Change 1 Article Choose an article Title and introductory text 1 Investments and investment business. 2 Power to extend or restrict scope of Act. 3 Persons entitled to carry on investment business. 4 Offences. 5 Agreements made by or through unauthorised persons. 6 Injunctions and restitution orders. 7 Authorisation by membership of recognised self-regulating organisation. 8 Self-regulating organisations. 9 Applications for recognition. 10 Grant and refusal of recognition. 11 Revocation of recognition. 12 Compliance orders. 13 Alteration of rules for protection of investors. 14 Notification requirements. 15 Authorisation by certification by recognised professional body. 16 Professional bodies. 17 Applications for recognition. 18 Grant and refusal of recognition. 19 Revocation of recognition. 20 Compliance orders. 21 Notification requirements. 22 Authorised insurers. 23 Friendly societies. 24 Operators and trustees of recognised schemes. 24A Investment companies with variable capital 25 Authorisation by Secretary of State. 26 Applications for authorisation. 27 Grant and refusal of authorisation. 28 Withdrawal and suspension of authorisation. 29 Notice of proposed refusal, withdrawal or suspension. 30 Withdrawal of applications and authorisations by consent. 31 Authorisation in other member State. 32 Notice of commencement of business. 33 Termination and suspension of authorisation. 34 Notice of proposed termination or suspension. 35 The Bank of England. 36 Investment exchanges. 37 Grant and revocation of recognition. 38 Clearing houses. 39 Grant and revocation of recognition. 40 Overseas investment exchanges and clearing houses. 41 Notification requirements. 42 Lloyd’s. 43 Listed money market institutions. 44 Appointed representatives. 45 Miscellaneous exemptions. 46 Power to extend or restrict exemptions. 47 Misleading statements and practices. 47A Statements of principle. 47B Modification or waiver of statements of principle in particular cases. 48 Conduct of business rules. 49 Financial resources rules. 50 Modification of conduct of business and financial resources rules for particular cases. 51 Cancellation rules. 52 Notification regulations. 53 Indemnity rules. 54 Compensation fund. 55 Clients’ money. 56 Unsolicited calls. 57 Restrictions on advertising. 58 Exceptions from restrictions on advertising. 59 Employment of prohibited persons. 60 Public statement as to person’s misconduct. 61 Injunctions and restitution orders. 62 Actions for damages. 62A Restriction of right of action. 63 Gaming contracts. 63A Application of designated rules and regulations to members of self-regulating organisations. 63B Modification or waiver of designated rules and regulations. 63C Codes of practice. 64 Scope of powers. 65 Restriction of business. 66 Restriction on dealing with assets. 67 Vesting of assets in trustee. 68 Maintenance of assets in United Kingdom. 69 Rescission and variation. 70 Notices. 71 Breach of prohibition or requirement. 72 Winding up orders. 73 Winding up orders: Northern Ireland. 74 Administration orders. 75 Interpretation. 76 Restrictions on promotion. 77 Applications for authorisation. 78 Authorisation orders. 79 Revocation of authorisation. 80 Representations against refusal or revocation. 81 Constitution and management. 82 Alteration of schemes and changes of manager or trustee. 83 Restrictions on activities of manager. 84 Avoidance of exclusion clauses. 85 Publication of scheme particulars. 86 Schemes constituted in other member States. 87 Schemes authorised in designated countries or territories. 88 Other overseas schemes. 89 Refusal and revocation of recognition. 90 Facilities and information in the United Kingdom. 91 Directions. 92 Notice of directions. 93 Applications to the court. 94 Investigations. 95 Contraventions. 96 The Financial Services Tribunal. 97 References to the Tribunal. 98 Decisions on references by applicant or authorised person etc. 99 Decisions on references by third parties. 100 Withdrawal of reference. 101 Reports. 102 Register of authorised persons and recognised organisations etc. 103 Inspection of register. 104 Power to call for information. 105 Investigation powers. 106 Exercise of investigation powers by officer etc. 107 Appointment of auditors. 107A Application of audit rules to members of self-regulating organisations. 108 Power to require second audit. 109 Communication by auditor with supervisory authorities. 110 Overseas business. 111 Offences and enforcement. 112 Application fees. 113 Periodical fees. 114 Power to transfer functions to designated agency. 115 Resumption of transferred functions. 116 Status and exercise of transferred functions. 117 Reports and accounts. 118 Transitional and supplementary provisions. 119 Recognised self-regulating organisations, investment exchanges and clearing houses. 120 Modification of s. 119 where recognition function is transferred. 121 Designated agencies. 122 Reports by Director General of Fair Trading. 123 Investigations by Director General of Fair Trading. 124 The Fair Trading Act 1973. 125 The Competition Act 1998: Chapter I prohibition. 126 The Competition Act 1980. 127 Application of Competition Act 1998 in relation to recognised professional bodies: Chapter 2001I prohibition. 128 Supplementary provisions. 128A Relevance of other controls. 128B Relevance of information given and action taken by other regulatory authorities. 128C Enforcement in support of overseas regulatory authority. 129 Application of investment business provisions to regulated insurance companies. 130 Restriction on promotion of contracts of insurance. 131 Contracts made after contravention of s. 130. 132 Insurance contracts effected in contravention of s. 2 of Insurance Companies Act 1982. 133 Misleading statements as to insurance contracts. 134 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 Communication by auditor with Secretary of State. 136 Arrangements to avoid unfairness between separate insurance funds etc. 137 Regulations in respect of linked long term policies. 138 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 Industrial assurance. 140 Friendly societies. 141 Indemnity schemes. 142 Official listing. 