Financial Services and Markets Act 2000 (c. 8)

1. Introductory Text

2. Part I The Regulator

   1. 1. The Financial Services Authority.

   2. The Authority’s general duties

      1. 2. The Authority’s general duties.

   3. The regulatory objectives

      1. 3. Market confidence.

      2. 3A. Financial stability

      3. 4. Public awareness.

      4. 5. The protection of consumers.

      5. 6. The reduction of financial crime.

   4. Enhancing public understanding of financial matters etc

      1. 6A. Enhancing public understanding of financial matters etc

   5. Corporate governance

      1. 7. Duty of Authority to follow principles of good governance.

   6. Arrangements for consulting practitioners and consumers

      1. 8. The Authority’s general duty to consult.

      2. 9. The Practitioner Panel.

      3. 10. The Consumer Panel.

      4. 11. Duty to consider representations by the Panels.

   7. Reviews

      1. 12. Reviews.

      2. 13. Right to obtain documents and information.

   8. Inquiries

      1. 14. Cases in which the Treasury may arrange independent inquiries.

      2. 15. Power to appoint person to hold an inquiry.

      3. 16. Powers of appointed person and procedure.

      4. 17. Conclusion of inquiry.

      5. 18. Obstruction and contempt.

3. PART 1A The Regulators

   1. CHAPTER 1 The Financial Conduct Authority

      1. The Financial Conduct Authority

         1. 1A. The Financial Conduct Authority

      2. The FCA's general duties

         1. 1B. The FCA's general duties

         2. 1C. The consumer protection objective

         3. 1D. The integrity objective

         4. 1E. The competition objective

      3. Interpretation of terms used in relation to FCA's general duties

         1. 1F. Meaning of “relevant markets” in strategic objective

         2. 1G. Meaning of “consumer”

         3. 1H. Further interpretative provisions for sections 1B to 1G

         4. 1I. Meaning of “the UK financial system”

      4. Power to amend objectives

         1. 1J. Power to amend objectives

      5. Guidance about objectives

         1. 1K. Guidance about objectives

      6. Supervision, monitoring and enforcement

         1. 1L. Supervision, monitoring and enforcement

      7. Arrangements for consulting practitioners and consumers

         1. 1M. The FCA's general duty to consult

         2. 1N. The FCA Practitioner Panel

         3. 1O. The Smaller Business Practitioner Panel

         4. 1P. The Markets Practitioner Panel

         5. 1Q. The Consumer Panel

         6. 1R. Duty to consider representations made by the Panels

      8. Reviews

         1. 1S. Reviews

         2. 1T. Right to obtain documents and information

   2. CHAPTER 2 The Prudential Regulation Authority

      1. The Prudential Regulation Authority

         1. 2A. The Prudential Regulation Authority

      2. The PRA's general duties

         1. 2B. The PRA's general objective

         2. 2C. Insurance objective

         3. 2D. Power to provide for additional objectives

         4. 2E. Strategy

         5. 2F. Interpretation of references to objectives

         6. 2G. Limit on effect of sections 2B to 2D

         7. 2H. Duty to have regard to regulatory principles

         8. 2I. Guidance about objectives

         9. 2J. Interpretation of Chapter 2

      3. Supervision

         1. 2K. Arrangements for supervision of PRA-authorised persons

      4. Arrangements for consulting practitioners

         1. 2L. The PRA's general duty to consult

         2. 2M. The PRA Practitioner Panel

         3. 2N. Duty to consider representations

      5. Reviews

         1. 2O. Reviews

         2. 2P. Right to obtain documents and information

   3. CHAPTER 3 Further provisions relating to FCA and PRA

      1. Introductory

         1. 3A. Meaning of “regulator”

      2. Regulatory principles

         1. 3B. Regulatory principles to be applied by both regulators

      3. Corporate governance

         1. 3C. Duty to follow principles of good governance

      4. Relationship between FCA and PRA

         1. 3D. Duty of FCA and PRA to ensure co-ordinated exercise of functions

         2. 3E. Memorandum of understanding

         3. 3F. With-profits insurance policies

         4. 3G. Power to establish boundary between FCA and PRA responsibilities

         5. 3H. Parliamentary control of orders under section 3G

      5. Power of PRA to restrain proposed action by FCA

         1. 3I. Power of PRA to require FCA to refrain from specified action

         2. 3J. Power of PRA in relation to with-profits policies

         3. 3K. Revocation of directions under section 3I or 3J

         4. 3L. Further provisions about directions under section 3I or 3J

      6. Directions relating to consolidated supervision

         1. 3M. Directions relating to consolidated supervision of groups

         2. 3N. Revocation of directions under section 3M

         3. 3O. Further provisions about directions under section 3M

         4. 3P. Consultation by regulator complying with direction

      7. Co-operation with Bank of England

         1. 3Q. Co-operation by FCA and PRA with Bank of England

      8. Arrangements for provision of services

         1. 3R. Arrangements for provision of services

      9. Enhancing public understanding of financial matters etc.

         1. 3S. The consumer financial education body

4. Part II Regulated And Prohibited Activities

   1. The general prohibition

      1. 19. The general prohibition.

   2. Requirement for permission

      1. 20. Authorised persons acting without permission.

   3. Financial promotion

      1. 21. Restrictions on financial promotion.

   4. Regulated activities

      1. 22. Regulated activities

      2. 22A. Designation of activities requiring prudential regulation by PRA

      3. 22B. Parliamentary control in relation to certain orders under section 22A

   5. Offences

      1. 23. Contravention of the general prohibition or section 20(1) or (1A).

      2. 23A. Parliamentary control in relation to certain orders under section 23

      3. 24. False claims to be authorised or exempt.

      4. 25. Contravention of section 21.

   6. Enforceability of agreements

      1. 26. Agreements made by unauthorised persons.

      2. 26A. Agreements relating to credit

      3. 27. Agreements made through unauthorised persons.

      4. 28. Agreements made unenforceable by section 26 or 27: general cases.

      5. 28A. Credit-related agreements made unenforceable by section 26, 26A or 27

      6. 28B. Decisions under section 28A: procedure

      7. 29. Accepting deposits in breach of general prohibition.

      8. 30. Enforceability of agreements resulting from unlawful communications.

5. Part III Authorisation and Exemption

   1. Authorisation

      1. 31. Authorised persons.

      2. 32. Partnerships and unincorporated associations.

   2. Ending of authorisation

      1. 33. Withdrawal of authorisation ....

      2. 34. EEA firms.

      3. 35. Treaty firms.

      4. 36. Persons authorised as a result of paragraph 1(1) of Schedule 5.

   3. Exercise of EEA rights by UK firms

      1. 37. Exercise of EEA rights by UK firms.

   4. Exemption

      1. 38. Exemption orders.

      2. 39. Exemption of appointed representatives.

      3. 39A. Certain tied agents operating outside United Kingdom

6. Part IV Permission to Carry on Regulated Activities

   1. Application for permission

      1. 40. Application for permission.

      2. 41. The threshold conditions.

   2. Permission

      1. 42. Giving permission.

      2. 43. Imposition of requirements.

   3. Variation and cancellation of Part IV permission

      1. 44. Variation etc. at request of authorised person.

      2. 45. Variation etc. on the Authority’s own initiative.

      3. 46. Variation of permission on acquisition of control.

      4. 47. Exercise of power in support of overseas regulator.

      5. 48. Prohibitions and restrictions.

   4. Connected persons

      1. 49. Persons connected with an applicant.

   5. Additional permissions

      1. 50. Authority’s duty to consider other permissions etc.

   6. Procedure

      1. 51. Applications under this Part.

      2. 52. Determination of applications.

      3. 53. Exercise of own-initiative power: procedure.

      4. 54. Cancellation of Part IV permission: procedure.

   7. Notification

      1. 54A. Notification of ESMA

      2. 54B. Notification of EBA

   8. References to the Tribunal

      1. 55. Right to refer matters to the Tribunal.

7. PART 4A Permission to carry on regulated activities

   1. Application for permission

      1. 55A. Application for permission

      2. 55B. The threshold conditions

      3. 55C. Power to amend Schedule 6

      4. 55D. Firms based outside EEA

      5. 55E. Giving permission: the FCA

      6. 55F. Giving permission: the PRA

      7. 55G. Giving permission: special cases

   2. Variation and cancellation of Part 4A permission

      1. 55H. Variation by FCA at request of authorised person

      2. 55I. Variation by PRA at request of authorised person

      3. 55J. Variation or cancellation on initiative of regulator

      4. 55K. Investment firms: particular conditions that enable cancellation

   3. Imposition and variation of requirements

      1. 55L. Imposition of requirements by FCA

      2. 55M. Imposition of requirements by PRA

      3. 55N. Requirements under section 55L or 55M: further provisions

      4. 55O. Imposition of requirements on acquisition of control

      5. 55P. Prohibitions and restrictions

   4. Exercise of power in support of overseas regulator

      1. 55Q. Exercise of power in support of overseas regulator

   5. Connected persons

      1. 55R. Persons connected with an applicant

   6. Additional permissions

      1. 55S. Duty of FCA or PRA to consider other permissions

   7. Persons whose interests are protected

      1. 55T. Persons whose interests are protected

   8. Procedure

      1. 55U. Applications under this Part

      2. 55V. Determination of applications

      3. 55W. Applications under this Part: communications between regulators

      4. 55X. Determination of applications: warning notices and decision notices

      5. 55Y. Exercise of own-initiative power: procedure

      6. 55Z. Cancellation of Part 4A permission: procedure

   9. Notification

      1. 55Z1. Notification of ESMA

      2. 55Z2. Notification of EBA

   10. References to the Tribunal

       1. 55Z3. Right to refer matters to the Tribunal

   11. Interpretation

       1. 55Z4. Interpretation of Part 4A

8. Part V Performance of Regulated Activities

   1. Prohibition orders

      1. 56. Prohibition orders.

      2. 57. Prohibition orders: procedure and right to refer to Tribunal.

      3. 58. Applications relating to prohibitions: procedure and right to refer to Tribunal.

   2. Approval

      1. 59. Approval for particular arrangements.

      2. 59A. Specifying functions as controlled functions: supplementary

      3. 59B. Role of FCA in relation to PRA decisions

      4. 60. Applications for approval.

      5. 61. Determination of applications.

      6. 62. Applications for approval: procedure and right to refer to Tribunal.

      7. 63. Withdrawal of approval.

   3. Performance of controlled functions without approval

      1. 63A. Power to impose penalties

      2. 63B. Procedure and right to refer to Tribunal

      3. 63C. Statement of policy

      4. 63D. Statement of policy: procedure

   4. Conduct of approved persons

      1. 64. Conduct: statements and codes.

      2. 65. Statements and codes: procedure.

      3. 66. Disciplinary powers.

      4. 67. Disciplinary measures: procedure and right to refer to Tribunal.

      5. 68. Publication.

      6. 69. Statement of policy.

      7. 70. Statements of policy: procedure.

   5. Breach of statutory duty

      1. 71. Actions for damages.

9. Part VI Official Listing

   1. ...

      1. 72. The competent authority.

      2. 73. General duty of the competent authority.

   2. Rules

      1. 73A. Part 6 Rules

   3. The official list

      1. 74. The official list.

   4. Listing

      1. 75. Applications for listing.

      2. 76. Decision on application.

      3. 77. Discontinuance and suspension of listing.

      4. 78. Discontinuance or suspension: procedure.

      5. 78A. Discontinuance or suspension at the request of the issuer: procedure

   5. Listing particulars

      1. 79. Listing particulars and other documents.

      2. 80. General duty of disclosure in listing particulars.

      3. 81. Supplementary listing particulars.

      4. 82. Exemptions from disclosure.

      5. 83. Registration of listing particulars.

