Financial Services and Markets Bill - continued        House of Lords

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  PART XXX
  SUPPLEMENTAL
Consequential and supplementary provision.     418. - (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.
 
Transitional provisions.     419. - (1) Subsections (2) and (3) apply to an order under section 418 which makes transitional provisions or savings.
 
      (2) The order may, in particular-
 
 
    (a) if it makes provision about the authorisation and permission of persons who before commencement were entitled to carry on any activities, also include provision for such persons not to be treated as having any authorisation or permission (whether on an application to the Authority or otherwise);
 
    (b) make provision enabling the Authority to require persons of such descriptions as it may direct to re-apply for permissions having effect by virtue of the order;
 
    (c) make provision for the continuation as rules of such provisions (including primary and subordinate legislation) as may be designated in accordance with the order by the Authority, including provision for the modification by the Authority of provisions designated;
 
    (d) make provision about the effect of requirements imposed, liabilities incurred and any other things done before commencement, including provision for and about investigations, penalties and the taking or continuing of any other action in respect of contraventions;
 
    (e) make provision for the continuation of disciplinary and other proceedings begun before commencement, including provision about the decisions available to bodies before which such proceedings take place and the effect of their decisions;
 
    (f) make provision as regards the Authority's obligation to maintain a record under section 340 as respects persons in relation to whom provision is made by the order.
      (3) The order may-
 
 
    (a) confer functions on the Treasury, the Secretary of State, the Authority, the scheme manager, the scheme operator, members of the panel established under paragraph 4 of Schedule 17, the Competition Commission or the Director General of Fair Trading;
 
    (b) confer jurisdiction on the Tribunal;
 
    (c) provide for fees to be charged in connection with the carrying out of functions conferred under the order;
 
    (d) modify, exclude or apply (with or without modifications) any primary or subordinate legislation (including any provision of, or made under, this Act).
      (4) In subsection (2) "commencement" means the commencement of such provisions of this Act as may be specified by the order.
 
Regulations and orders.     420. - (1) Any power to make an order which is conferred on the Treasury by this Act and any power to make regulations which is conferred by this Act is exercisable by statutory instrument.
 
      (2) The Lord Chancellor's power to make rules under section 127 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.     421. - (1) No order is to be made under-
 
 
    (a) section 139(4), 187(b) or (e), 231(5), 397 or 411, 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 257 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 varies a previous order made under section 19(5) so as to make section 19(1) apply in circumstances in which it did not, as a result of that previous order, apply;
 
    (e) it is the first order to be made, or to contain provisions made, under section 19(9) or (10);
 
    (f) it adds one or more activities to those that are controlled activities for the purposes of section 19; or
 
    (g) it adds one or more investments to those which are controlled investments 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 319 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 320 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 423(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.     422. This Act, except Chapter IV of Part XVII, extends to Northern Ireland.
 
Commencement.     423. - (1) The following provisions come into force on the passing of this Act-
 
 
    (a) this section;
 
    (b) sections 420, 422 and 425;
 
    (c) paragraphs 1 and 2 of Schedule 21.
      (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.     424. - (1) Schedule 20 makes minor and consequential amendments.
 
      (2) Schedule 21 makes transitional provisions.
 
      (3) The enactments set out in Schedule 22 are repealed.
 
Short title.     425. This Act may be cited as the Financial Services and Markets Act 2000.
 
 
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