|
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92 | Evidencing and transfer of title to securities without written instrument |
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In section 785 of the Companies Act 2006 (provision enabling procedures for |
| |
evidencing and transferring title), at the end insert— |
| |
“(7) | The regulations may confer functions on any person, including— |
| 5 |
(a) | the function of giving guidance or issuing a code of practice in |
| |
relation to any provision made by the regulations, and |
| |
(b) | the function of making rules for the purposes of any provision |
| |
| |
(8) | The regulations may, in prescribed cases, confer immunity from |
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| |
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93 | Provision of services by Director of Savings |
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(1) | The Director of Savings (“the Director”) may enter into arrangements with a |
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public body for the provision by the Director, or persons authorised by the |
| 15 |
Director, of services to the body. |
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(2) | Arrangements are to be on such terms, including terms as to payment, as may |
| |
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(3) | “Public body” means a person or body whose functions are of a public nature. |
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| 20 |
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Further amendments and repeals |
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94 | Further minor and consequential amendments and repeals |
| |
(1) | Schedule 18 contains further amendments of FSMA 2000 and other |
| |
| 25 |
(2) | Schedule 19 contains further consequential repeals. |
| |
| |
| |
(1) | Any power of the Treasury or the Secretary of State to make an order under this |
| |
Act is exercisable by statutory instrument. |
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(2) | Any order made by the Treasury or the Secretary of State under this Act may— |
| |
(a) | contain such incidental or transitional provision as the Treasury |
| |
consider appropriate, and |
| |
(b) | make different provision for different cases. |
| |
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|
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96 | Orders: Parliamentary control |
| |
(1) | A statutory instrument containing (alone or with other provision) an order to |
| |
which subsection (2) applies may not be made unless a draft of the instrument |
| |
has been laid before Parliament and approved by a resolution of each House. |
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(2) | This subsection applies to— |
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(a) | an order under Part 3 (mutual societies); |
| |
(b) | an order under section 98 (power to make further consequential |
| |
amendments) that amends or repeals primary legislation. |
| |
(3) | A statutory instrument containing an order under this Act, other than an |
| |
instrument to which subsection (1) applies or an instrument containing only |
| 10 |
provision made under section 102 (commencement), is subject to annulment in |
| |
pursuance of a resolution of either House of Parliament. |
| |
(4) | In this section “primary legislation” means— |
| |
(a) | an Act of Parliament, |
| |
(b) | an Act of the Scottish Parliament, |
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(c) | a Measure or Act of the National Assembly for Wales, or |
| |
(d) | Northern Ireland legislation. |
| |
| |
| |
(1) | In this Act “FSMA 2000” means the Financial Services and Markets Act 2000. |
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| |
“the FCA” means the Financial Conduct Authority; |
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“the PRA” means the Prudential Regulation Authority; |
| |
“the UK financial system” means the financial system of the United |
| |
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(3) | In this Act “enactment” includes— |
| |
(a) | an enactment contained in subordinate legislation within the meaning |
| |
of the Interpretation Act 1978; |
| |
(b) | an enactment contained in, or in an instrument made under, an Act of |
| |
| 30 |
(c) | an enactment contained in, or in an instrument made under, a Measure |
| |
or Act of the National Assembly for Wales; |
| |
(d) | an enactment contained in, or in an instrument made under, Northern |
| |
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Consequential and transitional provisions |
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98 | Power to make further consequential amendments etc |
| |
(1) | The Treasury or the Secretary of State may by order make such provision |
| |
amending, repealing, revoking or applying with modifications any enactment |
| |
to which this section applies as they consider necessary or expedient in |
| |
consequence of any provision made by or under this Act. |
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(2) | This section applies to— |
| |
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| |
|
| |
| |
(a) | any enactment passed or made before the passing of this Act, and |
| |
(b) | any enactment passed or made on or before the last day of the Session |
| |
in which this Act is passed. |
| |
(3) | Amendments and repeals made under this section are additional to those |
| |
made by or under any other provision of this Act. |
| 5 |
99 | Transitional provisions and savings |
| |
(1) | Schedule 20 contains transitional provisions. |
| |
(2) | Schedule 21 contains provision about the transfer of property, rights and |
| |
| |
(3) | The Treasury may by order make such provision as they consider necessary or |
| 10 |
expedient for transitory, transitional or saving purposes in connection with the |
| |
commencement of any provision made by or under this Act. |
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(4) | An order under subsection (3) may, in particular— |
| |
(a) | make provision enabling any person by whom any powers will become |
| |
exercisable, on a date set by or under this Act, by virtue of any |
| 15 |
provision made by or under this Act to take before that date any steps |
| |
which are necessary as a preliminary to the exercise of those powers; |
| |
(b) | make provision treating any rules made, permission given or other |
| |
thing done by the Financial Services Authority before commencement |
| |
under an enactment amended by this Act— |
| 20 |
(i) | as having been made, given or done under a corresponding |
| |
provision of the enactment as so amended; |
| |
(ii) | as having been made, given or done (or also made, given or |
| |
done) by the PRA or the Bank of England; |
| |
(c) | make provision for the continuation of proceedings begun before |
| 25 |
commencement, including provision about the decisions available to |
| |
bodies before which such proceedings take place and the effect of their |
| |
| |
(d) | make provision for making savings, or additional savings, from the |
| |
effect of any repeal or revocation made by or under this Act. |
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(5) | An order under subsection (3) may— |
| |
(a) | confer functions on the Treasury, the FCA or the PRA, or on the Bank |
| |
of England or its Financial Policy Committee; |
| |
(b) | modify, exclude or apply (with or without modifications) any |
| |
enactment (including any provision of, or made under, this Act). |
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(6) | In subsection (4) “commencement” means the commencement of such |
| |
provisions of this Act as may be specified by the order. |
| |
| |
| |
(1) | There is to be paid out of money provided by Parliament— |
| 40 |
(a) | any expenditure incurred under or by virtue of this Act by a Minister |
| |
of the Crown or government department (apart from any expenditure |
| |
to be met from the National Loans Fund), and |
| |
| |
| |
|
| |
| |
(b) | any increase attributable to this Act in the sums payable under any |
| |
other Act out of money so provided. |
| |
(2) | There is to be paid out of the National Loans Fund any increase attributable to |
| |
this Act in the sums payable under any other Act out of that Fund. |
| |
| 5 |
This Act extends to England and Wales, Scotland and Northern Ireland. |
| |
| |
(1) | The following provisions come into force on the day on which this Act is |
| |
| |
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| |
| |
| |
| |
(2) | Section 93 comes into force at the end of the period of 2 months beginning with |
| 15 |
day on which this Act is passed. |
| |
(3) | The remaining provisions of this Act come into force on such day as the |
| |
Treasury may by order appoint. |
| |
(4) | Different days may be appointed for different purposes. |
| |
| 20 |
This Act may be cited as the Financial Services Act 2012. |
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