Statutory Instruments
2011 No. 2716
Financial Services And Markets
The Financial Services and Markets Act 2000 (Exemption) (Amendment No. 2) Order 2011
Made
10th November 2011
Coming into force
31st March 2012
This Order contains a provision removing an exemption provided by an earlier Order( 1 ) made under section 38 of the Financial Services and Markets Act 2000( 2 );
A draft of this Order has been approved by a resolution of each House of Parliament pursuant to section 429(3) and (5) of that Act;
The Treasury make the following Order in exercise of the powers conferred on them by sections 38 and 428(3) of that Act:
Citation and commencement
1. This Order may be cited as the Financial Services and Markets Act 2000 (Exemption) (Amendment No. 2) Order 2011 and comes into force on 31st March 2012.
Amendment of the Financial Services and Markets 2000 (Exemption) Order 2001
2. —(1)The Financial Services and Markets Act 2000 (Exemption) Order 2001( 3 ) is amended as follows.
(2) In Part 2 of the Schedule to the Order (persons exempt in respect of accepting deposits), paragraph 24A( 4 ) is revoked.
Review
3. —(1) Before the end of each review period, the Treasury must—
(a) carry out a review of the effect of article 2(2),
(b) set out the conclusions of the review in a report, and
(c) publish the report.
(2) The report must in particular—
(a) set out the objectives intended to be achieved by article 2(2),
(b) assess the extent to which those objectives are achieved, and
(c) assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with a system that imposes less regulation.
(3) “Review period” means—
(a) the period of five years beginning with 31st March 2012, and
(b) subject to paragraph (4), each successive period of five years.
(4) If a report under this article is published before the last day of the review period to which it relates, the following review period is to begin with the day on which that report is published.
Michael Fabricant
Brooks Newmark
Two of the Lords Commissioners of Her Majesty’s Treasury
10th November 2011
S.I. 2001/1201 , amended by S.I. 2001/3623 ; there are other amending instruments but none is relevant to this Order.
2000 c.8 .
S.I. 2001/1201 , amended by S.I. 2001/3623 ; there are other amending instruments but none is relevant to this Order.
Paragraph 24A was inserted by S.I. 2001/3623 with effect from 1 December 2001.