- Y Diweddaraf sydd Ar Gael (Diwygiedig)
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Financial Services Act 2021 is up to date with all changes known to be in force on or before 25 December 2024. There are changes that may be brought into force at a future date.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the affected provisions when you open the content using the Table of Contents below.
Prudential regulation of credit institutions and investment firms
Variation or cancellation of permission to carry on regulated activity
Insider dealing and money laundering etc
31.Maximum sentences for insider dealing and financial services offences
32.Money laundering offences: electronic money institutions, payment institutions and deposit-taking bodies
33.Forfeiture of money: electronic money institutions and payment institutions
34.Application of money laundering regulations to overseas trustees
SCHEDULES
PART 1 Amendments of the Capital Requirements Regulation
1.The Capital Requirements Regulation is amended as follows.
3.(1) Article 4A (definitions: regulators' rules) is amended as follows....
4.For Article 4B substitute— Article 4B The consolidating supervisor The...
5.Before Article 11 (and the Section and Chapter headings before...
6.Omit Article 15 (derogation from the application of own funds...
7.Omit Article 16 (derogation from the application of the leverage...
8.Omit Article 17 (supervision of investment firms waived from the...
9.In Article 47c(5) (deduction for non-performing exposures), omit “and the...
10.In Article 49(6) (requirement for deduction where consolidation, supplementary supervision...
11.(1) Article 81(1)(a) (minority interests that qualify for inclusion in...
12.(1) Article 82(a) (Qualifying Additional Tier 1, Tier 1, Tier...
13.(1) Article 84 (minority interests included in consolidated Common Equity...
14.(1) Article 85 (qualifying Tier 1 instruments included in consolidated...
15.(1) Article 87 (qualifying own funds included in consolidated own...
16.In Article 93 (initial capital requirement on going concern)—
17.Omit Article 95 (own funds requirements for investment firms with...
18.Omit Article 96 (own funds requirements for IFPRU 730k firms)....
21.In Article 100 (additional reporting requirements), in the second subparagraph,...
22.In Article 115(2) (exposures to regional governments or local authorities),...
23.In Article 119 (exposures to institutions), after paragraph 5 insert—...
24.(1) Article 136 (mapping of ECAI's credit assessments) is amended...
25.In Article 162(3) (maturity), in the second subparagraph, in point...
26.(1) Article 197 (eligibility of collateral under all approaches and...
27.In Article 199(8) (additional eligibility for collateral under the IRB...
28.In Article 200 (other funded credit protection), for point (c)...
29.In Article 202 (eligibility of protection providers under the IRB...
30.In Article 224(6) (supervisory volatility adjustment under Financial Collateral Comprehensive...
31.In Article 227(3) (conditions for applying 0% volatility adjustment under...
32.In Article 243(1) (criteria for STS securitisations qualifying for differentiated...
33.(1) Article 270e (securitisation mapping) is amended as follows.
34.In Article 290(3) (stress testing), for the words from “the...
35.(1) Article 304(5) (treatment of clearing members' exposure to clients)...
36.(1) Article 325u(5) (own funds requirements for residual risks) is...
37.(1) Article 325az (alternative internal model approach and permission to...
38.(1) Article 325bk(3) (calculation of stress scenario risk measure) is...
39.In Article 382(4) (scope of own funds requirements for CVA...
40.(1) Article 441(2) (indicators of global systemic importance) is amended...
41.In Article 450(1)(d) (remuneration policy) omit “19A.3.44R to 44DR and”....
42.In Article 456(1) (regulations modifying this Regulation) omit points (f)...
43.(1) Article 464B (power to make technical standards) is amended...
44.In Article 522(1)(b) (savings provisions: pre-exit decisions)—
45.In Annex 1 (classification of off-balance sheet items), in point...
46.(1) Annex 3 (items subject to supplementary reporting of liquid...
47.In the following provisions, for “FCA and PRA may each”...
PART 2 Amendments of the Capital Requirements (Country-by-Country Reporting) Regulations 2013
48.The Capital Requirements (Country-by-Country Reporting) Regulations 2013 (S.I. 2013/3118) are...
49.(1) Regulation 1(2) (interpretation) is amended as follows.
51.In regulation 1(3) (interpretation of references to EU legislation), for...
52.(1) Regulation 2 (ongoing reporting obligation) is amended as follows....
53.In regulation 3(1) (interim reporting obligation), after “Institutions” insert “...
