Schedule 20 - Transitional provisions

Financial Services Bill – in a Public Bill Committee at 10:25 am on 22nd March 2012.

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Amendment made: 114, in schedule 20, page 311, line 22, leave out paragraphs 6 and 7 and insert—

‘5A In relation to the first order under section 9K of the Bank of England Act 1998, subsection (2) of that section (which relates to consultation) does not apply.

5B (1) This paragraph applies where a provision of Part 5 or 6 of this Act, or an amendment of FSMA 2000 made by any provision of this Act, imposes on the FCA, the PRA or the Bank of England, in connection with the making or issuing of any rules or other instrument or document—

(a) a public consultation requirement, or

(b) a requirement (however expressed) to consult particular persons.

(2) The requirement may be satisfied—

(a) by things done (wholly or in part) before the commencement of the provision in question or the passing of this Act, and

(b) by things done by the Financial Services Authority or the Bank of England or by both of them.

(3) “Public consultation requirement” means a requirement (however expressed) to publish a draft of the instrument or other document with or without other material and to invite representations about it.

5C (1) The first order under section 22A of FSMA 2000 may, if it imposes on the PRA a public consultation requirement in relation to any statement of policy required by the order to be prepared by the PRA, provide that in relation to the first statement of policy the requirement may be satisfied—

(a) by things done (wholly or in part) before the commencement of the order or the passing of this Act, and

(b) by things done by the Financial Services Authority or the Bank of England or by both of them.

(2) “Public consultation requirement” has the same meaning as in paragraph 5B.’.—(Mr Hoban.)

Schedule 20, as amended, agreed to.

Schedule 21 agreed to.

Clauses 100 to 103 ordered to stand part of the Bill.