143 Applications for listing. 144 Admission to list. 145 Discontinuance and suspension of listing. 146 General duty of disclosure in listing particulars. 147 Supplementary listing particulars. 148 Exemptions for disclosure. 149 Registration of listing particulars. 150 Compensation for false or misleading particulars. 151 Exemption from liability to pay compensation. 152 Persons responsible for particulars. 153 Obligations of issuers of listed securities. 154 Advertisements etc. in connection with listing applications. 154A Application of Part IV to prospectuses. 155 Fees. 156 Listing rules: general provisions. 156A Approval of prospectus where no application for listing. 156B Publication of prospectus. 157 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158 Preliminary. 159 Offers of securities on admission to approved exchange. 160 Other offers of securities. 160A Exemptions. 161 Exceptions. 162 Form and content of prospectus. 163 General duty of disclosure in prospectus. 164 Supplementary prospectus. 165 Exemptions from disclosure. 166 Compensation for false or misleading prospectus. 167 Exemption from liability to pay compensation. 168 Persons responsible for prospectus. 169 Terms and implementation of offer. 170 Advertisements by private companies and old public companies. 171 Contraventions. 172 Takeover offers. 173 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174 175 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177 Investigations into insider dealing. 178 Penalties for failure to co-operate with s. 177 investigations. 179 Restrictions on disclosure of information. 180 Exceptions from restrictions on disclosure. 181 Directions restricting disclosure of information overseas. 182 Disclosure of information under enactments relating to fair trading, banking, insurance and companies. 183 Reciprocal facilities for financial business. 184 Investment and insurance business. 185 Banking business. 186 Variation and revocation of notices. 187 Exemption from liability for damages. 188 Jurisdiction of High Court and Court of Session. 189 Restriction of Rehabilitation of Offenders Act 1974. 190 Data protection. 191 Occupational pension schemes. 193 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 Transfers to or from recognised clearing houses. 195 Offers of short-dated debentures. 196 Financial assistance for employees’ share schemes. 197 Disclosure of interests in shares: interest held by market maker. 198 Power to petition for winding up etc. on information obtained under Act. 199 Powers of entry. 200 False and misleading statements. 201 Prosecutions. 202 Offences by bodies corporate, partnerships and unincorporated associations. 203 Jurisdiction and procedure in respect of offences. 204 Service of notices. 205 General power to make regulations. 205A Supplementary provisions with respect to subordinate legislation. 206 Publication of information and advice. 207 Interpretation. 208 Gibraltar. 209 Northern Ireland. 210 Expenses and receipts. 211 Commencement and transitional provisions. 212 Short title, consequential amendments and repeals. SCHEDULE 1 Investments and Investment Business SCHEDULE 2 Requirements for Recognition of Self-regulating Organisation SCHEDULE 3 Requirements for recognition of professional body SCHEDULE 4 Requirements for Recognition of Investment Exchange SCHEDULE 5 Listed Money Market Institutions SCHEDULE 6 The Financial Services Tribunal SCHEDULE 7 Qualifications of Designated Agency SCHEDULE 8 Principles applicable to Designated Agency’s Legislative Provisions SCHEDULE 9 Designated Agencies: Status and Exercise of Transferred Functions SCHEDULE 10 Regulated Insurance Companies SCHEDULE 11 Friendly Societies SCHEDULE 11A OFFERS OF SECURITIES TO THE PUBLIC IN THE UNITED KINGDOM SCHEDULE 12 Takeover Offers: Provisions Substituted for Sections 428, 429 and 430 of Companies Act 1985 SCHEDULE 13 Disclosure of Information SCHEDULE 14 Restriction of Rehabilitation of Offenders Act 1974 SCHEDULE 15 Transitional Provisions SCHEDULE 16 Consequential Amendments SCHEDULE 17 Repeals and Revocations
What to do with it
As published
80 Representations against refusal or revocation.
(1) Where the Secretary of State proposes—
(a) to refuse an application for an order under section 78 above; or
(b) to revoke such an order otherwise than at the request of the manager or trustee of the scheme,
he shall give the applicants or, as the case may be, the manager and trustee of the scheme written notice of his intention to do so, stating the reasons for which he proposes to act and giving particulars of the rights conferred by subsection (2) below.
(2) A person on whom a notice is served under subsection (1) above may, within twenty-one days of the date of service, make written representations to the Secretary of State and, if desired, oral representations to a person appointed for that purpose by the Secretary of State.
(3) The Secretary of State shall have regard to any representations made in accordance with subsection (2) above in determining whether to refuse the application or revoke the order, as the case may be.
Your wording
Your change, as a redline
80 Representations against refusal or revocation.
(1) Where the Secretary of State proposes—
(a) to refuse an application for an order under section 78 above; or
(b) to revoke such an order otherwise than at the request of the manager or trustee of the scheme,
he shall give the applicants or, as the case may be, the manager and trustee of the scheme written notice of his intention to do so, stating the reasons for which he proposes to act and giving particulars of the rights conferred by subsection (2) below.
(2) A person on whom a notice is served under subsection (1) above may, within twenty-one days of the date of service, make written representations to the Secretary of State and, if desired, oral representations to a person appointed for that purpose by the Secretary of State.
(3) The Secretary of State shall have regard to any representations made in accordance with subsection (2) above in determining whether to refuse the application or revoke the order, as the case may be.
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.