54.(1) Regulation 4 (group disclosure) is amended as follows.
55.(1) Regulation 5 (prior disclosure: prevention of duplication) is amended...
56.In regulation 6(2) (enforcement)— (a) in sub-paragraph (a) omit “which...
Prudential regulation of FCA investment firms
PART 1 New Part 9C of the Financial Services and Markets Act 2000
PART 2 Minor and consequential amendments
2.The Financial Services and Markets Act 2000 is amended as...
3.In section 133(7A) (proceedings before the Tribunal: meaning of “disciplinary...
5.In section 165(7) (regulators' power to require information), after paragraph...
6.(1) Section 166 (regulators' power to require reports by skilled...
7.(1) Section 167 (regulators' power to appoint investigators) is amended...
9.(1) Section 176 (entry of premises under warrant) is amended...
10.After section 177 insert— Interpretation Interpretation of Part 11 In this Part— “FCA investment firm” has the meaning given...
11.In section 347(1)(g) (record of authorised persons etc), after “order”...
12.In section 391(1ZB) (publication of warning notices), after paragraph (ia)...
13.In section 392 (application of third party rights to notices)—...
14.In section 395(13) (meaning of supervisory notice), after paragraph (bba)...
16.In section 424A(1) (investment firm), after “this Act” insert “...
17.(1) Section 429 (parliamentary control of statutory instruments) is amended...
18.In paragraph 20(4) of Schedule 1ZA (enforcement costs), after paragraph...
Prudential regulation of credit institutions etc
PART 1 New Part 9D of the Financial Services and Markets Act 2000
PART 2 PRA's powers in relation to certain holding companies
2.Part 12B of the Financial Services and Markets Act 2000...
4.(1) Section 192O(1) (interpretation) is amended as follows.
6.Omit section 192V (rules imposing consolidated or sub-consolidated requirements).
7.After section 192X insert— Rules Rules applying to holding companies...
8.In section 192Y(1) (power to impose penalty or issue censure),...
PART 3 Minor and consequential amendments
Financial Services and Markets Act 2000 (c. 8)
10.The Financial Services and Markets Act 2000 is amended as...
12.In section 138J(10) (consultation by the PRA), for “section 138L”...
13.In section 138K (consultation: mutual societies), at the end insert—...
14.(1) Section 192O (interpretation of Part 12B) is amended as...
15.In section 192R(3) (grant of approval)— (a) in paragraph (a)...
17.In section 192Y(1) (power to impose penalty or issue censure)—...
18.In section 417(1) (definitions), at the appropriate place, insert— “CRR...
19.In section 429(2) (parliamentary control of statutory instruments: affirmative procedure),...
Amendments of the Capital Requirements Regulation
1.The Capital Requirements Regulation is amended as follows.
2.In Article 4A(1)(a) (definitions: references to PRA rulebook), for “as...
3.In Article 92(3) (own funds requirements), for points (b) and...
4.In Article 107(3) (approaches to credit risk), for “third-country investment...
5.In Article 144(1)(g) (competent authorities' assessment of an application to...
6.In Article 201(1) (eligibility of protection providers under all approaches),...
7.(1) Article 223 (Financial Collateral Comprehensive Method) is amended as...
8.In Article 283 (permission to use the Internal Model Method),...
9.For Article 298 substitute— Article 298 Effects of recognition of...
10.In Article 299(2) (items in the trading book), omit point...
11.In Article 384(1) (standardised method), in the definition of “EADitotal”—...
12.(1) Article 500d (temporary calculation of exposure value of regular-way...
13.(1) Annex 2 (types of derivatives) is amended as follows....
Benchmarks: minor and consequential amendments
3.In Article 3, after paragraph 1 insert— References in this Regulation to the capability of a benchmark...
4.In Article 11 (input data), after paragraph 4 insert— In the case of a critical benchmark, paragraph 4 does...
5.In Article A20(5)(b) (review of critical benchmarks), for “determines” substitute...
6.(1) Article 20 (critical benchmarks: conditions and other matters) is...
7.In Article 21(3) (mandatory administration of a critical benchmark), in...
8.After Article 26 insert— CHAPTER 7 COMPLIANCE WITH REQUIREMENTS Article...
10.In Article 36(1) (register of administrators and benchmarks), after point...
11.After Article 48 insert— TITLE 6A PROVISION OF INFORMATION AND...
