|
| |
|
(a) | is to be made by statutory instrument, and |
| |
(b) | is subject to annulment in pursuance of a resolution of either |
| |
| |
58 | In section 246 (information), in subsection (2)— |
| |
(a) | for paragraph (b) substitute— |
| 5 |
“(b) | the Prudential Regulation Authority; |
| |
(ba) | the Financial Conduct Authority;”, and |
| |
(b) | in paragraph (d), for “or the Financial Services Authority” substitute, |
| |
“the Prudential Regulation Authority or the Financial Conduct |
| |
| 10 |
59 (1) | Section 249 (functions) is amended as follows. |
| |
| |
(a) | for “Financial Services Authority” substitute “Prudential Regulation |
| |
Authority or the Financial Conduct Authority”, and |
| |
(b) | for “the Authority” substitute “that authority”. |
| 15 |
(3) | In subsection (2), for “Financial Services Authority” substitute “Prudential |
| |
Regulation Authority or the Financial Conduct Authority”. |
| |
| |
60 | In section 250 (information), for “Financial Services Authority” substitute |
| |
“Prudential Regulation Authority.” |
| 20 |
61 (1) | Section 259 (statutory instruments) is amended as follows. |
| |
(2) | In the entry in the Table relating to section 232, for “232” substitute “232(6)”. |
| |
(3) | After that entry insert— |
| |
| | Investment banks: definition |
| | | | | | | | | 25 |
|
(4) | In the entry in the Table relating to section 249, for “FSA—” substitute “PRA |
| |
| |
62 | In the Table in section 261 (index of defined terms)— |
| |
(a) | after the entry relating to “enactment” insert— |
| |
|
(b) | omit the entry relating to the FSA, and |
| |
(c) | after the entry relating to “partial property transfer” insert— |
| |
|
|
| |
|
| |
|
| |
| |
Further minor and consequential amendments |
| |
| |
| |
1 | FSMA 2000 is amended as follows. |
| 5 |
2 (1) | Section 33 (withdrawal of authorisation) is amended as follows. |
| |
(2) | In subsection (1)(a), for “Part IV permission” substitute “Part 4A |
| |
| |
(3) | In subsection (2), for “Authority” substitute “appropriate regulator”. |
| |
(4) | After that subsection insert— |
| 10 |
“(2A) | In subsection (2) “the appropriate regulator” means— |
| |
(a) | in the case of a PRA-authorised person, the PRA, and |
| |
(b) | in any other case, the FCA.” |
| |
(5) | In the heading, omit “by the Authority”. |
| |
3 (1) | Section 36 (persons authorised as a result of being concerned in collective |
| 15 |
investment schemes) is amended as follows. |
| |
(2) | In subsection (1), for “Authority” substitute “FCA”. |
| |
(3) | In subsection (2), for “Part IV permission” substitute “Part 4A permission”. |
| |
4 | In section 38 (exemption orders), in subsection (2), for “Part IV permission” |
| |
substitute “Part 4A permission”. |
| 20 |
5 (1) | Section 39 (exemption of appointed representatives) is amended as follows. |
| |
(2) | In subsection (1B), for “Authority”, in each place, substitute “FCA”. |
| |
(3) | For subsection (4) substitute— |
| |
“(4) | In determining whether an authorised person has complied with— |
| |
(a) | a provision contained in or made under this Act, or |
| 25 |
(b) | a qualifying EU provision that is specified, or of a description |
| |
specified, for the purposes of this subsection by the Treasury |
| |
| |
| anything which a relevant person has done or omitted as respects |
| |
business for which the authorised person has accepted responsibility |
| 30 |
is to be treated as having been done or omitted by the authorised |
| |
| |
6 | In section 39A (tied agents operating outside the United Kingdom), for |
| |
“Authority”, in each place, substitute “FCA”. |
| |
7 | In section 97(1)(d) (contravention of Part 6 rules: appointment of persons to |
| 35 |
carry out investigations), for “83, 85, 87G or 98” substitute “85 or 87G”. |
| |
