s 46 Market rules
46.—(1) The Authority is to make initial market rules —(a) establishing and governing, amongst other things —(i) any wholesale electricity market; and (ii) agreements and arrangements in connection with trading; (b) governing the activities of the Market Company and market participants in and in relation to any wholesale electricity market; and (c) governing the operation of the electricity system. (2) To avoid doubt, rules made for the purpose of subsection (1)(a) may make provision governing the activities of market support services licensees in and in relation to any wholesale electricity market.[18/2006] (3) The Market Company —(a) may modify the market rules in accordance with the market rules; and (b) must modify the market rules when directed to do so by the Authority.[18/2006] (4) The market rules made or modified in accordance with this section must be published by the Market Company in such manner as will secure adequate publicity.[18/2006] (5) A modification to the market rules made by the Market Company under subsection (3) is subject to approval by the Authority, which approval must be granted unless the Authority determines that the modification —(a) being a modification made under subsection (3)(a), unjustly discriminates in favour of or against a market participant, a market support services licensee, or a class of market participants or market support services licensees; or (b) is inconsistent with the functions and duties of the Authority under section 3(3).[18/2006] (6) The market rules are deemed not to be subsidiary legislation.