   6. Transferable securities: public offers and admission to trading

      1. 84. Matters which may be dealt with by prospectus rules

      2. 85. Prohibition of dealing etc. in transferable securities without approved prospectus

      3. 86. Exempt offers to the public

      4. 87. Election to have prospectus

   7. Approval of prospectus

      1. 87A. Criteria for approval of prospectus by FCA

      2. 87B. Exemptions from disclosure

      3. 87C. Consideration of application for approval

      4. 87D. Procedure for decision on application for approval

   8. Transfer of application for approval of a prospectus

      1. 87E. Transfer by FCA of application for approval

      2. 87F. Transfer to FCA of application for approval

   9. Supplementary prospectus

      1. 87G. Supplementary prospectus

   10. Passporting

       1. 87H. Prospectus approved in another EEA State

       2. 87I. Provision of information to host Member State

   11. Transferable securities: powers of FCA

       1. 87J. Requirements imposed as condition of approval

       2. 87K. Power to suspend or prohibit offer to the public

       3. 87L. Power to suspend or prohibit admission to trading on a regulated market

       4. 87M. Public censure of issuer

       5. 87N. Right to refer matters to the Tribunal

       6. 87O. Procedure under sections 87K and 87L

       7. 87P. Exercise of powers at request of competent authority of another EEA State

   12. Rights of investors

       1. 87Q. Right of investor to withdraw

   13. Registered investors

       1. 87R. Register of investors

   14. Sponsors

       1. 88. Sponsors.

       2. 89. Public censure of sponsor.

       3. 88A. Disciplinary powers: contravention of s.88(3)(c) or (e)

       4. 88B. Action under s.88A: procedure and right to refer to Tribunal

       5. 88C. Action under s.88A: statement of policy

       6. 88D. Statement of policy under s.88C: procedure

       7. 88E. Powers exercisable to advance operational objectives

       8. 88F. Action under s.88E: procedure

   15. Transparency obligations

       1. 89A. Transparency rules

       2. 89B. Provision of voteholder information

       3. 89C. Provision of information by issuers of transferable securities

       4. 89D. Notification of voting rights held by issuer

       5. 89E. Notification of proposed amendment of issuer's constitution

       6. 89F. Transparency rules: interpretation etc

       7. 89G. Transparency rules: other supplementary provisions

   16. Power of FCA to call for information

       1. 89H. FCA's power to call for information

       2. 89I. Requirements in connection with call for information

       3. 89J. Power to call for information: supplementary provisions

   17. Powers exercisable in case of infringement of transparency obligation

       1. 89K. Public censure of issuer

       2. 89L. Power to suspend or prohibit trading of securities

       3. 89M. Procedure under section 89L

       4. 89N. Right to refer matters to the Tribunal

   18. Corporate governance

       1. 89O. Corporate governance rules

   19. Primary information providers

       1. 89P. Primary information providers

       2. 89Q. Disciplinary powers: contravention of s.89P(4)(b) or (d)

       3. 89R. Action under s.89Q: procedure and right to refer to Tribunal

       4. 89S. Action under s.89Q: statement of policy

       5. 89T. Statement of policy under s.89S: procedure

       6. 89U. Powers exercisable to advance operational objectives

       7. 89V. Action under s.89U: procedure

   20. Compensation for false or misleading statements etc

       1. 90. Compensation for statements in listing particulars or prospectus

       2. 90ZA. Liability for key investor information

       3. 90A. Liability of issuers in connection with published information

       4. 90B. Power to make further provision about liability for published information

   21. Penalties

       1. 91. Penalties for breach of Part 6 rules

       2. 92. Procedure.

       3. 93. Statement of policy.

       4. 94. Statements of policy: procedure.

   22. Competition

       1. 95. Competition scrutiny.

   23. Miscellaneous

       1. 96. Obligations of issuers of listed securities.

       2. 96A. Disclosure of information requirements

       3. 96B. Disclosure rules: persons responsible for compliance

       4. 96C. Suspension of trading

       5. 97. Appointment by FCA of persons to carry out investigations.

       6. 98. Advertisements etc. in connection with listing applications.

       7. 99. Fees.

       8. 100. Penalties.

       9. 100A. Exercise of powers where UK is host member state

       10. 101. Listing rules: general provisions.

       11. 102. Exemption from liability in damages.

   24. Interpretative provisions

       1. 102A. Meaning of “securities” etc.

       2. 102B. Meaning of “offer of transferable securities to the public” etc.

       3. 102C. Meaning of “home State” in relation to transferable securities

       4. 103. Interpretation of this Part

10. Part VII Control of Business Transfers

    1. 103A. Meaning of “the appropriate regulator”

    2. 104. Control of business transfers.

    3. 105. Insurance business transfer schemes.

    4. 106. Banking business transfer schemes.

    5. 106A. Reclaim fund business transfer scheme

    6. 107. Application for order sanctioning transfer scheme.

    7. 108. Requirements on applicants.

    8. 109. Scheme reports.

    9. 110. Right to participate in proceedings.

    10. 111. Sanction of the court for business transfer schemes.

    11. 112. Effect of order sanctioning business transfer scheme.

    12. 112ZA. Duty of regulator to provide copy of order

    13. 112A. Rights to terminate etc.

    14. 113. Appointment of actuary in relation to reduction of benefits.

    15. 114. Rights of certain policyholders.

    16. 114A. Notice of transfer of reinsurance contracts

    17. Business transfers outside the United Kingdom

        1. 115. Certificates for purposes of insurance business transfers overseas.

        2. 116. Effect of insurance business transfers authorised in other EEA States.

    18. Modifications

        1. 117. Power to modify this Part.

11. Part VIII Penalties for Market Abuse

    1. Market abuse

       1. 118. Market abuse.

       2. 118A. Supplementary provision about certain behaviour

       3. 118B. Insiders

       4. 118C. Inside information

    2. The code

       1. 119. The code.

       2. 120. Provisions included in the FCA's code by reference to the City Code.

       3. 121. Codes: procedure.

       4. 122. Effect of the code.

    3. Power to impose penalties

       1. 123. Power to impose penalties in cases of market abuse.

    4. Statement of policy

       1. 124. Statement of policy.

       2. 125. Statement of policy: procedure.

    5. Procedure

       1. 126. Warning notices.

       2. 127. Decision notices and right to refer to Tribunal.

    6. Miscellaneous

       1. 128. Suspension of investigations.

       2. 129. Power of court to impose penalty in cases of market abuse.

       3. 130. Guidance.

       4. 130A. Interpretation and supplementary provision

       5. 131. Effect on transactions.

       6. 131A. Protected Disclosures

12. Part 8A Short selling

    1. Short selling rules

       1. 131B. Short selling rules

       2. 131C. Short selling rules: definitions etc

       3. 131D. Short selling rules: procedure in urgent cases

    2. Power to require information

       1. 131E. Power to require information

       2. 131F. Power to require information: supplementary

       3. 131FA. Investigations in support of EEA regulator”

       4. 131FB. Entry of premises under warrant

       5. 131FC. Retention of documents taken under section 131FB

    3. Breach of short selling regulation etc

       1. 131G. Power to impose penalty or issue censure

       2. 131H. Procedure and right to refer to Tribunal

       3. 131I. Duty on publication of statement

       4. 131J. Imposition of penalties under section 131G: statement of policy

       5. 131K. Statement of policy: procedure

       6. 131L. Offences

13. Part IX Hearings and Appeals

    1. 132. The Financial Services and Markets Tribunal.

    2. 133. Proceedings: general provision.

    3. 133A. Proceedings before Tribunal: decision and supervisory notices, etc.

    4. 133B. Offences

    5. Legal assistance before the Tribunal

       1. 134. Legal assistance scheme.

       2. 135. Provisions of the legal assistance scheme.

       3. 136. Funding of the legal assistance scheme.

    6. Appeals

       1. 137. Appeal on a point of law.

14. PART 9A Rules and Guidance

    1. CHAPTER 1 Rule-making powers

       1. General rule-making powers of the FCA and the PRA

          1. 137A. The FCA's general rules

          2. 137B. FCA general rules: clients' money, right to rescind etc.

          3. 137C. FCA general rules: cost of credit and duration of credit agreements

          4. 137D. FCA general rules: product intervention

          5. 137E. Orders under s.137D(1)(b)

          6. 137F. Rules requiring participation in benchmark

          7. 137G. The PRA's general rules

          8. 137H. General rules about remuneration

          9. 137I. Remuneration policies: Treasury direction to consider compliance

          10. 137J. Rules about recovery plans: duty to consult

          11. 137K. PRA rules about resolution plans: duty to consult

          12. 137L. Interpretation of sections 137J and 137K

          13. 137M. Special provision relating to adequacy of resolution plans

          14. 137N. Recovery plans and resolution plans: restriction on duty of confidence

       2. Specific rule-making powers

          1. 137O. Threshold condition code

          2. 137P. Control of information rules

          3. 137Q. Price stabilising rules

          4. 137R. Financial promotion rules

          5. 137S. Financial promotion rules: directions given by FCA

       3. Supplementary powers

          1. 137T. General supplementary powers

    2. CHAPTER 2 Rules: modification, waiver, contravention and procedural provisions

       1. Modification or waiver of rules

          1. 138A. Modification or waiver of rules

          2. 138B. Publication of directions under section 138A

       2. Contravention of rules

          1. 138C. Evidential provisions

          2. 138D. Actions for damages

          3. 138E. Limits on effect of contravening rules

       3. Procedural provisions

          1. 138F. Notification of rules

          2. 138G. Rule-making instruments

          3. 138H. Verification of rules

          4. 138I. Consultation by the FCA

          5. 138J. Consultation by the PRA

          6. 138K. Consultation: mutual societies

          7. 138L. Consultation: general exemptions

          8. 138M. Consultation: exemptions for temporary product intervention rules

          9. 138N. Temporary product intervention rules: statement of policy

          10. 138O. Statement of policy under section 138N: procedure

    3. CHAPTER 3 Guidance

       1. 139A. Power of the FCA to give guidance

       2. 139B. Notification of FCA guidance to the Treasury

    4. CHAPTER 4 Competition scrutiny

       1. 140A. Interpretation

       2. 140B. Advice about effect of regulating provision or practice

       3. 140C. Consultation with regulator

       4. 140D. Investigation powers of OFT

       5. 140E. Publication by OFT of section 140B advice

       6. 140F. Duty of Competition Commission to send report to regulator

       7. 140G. Duty of regulator to publish response

       8. 140H. Role of the Treasury

    5. CHAPTER 5 Power to make consequential amendments

       1. 141A. Power to make consequential amendments of references to rules etc.

15. Part X Rules and Guidance

    1. Chapter I Rule-making Powers

       1. 138. General rule-making power.

       2. 139. Miscellaneous ancillary matters.

       3. 139A. General rules about remuneration

       4. 139B. Rules about recovery plans

       5. 139C. Rules about resolution plans

       6. 139D. Sections 139B and 139C: interpretation

       7. 139E. Rules about recovery and resolution plans: supplementary provision

       8. 139F. Special provision in relation to resolution plans

       9. 140. Restriction on managers of certain collective investment schemes.

       10. 141. Insurance business rules.

       11. 142. Insurance business: regulations supplementing Authority’s rules.

       12. 143. Endorsement of codes etc.

       13. Specific rules

           1. 144. Price stabilising rules.

           2. 145. Financial promotion rules.

           3. 146. Money laundering rules.

           4. 147. Control of information rules.

       14. Modification or waiver

           1. 148. Modification or waiver of rules.

       15. Contravention of rules

           1. 149. Evidential provisions.

           2. 150. Actions for damages.

           3. 151. Limits on effect of contravening rules.

       16. Procedural provisions

           1. 152. Notification of rules to the Treasury.

           2. 153. Rule-making instruments.

           3. 154. Verification of rules.

           4. 155. Consultation.

           5. 156. General supplementary powers.

    2. Chapter II Guidance

       1. 157. Guidance.

       2. 158. Notification of guidance to the Treasury.

       3. 158A. Guidance on outsourcing by investment firms and credit institutions

    3. Chapter III Competition Scrutiny

       1. 159. Interpretation.

       2. 160. Reports by OFT.

       3. 161. Power of OFT to request information.

       4. 162. Consideration by Competition Commission.

