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Section 138B: Publication of directions under section 138A

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part 9A: Rules and Guidance — CHAPTER 2: Rules: modification, waiver, contravention and procedural provisions

Subject to subsection (2), a direction must be published by the regulator concerned in the way appearing to the regulator to be best calculated for bringing it to the attention of—

persons likely to be affected by it, and
persons who are, in the opinion of the regulator, likely to make an application for a similar direction.

Subsection (1) does not apply if the regulator is satisfied that it is inappropriate or unnecessary to publish the direction.

In deciding whether it is satisfied as mentioned in subsection (2), the regulator must—

consider whether the publication of the direction would be detrimental to the stability of the UK financial system,
take into account whether the direction relates to a rule contravention of which is actionable in accordance with section 138D,
consider whether publication of the direction would prejudice, to an unreasonable degree, the commercial interests of the person concerned or any other member of the person's immediate group, and
consider whether its publication would be contrary to an international obligation of the United Kingdom.

The FCA must consult the PRA before publishing or deciding not to publish a direction which relates to—

a PRA-authorised person, or
an authorised person who has as a member of its immediate group a PRA-authorised person.

For the purposes of paragraphs (c) and (d) of subsection (3), the regulator must consider whether it would be possible to publish the direction without either of the consequences mentioned in those paragraphs by publishing it without disclosing the identity of the person concerned.

"Direction" means a direction under section 138A.

About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.