Member

77: After Clause 16, insert the following new Clause— “Review of regulatory principles(1) Within 12 months of this Act coming into force, the Treasury must carry out a review of the regulatory principles in section 3B(1) of the Financial Services and Markets Act 2000.(2) The review must in particular consider whether—(a) the regulatory principles duplicate other requirements in the Financial Services and Markets Act 2000 or elsewhere, or(b) are no longer required.(3) The review may make recommendations as to whether section 3B(1) needs to be amended or whether there are other mechanisms which can achieve the same result.(4) The review must be laid before each House of Parliament.”Member’s explanatory statement This amendment calls for a review of the regulatory principles in section 3B(1) of FSMA.