       5. 163. Role of the Treasury.

       6. 164. The Competition Act 1998.

16. Part XI Information Gathering and Investigations

    1. Powers to gather information

       1. 165. Regulators power to require information : authorised persons etc.

       2. 165A. PRA's power to require information: financial stability

       3. 165B. Safeguards etc in relation to exercise of power under section 165A

       4. 165C. Orders under section 165A(2)(d)

       5. 166. Reports by skilled persons.

       6. 166A. Appointment of skilled person to collect and update information

    2. Appointment of investigators

       1. 167. Appointment of persons to carry out general investigations.

       2. 168. Appointment of persons to carry out investigations in particular cases.

    3. Assistance to overseas regulators

       1. 169. Investigations etc. in support of overseas regulator.

       2. 169A. Support of overseas regulator with respect to financial stability

    4. Conduct of investigations

       1. 170. Investigations: general.

       2. 171. Powers of persons appointed under section 167.

       3. 172. Additional power of persons appointed as a result of section 168(1) or (4).

       4. 173. Powers of persons appointed as a result of section 168(2).

       5. 174. Admissibility of statements made to investigators.

       6. 175. Information and documents: supplemental provisions.

       7. 176. Entry of premises under warrant.

       8. 176A. Retention of documents taken under section 176

    5. Offences

       1. 177. Offences.

17. Part XII Control Over Authorised Persons

    1. Notices of acquisitions of control over UK authorised persons

       1. 178. Obligation to notify the appropriate regulator : acquisitions of control

       2. 179. Requirements for section 178 notices

       3. 180. Acknowledgment of receipt

    2. Acquiring control and other changes of holding

       1. 181. Acquiring control

       2. 182. Increasing control

       3. 183. Reducing or ceasing to have control

       4. 184. Disregarded holdings

    3. Assessment procedure

       1. 185. Assessment: general

       2. 186. Assessment criteria

       3. 187. Approval with conditions

       4. 187A. Assessment: consultation by PRA with FCA

       5. 187B. Assessment: consultation by FCA with PRA

       6. 187C. Variation etc of conditions

       7. 188. Assessment: consultation with EC competent authorities

       8. 189. Assessment: Procedure

       9. 190. Requests for further information

       10. 191. Duration of approval

    4. Enforcement procedures

       1. 191A. Objection by the appropriate regulator

       2. 191B. Restriction notices

       3. 191C. Orders for sale of shares

    5. Notice of reductions of control of UK authorised persons

       1. 191D. Obligation to notify the appropriate regulator: dispositions of control

       2. 191E. Requirements for notices under section 191D

    6. Offences

       1. 191F. Offences under this Part

    7. Interpretation

       1. 191G. Interpretation

    8. Miscellaneous

       1. 192. Power to change definitions of control etc.

18. PART 12A Powers exercisable in relation to parent undertakings

    1. Introductory

       1. 192A. Meaning of “qualifying authorised person”

       2. 192B. Meaning of “qualifying parent undertaking”

    2. Power of direction

       1. 192C. Power to direct qualifying parent undertaking

       2. 192D. Requirements that may be imposed

       3. 192E. Direction: procedure

       4. 192F. Consultation between regulators

       5. 192G. References to Tribunal

       6. 192H. Statement of policy: directions under section 192C

       7. 192I. Statement of policy relating to directions: procedure

    3. Rules requiring provision of information by parent undertakings

       1. 192J. Rules requiring provision of information by parent undertakings

    4. Failure to comply with direction or breach of rules

       1. 192K. Power to impose penalty or issue censure

       2. 192L. Procedure and right to refer to Tribunal

       3. 192M. Duty on publication of statement

       4. 192N. Imposition of penalties under section 192K: statement of policy

19. Part XIII Incoming Firms: Intervention by FCA or PRA

    1. Interpretation

       1. 193. Interpretation of this Part.

       2. 194. General grounds on which power of intervention is exercisable.

       3. 194A. Contravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive: appropriate regulator primarily responsible for securing compliance

       4. 195. Exercise of power in support of overseas regulator.

       5. 195A. Contravention by relevant EEA firm , EEAUCITS or EEAAIFM of directive requirements: home state regulator primarily responsible for securing compliance

       6. 196. The power of intervention.

    2. Exercise of power of intervention

       1. 197. Procedure on exercise of power of intervention.

       2. 198. Power to apply to court for injunction in respect of certain overseas insurance companies.

       3. 199. Additional procedure for EEA firms in certain cases.

       4. 199A. Management companies: loss of authorisation

    3. Supplemental

       1. 200. Rescission and variation of requirements.

       2. 201. Effect of certain requirements on other persons

       3. 202. Contravention of requirement imposed under this Part.

    4. Powers of Office of Fair Trading

       1. 203. Power to prohibit the carrying on of Consumer Credit Act business.

       2. 204. Power to restrict the carrying on of Consumer Credit Act business.

20. Part XIV Disciplinary Measures

    1. 204A. Meaning of “relevant requirement” and “appropriate regulator”

    2. 205. Public censure.

    3. 206. Financial penalties.

    4. 206A. Suspending permission to carry on regulated activities etc

    5. 207. Proposal to take disciplinary measures.

    6. 208. Decision notice.

    7. 209. Publication.

    8. 210. Statements of policy.

    9. 211. Statements of policy: procedure.

21. Part XV The Financial Services Compensation Scheme

    1. The scheme manager

       1. 212. The scheme manager.

    2. The scheme

       1. 213. The compensation scheme.

    3. Provisions of the scheme

       1. 214. General.

       2. 214A. Contingency funding

       3. 214B. Contribution to costs of special resolution regime

       4. 214C. Limit on amount of special resolution regime payments

       5. 214D. Contributions under section 214B: supplementary

       6. 215. Rights of the scheme in insolvency

       7. 216. Continuity of long-term insurance policies.

       8. 217. Insurers in financial difficulties.

    4. Relationship with the regulators

       1. 217A. Co-operation

    5. Annual plan and report

       1. 217B. Annual plan

       2. 218. Annual report.

       3. 218ZA. Audit of accounts

    6. Information and documents

       1. 218A. Regulators' power to require information

       2. 219. Scheme manager’s power to require information.

       3. 220. Scheme manager’s power to inspect information held by liquidator etc.

       4. 221. Powers of court where information required.

    7. Miscellaneous

       1. 221A. Delegation of functions

       2. 222. Statutory immunity.

       3. 223. Management expenses.

       4. 223A. Investing in National Loans Fund

       5. 223B. Borrowing from National Loans Fund

       6. 223C. Payments in error

       7. 224. Scheme manager’s power to inspect documents held by Official Receiver etc.

       8. 224A. Functions under the Banking Act 2009

22. Part 15A Power to require FSCS manager to act in relation to other schemes

    1. Introduction

       1. 224B. Meaning of “relevant scheme” etc

    2. Power to require FSCS manager to act

       1. 224C. Power to require FSCS manager to act on behalf of manager of relevant scheme

       2. 224D. Cases where FSCS manager may decline to act

       3. 224E. Grounds for declining to act

    3. Rules

       1. 224F. Rules about relevant schemes

23. Part XVI The Ombudsman Scheme

    1. The scheme

       1. 225. The scheme and the scheme operator.

       2. 226. Compulsory jurisdiction.

       3. 226A. Consumer credit jurisdiction

       4. 227. Voluntary jurisdiction.

    2. Determination of complaints

       1. 228. Determination under the compulsory jurisdiction.

       2. 229. Awards.

       3. 230. Costs.

       4. 230A. Reports of determinations

    3. Information

       1. 231. Ombudsman’s power to require information.

       2. 232. Powers of court where information required.

       3. 232A. Scheme operator's duty to provide information to FCA

       4. 233. Data protection.

    4. Funding

       1. 234. Industry funding.

       2. 234A. Funding by consumer credit licensees etc.

    5. Successors to businesses

       1. 234B. Transfers of liability

24. PART 16A Consumer protection and competition

    1. Super-complaints and references to FCA

       1. 234C. Complaints by consumer bodies

       2. 234D. Reference by scheme operator or regulated person

       3. 234E. Response by FCA

       4. 234F. Section 234E: exceptions

       5. 234G. Guidance

    2. Competition

       1. 234H. Power of FCA to make request to Office of Fair Trading

25. Part XVII Collective Investment Schemes

    1. Chapter I Interpretation

       1. 235. Collective investment schemes.

       2. 235A. Contractual schemes

       3. 236. Open-ended investment companies.

       4. 237. Other definitions.

    2. Chapter II Restrictions on Promotion

       1. 238. Restrictions on promotion.

       2. 239. Single property schemes.

       3. 240. Restriction on approval of promotion.

       4. 241. Actions for damages.

    3. Chapter III Authorised Unit Trust Schemes

       1. Applications for authorisation

          1. 242. Applications for authorisation of unit trust schemes.

          2. 243. Authorisation orders.

          3. 244. Determination of applications.

       2. Applications refused

          1. 245. Procedure when refusing an application.

       3. Certificates

          1. 246. Certificates.

       4. Rules

          1. 247. Trust scheme rules.

          2. 248. Scheme particulars rules.

          3. 249. Disciplinary measures

          4. 250. Modification or waiver of rules.

       5. Alterations

          1. 251. Alteration of schemes and changes of manager or trustee.

          2. 252. Procedure when refusing approval of a proposal under section 251.

          3. 252A. Proposal to convert to a non-feeder UCITS

       6. Exclusion clauses

          1. 253. Avoidance of exclusion clauses.

       7. Ending of authorisation

          1. 254. Revocation of authorisation order otherwise than by consent.

          2. 255. Procedure.

          3. 256. Requests for revocation of authorisation order.

       8. Powers of intervention

          1. 257. Directions.

          2. 258. Applications to the court.

          3. 258A. Winding up or merger of master UCITS

          4. 259. Procedure on giving directions under section 257 or 258A and varying them on FCA's own initiative.

          5. 260. Procedure: refusal to revoke or vary direction.

          6. 261. Procedure: revocation of direction and grant of request for variation.

          7. 261A. Information for home state regulator

          8. 261B. Information for feeder UCITS

    4. CHAPTER3A AUTHORISED CONTRACTUAL SCHEMES

       1. Applications for authorisation

          1. 261C. Applications for authorisation of contractual schemes

          2. 261D. Authorisation orders

          3. 261E. Authorisation orders: holding of units

          4. 261F. Determination of applications

       2. Applications refused

          1. 261G. Procedure when refusing an application

       3. Certificates

          1. 261H. Certificates

       4. Rules

          1. 261I. Contractual scheme rules

          2. 261J. Contractual scheme particulars rules

          3. 261K. Disciplinary measures

          4. 261L. Modification or waiver of rules

       5. Co-ownership schemes: rights and liabilities of participants

          1. 261M. Contracts

          2. 261N. Effect of becoming or ceasing to be a participant

          3. 261O. Limited liability

          4. 261P. Segregated liability in relation to umbrella co-ownership schemes

       6. Alterations

          1. 261Q. Alteration of contractual schemes and changes of operator or depositary

          2. 261R. Procedure when refusing approval of a proposal under section 261Q

          3. 261S. Proposal to convert to a non-feeder UCITS

       7. Exclusion clauses

          1. 261T. Avoidance of exclusion clauses

       8. Ending of authorisation

          1. 261U. Revocation of authorisation order otherwise than by consent

          2. 261V. Procedure for revoking authorisation order

          3. 261W. Requests for revocation of authorisation order

       9. Powers of intervention

          1. 261X. Directions

          2. 261Y. Applications to the court

          3. 261Z. Winding up or merger of master UCITS

          4. 261Z1. Procedure on giving directions under section 261X or 261Z and varying them on FCA’s own initiative

          5. 261Z2. Procedure: refusal to revoke or vary direction

          6. 261Z3. Procedure: revocation of direction and grant of request for variation

          7. 261Z4. Information for home state regulator

          8. 261Z5. Information for feeder UCITS

    5. Chapter IV Open-ended Investment Companies

       1. 262. Open-ended investment companies.