8 (1) | In each of the provisions of Part 17 (collective investment schemes) |
| |
mentioned in sub-paragraph (2), for “Authority”, or “Authority’s”, in each |
| |
place, substitute “FCA” or “FCA’s”. |
| |
|
| |
|
| |
|
(2) | Those provisions are— |
| |
| |
(b) | sections 242 to 252A; |
| |
(c) | sections 254 to 262 (including the heading to section 259); |
| |
| 5 |
| |
(f) | sections 271 to 283B. |
| |
9 (1) | Section 250 (modification or waiver of rules) is amended as follows. |
| |
| |
(a) | for “Subsections (3) to (9) and (11) of section 148” substitute “Section |
| 10 |
138A and subsections (1) to (3), (5) and (6) of section 138B”, |
| |
(b) | for “section 148(2)” substitute “section 138A(1)”, and |
| |
(c) | in paragraph (c), for “subsection (7)(b)” substitute “section |
| |
| |
| 15 |
(a) | for “Subsections (3) to (9) and (11) of section 148” substitute “Section |
| |
138A and subsections (1) to (3), (5) and (6) of section 138B”, |
| |
(b) | for “section 148(2)” substitute “section 138A(1)”, |
| |
(c) | in paragraph (a), for “subsection (4)(a)” substitute “subsection (4)(a) |
| |
| 20 |
(d) | in paragraph (b), for subsection (7)(b) and (11)” substitute “section |
| |
138B(3)(c) and the definition of “immediate group” in section 421ZA |
| |
as it applies to that section”, |
| |
(e) | in paragraph (c), for “subsection (7)(b)” substitute “section |
| |
| 25 |
(f) | in paragraph (d), for “subsection (8)” substitute “section 138B(5)”, |
| |
| |
(g) | in paragraph (e), for “subsection (9)” substitute “section 138A(7)”. |
| |
10 | In section 257 (directions), in subsection (5), for “section 150” substitute |
| |
| 30 |
11 | In section 267 (power to suspend promotion of scheme)— |
| |
(a) | in subsections (1), (2), (4) (in both places) and (5) (in both places), for |
| |
“Authority” substitute “FCA”, and |
| |
(b) | in the heading for “Authority” substitute “FCA”. |
| |
12 | In section 268 (section 267: procedure)— |
| 35 |
(a) | in subsection (2), for “Authority” substitute “FCA”; |
| |
(b) | in subsection (3), for “the Authority” substitute “the FCA”, |
| |
(c) | in subsection (4)(c), for “Authority’s” substitute “FCA’s”, |
| |
(d) | in subsections (4)(d), (5) and (6) for “Authority” substitute “FCA”, |
| |
(e) | in subsection (7), for “The Authority” substitute “The FCA”, |
| 40 |
(f) | in subsection (8), for “Authority” substitute “FCA”, |
| |
(g) | in subsection (9), for “The Authority” substitute “The FCA”, and |
| |
(h) | in subsection (13), for “Authority’s” substitute “FCA’s”. |
| |
13 | In section 269 (procedure: application for variation or revocation of |
| |
| 45 |
|
| |
|
| |
|
(a) | in subsections (1), (2), (4) and (5), for “Authority” substitute “FCA”, |
| |
| |
(b) | in subsection (6), for “The Authority” substitute “The FCA”. |
| |
14 | In section 270 (schemes authorised in designated countries or territories)— |
| |
(a) | in subsection (1), in each place, for “Authority” substitute “FCA”, |
| 5 |
(b) | in subsections (2)(b) and (5) (in both places), for “the Authority” |
| |
substitute “the FCA”, and |
| |
(c) | in subsection (6), for “Authority” substitute “FCA”. |
| |
15 | In section 284 (power to investigate), in subsection (11), for “the Authority” |
| |
| 10 |
16 | In section 404 (consumer redress scheme), for “Authority”, in each place, |
| |
| |
17 | In section 404A (supplementary provision relating to rules under section |
| |
404), for “Authority” or “Authority’s”, in each place, substitute “FCA” or |
| |
| 15 |
18 (1) | Section 404F (definitions etc.) is amended as follows. |
| |
(2) | For “Authority”, in each place, substitute “FCA”. |
| |
(3) | In subsection (8), for “section 44 or 45 of a Part IV permission” substitute “— |
| |
“(a) | the variation under section 55H or 55J of a Part 4A |
