Financial Services and Markets Bill - continued        House of Lords

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  PART XXX
  SUPPLEMENTAL
Consequential and supplementary provision.     416. - (1) The Treasury may by order make such incidental, consequential, transitional or supplemental provision as they consider necessary or expedient for the general purposes, or any particular purpose, of this Act or in consequence of any of its provisions or for giving full effect to it.
 
      (2) An order under subsection (1) may, in particular, make provision-
 
 
    (a) for enabling any person by whom any powers will become exercisable, on a date set by or under this Act, by virtue of any 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) for making savings, or additional savings, from the effect of any repeal made by or under this Act.
      (3) Amendments made under this section are additional, and without prejudice, to those made by or under any other provision of this Act.
 
      (4) No other provision of this Act restricts the powers conferred by this section.
 
Regulations and orders.     417. - (1) Any power to make regulations or orders conferred by this Act (other than the power to make an order under section 239, 268 or 286) is exercisable by statutory instrument.
 
      (2) The Lord Chancellor's power to make rules under section 129 is exercisable by statutory instrument.
 
      (3) Any statutory instrument made under this Act may-
 
 
    (a) contain such incidental, supplemental, consequential and transitional provision as the person making it considers appropriate; and
 
    (b) make different provision for different cases.
Parliamentary control of statutory instruments.     418. - (1) No order is to be made under-
 
 
    (a) section 141(4), 188(a) or (d), 232(5) or 409, or
 
    (b) paragraph 1 of Schedule 8,
  unless a draft of the order has been laid before Parliament and approved by a resolution of each House.
 
      (2) No regulations are to be made under section 258 unless a draft of the regulations has been laid before Parliament and approved by a resolution of each House.
 
      (3) An order to which, if it is made, subsection (4) or (5) will apply is not to be made unless a draft of the order has been laid before Parliament and approved by a resolution of each House.
 
      (4) This subsection applies to an order under section 19 if-
 
 
    (a) it is the first order to be made, or to contain provisions made, under section 19(4);
 
    (b) it varies an order made under section 19(4) so as to make section 19(1) apply in circumstances in which it did not previously apply;
 
    (c) it is the first order to be made, or to contain provision made, under section 19(5);
 
    (d) it is the first order to be made, or to contain provisions made, under section 19(9); or
 
    (e) it adds one or more activities to those that are controlled activities for the purposes of section 19.
      (5) This subsection applies to an order under section 36 if-
 
 
    (a) it is the first order to be made, or to contain provisions made, under that section; or
 
    (b) it contains provisions restricting or removing an exemption provided by an earlier order made under that section.
      (6) An order containing a provision to which, if the order is made, subsection (7) will apply is not to be made unless a draft of the order has been laid before Parliament and approved by a resolution of each House.
 
      (7) This subsection applies to a provision contained in an order if-
 
 
    (a) it is the first to be made in the exercise of the power conferred by subsection (1) of section 321 or it removes a body from those for the time being designated under that subsection; or
 
    (b) it is the first to be made in the exercise of the power conferred by subsection (6) of section 322 or it adds a description of regulated activity or investment to those for the time being specified for the purposes of that subsection.
      (8) Any other statutory instrument made under this Act, apart from one made under section 420(2) or to which paragraph 26 of Schedule 2 applies, shall be subject to annulment in pursuance of a resolution of either House of Parliament.
 
Northern Ireland.     419. This Act, except Chapter IV of Part XVII, extends to Northern Ireland.
 
Commencement.     420. - (1) Sections 417, 419, 422 and this section come into force on the passing of this Act.
 
      (2) The other provisions of this Act come into force on such day as the Treasury may by order appoint; and different days may be appointed for different purposes.
 
Minor and consequential amendments, transitional provisions and repeals.     421. - (1) Schedule 19 makes minor and consequential amendments.
 
      (2) Schedule 20 makes transitional provisions.
 
      (3) The enactments set out in Schedule 21 are repealed.
 
Short title.     422. This Act may be cited as the Financial Services and Markets Act 2000.
 
 
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