       2. 263. Amendment of section 716 Companies Act 1985.

    6. Chapter V Recognised Overseas Schemes

       1. Schemes constituted in other EEA States

          1. 264. Schemes constituted in other EEA States.

          2. 265. Representations and references to the Tribunal.

          3. 266. Disapplication of rules.

          4. 267. Power of FCA to suspend promotion of scheme.

          5. 268. Procedure on giving directions under section 267 and varying them on FCA's own initiative.

          6. 269. Procedure on application for variation or revocation of direction.

       2. ...

          1. 270. Schemes authorised in designated countries or territories.

          2. 271. Procedure.

       3. Individually recognised overseas schemes

          1. 272. Individually recognised overseas schemes.

          2. 273. Matters that may be taken into account.

          3. 274. Applications for recognition of individual schemes.

          4. 275. Determination of applications.

          5. 276. Procedure when refusing an application.

          6. 277. Alteration of schemes and changes of operator, trustee or depositary.

          7. 277A. Regular provision of information relating to compliance with requirements for recognition

       4. ...

          1. 278. Rules as to scheme particulars.

          2. 279. Revocation of recognition.

          3. 280. Procedure.

          4. 281. Directions.

          5. 282. Procedure on giving directions under section 281 and varying them otherwise than as requested.

       5. Facilities and information in UK

          1. 283. Facilities and information in UK.

    7. CHAPTER 5A MASTER-FEEDER STRUCTURES

       1. 283A. Master-feeder structures

       2. 283B. Reports on derivative instruments

    8. Chapter VI Investigations

       1. 284. Power to investigate.

26. Part XVIII Recognised Investment Exchanges and Clearing Houses

    1. Chapter I Exemption

       1. General

          1. 285. Exemption for recognised investment exchanges and clearing houses.

          2. 285A. Powers exercisable in relation to recognised investment exchanges and clearing houses

          3. 286. Qualification for recognition.

       2. Applications for recognition

          1. 287. Application by an investment exchange.

          2. 288. Application by a clearing house.

          3. 289. Applications: supplementary.

          4. 290. Recognition orders.

          5. 290ZA. Variation of central counterparty recognition order

          6. 290A. Refusal of recognition on ground of excessive regulatory provision

          7. 291. Liability in relation to recognised body’s regulatory functions.

          8. 292. Overseas investment exchanges and overseas clearing houses.

       3. Publication of information by recognised investment exchange

          1. 292A. Publication of information by recognised investment exchange

       4. Supervision

          1. 293. Notification requirements.

          2. 293A. Information: compliance with EU requirements

          3. 294. Modification or waiver of rules.

          4. 295. Notification: overseas investment exchanges and overseas clearing houses.

          5. 296. Appropriate regulator's power to give directions.

          6. 296A. Additional power to direct recognised central counterparties

          7. 297. Revoking recognition.

          8. 298. Directions and revocation: procedure.

          9. 299. Complaints about recognised bodies.

          10. 300. Extension of functions of Tribunal.

       5. Power to disallow excessive regulatory provision

          1. 300A. Power of appropriate regulator to disallow excessive regulatory provision

          2. 300B. Duty to notify proposal to make regulatory provision

          3. 300C. Restriction on making provision before appropriate regulator decides whether to act

          4. 300D. Consideration by appropriate regulator whether to disallow proposed provision

          5. 300E. Power to disallow excessive regulatory provision: supplementary

       6. Other matters

          1. 301. Supervision of certain contracts.

    2. CHAPTER 1A CONTROL OVER RECOGNISED INVESTMENT EXCHANGE

       1. Notices of acquisitions of control over recognised investment exchanges

          1. 301A. Obligation to notify the FCA: acquisitions of control

          2. 301B. Requirements for section 301A notices

          3. 301C. Acknowledgment of receipt

       2. Acquiring and increasing control

          1. 301D. Acquiring and increasing control

          2. 301E. Disregarded holdings

       3. Assessment procedure

          1. 301F. Assessment: general

          2. 301G. Assessment: Procedure

          3. 301H. Duration of approval

       4. Enforcement procedures

          1. 301I. Objections by the FCA

          2. 301J. Restriction notices

          3. 301K. Orders for sale of shares

       5. Offences

          1. 301L. Offences under this Chapter

       6. Interpretation

          1. 301M. Interpretation

    3. Chapter II Competition Scrutiny

       1. 302. Interpretation.

       2. Role of Office of Fair Trading

          1. 303. Initial report by OFT.

          2. 304. Further reports by OFT.

          3. 305. Investigations by OFT.

       3. Role of Competition Commission

          1. 306. Consideration by Competition Commission.

       4. Role of the Treasury

          1. 307. Recognition orders: role of the Treasury.

          2. 308. Directions by the Treasury.

          3. 309. Statements by the Treasury.

          4. 310. Procedure on exercise of certain powers by the Treasury.

    4. Chapter III Exclusion from the Competition Act 1998

       1. 311. The Chapter I prohibition.

       2. 312. The Chapter II prohibition.

    5. CHAPTER 3A PASSPORT RIGHTS

       1. EEA market operators in United Kingdom

          1. 312A. Exercise of passport rights by EEA market operator

          2. 312B. Removal of passport rights from EEA market operator

       2. Recognised investment exchanges operating in EEA States (other than the United Kingdom)

          1. 312C. Exercise of passport rights by recognised investment exchange

       3. Interpretation

          1. 312D. Interpretation of Chapter 3A

    6. CHAPTER 3B Disciplinary measures

       1. 312E. Public censure

       2. 312F. Financial penalties

       3. 312G. Proposal to take disciplinary measures

       4. 312H. Decision notice

       5. 312I. Publication

       6. 312J. Statement of policy

       7. 312K. Statement of policy: procedure

    7. Chapter IV

       1. Interpretation

          1. 313. Interpretation of Part XVIII.

27. Part 18A SUSPENSION AND REMOVAL OF FINANCIAL INSTRUMENTS FROM TRADING

    1. 313A. FCA's power to require suspension or removal of financial instruments from trading

    2. 313B. Suspension or removal of financial instruments from trading: procedure

    3. 313BA. Procedure following consideration of representations

    4. 313BB. Revocation of requirements: applications by institutions

    5. 313BC. Decisions on applications for revocation by institutions

    6. 313BD. Revocation of requirements: applications by issuers

    7. 313BE. Decisions on applications for revocation by issuers

    8. 313C. Notification in relation to suspension or removal of a financial instrument from trading

    9. 313D. Interpretation of Part 18A

28. Part XIX Lloyd’s

    1. General

       1. 314. Regulators' general duty.

       2. 314A. The PRA's objectives in relation to Lloyd's etc

    2. The Society

       1. 315. The Society: regulated activities

    3. Power to apply Act to Lloyd’s underwriting

       1. 316. Direction by a regulator

       2. 317. The core provisions.

       3. 318. Exercise of powers through Council.

       4. 319. Consultation.

    4. Former underwriting members

       1. 320. Former underwriting members.

       2. 321. Requirements imposed under section 320.

       3. 322. Rules applicable to former underwriting members.

    5. Transfers of business done at Lloyd’s

       1. 323. Transfer schemes.

    6. Supplemental

       1. 324. Interpretation of this Part.

29. Part XX Provision of Financial Services by Members of the Professions

    1. 325. FCA's general duty.

    2. 326. Designation of professional bodies.

    3. 327. Exemption from the general prohibition.

    4. 328. Directions in relation to the general prohibition.

    5. 329. Orders in relation to the general prohibition.

    6. 330. Consultation.

    7. 331. Procedure on making or varying orders under section 329.

    8. 332. Rules in relation to persons to whom the general prohibition does not apply.

    9. 333. False claims to be a person to whom the general prohibition does not apply.

30. Part XXI Mutual Societies

    1. Friendly societies

       1. 334. The Friendly Societies Commission.

       2. 335. The Registry of Friendly Societies.

    2. Building societies

       1. 336. The Building Societies Commission.

       2. 337. The Building Societies Investor Protection Board.

    3. Industrial and provident societies and credit unions

       1. 338. Industrial and provident societies and credit unions.

    4. Supplemental

       1. 339. Supplemental provisions.

31. Part XXII Auditors and Actuaries

    1. General duties of PRA

       1. 339A. General duties of PRA in relation to auditors

    2. Appointment

       1. 340. Appointment.

    3. Information

       1. 341. Access to books etc.

       2. 342. Information given by auditor or actuary to a regulator.

       3. 343. Information given by auditor or actuary to a regulator: persons with close links.

       4. 344. Duty of auditor or actuary resigning etc. to give notice.

    4. Disciplinary measures

       1. 345. Disciplinary measures: FCA

       2. 345A. Disciplinary measures: PRA

       3. 345B. Procedure and right to refer to Tribunal

       4. 345C. Duty on publication of statement

       5. 345D. Imposition of penalties on auditors or actuaries: statement of policy

       6. 345E. Statements of policy: procedure

    5. Offence

       1. 346. Provision of false or misleading information to auditor or actuary.

32. Part XXIII Public Record, Disclosure of Information and Co-operation

    1. The public record

       1. 347. The record of authorised persons etc.

       2. 347A. Duty of PRA to disclose information relevant to the record

    2. Disclosure of information

       1. 348. Restrictions on disclosure of confidential information by FCA, PRA etc.

       2. 349. Exceptions from section 348.

       3. 350. Disclosure of information by the Inland Revenue.

       4. 351. Competition information.

       5. 351A. Disclosure under the UCITS directive

       6. 352. Offences.

       7. 353. Removal of other restrictions on disclosure.

    3. Information received from Bank of England

       1. 353A. Information received from Bank of England

    4. Co-operation

       1. 354. Authority’s duty to co-operate with others.

       2. 354A. FCA's duty to co-operate with others

       3. 354B. PRA's duty to co-operate with others

       4. 354C. PRA's duty to provide information to Bank of England

33. Part XXIV Insolvency

    1. Interpretation

       1. 355. Interpretation of this Part.

    2. Voluntary arrangements

       1. 356. Powers of FCA and PRA to participate in proceedings: company voluntary arrangements.

       2. 357. Powers of FCA and PRA to participate in proceedings: individual voluntary arrangements.

       3. 358. Powers of FCA and PRA to participate in proceedings: trust deeds for creditors in Scotland.

    3. Administration orders

       1. 359. Administration order

       2. 360. Insurers.

       3. 361. Administrator’s duty to report to FCA and PRA

       4. 362. Powers of FCA and PRA to participate in proceedings.

       5. 362A. Administrator appointed by company or directors

    4. Receivership

       1. 363. Powers of FCA and PRA to participate in proceedings.

       2. 364. Receiver’s duty to report to FCA and PRA

    5. Voluntary winding up

       1. 365. Powers of FCA and PRA to participate in proceedings.

       2. 366. Insurers effecting or carrying out long-term contracts or insurance.

    6. Winding up by the court

       1. 367. Winding-up petitions.

       2. 368. Winding-up petitions: EEA and Treaty firms.

       3. 369. Insurers: service of petition etc. on FCA and PRA.

       4. 369A. Reclaim funds: service of petition etc on FCA and PRA

       5. 370. Liquidator's duty to report to FCA and PRA

       6. 371. Powers of FCA and PRA to participate in proceedings.

    7. Bankruptcy

       1. 372. Petitions.

       2. 373. Insolvency practitioner’s duty to report to FCA and PRA.

       3. 374. Powers of FCA or PRA to participate in proceedings.

    8. Provisions against debt avoidance

       1. 375. Right of FCA and PRA to apply for an order.

    9. Supplemental provisions concerning insurers

       1. 376. Continuation of contracts of long-term insurance where insurer in liquidation.

       2. 377. Reducing the value of contracts instead of winding up.

       3. 378. Treatment of assets on winding up.

       4. 379. Winding-up rules.

34. Part XXV Injunctions and Restitution

    1. Injunctions

       1. 380. Injunctions.

       2. 381. Injunctions in cases of market abuse.