Gibraltar: minor and consequential amendments
Financial Services and Markets Act 2000 (c. 8)
1.The Financial Services and Markets Act 2000 is amended as...
2.In section 3A(3)(a) (expressions in which general definition of “regulator”...
3.In section 33(1)(a) (withdrawal of authorisation), after “permission” insert “...
4.In Part 5 (performance of regulated activities), after section 71I...
5.After section 137A insert— The FCA's general rules: Gibraltar (1) The FCA's general rules may not make provision prohibiting...
6.After section 137G insert— The PRA's general rules: Gibraltar (1) The PRA's general rules may not make provision prohibiting...
7.In section 213 (the compensation scheme), after subsection (9) insert—...
8.In section 214 (provisions of the compensation scheme: general), before...
9.In section 224 (scheme manager's power to inspect documents held...
10.After section 367 insert— Winding-up petitions: Gibraltar-based persons (1) A regulator may not present a petition to the...
11.(1) Section 392 (application of sections 393 and 394: warning...
12.(1) Section 395 (the FCA's and PRA's procedures) is amended...
14.In section 417(1) (definitions), at the appropriate places insert— “Gibraltar-based...
15.In section 418 (carrying on regulated activities in the United...
16.(1) Section 429 (parliamentary control of statutory instruments) is amended...
17.In paragraph 24 of Schedule 1ZA (services for which the...
18.In paragraph 32 of Schedule 1ZB (services for which the...
Financial Services and Markets Act 2000 (Gibraltar) Order 2001 (S.I. 2001/3084)
Collective investment schemes authorised in approved countries
PART 2 Minor and consequential amendments
Financial Services and Markets Act 2000 (c. 8)
2.The Financial Services and Markets Act 2000 is amended as...
3.In section 138I (consultation by the FCA), after subsection (9)...
4.(1) Section 165 (regulators' powers to require information) is amended...
5.In section 237(2) (Part 17 definitions), in the definition of...
6.In section 392 (application of third party rights to notices)—...
7.In section 395(13) (meaning of supervisory notice), before paragraph (f)...
8.In section 429(2) (regulations subject to affirmative procedure), after “262,”...
The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773)
The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325)
Amendments of the Markets in Financial Instruments Regulation
Provision of services by third-country firms following equivalence determination
Temporary prohibitions and restrictions and withdrawal of registration
Temporary prohibitions and restrictions and withdrawal of registration: procedure
10.In the heading of Title 9, after “DIRECTIONS” insert “...
11.In the heading of Article 50B (FCA Directions), at the...
12.After that Article insert— Article 50C Other FCA directions A direction by the FCA under Article 46(4) may make...
13.The requirements of section 138I of the Financial Services and...
Variation or cancellation of Part 4A permission on initiative of FCA: additional power
Forfeiture of money: electronic money institutions and payment institutions
Anti-terrorism, Crime and Security Act 2001 (c. 24)
1.Schedule 1 to the Anti-terrorism, Crime and Security Act 2001...
2.Part 4B (forfeiture of terrorist money held in bank and...
3.In the Part heading, for “bank and building society” substitute...
4.(1) Paragraph 10Q (application for account freezing order) is amended...
5.In paragraph 10V(1) (restriction on proceedings and remedies), for “bank...
6.In paragraph 10W(6)(b) (account forfeiture notice), for “bank or building...
7.(1) Paragraph 10Y (lapse of account forfeiture notice) is amended...
8.In paragraph 10Z2(7)(a) (forfeiture order), for “bank or building society”...
9.In Part 6 (interpretation), in paragraph 19(1), at the appropriate...
Proceeds of Crime Act 2002 (c. 29)
11.Chapter 3B (forfeiture of money held in bank and building...
12.In the Chapter heading, for “bank and building society” substitute...
13.In the italic heading before section 303Z1, for “bank and...
14.(1) Section 303Z1 (application for account freezing order) is amended...
15.In section 303Z2(3) (restrictions on making of application under section...
16.In section 303Z6(1), for “bank or building society” substitute “...
17.In section 303Z8(4), for “bank or building society” substitute “...
18.In section 303Z9(6)(b) (account forfeiture notice: England and Wales and...
19.(1) Section 303Z11 (lapse of account forfeiture notice) is amended...
20.In section 303Z14(7)(a) (forfeiture order), for “bank or building society”...
21.In section 316(1) (general interpretation of Part 5), at the...
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