Financial Services and Markets Act 2023

1. Introductory Text

2. PART 1 Regulatory framework

   1. CHAPTER 1 Revocation of assimilated law

      1. 1. Revocation of assimilated law relating to financial services and markets

      2. 2. Transitional amendments

      3. 3. Power to make further transitional amendments

      4. 4. Power to restate and modify saved legislation

      5. 5. Power to replace references to EU directives

      6. 6. Restatement in rules: exemption from consultation requirements etc

      7. 7. Interpretation of Chapter

   2. CHAPTER 2 New regulatory powers

      1. Designated activities regime

         1. 8. Designated activities

      2. Financial market infrastructure: general rules and requirements

         1. 9. Rules relating to central counterparties and central securities depositories

         2. 10. Central counterparties and central securities depositories: other requirements

         3. 11. Rules relating to investment exchanges and data reporting service providers

         4. 12. Treasury directions to Bank of England: restrictions

      3. Financial market infrastructure: piloting powers

         1. 13. Testing of FMI technologies or practices

         2. 14. Reports on FMI sandboxes

         3. 15. Permanent implementation of arrangements tested under an FMI sandbox

         4. 16. Regulations

         5. 17. Interpretation

      4. Powers in relation to critical third parties

         1. 18. Critical third parties: designation and powers

         2. 19. Critical third parties: related amendments

      5. Financial promotion

         1. 20. Financial promotion

      6. Sustainability disclosure requirements

         1. 21. Sustainability disclosure requirements

      7. Digital settlement assets

         1. 22. Digital settlement assets

         2. 23. Digital settlement assets: power to make regulations

      8. Mutual recognition

         1. 24. Implementation of mutual recognition agreements

   3. CHAPTER 3 Accountability of regulators

      1. FCA and PRA objectives and regulatory principles

         1. 25. Competitiveness and growth objective

         2. 26. Competitiveness and growth objective: reporting requirements

         3. 27. Regulatory principles

         4. 28. Sections 25 and 27: consequential amendments

      2. FCA and PRA powers to make rules etc

         1. 29. Review of rules

         2. 30. Treasury power in relation to rules

         3. 31. Matters to consider when making rules

         4. 32. Effect of rules etc on deference decisions

         5. 33. Effect of rules etc on international trade obligations

         6. 34. Power to disapply or modify rules

      3. FCA and PRA engagement

         1. 35. Responses to recommendations of the Treasury

         2. 36. Public consultation requirements

         3. 37. Engagement with statutory panels

         4. 38. Engagement with Parliamentary Committees

      4. 39. Reporting requirements

      5. Co-operation of FCA and others

         1. 40. Duty to co-operate and consult in exercising functions

      6. Panels and policy statements

         1. 41. Listing Authority Advisory Panel

         2. 42. Insurance Practitioner Panel

         3. 43. Cost Benefit Analysis Panels

         4. 44. Statement of policy on cost benefit analyses

         5. 45. Statement of policy on panel appointments

         6. 46. Composition of panels

         7. 47. Panel reports

      7. Bank of England regulatory powers

         1. 48. Exercise of FMI regulatory powers

         2. 49. Bank of England: rule-making powers

         3. 50. Application of FSMA 2000 to FMI functions

      8. Payment Systems Regulator

         1. 51. Payment Systems Regulator

         2. 52. Chair of the Payment Systems Regulator as member of FCA Board

      9. Consultation on rules

         1. 53. Consultation on rules

3. PART 2 Access to cash

   1. 54. Cash access services

   2. 55. Wholesale cash distribution

4. PART 3 Performance of functions relating to financial market infrastructure

   1. 56. Recognised bodies: senior managers and certification

5. PART 4 Central counterparties in financial difficulties

   1. 57. Central counterparties in financial difficulties

6. PART 5 Insurers in financial difficulties

   1. 58. Insurers in financial difficulties

7. PART 6 Miscellaneous

   1. Amendments to FSMA 2000

      1. 59. Application of provisions to regulatory functions under this Act

      2. 60. Formerly authorised persons

      3. 61. Control over authorised persons

      4. 62. Financial services compensation scheme

      5. 63. The Ombudsman scheme

      6. 64. Unauthorised co-ownership AIFs

      7. 65. Power to amend enactments in consequence of rules

      8. 66. Ambulatory references

      9. 67. Power to amend or repeal certain provisions of FSMA 2000

      10. 68. Power under FSMA 2000 to make transitional provisions

      11. 69. Cryptoassets

   2. Bank of England levy

      1. 70. Bank of England levy

      2. 71. Bank of England levy: consequential amendments

   3. Other miscellaneous provisions

      1. 72. Liability of payment service providers for fraudulent transactions

      2. 73. Credit unions

      3. 74. Reinsurance for acts of terrorism

      4. 75. Banking Act 2009: miscellaneous amendments

      5. 76. Arrangements for the investigation of complaints

      6. 77. Politically exposed persons: money laundering and terrorist financing

      7. 78. Politically exposed persons: review of guidance

      8. 79. Forest risk commodities: review

8. PART 7 General

   1. 80. Interpretation

   2. 81. Pre-commencement consultation

   3. 82. Financial provision

   4. 83. Power to make consequential provision

   5. 84. Regulations

   6. 85. Extent

   7. 86. Commencement

   8. 87. Short title

9. SCHEDULES

   1. SCHEDULE 1

      Revocation of assimilated law relating to financial services

      1. PART 1 Assimilated direct principal legislation

      2. PART 2 Subordinate legislation

      3. PART 3 EU tertiary legislation etc

      4. PART 4 Primary legislation

      5. PART 5 Other EU-derived legislation

   2. SCHEDULE 2

      Transitional amendments

      1. PART 1 Amendments to the Markets in Financial Instruments Regulation

         1. 1. Introductory

         2. 2. Transparency requirements for equities

         3. 3. For Article 4 substitute— Article 4 Waivers for equity instruments...

