Financial Services Act 2010
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
9 Suspending permission to carry on regulated activities etc
In Part 14 of the Financial Services and Markets Act 2000 (disciplinary measures), after section 206 insert— Suspending permission to carry on regulated activities etc 206A (1) If the Authority considers that an authorised person has contravened a relevant requirement imposed on the person, it may— (a) suspend, for such period as it considers appropriate, any permission which the person has to carry on a regulated activity; or (b) impose, for such period as it considers appropriate, such limitations or other restrictions in relation to the carrying on of a regulated activity by the person as it considers appropriate. (2) In subsection (1)— “permission” means any permission that the authorised person has, whether given (or treated as given) by the Authority or conferred by any provision of this Act; “relevant requirement” means a requirement imposed— by or under this Act; or by any directly applicable Community regulation made under the markets in financial instruments directive. (3) The period for which a suspension or restriction is to have effect may not exceed 12 months. (4) A suspension may relate only to the carrying on of an activity in specified circumstances. (5) A restriction may, in particular, be imposed so as to require the person concerned to take, or refrain from taking, specified action. (6) The Authority may— (a) withdraw a suspension or restriction; or (b) vary a suspension or restriction so as to reduce the period for which it has effect or otherwise to limit its effect. (7) The power under this section may (but need not) be exercised so as to have effect in relation to all the regulated activities that the person concerned carries on. (8) Any one or more of the powers under— (a) subsection (1)(a) and (b) of this section, and (b) sections 205 and 206, may be exercised in relation to the same contravention.
9 Suspending permission to carry on regulated activities etc
In Part 14 of the Financial Services and Markets Act 2000 (disciplinary measures), after section 206 insert— Suspending permission to carry on regulated activities etc 206A (1) If the Authority considers that an authorised person has contravened a relevant requirement imposed on the person, it may— (a) suspend, for such period as it considers appropriate, any permission which the person has to carry on a regulated activity; or (b) impose, for such period as it considers appropriate, such limitations or other restrictions in relation to the carrying on of a regulated activity by the person as it considers appropriate. (2) In subsection (1)— “permission” means any permission that the authorised person has, whether given (or treated as given) by the Authority or conferred by any provision of this Act; “relevant requirement” means a requirement imposed— by or under this Act; or by any directly applicable Community regulation made under the markets in financial instruments directive. (3) The period for which a suspension or restriction is to have effect may not exceed 12 months. (4) A suspension may relate only to the carrying on of an activity in specified circumstances. (5) A restriction may, in particular, be imposed so as to require the person concerned to take, or refrain from taking, specified action. (6) The Authority may— (a) withdraw a suspension or restriction; or (b) vary a suspension or restriction so as to reduce the period for which it has effect or otherwise to limit its effect. (7) The power under this section may (but need not) be exercised so as to have effect in relation to all the regulated activities that the person concerned carries on. (8) Any one or more of the powers under— (a) subsection (1)(a) and (b) of this section, and (b) sections 205 and 206, may be exercised in relation to the same contravention.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.