    2. Restitution orders

       1. 382. Restitution orders.

       2. 383. Restitution orders in cases of market abuse.

    3. Restitution required by FCA or PRA

       1. 384. Power of FCA or PRA to require restitution.

       2. 385. Warning notices.

       3. 386. Decision notices.

35. Part XXVI Notices

    1. Warning notices

       1. 387. Warning notices.

    2. Decision notices

       1. 388. Decision notices.

    3. Conclusion of proceedings

       1. 389. Notices of discontinuance.

       2. 390. Final notices.

    4. Publication

       1. 391. Publication.

    5. Third party rights and access to evidence

       1. 392. Application of sections 393 and 394.

       2. 393. Third party rights.

       3. 394. Access to FCA or PRA material.

    6. The FCA's and PRA's procedures

       1. 395. The FCA's and PRA's procedures.

       2. 396. Statements under section 395: consultation.

36. Part XXVII Offences

    1. Miscellaneous offences

       1. 397. Misleading statements and practices.

       2. 398. Misleading FCA or PRA: residual cases.

       3. 399. Misleading the OFT.

    2. Bodies corporate and partnerships

       1. 400. Offences by bodies corporate etc.

    3. Institution of proceedings

       1. 401. Proceedings for offences.

       2. 402. Power of FCA to institute proceedings for certain other offences.

       3. 403. Jurisdiction and procedure in respect of offences.

37. Part XXVIII Miscellaneous

    1. Consumer redress schemes

       1. 404. Consumer redress schemes

       2. 404A. Rules under s.404: supplementary

       3. 404B. Complaints to the ombudsman scheme

       4. 404C. Enforcement

       5. 404D. Applications to Tribunal to quash rules or provision of rules

       6. 404E. Meaning of “consumers”

       7. 404F. Other definitions etc

       8. 404G. Power to widen the scope of consumer redress schemes

    2. Third countries

       1. 405. Directions.

       2. 406. Interpretation of section 405.

       3. 407. Consequences of a direction under section 405.

       4. 408. EFTA firms.

       5. 409. Gibraltar.

    3. International obligations

       1. 410. International obligations.

    4. Tax treatment of levies and repayments

       1. 411. Tax treatment of levies and repayments.

    5. Gaming contracts

       1. 412. Gaming contracts.

    6. Trade-matching and reporting systems

       1. 412A. Approval and monitoring of trade-matching and reporting systems

       2. 412B. Procedure for approval and suspension or withdrawal of approval

    7. Limitation on powers to require documents

       1. 413. Protected items.

    8. Service of notices

       1. 414. Service of notices.

    9. Jurisdiction

       1. 415. Jurisdiction in civil proceedings.

    10. Powers under the Act

        1. 415A. Powers under the Act

    11. Consultation

        1. 415B. Consultation in relation to taking certain enforcement action

    12. Removal of certain unnecessary provisions

        1. 416. Provisions relating to industrial assurance and certain other enactments.

38. Part XXIX Interpretation

    1. 417. Definitions.

    2. 418. Carrying on regulated activities in the United Kingdom.

    3. 419. Carrying on regulated activities by way of business.

    4. 420. Parent and subsidiary undertaking.

    5. 421. Group.

    6. 421ZA. Immediate group

    7. 421A. Meaning of “participating interest”

    8. 422. Controller.

    9. 422A. Disregarded holdings

    10. 423. Manager.

    11. 424. Insurance.

    12. 424A. Investment firm

    13. 425. Expressions relating to authorisation elsewhere in the single market.

    14. 425A. Consumers: regulated activities etc carried on by authorised persons

    15. 425B. Consumers: regulated activities carried on by others

    16. 425C. Qualifying EU provision

39. Part XXX Supplemental

    1. 426. Consequential and supplementary provision.

    2. 427. Transitional provisions.

    3. 428. Regulations and orders.

    4. 429. Parliamentary control of statutory instruments.

    5. 430. Extent.

    6. 431. Commencement.

    7. 432. Minor and consequential amendments, transitional provisions and repeals.

    8. 433. Short title.

40. SCHEDULES

    1. SCHEDULE 1

       The Financial Services Authority

       1. Part I General

          1. Interpretation

             1. 1. The Financial Services Authority

          2. Constitution

             1. 2. (1) The constitution of the Authority must continue to provide...

          3. Non-executive members of the governing body

             1. 3. (1) The Authority must secure— (a) that the majority of...

          4. Functions of the non-executive committee

             1. 4. (1) In this paragraph “the committee” means the non-executive committee....

          5. Arrangements for discharging functions

             1. 5. (1) The Authority may make arrangements for any of its...

          6. Monitoring and enforcement

             1. 6. (1) The Authority must maintain arrangements designed to enable it...

          7. Arrangements for the investigation of complaints

             1. 7. (1) The Authority must— (a) make arrangements (“the complaints scheme”)...

          8. Investigation of complaints

             1. 8. (1) The Authority is not obliged to investigate a complaint...

          9. Records

             1. 9. The Authority must maintain satisfactory arrangements for—

          10. Annual report

              1. 10. (1) At least once a year the Authority must make...

          11. Annual public meeting

              1. 11. (1) Not later than three months after making a report...

          12. Report of annual meeting

              1. 12. Not later than one month after its annual meeting, the...

       2. Part II Status

          1. 13. In relation to any of its functions—

          2. Exemption from requirement of “limited” in Authority’s name

             1. 14. The Authority is to continue to be exempt from the...

             2. 15. If the Secretary of State is satisfied that any action...

       3. Part III Penalties and Fees

          1. Penalties

             1. 16. (1) In determining its policy with respect to the amounts...

          2. Fees

             1. 17. (1) The Authority may make rules providing for the payment...

          3. Services for which fees may not be charged

             1. 18. The power conferred by paragraph 17 may not be used...

       4. Part IV Miscellaneous

          1. Exemption from liability in damages

             1. 19. (1) Neither the Authority nor any person who is, or...

             2. 19A. For the purposes of this Act anything done by an...

          2. Amounts required by rules to be paid to the Authority

             1. 19B. Any amount (other than a fee) which is required by...

          3. Disqualification for membership of House of Commons

             1. 20. In Part III of Schedule 1 to the House of...

          4. Disqualification for membership of Northern Ireland Assembly

             1. 21. In Part III of Schedule 1 to the Northern Ireland...

    2. SCHEDULE 1ZA

       The Financial Conduct Authority

       1. PART 1 General

          1. Interpretation

             1. 1. In this Schedule— “ the Bank ” means the Bank...

          2. Constitution

             1. 2. (1) The constitution of the FCA must provide for the...

             2. 3. (1) The terms of service of the appointed members are...

             3. 4. (1) The Treasury may remove an appointed member from office—...

             4. 5. The validity of any act of the FCA is not...

             5. 6. The Bank's Deputy Governor for prudential regulation must not take...

          3. Remuneration

             1. 7. The FCA must pay to the appointed members such remuneration...

          4. Arrangements for discharging functions

             1. 8. (1) The FCA may make arrangements for any of its...

          5. Records

             1. 9. The FCA must maintain satisfactory arrangements for—

          6. Publication of record of meetings of governing body

             1. 10. (1) The FCA must publish a record of each meeting...

          7. Annual report

             1. 11. (1) At least once a year the FCA must make...

          8. Annual public meeting

             1. 12. (1) Not later than 3 months after making a report...

          9. Report of annual meeting

             1. 13. Not later than one month after its annual meeting, the...

          10. Accounts and audit

              1. 14. (1) The Treasury may— (a) require the FCA to comply...

              2. 15. (1) The FCA must send a copy of its annual...

       2. PART 2 Status

          1. Status

             1. 16. In relation to any of its functions—

          2. Exemption from requirement for use of “limited” in name of FCA

             1. 17. The FCA is to continue to be exempt from the...

             2. 18. If the Secretary of State is satisfied that any action...

       3. PART 3 Penalties and fees

          1. Penalties

             1. 19. In determining its policy with respect to the amounts of...

             2. 20. (1) The FCA must in respect of each of its...

             3. 21. (1) The FCA must prepare and operate a scheme (“...

             4. 22. (1) The scheme details must be published by the FCA...

          2. Fees

             1. 23. (1) The FCA may make rules providing for the payment...

          3. Services for which fees may not be charged

             1. 24. The power conferred by paragraph 23 may not be used...

       4. PART 4 Miscellaneous

          1. Exemption from liability in damages

             1. 25. (1) None of the following is to be liable in...

          2. Accredited financial investigators

             1. 26. For the purposes of this Act anything done by an...

          3. Amounts required by rules to be paid to the FCA

             1. 27. Any amount (other than a fee) which is required by...

    3. SCHEDULE 1ZB

       The Prudential Regulation Authority

       1. PART 1 General

          1. Interpretation

             1. 1. In this Schedule— “ the Bank ” means the Bank...

          2. Constitution

             1. 2. The constitution of the PRA must provide—

             2. 3. The governing body must consist of —

             3. 4. The validity of any act of the PRA is not...

             4. 5. The chief executive of the FCA must not take part...

          3. Appointed members of governing body

             1. 6. The appointed members must be appointed by the court of...

             2. 7. Paragraphs 8 to 12 apply to the exercise by the...

             3. 8. The court of directors must secure that the majority of...

             4. 9. For the purposes of paragraph 8, and for the purposes...

             5. 10. The court of directors must have regard to generally accepted...

             6. 11. (1) Before appointing a person as an appointed member, the...

             7. 12. An employee of the FCA is disqualified for appointment as...

             8. 13. The PRA must pay to the Bank the amount of...

             9. 14. The court of directors of the Bank may, with the...

          4. Terms of service

             1. 15. (1) The terms of service of the members of the...

          5. Arrangements for discharging functions

             1. 16. (1) The PRA may make arrangements for any of its...

          6. Records

             1. 17. The PRA must maintain satisfactory arrangements for—

          7. Budget

             1. 18. (1) The PRA must, for each of its financial years,...

          8. Annual report

             1. 19. (1) At least once a year the PRA must make...

          9. Consultation about annual report

             1. 20. (1) In relation to each report made under paragraph 19,...

          10. Report on consultation

              1. 21. (1) The PRA must publish a report about its consultation...

          11. Accounts and audit

              1. 22. (1) The Treasury may— (a) require the PRA to comply...

              2. 23. (1) The PRA must send a copy of its annual...

       2. PART 2 Status

          1. Status

             1. 24. In relation to any of its functions—

          2. Exemption from requirement for use of “limited” in name of PRA

             1. 25. The PRA is to be exempt from the requirements of...

             2. 26. If the Secretary of State is satisfied that any action...

       3. PART 3 Penalties and fees

          1. Penalties

             1. 27. In determining its policy with respect to the amounts of...

             2. 28. (1) The PRA must in respect of each of its...

             3. 29. (1) The PRA must prepare and operate a scheme (“...

             4. 30. (1) The scheme details must be published by the PRA...

          2. Fees

             1. 31. (1) The PRA may make rules providing for the payment...

          3. Services for which fees may not be charged

             1. 32. The power conferred by paragraph 31 may not be used...

       4. PART 4 Miscellaneous

          1. Exemption from liability in damages

             1. 33. (1) None of the following is to be liable in...

          2. Accredited financial investigators

             1. 34. For the purposes of this Act anything done by an...

          3. Amounts required by rules to be paid to the PRA

             1. 35. Any amount (other than a fee) which is required by...

    4. SCHEDULE 1A

       Further provision about the consumer financial education body

       1. Part 1 General

          1. Ensuring exercise of consumer financial education function etc

             1. 1. (1) The FCA must take such steps as are necessary...

          2. Constitution

             1. 2. (1) The constitution of the consumer financial education body must...

          3. Status

             1. 3. (1) The consumer financial education body is not to be...

          4. Discharge of function by others

             1. 4. (1) The consumer financial education body may discharge the consumer...

             2. 5. (1) This paragraph applies if the consumer financial education body...

          5. Discharge of functions: considerations

             1. 6. In discharging the consumer financial education function the consumer financial...

