The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007

• Citation: S.I. 2007/1973
• Sections: 14

Section 1 Citation and commencement

This Order may be cited as the Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 and shall come into force on the day after the day on which it is made.

Section 2 Amendments to the Financial Services and Markets Act 2000

The Financial Services and Markets Act 2000 is amended as follows.

Section 3 Partnerships and unincorporated associations

In section 32 (partnerships and unincorporated associations)—

(a) in subsection (2), after “in relation to any” insert “individual or”;

(b) for subsection (3), substitute—

(3) For the purposes of this section, an individual or firm is to be regarded as succeeding to the business of a dissolved firm only if succession is to the whole or substantially the whole of the business of the former firm.

Section 4 Persons connected with an applicant

In section 49 (persons connected with an applicant), for subsection (2)(b) substitute—

(b) varying any permission given by the Authority to such a person, where the effect of the variation is to grant permission for the purposes of a single market directive other than the one for the purposes of which the existing permission was granted,

Section 5 Discontinuance and suspension of listing on the application of an issuer

In section 77 (discontinuance and suspension of listing)—

(a) after subsection (2) insert—

(2A) The competent authority may discontinue under subsection (1) or suspend under subsection (2) the listing of any securities on its own initiative or on the application of the issuer of those securities.

(b) in subsection (5) after “any securities,” insert “on its own initiative,”.

Section 6 Discontinuance and suspension of listing on the application of an issuer

In section 78 (discontinuance or suspension: procedure)—

(a) in subsection (1), after “suspension” insert “by the competent authority on its own initiative”;

(b) in subsection (2), after “If” insert “on its own initiative”;

(c) in subsection (10), after “securities” , the first time it occurs, insert “on its own initiative”.

Section 7 Discontinuance and suspension of listing on the application of an issuer

After section 78 insert—

Discontinuance or suspension at the request of the issuer: procedure

(78A)

(1) A discontinuance or suspension by the competent authority on the application of the issuer of the securities takes effect—

(a) immediately, if the notice under subsection (2) states that this is the case;

(b) in any other case, on such date as may be specified in that notice.

(2) If the competent authority discontinues or suspends the listing of securities on the application of the issuer of the securities it must give him written notice.

(3) The notice must—

(a) give details of the discontinuance or suspension;

(b) inform the issuer of the securities of the date on which the discontinuance or suspension took effect or will take effect; and

(c) inform the issuer of his right to apply for the cancellation of the suspension.

(4) If the competent authority proposes to refuse an application by the issuer of the securities for the discontinuance or suspension of the listing of the securities, it must give him a warning notice.

(5) The competent authority must, having considered any representations made in response to the warning notice, if it decides to refuse the application, give the issuer of the securities a decision notice.

(6) If the competent authority decides to refuse an application by the issuer of the securities for the discontinuance or suspension of the listing of the securities, the issuer may refer the matter to the Tribunal.

(7) If the competent authority has suspended the listing of securities on the application of the issuer of the securities and proposes to refuse an application by the issuer for the cancellation of the suspension, it must give him a warning notice.

(8) The competent authority must, having considered any representations made in response to the warning notice—

(a) if it decides to refuse the application for the cancellation of the suspension, give the issuer of the securities a decision notice;

(b) if it grants the application, give him written notice of its decision.

(9) If the competent authority decides to refuse an application for the cancellation of the suspension of listed securities, the applicant may refer the matter to the Tribunal.

(10) “Discontinuance” means a discontinuance of listing under section 77(1).

(11) “Suspension” means a suspension of listing under section 77(2).

Section 8 Discontinuance and suspension of listing on the application of an issuer

In section 395 (the Authority’s procedures) , in subsection (13) after paragraph (b) insert “(bza) 78A(2) or (8)(b);”.

Section 9 Cancellation of approval at the request of a sponsor

In section 88 (sponsors), in subsection (4)(b) after “as a sponsor” insert “otherwise than at his request”.

Section 10 Modification or waiver of rules

In section 148 (modification or waiver of rules)—

(a) omit subsection (1);

(b) for subsection (2), substitute—

(2) The Authority may, on the application or with the consent of a person who is subject to rules made by the Authority, direct that all or any of those rules (other than rules made under section 247 (trust scheme rules) or section 248 (scheme particulars rules))—

(a) are not to apply to that person; or

(b) are to apply to him with such modifications as may be specified in the direction.

(c) in subsections (4)(a), (7)(b), (8) and (9)(b) omit “authorised”;

(d) in subsection (11), for “an authorised person” substitute “a person”.

Section 11 Modification or waiver of rules

In section 250 (modification or waiver of rules)—

(a) omit subsection (4)(a);

(b) in subsection (4)(b), for “authorised person (except in subsection (4)(a))” substitute “person”;

(c) in subsection (5)(a), (b), (d) and (e), omit “authorised”.

Section 12 Modification or waiver of rules

In regulation 7 (modification or waiver of FSA rules) of the Open-Ended Investment Companies Regulations 2001 —

(a) omit paragraph (3)(a);

(b) in paragraph (3)(b), for “authorised person (except in subsection (4)(a))” substitute “person”;

(c) in paragraph (4)(a),(b) and (d), omit “authorised”.

Section 13 Guidance

In section 157 (guidance), in subsection (3) for “subsections (1), (2) and (4) to (10) of section 155 apply to the proposed guidance as they apply to proposed rules” substitute “subsections (1), (2)(d) and (4) of section 155 apply to the proposed guidance as they apply to proposed rules, unless the Authority considers that the delay in complying with them would be prejudicial to the interests of consumers”.

Section 14 Arrangements for discharging functions

In Schedule 1, in paragraph 5 (arrangements for discharging functions), for sub-paragraph (2) substitute—

(2) But—

(a) in exercising the legislative functions mentioned in paragraph 1(2)(a) to (d), the Authority must act through its governing body; and

(b) the legislative function mentioned in paragraph 1(2)(e) may not be discharged by an officer or member of staff of the Authority.