| |
| 20 |
(aa) | the imposition or variation of a requirement under section |
| |
| |
19 (1) | Section 405 (directions) is amended as follows. |
| |
| |
(a) | for “Authority” substitute “appropriate regulator”, and |
| 25 |
(b) | in paragraph (a), for “Part IV permission” substitute “Part 4A |
| |
| |
(3) | After subsection (4) insert— |
| |
“(4A) | In this section “the appropriate regulator” is the regulator to which |
| |
the application for permission under Part 4A is made.” |
| 30 |
20 (1) | Section 407 (consequences of a direction under section 405) is amended as |
| |
| |
(2) | For “Authority”, in each place, substitute “appropriate regulator”. |
| |
(3) | In subsection (1), in paragraph (a), for “subsections (7) to (9) of section 52 do” |
| |
substitute “section 55X does”. |
| 35 |
(4) | In subsection (2), in paragraph (a), for “section 52(1) and (2)” substitute |
| |
“subsections (1) to (3) of section 55V”. |
| |
(5) | After subsection (3) insert— |
| |
“(4) | In this section “the appropriate regulator” has the same meaning as |
| |
| 40 |
21 (1) | Section 409 (Gibraltar) is amended as follows. |
| |
|
| |
|
| |
|
(2) | In subsection (1)(c), for “the Authority” substitute “the FCA”. |
| |
(3) | In subsection (2), for “Part IV permission” substitute “Part 4A permission”. |
| |
22 | In section 415 (jurisdiction in civil proceedings), in subsection (1), for |
| |
paragraph (a) substitute— |
| |
| 5 |
| |
(ab) | the Bank of England,”. |
| |
23 (1) | Section 415A (interpretation of powers under the Act) is amended as |
| |
| |
(2) | For “Authority” substitute “FCA, PRA or the Bank of England”. |
| 10 |
(3) | In the heading to the section and the italic heading before it, for “of the |
| |
Authority” substitute “under the Act”. |
| |
| |
Amendments of other Acts of Parliament |
| |
Bankers’ Books Evidence Act 1879 (c. 11) |
| 15 |
24 | In section 9 of the Bankers’ Books Evidence Act 1879 (interpretation), in |
| |
subsection (1A)(a), for “Part 4” substitute “Part 4A”. |
| |
Agricultural Credits Act 1928 (c. 43) |
| |
25 | In section 5 of the Agricultural Credits Act 1928 (agricultural charges on |
| |
farming stock and assets), in subsection (7), in the definition of “Bank”, for |
| 20 |
“Part 4” substitute “Part 4A”. |
| |
Agricultural Credits (Scotland) Act 1929 (19 & 20 Geo. 5 c. 13) |
| |
26 | In section 9 of the Agricultural Credits (Scotland) Act 1929 (interpretation), |
| |
in subsection (2), in the definition of “Bank”, for “Part 4” substitute “Part |
| |
| 25 |
Fire Services Act 1947 (c. 41) |
| |
27 | In section 27A of the Fire Services Act 1947 (information in connection with |
| |
firemen’s pensions etc.) (as that section continues to have effect by virtue of |
| |
the Firefighters’ Pension Scheme (England and Scotland) Order 2004 and the |
| |
Fire and Rescue Services Act 2004 (Firefighters’ Pension Scheme) (Wales) |
| 30 |
Order 2004), in subsection (2)(a), for “section 150” substitute “section 138D”. |
| |
Reserve and Auxiliary Forces (Protection of Civil Interests) Act 1951 (c. 65) |
| |
28 | In section 57 of the Reserve and Auxiliary Forces (Protection of Civil |
| |
Interests) Act 1951 (life policies: supplementary provisions), in subsection |
| |
(5A), for “section 150” substitute “section 138D”. |
| 35 |
| |
29 | In section 24A of the Theft Act 1968 (dishonestly retaining a wrongful |
| |
|
| |
|
| |
|
credit), in subsection (9), for paragraph (c) substitute— |
| |
“(c) | a person falling within any of paragraphs (a) to (j) of the |
| |
definition of “electronic money issuer” in regulation 2(1) of |
| |
the Electronic Money Regulations 2011.” |
| |
Decimal Currency Act 1969 (c. 19) |
| 5 |
30 | In section 7 of the Decimal Currency Act 1969 (payments under friendly |
| |
