Financial Services and Markets Act 2000

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There are outstanding changes not yet made by the legislation.gov.uk editorial team to Financial Services and Markets Act 2000. Any changes that have already been made by the team appear in the content and are referenced with annotations.

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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Act power to apply conferred (temp. until 15.5.2039) by 2014 c. 21 s. 79(4)
Act power to apply conferred (temp. until 15.5.2039) by 2014 c. 21 s. 81(10)

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

Pt. 17 Ch. 3B inserted by 2023 c. 29 s. 64(3)
Pt. 20C inserted by 2016 c. 14 s. 30(3)
s. 31(1)(aa) inserted by 2021 c. 22 s. 22(2)
s. 32A inserted by 2021 c. 22 s. 22(3)
s. 32A power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
s. 36A and cross-heading inserted by 2021 c. 22 s. 22(4)
s. 71J and cross-heading inserted by 2021 c. 22 Sch. 8 para. 4
s. 86(9A) inserted by S.I. 2019/707 reg. 8(9) (This amendment not applied to legislation.gov.uk. Reg. 8(6)-(10) omitted (6.9.2019) by virtue of S.I. 2019/1234, regs. 1(2), 13(c))
s. 87A(11) inserted by S.I. 2019/707 reg. 10(5) (This amendment not applied to legislation.gov.uk. Reg. 10(4)(5) omitted (6.9.2019) by virtue of S.I. 2019/1234, regs. 1(2), 15(b))
s. 124(10)(c)(i) word omitted by S.I. 2019/310 reg. 5(11)(b) (This amendment not applied to legislation.gov.uk. Reg. 5(11)(b) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(2)(e))
s. 129(7)(a) word inserted by S.I. 2019/310 reg. 5(12)(a)(i) (This amendment not applied to legislation.gov.uk. Reg. 5(12)(a)(b) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(2)(f))
s. 129(7)(c) omitted and word by S.I. 2019/310 reg. 5(12)(a)(ii) (This amendment not applied to legislation.gov.uk. Reg. 5(12)(a)(b) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(2)(f))
s. 204A(3)(fa) inserted by S.I. 2024/705 Sch. 2 para. 1
s. 214(5A) inserted by 2021 c. 22 Sch. 8 para. 8
s. 234I(9) inserted by 2024 c. 13 Sch. 29 para. 3(2)
s. 234J(6) inserted by 2024 c. 13 Sch. 29 para. 3(3)
s. 261E(A1) inserted by 2023 c. 29 s. 64(2)(a)
s. 367A inserted by 2021 c. 22 Sch. 8 para. 10
s. 395(13)(h)(i) inserted by 2021 c. 22 Sch. 8 para. 12(2)(c)
s. 395(13)(bc)-(be) word inserted by 2021 c. 22 Sch. 8 para. 12(2)(b)
s. 395(14) inserted by 2021 c. 22 Sch. 8 para. 12(3)
s. 427A(3) words substituted by 2002 c. 40 Sch. 17 para. 59 (This amendment not applied to legislation.gov.uk. The Financial Services and Markets Act 2000 does not contain a section 427A.)
Sch. 1ZA para. 32(c) and word inserted by 2021 c. 22 Sch. 8 para. 18
Sch. 2A para. 19(2)(b)(iia) inserted by 2023 c. 29 Sch. 10 para. 19(a)
Sch. 2A 2B power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
Sch. 2A power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
Sch. 2B inserted by 2021 c. 22 Sch. 7
Sch. 2B power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
Sch. 11A para. 5(3) inserted by S.I. 2019/707 reg. 38(5)(b) (This amendment not applied to legislation.gov.uk. Reg. 38(2)-(5)(7)(8) omitted (6.9.2019) by virtue of S.I. 2019/1234, regs. 1(2), 20)
Sch. 17A para. 12 words substituted by S.I. 2019/662 reg. 13(1) (This amendment not applied to legislation.gov.uk. Reg. 13(1) substituted (25.6.2020) by S.I. 2020/646, regs. 1(2)(c), 11(3))

This section has no associated Explanatory Notes

[F119(1)At least once a year the PRA must make a report to the [F2Chancellor of the Exchequer] on—U.K.

(a)the discharge of its functions,

(b)the extent to which, in its opinion, its objectives have been advanced,

[F3(ba)how it has complied with section 2H(1),]

[F4(bb)how it has complied with the statement of policy on panel appointments prepared under section 2NA in relation to the process for making appointments and the matters considered in determining who is appointed,]

(c)its consideration of the principles in section 3B F5...,

(d)how it has complied with section 3D,

(e)any direction given under section 3I or 3J during the period to which the report relates,

[F6(ea)how it has satisfied the requirement in section 138EA(2) so far as regarding disclosure requirements in connection with matters relating to sustainability],

(f)how it has complied with section 354B(1) so far as relating to co-operation with persons outside the United Kingdom, F7...

[F8(fa)any engagement with the statutory panels of the FCA, the PRA or the Payment Systems Regulator,]

[F9(fb)how it has satisfied the requirement in section 416B to have regard to any SDR policy statement of the Treasury under section 416A (sustainability disclosure requirements: policy statement), and]

(g)such other matters as the Treasury may from time to time direct.

[F10(1A)In the report the PRA must also report in general terms on—

(a)the extent to which, in its opinion, ring-fenced bodies have complied with the ring-fencing provisions,

(b)steps taken by ring-fenced bodies in order to comply with the ring-fencing provisions,

(c)steps taken by it to enforce the ring-fencing provisions,

(d)the extent to which ring-fenced bodies are carrying on the regulated activity of dealing in investments as principal (whether in the United Kingdom or elsewhere) in circumstances where as a result of an order under section 142D(2) that activity is not an excluded activity,

(e)the extent to which ring-fenced bodies are carrying on activities that would be excluded activities by virtue of an order under section 142D(4) but for an exemption or exclusion made by such an order,

(f)the extent to which ring-fenced bodies are doing things that they would be prohibited from doing by an order under section 142E but for an exemption made by such an order, and

(g)the extent to which ring-fenced bodies appear to it to have acted in accordance with any guidance which it has given to ring-fenced bodies and which relates to the operation of the ring-fencing provisions.

(1B)In sub-paragraph (1A)—

(a)references to “ring-fenced bodies” relate only to ring-fenced bodies that are PRA-authorised persons, and

(b)“the ring-fencing provisions” means ring-fencing rules and the duty imposed as a result of section 142G.]

(2)[F11Sub-paragraphs (1) and (1A) do not] require the inclusion in the report of any information whose publication would in the opinion of the PRA be against the public interest.

(3)The report must be accompanied by—

F12(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)such other reports or information, prepared by such persons, as the Treasury may from time to time direct.

(4)The [F13Chancellor of the Exchequer] must lay before Parliament a copy of each report received by [F14the Chancellor] under this paragraph.

[F15(5)The Chancellor may comply with sub-paragraph (4) by laying a document containing a report under this paragraph together with a report under section 4 of the Bank of England Act 1998.]]

[F16(6)In this paragraph “statutory panel” has the meaning given in section 1RB(5).]

Textual Amendments

F1Schs. 1ZA, 1ZB substituted for Sch. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 3 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.