32 Effect of rules etc on deference decisions
Financial Services and Markets Act 2023 (2023 c 29) | Legislation

32  Effect of rules etc on deference decisions

(1)     FSMA 2000 is amended as follows.

(2)     In the italic heading before section 410, after “international” insert “powers and”.

(3)     Before section 410 insert—

“409A Consultation in relation to deference decisions

(1)     This section applies where a regulator is proposing to take a relevant action.

(2)     The regulator—

(a)     must consider the effect of the relevant action on notified deference decisions, and

(b)     if having done so it appears to the regulator that there is a material risk that the relevant action would be incompatible with a notified deference decision, must consult the Treasury about the likely effect of the action on the decision.

(3)     Subsection (2) applies only if a duty to consult applies in respect of the taking of the relevant action.

(4)     For the purposes of subsection (1) a regulator proposes to take a “relevant action” if—

(a)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Mistake in contract law

Mistake in contract lawThis Practice Note considers the legal concept of mistake in contract law. It examines common mistake, mutual mistake, unilateral mistake, mistake as to identity and mistake as to the document signed (non est factum). It also considers the impact of each of these types of

LEXISNEXIS

Introduction to passing off

Unlike many other countries, the UK has no unfair competition law. Brand owners seeking to prevent competitors from marketing ‘copycat’ products or using misleading advertising have to rely on a combination of different intellectual property rights. These rights include the common law right to

LEXISNEXIS

The supremacy of EU law

The supremacy of EU lawIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an

LEXISNEXIS

The tort of deceit

The tort of deceitDeceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they