society and industrial assurance contracts: supplemental), in subsection (5), |
| |
for “section 138” substitute “sections 137A and 137E”. |
| |
Employers’ Liability (Compulsory Insurance) Act 1969 (c. 57) |
| |
31 | In section 1 of the Employers’ Liability (Compulsory Insurance) Act 1969 |
| 10 |
(insurance against liability for employees), in subsection (3)(b)(i), for “Part 4” |
| |
| |
Superannuation Act 1972 (c. 11) |
| |
32 | In section 1 of the Superannuation Act 1972 (superannuation schemes: civil |
| |
servants), in subsection (9), in the definition of “authorised provider”, for |
| 15 |
“Part 4” substitute “Part 4A”. |
| |
Employment Agencies Act 1973 (c. 35) |
| |
33 | In section 9 of the Employment Agencies Act 1973 (inspection), in subsection |
| |
(1AC), for “Part 4” substitute “Part 4A”. |
| |
Consumer Credit Act 1974 (c. 39) |
| 20 |
34 (1) | The Consumer Credit Act 1974 is amended as follows. |
| |
(2) | In section 16 (exempt agreements)— |
| |
(a) | in subsection (3A), in the Table— |
| |
(i) | for “Financial Services Authority”, in the first place, |
| |
substitute “Financial Conduct Authority”, and |
| 25 |
(ii) | for “and the Financial Services Authority”, substitute “, the |
| |
Financial Conduct Authority and the Prudential Regulation |
| |
| |
(b) | in subsection (10), in paragraphs (a)(i) and (b)(i), for “Part 4” |
| |
| 30 |
(3) | In section 25 (licensee to be a fit person), in subsection (1B)— |
| |
(a) | for “Part 4” substitute “Part 4A”, and |
| |
(b) | for “the Financial Services Authority” substitute “the regulator |
| |
which granted the permission under Part 4A”. |
| |
(4) | In section 35 (the register), in subsection (1A), for “Financial Services |
| 35 |
Authority” substitute “Financial Conduct Authority or the Prudential |
| |
| |
|
| |
|
| |
|
Solicitors Act 1974 (c. 47) |
| |
35 | In section 87 of the Solicitors Act 1974 (interpretation), in the definition of |
| |
“bank” in subsection (1) and in subsection (1A)(a), for “Part 4” substitute |
| |
| |
House of Commons Disqualification Act 1975 (c. 24) |
| 5 |
36 | In Part 3 of Schedule 1 to the House of Commons Disqualification Act 1975 |
| |
(other disqualifying offices)— |
| |
(a) | omit the entry “Member of the governing body of the Financial |
| |
| |
(b) | at the appropriate place in each case insert— |
| 10 |
“Member of the governing body of the Financial |
| |
| |
“Member of the governing body of the Prudential |
| |
| |
Northern Ireland Assembly Disqualification Act 1975 (c. 25) |
| 15 |
37 | In Part 3 of Schedule 1 to the Northern Ireland Assembly Disqualification |
| |
Act 1975 (other disqualifying offices)— |
| |
(a) | omit the entry “Member of the governing body of the Financial |
| |
| |
(b) | at the appropriate place in each case insert— |
| 20 |
“Member of the governing body of the Financial |
| |
| |
“Member of the governing body of the Prudential |
| |
| |
Police Pensions Act 1976 (c. 35) |
| 25 |
38 | In section 8A of the Police Pensions Act 1976 (information in connection with |
| |
police pensions etc.), in subsection (2)(a), for “section 150” substitute “section |
| |
| |
Judicial Pensions Act 1981 (c. 20) |
| |
39 | In section 33A of the Judicial Pensions Act 1981 (voluntary contributions), in |
| 30 |
subsection (9), in paragraph (a) of the definition of “authorised provider”, |
| |
for “Part 4” substitute “Part 4A”. |
| |
Inheritance Tax Act 1984 (c. 51) |
| |
40 | In section 59 of the Inheritance Tax Act 1984 (qualifying interest in |
| |
possession), in subsection (3)(b)(i), for “Part 4” substitute “Part 4A”. |
| 35 |
Companies Act 1985 (c. 6) |
| |
41 | The Companies Act 1985 is amended as follows. |
| |
42 | In Schedule 15C (specified persons), for paragraph 7 substitute— |
| |
“7 | The Financial Conduct Authority. |
| |
|
| |
|