Legislation – Financial Services and Markets Act 2023

“3REPower of Treasury to require making of rules by regulations

(1)

The Treasury may by regulations require a regulator to exercise a power under this Act to make rules in relation to a specified activity or a specified description of person.

(2)

Regulations under this section may—

(a)

specify matters that the rules must cover;

(b)

specify a period within which the rules must be made.

(3)

But except so far as permitted by subsection (2), regulations under this section may not require rules to be made—

(a)

in a specified form or with specified content, or

(b)

to achieve or advance a specified outcome.

(4)

If no period is specified under subsection (2)(b) the rules must be made as soon as reasonably practicable after the coming into force of the regulations.”