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Investment Exchanges and Clearing Houses Bill

The test of the reasonableness of the directive is whether the requirement is excessive under proposed new subsection (2)(b). Proposed new subsection (4) states:"““In considering whether a requirement is excessive the Authority must have regard to all the relevant circumstances, including””" proposed new paragraphs (a) to (d). As on so many occasions in terms of finance, if only Mrs. Gauke were here. Not being a lawyer, I must fall back on the legal advice put before me. It has been put to me that so long as the FSA makes its decision in line with the tests in proposed new section 300A, and that reasonableness is defined as striking a proper balance between market confidence and consumer protection, the FSA will be judged to have fulfilled its obligations under the 2000 Act.