          6. Relationship with the FCA

             1. 6A. (1) The consumer financial education body and the FCA must...

             2. 6B. If the consumer financial education body considers that it has...

          7. Budget

             1. 7. (1) The consumer financial education body must adopt an annual...

          8. Annual plan

             1. 8. (1) The consumer financial education body must in respect of...

          9. Annual reports

             1. 9. (1) At least once a year, the consumer financial education...

          10. Audit of accounts

              1. 9A. (1) The consumer financial education body must send a copy...

          11. Exemption from consumer credit rules

              1. 10. (1) A licence is not required under Part 3 of...

       2. Part 2 Funding

          1. Meaning of “the relevant costs”

             1. 11. (1) In this Part of this Schedule “ the relevant...

          2. Funding of the relevant costs by authorised persons , payment service providers or electronic money issuers

             1. 12. (1) For the purpose of meeting a proportion of the...

          3. Funding of the relevant costs by consumer credit licensees etc

             1. 13. (1) For the purpose of meeting a proportion of the...

          4. Funding by grants or loans etc made by Treasury or Secretary of State

             1. 14. (1) The Treasury or the Secretary of State may—

       3. Part 3 Reviews

          1. Reviews of economy etc of the consumer financial education body

             1. 15. (1) The FCA may appoint an independent person to conduct...

          2. Right to obtain documents and information

             1. 16. (1) A person conducting a review under paragraph 15—

    5. SCHEDULE 2

       Regulated Activities

       1. Part I Regulated activities: general

          1. General

             1. 1. The matters with respect to which provision may be made...

          2. Dealing in investments

             1. 2. (1) Buying, selling, subscribing for or underwriting investments or offering...

          3. Arranging deals in investments

             1. 3. Making, or offering or agreeing to make—

          4. Deposit taking

             1. 4. Accepting deposits.

          5. Safekeeping and administration of assets

             1. 5. (1) Safeguarding and administering assets belonging to another which consist...

          6. Managing investments

             1. 6. Managing, or offering or agreeing to manage, assets belonging to...

          7. Investment advice

             1. 7. Giving or offering or agreeing to give advice to persons...

          8. Establishing collective investment schemes

             1. 8. Establishing, operating or winding up a collective investment scheme, including...

          9. Using computer-based systems for giving investment instructions

             1. 9. (1) Sending on behalf of another person instructions relating to...

       2. Part 1A Regulated activities: reclaim funds

          1. 9A. Activities of reclaim funds

       3. Part II Investments

          1. General

             1. 10. The matters with respect to which provision may be made...

          2. Securities

             1. 11. (1) Shares or stock in the share capital of a...

          3. Instruments creating or acknowledging indebtedness

             1. 12. Any of the following— (a) debentures; (b) debenture stock;

          4. Government and public securities

             1. 13. (1) Loan stock, bonds and other instruments—

          5. Instruments giving entitlement to investments

             1. 14. (1) Warrants or other instruments entitling the holder to subscribe...

          6. Certificates representing securities

             1. 15. Certificates or other instruments which confer contractual or property rights—...

          7. Units in collective investment schemes

             1. 16. (1) Shares in or securities of an open-ended investment company....

          8. Options

             1. 17. Options to acquire or dispose of property.

          9. Futures

             1. 18. Rights under a contract for the sale of a commodity...

          10. Contracts for differences

              1. 19. Rights under— (a) a contract for differences; or

          11. Contracts of insurance

              1. 20. Rights under a contract of insurance, including rights under contracts...

          12. Participation in Lloyd’s syndicates

              1. 21. (1) The underwriting capacity of a Lloyd’s syndicate.

          13. Deposits

              1. 22. Rights under any contract under which a sum of money...

          14. Loans and other forms of credit

              1. 23. (1) Rights under any contract under which one person provides...

          15. Other finance arrangements involving land

              1. 23A. (1) Rights under any arrangement for the provision of finance...

          16. Contracts for hire of goods

              1. 23B. (1) Rights under a contract for the bailment or (in...

          17. Rights in investments

              1. 24. Any right or interest in anything which is an investment...

       4. PART 2A Regulated activities relating to information about persons' financial standing

          1. 24A. General

          2. 24B. Providing credit reference services

          3. 24C. Providing credit information services

          4. 24D. Giving advice to a person other than a body corporate...

       5. PART 2B Regulated activities relating to the setting of benchmarks

          1. 24E. General

          2. 24F. Providing information

          3. 24G. Administration

          4. 24H. Determining or publishing benchmark or publishing connected information

       6. Part III Supplemental Provisions

          1. The order-making power

             1. 25. (1) An order under section 22(1) or (1A) may—

          2. Parliamentary control

             1. 26. (1) This paragraph applies to any order made under section...

          3. Interpretation

             1. 27. (1) In this Schedule— “buying” includes acquiring for valuable consideration;...

    6. SCHEDULE 3

       EEA Passport Rights

       1. Part I Defined terms

          1. The single market directives

             1. 1. “The single market directives” means— (a) the banking consolidation directive;...

          2. The banking co-ordination directives

             1. 2. ”The banking consolidation directive” means Directive 2006/48/ EC of the...

          3. The insurance directives

             1. 3. (1) “The insurance directives” means the first, second and third...

          4. The reinsurance directive

             1. 3A. “ The reinsurance directive ” means Directive 2005/68/ EC of...

          5. The investment services directive

             1. 4. . . . . . . . . . ....

          6. The insurance mediation directive

             1. 4A. “ The insurance mediation directive ” means the European Parliament...

          7. The UCITS directive

             1. 4B. “ The UCITS directive ” means the Directive of the...

          8. The markets in financial instruments directive

             1. 4C. ”The markets in financial instruments directive” means Directive 2004/39/ EC...

             2. 4D. The emission allowance auctioning regulation

          9. The alternative investment fund managers directive

             1. 4E. “The alternative investment fund managers directive” means Directive 2011/61/ EU...

          10. EEA firm

              1. 5. “EEA firm” means any of the following if it does...

              2. 5A. In paragraph 5, “ relevant office ” means—

          11. EEA authorisation

              1. 6. “ EEA authorisation ” means— (a) in relation to an...

          12. EEA right

              1. 7. “EEA right” means the entitlement of a person to establish...

              2. 7A. In paragraph 7, “ relevant office ” means—

          13. EEA State

              1. 8. “ EEA State ” has the meaning given by Schedule...

          14. Home state regulator

              1. 9. “Home state regulator” means the competent authority (within the meaning...

          15. UK firm

              1. 10. “UK firm” means a person whose relevant office is in...

              2. 10A. In paragraph 10, “ relevant office ” means—

          16. UK investment firm

              1. 10B. ” UK investment firm” means a UK firm—

          17. Host state regulator

              1. 11. “Host state regulator” means the competent authority (within the meaning...

          18. Tied agent

              1. 11A. ”Tied agent” has the meaning given in Article 4.1.25 of...

          19. Management company

              1. 11B. “ Management company ” has the meaning given in Article...

          20. UCITS

              1. 11C. “ UCITS ” has the meaning given in Article 1.2...

          21. EEAAIFM

              1. 11D. “ EEA AIFM ” means an EEA firm falling within...

       2. Part II Exercise of Passport Rights by EEA Firms

          1. Firms qualifying for authorisation

             1. 12. (1) Once an EEA firm which is seeking to establish...

          2. Establishment

             1. 13. (1) If the firm falls within paragraph 5(a), (b), (c),...

          3. Services

             1. 14. (1) The service conditions are that— (a) the firm has...

          4. Grant of permission

             1. 15. (1) On qualifying for authorisation as a result of paragraph...

             2. 15ZA. Grant of permission: bidding for emission allowances

          5. Power to restrict permission of management companies

             1. 15A. Application for approval to manage UCITS

             2. 15B. Representations and references to the Tribunal

             3. 15C. Information to home state regulator

          6. Effect of carrying on regulated activity when not qualified for authorisation

             1. 16. (1) This paragraph applies to an EEA firm which is...

          7. Continuing regulation of EEA firms

             1. 17. Regulations may— (za) require the FCA and the PRA to...

          8. Giving up right to authorisation

             1. 18. Regulations may provide that in prescribed circumstances an EEA firm...

       3. Part III Exercise of Passport Rights by UK Firms

          1. Meaning of “the appropriate UK regulator”

             1. 18A. In this Part of this Schedule “ the appropriate UK...

          2. Establishment

             1. 19. (1) Subject to sub-paragraphs (5ZA) , (5ZB) , (5A) and...

          3. Services

             1. 20. (1) Subject to sub-paragraphs (4D) to (4F), a UK firm...

             2. 20ZA. Information for host state regulator

          4. Tied agents

             1. 20A. (1) If a UK investment firm is seeking to use...

             2. 20B. Notice of intention to market a UCITS

          5. Notice of intention to market an AIF

             1. 20C. (1) A full-scope UK AIFM may not exercise in the...

          6. Offence relating to exercise of passport rights

             1. 21. (1) If a UK firm which is not an authorised...

          7. Continuing regulation of UK firms

             1. 22. (1) Regulations may make such provision as the Treasury consider...

             2. 23. (1) Sub-paragraphs (2) and (2A) apply if a UK firm—...

             3. 24. (1) Sub-paragraph (2) applies if a UK firm—

          8. Arrangements between FCA and PRA

             1. 24A. (1) The regulators may make arrangements about—

          9. Information to be included in the public record

             1. 25. The FCA must include in the record that it maintains...

             2. 26. UK management companies: delegation of functions

             3. 27. UK management companies: withdrawal of authorisation

             4. 28. Management companies: request for information

          10. Full-scope UKAIFMs: notification of breach by host state regulator

              1. 29. If a host state regulator informs the FCA in accordance...

    7. SCHEDULE 4

       Treaty Rights

       1. Definitions

          1. 1. (1) In this Schedule— . . . . . ....

       2. Firms qualifying for authorisation

          1. 2. Once a Treaty firm which is seeking to carry on...

       3. Exercise of Treaty rights

          1. 3. (1) The conditions are that— (a) the firm has received...

       4. Notification between UK regulators

          1. 3A. Regulations may require the PRA and the FCA to notify...

       5. Permission

          1. 4. (1) On qualifying for authorisation under this Schedule, a Treaty...

       6. Notice to UK regulator

          1. 5. (1) Sub-paragraph (2) applies to a Treaty firm which—

       7. Offences

          1. 6. (1) A person who contravenes paragraph 5(2) is guilty of...

    8. SCHEDULE 5

       Persons Concerned in Collective Investment Schemes

       1. Authorisation

          1. 1. (1) A person who for the time being is an...

       2. Permission

          1. 2. (1) A person authorised as a result of paragraph 1(1)...

    9. SCHEDULE 6

       Threshold Conditions

       1. PART 1 Introduction

          1. 1A. (1) In this Schedule— “assets” includes contingent assets; “consolidated supervision”...

       2. PART 1B Part 4A permission: authorised persons who are not PRA-authorised persons

          1. 2A. Introduction

          2. 2B. Location of offices

          3. 2C. Effective supervision

          4. 2D. Appropriate resources

          5. 2E. Suitability

          6. 2F. Business model

       3. PART 1C Part 4A permission: conditions for which FCA is responsible in relation to PRA-authorised persons

          1. 3A. Introduction

          2. 3B. Effective supervision

          3. 3C. Appropriate non-financial resources

          4. 3D. Suitability

          5. 3E. Business model

       4. PART 1D Part 4A permission: conditions for which the PRA is responsible in relation to insurers etc.

          1. 4A. Introduction

          2. 4B. Legal status

          3. 4C. Location of offices

          4. 4D. Business to be conducted in a prudent manner

          5. 4E. Suitability

          6. 4F. Effective supervision

       5. PART 1E Part 4A permission: conditions for which the PRA is responsible in relation to other PRA-authorised persons

          1. 5A. Introduction

          2. 5B. Legal status

          3. 5C. Location of offices

          4. 5D. Business to be conducted in a prudent manner

          5. 5E. Suitability

          6. 5F. Effective supervision

       6. PART 1F Authorisation under Schedule 3

          1. 6A. (1) In relation to an EEA firm qualifying for authorisation...

