Joint Committee on Statutory Instruments Tenth Report


APPENDIX 9

Memorandum from the Lord Chancellor's Department

FINANCIAL SERVICES AND MARKETS TRIBUNAL RULES 2001 (S.I. 2001/2476)

1. The Lord Chancellor's Department submits this memorandum in response to the request dated 16 October 2001 on the point set out below:

Explain the purpose and effect of rule 4(2)

2. Section 133(1)(a) of the FSMAct lays down a 28-day period for the making of a reference only where that period begins with the date on which a decision notice or supervisory notice is given. Section 133(1)(b) provides that in other cases rules should prescribe the period within which a reference must be made. The beginning of that period is the date on which an Authority notice is given. That notice is defined in rule 2(1) to include, in addition to decision notices and supervisory notices, any "other notice relating to the referred action that was given to the applicant by the Authority". At present this is a reference to a notice under article 58(4) of the Financial Services and Marks Act 2000 (Transitional Provisions) (Authorised Persons etc) Order 2001 (S.I. 2001/2636), where the Authority notice is a final view notice rather than a decision notice or supervisory notice. It is anticipated that jurisdiction will also be given to the Tribunal in relation to certain categories of pending cases under legislation superseded by the 2000 Act. Where a right to make a reference to the Tribunal is created, rule 4(2) will also apply.

22 October 2001


 
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