(1) Schedule 2 to FSMA 2000 (regulated activities) is amended as follows.
(2) In paragraph 25(1) -
(a) after "22(1)" insert "or (1A)", and
(b) for "the Authority", in each place, substitute "either regulator".
(3) For paragraph 26 substitute -
(1) This paragraph applies to any order made under section 22(1) or (1A) which contains a statement by the Treasury that, in their opinion, the effect (or one of the effects) of the proposed order would be that an activity which is not a regulated activity would become a regulated activity.
(2) No order to which this paragraph applies may be made unless -
(a) a draft of the order has been laid before Parliament and approved by a resolution of each House, or
(b) sub-paragraph (4) applies.
(3) Sub-paragraph (4) applies if an order to which this paragraph applies also contains a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the order without a draft being so laid a
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