Financial Services Act 2012
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
16 FCA to exercise functions under Part 6 of FSMA 2000
(1) FSMA 2000 is amended as follows. (2) In each of the provisions of Part 6 (official listing etc) mentioned in subsection (3)— (a) for “competent authority” or “competent authority's”, in each place, substitute “ FCA ” or “FCA's”, and (b) for “the authority” or “the Authority”, in each place, substitute “ the FCA ”. (3) Those provisions are— (a) sections 73A to 84; (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) sections 87B to 87D; (d) section 87G; (e) sections 87J to 87O (including the italic heading before section 87J); (f) sections 87Q to 88; (g) sections 89A to 97 (including the italic heading before section 89H and the heading to that section); (h) section 101(2); (i) section 103(1). (4) Before section 73A insert an italic heading “Rules”. (5) In section 77(3) (discontinuance and suspension of listing), for “sections 96 and 99” substitute “ section 96 and paragraph 23(6) of Schedule 1ZA ”. (6) In section 87A (criteria for approval of prospectus)— (a) in subsection (1), for “competent authority” substitute “ “FCA”, (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) in the heading, for “competent authority” substitute “ FCA ”. (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11) In section 87P (exercise of powers at request of competent authority of another EEA State)— (a) in subsection (1)(c), for “competent authority”, in the second place, substitute “ FCA ”, and (b) in subsection (2), for “competent authority” substitute “ FCA ”. (12) In section 100A (exercise of powers where UK is host member State)— (a) in subsections (1) and (2), for “competent authority” substitute “ FCA ”, (b) in subsection (3), for “the authority”, in both places, substitute “ the FCA ”, (c) in subsection (4), for “The authority” substitute “ The FCA ”, and (d) in subsections (5) and (6), for “the authority” substitute “ the FCA ”. (13) In Schedule 10 (compensation: exemptions), for “competent authority”, in each place, substitute “ FCA ”. (14) Omit the following provisions— (a) section 72 (Financial Services Authority to exercise functions of the competent authority under Part 6) and the italic heading before it; (b) section 73 (general duty of the competent authority); (c) section 99 (fees); (d) section 100 (penalties); (e) in section 101 (general provisions), subsections (1) and (3) to (8); (f) section 102 (exemption from liability in damages); (g) in section 103 (interpretation), subsections (2) and (3); (h) in section 195 (exercise of power in support of overseas regulator), subsection (4)(b); (i) in section 410 (international obligations), subsection (4)(b); (j) in section 415 (jurisdiction in civil proceedings), subsection (1)(b); (k) Schedule 7 (modification of Act in its application to the Financial Services Authority when acting as competent authority for purposes of Part 6); (l) Schedule 8 (power to transfer functions under Part 6 to other persons).
16 FCA to exercise functions under Part 6 of FSMA 2000
(1) FSMA 2000 is amended as follows. (2) In each of the provisions of Part 6 (official listing etc) mentioned in subsection (3)— (a) for “competent authority” or “competent authority's”, in each place, substitute “ FCA ” or “FCA's”, and (b) for “the authority” or “the Authority”, in each place, substitute “ the FCA ”. (3) Those provisions are— (a) sections 73A to 84; (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) sections 87B to 87D; (d) section 87G; (e) sections 87J to 87O (including the italic heading before section 87J); (f) sections 87Q to 88; (g) sections 89A to 97 (including the italic heading before section 89H and the heading to that section); (h) section 101(2); (i) section 103(1). (4) Before section 73A insert an italic heading “Rules”. (5) In section 77(3) (discontinuance and suspension of listing), for “sections 96 and 99” substitute “ section 96 and paragraph 23(6) of Schedule 1ZA ”. (6) In section 87A (criteria for approval of prospectus)— (a) in subsection (1), for “competent authority” substitute “ “FCA”, (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) in the heading, for “competent authority” substitute “ FCA ”. (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11) In section 87P (exercise of powers at request of competent authority of another EEA State)— (a) in subsection (1)(c), for “competent authority”, in the second place, substitute “ FCA ”, and (b) in subsection (2), for “competent authority” substitute “ FCA ”. (12) In section 100A (exercise of powers where UK is host member State)— (a) in subsections (1) and (2), for “competent authority” substitute “ FCA ”, (b) in subsection (3), for “the authority”, in both places, substitute “ the FCA ”, (c) in subsection (4), for “The authority” substitute “ The FCA ”, and (d) in subsections (5) and (6), for “the authority” substitute “ the FCA ”. (13) In Schedule 10 (compensation: exemptions), for “competent authority”, in each place, substitute “ FCA ”. (14) Omit the following provisions— (a) section 72 (Financial Services Authority to exercise functions of the competent authority under Part 6) and the italic heading before it; (b) section 73 (general duty of the competent authority); (c) section 99 (fees); (d) section 100 (penalties); (e) in section 101 (general provisions), subsections (1) and (3) to (8); (f) section 102 (exemption from liability in damages); (g) in section 103 (interpretation), subsections (2) and (3); (h) in section 195 (exercise of power in support of overseas regulator), subsection (4)(b); (i) in section 410 (international obligations), subsection (4)(b); (j) in section 415 (jurisdiction in civil proceedings), subsection (1)(b); (k) Schedule 7 (modification of Act in its application to the Financial Services Authority when acting as competent authority for purposes of Part 6); (l) Schedule 8 (power to transfer functions under Part 6 to other persons).
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.