       7. PART 1G Authorisation under Schedule 4

          1. 7A. (1) In relation to a person who qualifies for authorisation...

       8. Part II Authorisation

          1. Authorisation under Schedule 3

             1. .... Authorisation

       9. Part III Additional Conditions

          1. 8. (1) If this paragraph applies to the person concerned, he...

          2. 9. The Treasury may by order— (a) vary or remove any...

    10. SCHEDULE 7

        1. The Authority as Competent Authority for Part VI

           1. General

              1. 1. . . . . . . . . . ....

           2. The Authority’s general functions

              1. 2. . . . . . . . . . ....

           3. Duty to consult

              1. 3. . . . . . . . . . ....

           4. Rules

              1. 4. . . . . . . . . . ....

           5. Statements of policy

              1. 5. . . . . . . . . . ....

           6. Penalties

              1. 6. . . . . . . . . . ....

           7. Fees

              1. 7. . . . . . . . . . ....

           8. Exemption from liability in damages

              1. 8. . . . . . . . . . ....

    11. SCHEDULE 8

        1. Transfer of functions under Part VI

           1. The power to transfer

              1. 1. . . . . . . . . . ....

           2. Supplemental

              1. 2. . . . . . . . . . ....

              2. 3. . . . . . . . . . ....

    12. SCHEDULE 9

        1. General application of Part VI

           1. 1. The provisions of Part VI apply in relation to a...

        2. References to listing particulars

           1. 2. (1) Any reference to listing particulars is to be read...

        3. General duty of disclosure

           1. 3. (1) In section 80(1), for “section 79” substitute “ section...

        4. Supplementary prospectuses

           1. 4. In section 81(1), for “section 79 and before the commencement...

        5. Exemption from liability for compensation

           1. 5. (1) In paragraphs 1(3) and 2(3) of Schedule 10, for...

        6. Advertisements

           1. 6. In section 98(1), for “If listing particulars are, or are...

        7. Fees

           1. 7. Listing rules made under section 99 may require the payment...

    13. SCHEDULE 10

        Compensation: Exemptions

        1. Statements believed to be true

           1. 1. (1) In this paragraph “statement” means— (a) any untrue or...

        2. Statements by experts

           1. 2. (1) In this paragraph “statement” means a statement included in...

        3. Corrections of statements

           1. 3. (1) In this paragraph “statement” has the same meaning as...

        4. Corrections of statements by experts

           1. 4. (1) In this paragraph “statement” has the same meaning as...

        5. Official statements

           1. 5. A person does not incur any liability under section 90(1)...

        6. False or misleading information known about

           1. 6. A person does not incur any liability under section 90(1)...

        7. Belief that supplementary listing particulars not called for

           1. 7. A person does not incur any liability under section 90(4)...

        8. Meaning of “expert”

           1. 8. “Expert” includes any engineer, valuer, accountant or other person whose...

    14. SCHEDULE 10A

        LIABILITY OF ISSUERS IN CONNECTION WITH PUBLISHED INFORMATION

        1. PART 1 SCOPE OF THIS SCHEDULE

           1. 1. Securities to which this Schedule applies

           2. 2. Published information to which this Schedule applies

        2. PART 2 LIABILITY IN CONNECTION WITH PUBLISHED INFORMATION

           1. 3. Liability of issuer for misleading statement or dishonest omission

           2. 4. An issuer of securities to which this Schedule applies is...

           3. 5. Liability of issuer for dishonest delay in publishing information

           4. 6. Meaning of dishonesty

           5. 7. Exclusion of certain other liabilities

        3. PART 3 SUPPLEMENTARY PROVISIONS

           1. 8. Interpretation

    15. SCHEDULE 11

        1. The general rule

           1. 1. (1) A person offers securities to the public in the...

        2. Exempt offers

           1. 2. (1) For the purposes of this Schedule, an offer of...

        3. Offers for business purposes

           1. 3. The securities are offered to persons— (a) whose ordinary activities...

        4. Offers to limited numbers

           1. 4. (1) The securities are offered to no more than fifty...

        5. Clubs and associations

           1. 5. The securities are offered to the members of a club...

        6. Restricted circles

           1. 6. (1) The securities are offered to a restricted circle of...

        7. Underwriting agreements

           1. 7. The securities are offered in connection with a genuine invitation...

        8. Offers to public authorities

           1. 8. (1) The securities are offered to a public authority.

        9. Maximum consideration

           1. 9. (1) The total consideration payable for the securities cannot exceed...

        10. Minimum consideration

            1. 10. (1) The minimum consideration which may be paid by any...

        11. Securities denominated in euros

            1. 11. (1) The securities are denominated in amounts of at least...

        12. Takeovers

            1. 12. (1) The securities are offered in connection with a takeover...

        13. Mergers

            1. 13. The securities are offered in connection with a merger (within...

        14. Free shares

            1. 14. (1) The securities are shares and are offered free of...

        15. Exchange of shares

            1. 15. The securities— (a) are shares, or investments of a specified...

        16. Qualifying persons

            1. 16. (1) The securities are issued by a body corporate and...

        17. Convertible securities

            1. 17. (1) The securities result from the conversion of convertible securities...

        18. Charities

            1. 18. The securities are issued by— (a) a charity within the...

        19. Building societies etc.

            1. 19. The securities offered are shares which are issued by, or...

        20. Euro-securities

            1. 20. (1) The securities offered are Euro-securities and no advertisement relating...

        21. Same class securities

            1. 21. The securities are of the same class, and were issued...

        22. Short date securities

            1. 22. The securities are investments of a specified kind with a...

        23. Government and public securities

            1. 23. (1) The securities are investments of a specified kind creating...

        24. Non-transferable securities

            1. 24. The securities are not transferable.

            2. 24A. Units in a collective investment scheme

        25. General definitions

            1. 25. For the purposes of this Schedule— “shares” has such meaning...

    16. SCHEDULE 11A

        TRANSFERABLE SECURITIES

        1. PART 1

           1. 1. Units (within the meaning in section 237(2)) in an open-ended...

           2. 2. Non-equity transferable securities issued by (a) the government of an...

           3. 3. Shares in the share capital of the central bank of...

           4. 4. Transferable securities unconditionally and irrevocably guaranteed by the government, or...

           5. 5. (1) Non-equity transferable securities, issued in a continuous or repeated...

           6. 6. Non-fungible shares of capital— (a) the main purpose of which...

        2. PART 2

           1. 7. (1) Transferable securities issued by a body specified in sub-paragraph...

           2. 8. (1) Non-equity transferable securities, issued in a continuous or repeated...

           3. 9. (1) Transferable securities included in an offer where the total...

    17. SCHEDULE 11B

        CONNECTED PERSONS

        1. PART 1 MEANING OF “CONNECTED PERSON”

           1. 1. Introduction

           2. 2. Meaning of “connected person”

           3. 3. Family members

           4. 4. Associated bodies corporate

           5. 5. Control of a body corporate

           6. 6. Supplementary provisions

        2. PART 2 CONNECTED PERSONS: REFERENCES TO AN INTEREST IN SHARES OR DEBENTURES

           1. 7. Introduction

           2. 8. General provisions

           3. 9. Rights to acquire shares

           4. 10. Right to exercise or control exercise of rights

           5. 11. Bodies corporate

           6. 12. Trusts

    18. SCHEDULE 12

        Transfer schemes: certificates

        1. Part I Insurance Business Transfer Schemes

           1. 1. (1) For the purposes of section 111(2) the appropriate certificates,...

           2. Certificates as to margin of solvency

              1. 2. (1) A certificate under this paragraph is to be given—...

           3. Certificates as to consent

              1. 3. A certificate under this paragraph is one given by the...

           4. Certificates as to long-term business

              1. 4. A certificate under this paragraph is one given by the...

           5. Certificates as to general business

              1. 5. A certificate under this paragraph is one given by the...

           6. Certificates as to legality and as to consent

              1. 5A. (1) The certificates under this paragraph are to be given—...

           7. Interpretation of Part I

              1. 6. (1) “State of the commitment”, in relation to a commitment...

        2. Part II Banking Business Transfer Schemes

           1. 7. (1) For the purposes of section 111(2) the appropriate certificates,...

           2. Certificates as to financial resources

              1. 8. (1) A certificate under this paragraph is one given by...

           3. Certificates as to consent of home state regulator

              1. 9. A certificate under this paragraph is one given by the...

        3. Part 2A Reclaim fund business transfer schemes

           1. 9A. Certificate as to financial resources

        4. Part III Insurance business transfers effected outside the United Kingdom

           1. 10. (1) This paragraph applies to a proposal to execute under...

    19. SCHEDULE 13

        1. Part I General

           1. Interpretation

              1. 1. In this Schedule— “panel of chairmen” means the panel established...

        2. Part II The Tribunal

           1. President

              1. 2. (1) The Lord Chancellor must appoint one of the members...

           2. Panels

              1. 3. (1) The Lord Chancellor must appoint a panel of persons...

           3. Terms of office etc

              1. 4. (1) Subject to the provisions of this Schedule, each member...

           4. Remuneration and expenses

              1. 5. The Lord Chancellor may pay to any person, in respect...

           5. Staff

              1. 6. (1) The Lord Chancellor may appoint such staff for the...

        3. Part III Constitution of Tribunal

           1. 7. (1) On a reference to the Tribunal, the persons to...

        4. Part IV Tribunal Procedure

           1. 8. For the purpose of dealing with references, or any matter...

           2. 9. Rules made by the Lord Chancellor under section 132 may,...

           3. Practice directions

              1. 10. The President of the Tribunal may give directions as to...

           4. Evidence

              1. 11. (1) The Tribunal may by summons require any person to...

           5. Decisions of Tribunal

              1. 12. (1) A decision of the Tribunal may be taken by...

           6. Costs

              1. 13. (1) If the Tribunal considers that a party to any...

    20. SCHEDULE 14

        Role of the Competition Commission

        1. Provision of information by Treasury

           1. 1. Role of the Competition Commission

        2. Consideration of matters arising on a report

           1. 2. Role of the Competition Commission

        3. Investigations under section 162: application of Enterprise Act 2002

        4. 2A. Role of the Competition Commission

        5. Section 162: modification of Schedule 7 to the Competition Act...

        6. 2B. Role of the Competition Commission

        7. Reports under section 162: further provision

        8. 2C. Role of the Competition Commission

        9. Applied provisions

           1. 3. Role of the Competition Commission

        10. Publication of reports

            1. 4. Role of the Competition Commission

    21. SCHEDULE 15

        Information and Investigations: Connected Persons

        1. Part I Rules for Specific Bodies

           1. Corporate bodies

              1. 1. If the authorised person (“BC”) is a body corporate, a...

           2. Partnerships

              1. 2. If the authorised person (“PP”) is a partnership, a person...

           3. Unincorporated associations

              1. 3. If the authorised person (“UA”) is an unincorporated association of...

           4. Friendly societies

              1. 4. (1) If the authorised person (“FS”) is a friendly society,...

           5. Building societies

              1. 5. (1) If the authorised person (“BS”) is a building society,...

           6. Individuals

              1. 6. If the authorised person (“IP”) is an individual, a person...

           7. Application to sections 171 and 172

              1. 7. For the purposes of sections 171 and 172, if the...

        2. Part II Additional Rules

           1. 8. A person who is, or at the relevant time was,...

    22. SCHEDULE 16

        Prohibitions and Restrictions imposed by OFFICE OF FAIR TRADING

        1. Preliminary

           1. 1. In this Schedule— “appeal period” has the same meaning as...

        2. Notice of prohibition or restriction

           1. 2. (1) This paragraph applies if the OFT proposes, in relation...

        3. Application to revoke prohibition or restriction

           1. 3. (1) This paragraph applies if the OFT proposes to refuse...

        4. Representations to OFT

           1. 4. (1) If this paragraph applies to an invitation to submit...

