

Consolidated Text As Enacted Cited authorities 7 Cited in Related
Vincent
JurisdictionUK Non-devolved
Citation2006 c. 55
Year2006
  • In Part 18 of the Financial Services and Markets Act 2000 (c. 8) (recognised investment exchanges and clearing houses) , after section 300 insert—
      Power to disallow excessive regulatory provision
      (300A) Power of Authority to disallow excessive regulatory provision
    • “(1) This section applies where a recognised body proposes to make any regulatory provision in connection with its business as an investment exchange or the provision by it of clearing services.
    • (2) If it appears to the Authority—
    • (a) that the proposed provision will impose a requirement on persons affected (directly or indirectly) by it, and
    • (b) that the requirement is excessive,
      • the Authority may direct that the proposed provision must not be made.
    • This section applies where a recognised body proposes to make any regulatory provision in connection with its business as an investment exchange or the provision by it of clearing services.that the proposed provision will impose a requirement on persons affected (directly or indirectly) by it, andthat the requirement is excessive,it is not required under F1EU law or any enactment or rule of law in the United Kingdom, andit is not justified as pursuing a reasonable regulatory objective, orit is disproportionate to the end to be achieved.the effect of existing legal and other requirements,the global character of financial services and markets and the international mobility of activity,the desirability of facilitating innovation, andthe impact of the proposed provision on market confidence.In this section “requirement” includes any obligation or burden.Any provision made in contravention of a direction under this section is of no effect.
  • In Part 18 of the Financial Services and Markets Act 2000 (c. 8) (recognised investment exchanges and clearing houses) , after the section inserted by section 1 above insert—
      (300B) Duty to notify proposal to make regulatory provision
    • “(1) A recognised body that proposes to make any regulatory provision must give written notice of the proposal to the Authority without delay.
    • (2) The Authority may by rules under section 293 (notification requirements) —
    • (a) specify descriptions of regulatory provision in relation to which, or circumstances in which, the duty in subsection (1) above does not apply, or
    • (b) provide that the duty applies only to specified descriptions of regulatory provision or in specified circumstances.
    • A recognised body that proposes to make any regulatory provision must give written notice of the proposal to the Authority without delay.specify descriptions of regulatory provision in relation to which, or circumstances in which, the duty in subsection (1) above does not apply, orprovide that the duty applies only to specified descriptions of regulatory provision or in specified circumstances.make provision as to the form and contents of the notice required, andrequire the body to provide such information relating to the proposal as may be specified in the rules or as the Authority may reasonably require.before that notice is given, orsubject to the following provisions of this section, before the end of the initial period.the period of 30 days beginning with the day on which the Authority receives notice of the proposal, orif any consultation period announced by the body in relation to the proposal ends after that 30-day period, the end of the consultation period.If before the end of the initial period the Authority notifies the body that it is calling in the proposal, the provisions of section 300D (consideration by Authority whether to disallow proposed provision) apply as to when the provision may be made.before the end of the initial period the Authority notifies the body that it is not calling in the proposal, orthe initial period ends without the Authority having notified the body that it is calling in the proposal,Any provision made in contravention of this section is of no effect.This section applies where the Authority notifies a recognised body that it is calling in a proposal to make regulatory provision.giving details of the proposed provision,stating that it has called in the proposal in order to consider whether to disallow it, andspecifying a period during which representations with respect to that question may be made to it.The Authority may extend the period for making representations.The Authority must notify the body of its decision whether to disallow the provision

    To continue reading

    Request your trial
    Navigation index

    VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT