The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007
| Jurisdiction | UK Non-devolved |
| Citation | SI 2007/1973 |
2007 No. 1973
REGULATORY REFORM
financial services and markets
The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007
Made 11th July 2007
Coming into force 12th July 2007
The Treasury have—
(a) consulted, in accordance with section 5(1) of the Regulatory Reform Act 20011—
such organisations as appeared to them to be representative of interests substantially affected by their proposals for this Order;
the statutory bodies to whose functions their proposals relate;
the National Assembly for Wales; and
such other persons as they considered appropriate;
(b) following that consultation, considered it appropriate to vary part of their proposals, and undertaken such further consultation with respect to the variations as appeared to them to be appropriate;
(c) following those consultations, considered it appropriate to proceed to make this Order;
(d) laid a document containing their proposals before Parliament, in accordance with section 6 of the Regulatory Reform Act 20012, and the period for Parliamentary consideration under section 8 of that Act has expired;
(e) had regard to the representations made during that period and in particular to the Fifth Report, Session 2006-2007, of the Delegated Powers and Regulatory Reform Committee of the House of Lords3and the Third Report, Session 2006-7, of the Regulatory Reform Committee of the House of Commons4;
(f) laid a draft of this Order before Parliament with a statement giving details of representations received during the period for Parliamentary scrutiny and of the changes the Treasury has made to their proposals in the light of them;
(g) reached the opinion that this Order does not remove any necessary protection or prevent any person from continuing to exercise any right or freedom which he might reasonably expect to continue to exercise;
(h) as this Order creates burdens affecting persons, reached the opinion that—
the provisions of this Order, taken as a whole, strike a fair balance between the public interest and the interests of the persons affected by the burdens created, and
the extent to which this Order removes or reduces one or more burdens, or has other beneficial effects for persons affected by the burdens imposed by the existing law, makes it desirable for this Order to be made.
The draft of this Order has been approved by a resolution of each House of Parliament pursuant to section 4(2) of the Regulatory Reform Act 2001.
The Treasury, in exercise of the powers conferred upon them by section 1 of the Regulatory Reform Act 2001, make the following Order:
Citation and commencement
1. This Order may be cited as the Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 and shall come into force on the day after the day on which it is made.
Amendments to the Financial Services and Markets Act 2000
2. The Financial Services and Markets Act 20005is amended as follows.
Partnerships and unincorporated associations
3. In section 32 (partnerships and unincorporated associations)—
(a) in subsection (2), after “in relation to any” insert “individual or”;
(b) for subsection (3), substitute—
“3 For the purposes of this section, an individual or firm is to be regarded as succeeding to the business of a dissolved firm only if succession is to the whole or substantially the whole of the business of the former firm.”.
Persons connected with an applicant
4. In section 49 (persons connected with an applicant), for subsection (2)(b) substitute—
“(b)
“(b) varying any permission given by the Authority to such a person, where the effect of the variation is to grant permission for the purposes of a single market directive other than the one for the purposes of which the existing permission was granted,”.
Discontinuance and suspension of listing on the application of an issuer
5. In section 77 (discontinuance and suspension of listing)—
(a) after subsection (2) insert—
“2A The competent authority may discontinue under subsection (1) or suspend under subsection (2) the listing of any securities on its own initiative or on the application of the issuer of those securities.”;
(b) in subsection (5) after “any securities,” insert “on its own initiative,”.
6. In section 78 (discontinuance or suspension: procedure)—
(a) in subsection (1), after “suspension” insert “by the competent authority on its own initiative”;
(b) in subsection (2), after “If” insert “on its own initiative”;
(c) in subsection (10), after “securities” , the first time it occurs, insert “on its own initiative”.
7. After section 78 insert—
“Discontinuance or suspension at the request of the issuer: procedure
78A.—(1) A discontinuance or suspension by the competent authority on the application of the issuer of the securities takes effect—
(a)
(a) immediately, if the notice under subsection (2) states that this is the case;
(b)
(b) in any other case, on such date as may be specified in that notice.
(2) If the competent authority discontinues or suspends the listing of securities on the application of the issuer of the securities it must give him written notice.
(3) The notice must—
(a)
(a) give details of the discontinuance or suspension;
(b)
(b) inform the issuer of the securities of the date on which the discontinuance or suspension took effect or will take effect; and
(c)
(c) inform the issuer of his right to apply for the cancellation of the suspension.
(4) If the competent authority proposes to refuse an application by the issuer of the securities for the discontinuance or suspension of the listing of the securities, it must give him a warning notice.
(5) The competent authority must, having considered any representations made in response to the warning notice, if it decides to refuse the application, give the issuer of the securities a decision notice.
(6) If the competent authority decides to refuse an application by the issuer of the securities for the discontinuance or suspension of the listing of the securities, the issuer may refer the matter to the Tribunal.
(7) If the competent authority has suspended the listing of securities on the application of the issuer of the securities and proposes to refuse an application by the issuer for the cancellation of the suspension, it must give him a...
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