        5. Appeals

           1. 5. Section 41 of the Consumer Credit Act 1974 (appeals to...

    23. SCHEDULE 17

        The Ombudsman Scheme

        1. Part I General

           1. Interpretation

              1. 1. In this Schedule— “ombudsman” means a person who is a...

        2. Part II The Scheme Operator

           1. Duty of FCA

              1. 2. The FCA must take such steps as are necessary to...

           2. Constitution

              1. 3. (1) The constitution of the scheme operator must provide for...

           3. Relationship with FCA

              1. 3A. (1) The scheme operator and the FCA must each take...

           4. The panel of ombudsmen

              1. 4. (1) The scheme operator must appoint and maintain a panel...

           5. The Chief Ombudsman

              1. 5. (1) The scheme operator must appoint one member of the...

           6. Status

              1. 6. (1) The scheme operator is not to be regarded as...

           7. Annual reports

              1. 7. (1) At least once a year— (a) the scheme operator...

           8. Audit of accounts

              1. 7A. (1) The scheme operator must send a copy of its...

           9. Information, advice and guidance

              1. 8. The scheme operator may publish such information, guidance or advice...

           10. Budget

               1. 9. (1) The scheme operator must, before the start of each...

           11. Annual plan

               1. 9A. (1) The scheme operator must in respect of each of...

           12. Exemption from liability in damages

               1. 10. (1) No person is to be liable in damages for...

           13. Privilege

               1. 11. For the purposes of the law relating to defamation, proceedings...

        3. Part III The Compulsory Jurisdiction

           1. Introduction

              1. 12. This Part of this Schedule applies only in relation to...

           2. FCA's procedural rules

              1. 13. (1) The FCA must make rules providing that a complaint...

           3. The scheme operator’s rules

              1. 14. (1) The scheme operator must make rules, to be known...

           4. Fees

              1. 15. (1) Scheme rules may require a respondent to pay to...

           5. Enforcement of money awards

              1. 16. A money award, including interest, which has been registered in...

        4. Part 3A The consumer credit jurisdiction

           1. Introduction

              1. 16A. This Part of this Schedule applies only in relation to...

           2. Procedure for complaints etc.

              1. 16B. (1) Consumer credit rules— (a) must provide that a complaint...

           3. Fees

              1. 16C. (1) Consumer credit rules may require a respondent to pay...

           4. Enforcement of money awards

              1. 16D. A money award, including interest, which has been registered in...

           5. Procedure for consumer credit rules

              1. 16E. (1) If the scheme operator makes any consumer credit rules,...

           6. Verification of consumer credit rules

              1. 16F. (1) The production of a printed copy of consumer credit...

           7. Consultation

              1. 16G. (1) If the scheme operator proposes to make consumer credit...

        5. Part IV The Voluntary Jurisdiction

           1. Introduction

              1. 17. This Part of this Schedule applies only in relation to...

           2. Terms of reference to the scheme

              1. 18. (1) Complaints are to be dealt with and determined under...

           3. Delegation by and to other schemes

              1. 19. (1) The scheme operator may make arrangements with a relevant...

           4. Voluntary jurisdiction rules: procedure

              1. 20. (1) If the scheme operator makes voluntary jurisdiction rules, it...

           5. Verification of the rules

              1. 21. (1) The production of a printed copy of voluntary jurisdiction...

           6. Consultation

              1. 22. (1) If the scheme operator proposes to make voluntary jurisdiction...

    24. SCHEDULE 17A

        Further provision in relation to exercise of Part 18 functions ...

        1. Part 1 Co-operation between appropriate regulators

           1. Memorandum of understanding between appropriate regulators and PRA

              1. 1. The appropriate regulators must prepare and maintain a memorandum describing ...

              2. 2. The appropriate regulators and the PRA must prepare and maintain ...

              3. 3. The parties to a memorandum under paragraph 1 or 2 ...

              4. 4. The parties to a memorandum under paragraph 1 or 2 ...

              5. 5. The Treasury must lay before Parliament a copy of any ...

              6. 6. The parties to a memorandum under paragraph 1 or 2 ...

           2. Notification by FCA of action in relation to recognised clearing ...

              1. 7. The FCA must notify the Bank of England of any ...

              2. 8. The FCA must notify the Bank of England of any ...

        2. Part 2 Application of provisions of this Act in relation to Bank ...

           1. Introduction

              1. 9. The provisions of this Act mentioned in this Part of ...

           2. Rules

              1. 10. The following provisions of Part 9A of this Act are ...

           3. Information gathering and investigations

              1. 11. The powers conferred by section 165(1) and (3) (power to ...

              2. 12. The power conferred by section 166 (reports by skilled person) ...

              3. 13. The powers conferred by section 167 (appointment of persons to ...

              4. 14. The power conferred by section 168(5) (appointment of persons to ...

              5. 15. An overseas regulator may, in accordance with section 169, request ...

              6. 16. The power to give information under section 176(1) (entry of ...

           4. Powers in relation to parent undertakings

              1. 17. The following provisions of Part 12A of this Act are ...

           5. Auditors

              1. 18. Section 342 (information given by auditor to a regulator) applies ...

              2. 19. Section 343 (information given by auditor: person with close links) ...

              3. 20. Section 344 (duty of auditor resigning to give notice) applies ...

              4. 21. Sections 345A to 345E apply to auditors to whom section ...

           6. Public record and disclosure of information

              1. 22. Section 347 (record of authorised persons, recognised investment exchanges, etc), ...

              2. 23. Sections 348 to 350 and 353 (disclosure of information) apply ...

           7. Insolvency

              1. 24. The following provisions of Part 24 of this Act are ...

              2. 25. In the case of any regulated activity which is carried ...

           8. Injunctions and restitution

              1. 26. The power to make an application under section 380(1), (2) ...

              2. 27. The power to make an application under section 382(1) (restitution ...

              3. 28. The power conferred by section 384(5) (power of FCA to ...

           9. Notices

              1. 29. The provisions of Part 26 of this Act (notices) apply ...

           10. Offences

               1. 30. Section 398 (misleading the FCA: residual cases) applies to information ...

               2. 31. Section 401 (proceedings for an offence) applies to the Bank ...

           11. Records

               1. 32. Paragraph 17 of Schedule 1ZB (records) applies in relation to ...

           12. Annual report

               1. 33. Paragraph 19 of Schedule 1ZB (annual report by PRA) applies ...

        3. Part 3 Winding up, administration or insolvency of recognised clearing houses

           1. Notice to Bank of England of preliminary steps

              1. 34. An application for an administration order in respect of a ...

           2. Power to give directions to insolvency practitioner

              1. 35. This paragraph applies where a person has been appointed to ...

        4. Part 4 Fees

           1. 36. The Bank of England may, in connection with the discharge ...

           2. 37. Any fee which is owed to the Bank under paragraph ...

    25. SCHEDULE 18

        Mutuals

        1. Part I Friendly Societies

           1. The Friendly Societies Act 1974 (c.46)

              1. 1. Omit sections 4 (provision for separate registration areas) and 10...

              2. 2. In section 7 (societies which may be registered), in subsection...

              3. 3. In section 11 (additional registration requirements for societies with branches),...

              4. 4. In section 99(4) (punishment of fraud etc and recovery of...

           2. The Friendly Societies Act 1992 (c.40)

              1. 5. Omit sections 31 to 36A (authorisation of friendly societies business)....

              2. 6. In section 37 (restrictions on combinations of business), omit subsections...

              3. 7. Omit sections 38 to 43 (restrictions on business of certain...

              4. 8. Omit sections 44 to 50 (regulation of friendly societies business)....

        2. Part II Friendly Societies: Subsidiaries and Controlled Bodies

           1. Interpretation

              1. 9. In this Part of this Schedule— “the 1992 Act” means...

           2. Qualifying bodies

              1. 10. (1) Subsections (2) to (5) of section 13 (incorporated friendly...

           3. Bodies controlled by societies

              1. 11. In section 13(9) (defined terms), after paragraph (a) insert—

           4. Joint control by societies

              1. 12. In section 13(9), after paragraph (c) insert—

           5. Acquisition of joint control

              1. 13. In section 13(9), in the words following paragraph (d), after...

           6. Amendment of Schedule 8 to the 1992 Act

              1. 14. (1) Schedule 8 to the 1992 Act (provisions supplementing section...

           7. Consequential amendments

              1. 15. (1) Section 52 of the 1992 Act is amended as...

           8. References in other enactments

              1. 16. References in any provision of, or made under, any enactment...

        3. Part III Building Societies

           1. The Building Societies Act 1986 (c.53)

              1. 17. Omit section 9 (initial authorisation to raise funds and borrow...

              2. 18. Omit Schedule 3 (supplementary provisions about authorisation).

        4. Part IV Industrial and Provident Societies

           1. The Industrial and Provident Societies Act 1965 (c.12)

              1. 19. Omit section 8 (provision for separate registration areas for Scotland...

              2. 20. Omit section 70 (scale of fees to be paid in...

        5. Part V Credit Unions

           1. The Credit Unions Act 1979 (c.34)

              1. 21. In section 6 (minimum and maximum number of members), omit...

              2. 22. In section 11 (loans), omit subsections (2) and (6).

              3. 23. Omit sections 11B (loans approved by credit unions), 11C (grant...

              4. 24. In section 12, omit subsections (4) and (5).

              5. 25. In section 14, omit subsections (2), (3), (5) and (6)....

              6. 26. In section 28 (offences), omit subsection (2).

    26. SCHEDULE 19

        1. Part I Persons and functions for the purposes of section 351

           1. 1. The Table set out after this paragraph has effect for...

        2. Part II The enactments

           1. 1. The Fair Trading Act 1973

           2. 2. The Consumer Credit Act 1974

           3. 3. The Estate Agents Act 1979

           4. 4. The Competition Act 1980

           5. 5. The Telecommunications Act 1984

           6. 6. The Airports Act 1986

           7. 7. The Gas Act 1986

           8. 8. The Control of Misleading Advertisements Regulations 1988

           9. 9. The Electricity Act 1989

           10. 10. The Broadcasting Act 1990

           11. 11. The Water Industry Act 1991

           12. 12. The Electricity (Northern Ireland) Order 1992

           13. 13. The Railways Act 1993

           14. 14. Part IV of the Airports (Northern Ireland) Order 1994

           15. 15. The Gas (Northern Ireland) Order 1996

           16. 16. The EC Competition (Articles 88 and 89) Enforcement Regulations 1996...

           17. 17. The Unfair Terms in Consumer Contracts Regulations 1999

           18. 18. This Act.

           19. 19. An enactment specified for the purposes of this paragraph in...

    27. SCHEDULE 20

        Minor and Consequential Amendments

        1. The House of Commons Disqualification Act 1975 (c. 24)

           1. 1. In Part III of Schedule 1 to the House of...

        2. The Northern Ireland Assembly Disqualification Act 1975 (c. 25)

           1. 2. In Part III of Schedule 1 to the Northern Ireland...

        3. The Civil Jurisdiction and Judgments Act 1982 (c. 27)

           1. 3. In paragraph 10 of Schedule 5 to the Civil Jurisdiction...

        4. The Income and Corporation Taxes Act 1988 (c. 1)

           1. 4. (1) The Income and Corporation Taxes Act 1988 is amended...

        5. The Finance Act 1991 (c. 31)

           1. 5. (1) The Finance Act 1991 is amended as follows.

        6. The Tribunals and Inquiries Act 1992 (c. 53)

           1. 6. Minor and Consequential Amendments

        7. The Judicial Pensions and Retirement Act 1993 (c. 8)

           1. 7. (1) The Judicial Pensions and Retirement Act 1993 is amended...

    28. SCHEDULE 21

        Transitional Provisions and Savings

        1. Self-regulating organisations

           1. 1. (1) No new application under section 9 of the 1986...

        2. Self-regulating organisations for friendly societies

           1. 2. (1) No new application under paragraph 2 of Schedule 11...

    29. SCHEDULE 22

        Repeals