|Financial Services and Markets Bill - continued||House of Commons|
|PART XVII, RECOGNISED INVESTMENT EXCHANGES AND CLEARING HOUSES - continued|
|Supervision - continued|
|back to previous text|
|Revoking recognition.|| 268. - (1) A recognition order may be revoked by an order made by the Authority at the request, or with the consent, of the recognised body concerned.|
| (2) If it appears to the Authority that a recognised body- |
it may make an order revoking the recognition order for that body even though the body does not wish the order to be made.
| (3) An order under this section ("a revocation order") must specify the date on which it is to take effect.|
| (4) In the case of a revocation order made under subsection (2), the specified date must not be earlier than the end of the period of three months beginning with the day on which the order is made.|
| (5) A revocation order may contain such transitional provisions as the Authority thinks necessary or expedient.|
|Directions and revocation: procedure.|| 269. - (1) Before giving a direction under section 267, or making a revocation order under section 268(2), the Authority must- |
| (2) A notice under subsection (1) must- |
| (3) Before the end of the period for making representations- |
may make representations to the Authority.
| (4) The period for making representations is- |
| (5) In deciding whether to- |
the Authority must have regard to any representations made in accordance with subsection (3).
| (6) When the Authority has decided whether to give a direction under section 267 or to make the proposed revocation order, it must- |
| (7) If the Authority considers it essential to do so, it may give a direction under section 267- |
| (8) If the Authority has, in relation to a particular matter, followed the procedure set out in subsections (1) to (5), it need not follow it again if, in relation to that matter, it decides to take action other than that specified in its notice under subsection (1).|
| (9) If the Treasury have under section 274 directed the Authority to- |
the Authority need not follow the procedure set out in subsections (1) to (5).
|Complaints about recognised bodies.|| 270. - (1) The Authority must make arrangements for the investigation of any relevant complaint about a recognised body.|
| (2) "Relevant complaint" means a complaint which the Authority considers is relevant to the question of whether the body concerned should remain a recognised body.|
|Supervision of certain contracts.|| 271. - (1) The Secretary of State and the Treasury, acting jointly, may by regulations provide for- |
to apply to relevant contracts as it applies to contracts connected with a recognised body.
| (2) "Relevant contracts" means contracts of a prescribed description in relation to which settlement arrangements are provided by a person for the time being included in a list ("the list") maintained by the Authority for the purposes of this section.|
| (3) Regulations may be made under this section only if the Secretary of State and the Treasury are satisfied, having regard to the extent to which the relevant contracts concerned are contracts of a kind dealt in by persons supervised by the Authority, that it is appropriate for the arrangements mentioned in subsection (2) to be supervised by the Authority.|
| (4) The approval of the Treasury is required for- |
| (5) If the Treasury withdraw an approval given by them under subsection (4), all regulations made under this section and then in force are to be treated as suspended.|
| (6) But if- |
the suspension of the regulations ends on such date as the Treasury may, in giving the fresh approval, specify.
| (7) The Authority must- |
| (8) A certified copy of the list is evidence (or in Scotland sufficient evidence) of the contents of the list.|
| (9) A copy of the list which purports to be certified by or on behalf of the Authority is to be taken to have been duly certified unless the contrary is shown.|
| (10) Regulations under this section may, in relation to a person included in the list- |
|© Parliamentary copyright 1999||Prepared 18 November 1999|