         4. 4. After Article 4 insert— Article 4a Suspension of waivers The FCA may direct that a waiver provided for by...

         5. 5. Omit Article 5 (volume cap mechanism).

         6. 6. (1) Article 14 (obligation for systematic internalisers to make public...

         7. 7. Transparency requirements for fixed income instruments and derivatives etc

         8. 8. Systematic internalisers and other investment firms

         9. 9. In Article 17a (tick sizes), in the second paragraph, omit...

         10. 10. For Article 18 substitute— Article 18 Systematic internalisers: pre-trade transparency...

         11. 11. For Article 21 substitute— Article 21 Investment firms (including systematic...

         12. 12. Systematic internalisers and other investment firms

         13. 13. Share trading obligation

         14. 14. In Article 1(2E), omit “Article 23,”.

         15. 15. Derivatives trading obligation

         16. 16. (1) Article 28 (obligation to trade on regulated markets, MTFs...

         17. 17. After Article 28 insert— Article 28a Suspension or modification of...

         18. 18. For Article 31 substitute— Article 31 Risk reduction services The FCA may by rules provide for one or more...

         19. 19. Consequential amendments relating to this Part

         20. 20. In Article 12(1) after “accordance with” insert “, or with...

         21. 21. In Article 13(1) after “accordance with” insert “, or with...

         22. 22. Omit Article 19.

         23. 23. In Article 26(3), omit “and Article 21(5)(a)”.

         24. 24. In Article 47(1A)(a), after “Regulation” insert “or in rules made...

         25. 25. In Article 50B (FCA directions), omit “Article 5, Article 9...

         26. 26. (1) Article 50C (other FCA directions) is amended as follows....

         27. 27. (1) Article 50D (FCA rules) is amended as follows.

      2. PART 2 Amendments to the European Market Infrastructure Regulation

         1. 28. Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and...

         2. 29. After Article 6a insert— Article 6b Risk reduction services The Bank of England may by rules provide for the...

         3. 30. After Article 84b insert— Article 84c Bank of England rules...

      3. PART 3 Amendments to the EU Securitisation Regulation

         1. 31. Introductory

         2. 32. STS equivalent non-UK securitisations

         3. 33. After Article 28 (third party verifying STS compliance) insert— CHAPTER...

         4. 34. Minor and consequential amendments

         5. 35. In Article 4 (requirements for securitisation special purpose entities)—

         6. 36. (1) Article 5 (due-diligence requirements for institutional investors) is amended...

         7. 37. (1) Article 46 (Treasury review) is amended as follows.

         8. 38. In Regulation (EU) No 575/2013 of the European Parliament and...

         9. 39. In Commission Delegated Regulation (EU) 2015/35 of 10 October 2014...

         10. 40. In Article 11(1) of Regulation (EU) 2017/1131 of the European...

         11. 41. The Securitisation Regulations 2018 (S.I. 2018/1288) are amended in accordance...

         12. 42. In regulation 2 (interpretation), in the definition of “SRUP”, in...

         13. 43. In regulation 4 (designation of competent authorities), in paragraph (1)(b),...

      4. PART 4 Amendments to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017

         1. 44. Introductory

         2. 45. Position limits for commodity derivatives

         3. 46. (1) Regulation 16 (FCA duty to establish position limits) is...

         4. 47. (1) Regulation 27 (FCA power to require information) is amended...

         5. 48. (1) Regulation 28 (FCA power to intervene) is amended as...

         6. 49. In regulation 29 (interpretation of Part 3), in paragraph (2)—...

         7. 50. Consequential revocations relating to this Part

      5. PART 5 Amendments to the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018

         1. 51. (1) Regulation 19B of the Central Counterparties (Amendment, etc., and...

      6. PART 6 Amendments relating to critical third parties

         1. 52. The Electronic Money Regulations 2011 (S.I. 2011/99) are amended in...

         2. 53. In regulation 48 (monitoring and enforcement), after paragraph (1)(a) insert—...

         3. 54. In regulation 49 (reporting requirements), after paragraph (1) insert—

         4. 55. In regulation 50 (public censure), after “Regulations” insert “or, in...

         5. 56. In regulation 51 (financial penalties)— (a) omit “or” at the...

         6. 57. In regulation 52 (suspending authorisation etc), in paragraph (1) after...

         7. 58. In regulation 54 (injunctions)— (a) omit “or” at the end...

         8. 59. In regulation 55 (power to require restitution), in paragraph (1)...

         9. 60. In regulation 57 (restitution orders), in paragraph (1) after “requirement,”...

         10. 61. In regulation 58 (complaints), in paragraph (1)—

         11. 62. In Schedule 3 (application and modification of legislation)—

         12. 63. The Payment Services Regulations 2017 (S.I. 2017/752) are amended in...

         13. 64. In regulation 108 (monitoring and enforcement), after paragraph (1)(a) insert—...

         14. 65. In regulation 109 (reporting requirements), after paragraph (1) insert—

         15. 66. In regulation 110 (public censure), after “Regulations” insert “or, in...

         16. 67. In regulation 111 (financial penalties)— (a) omit “or” at the...

         17. 68. In regulation 113 (injunctions)— (a) omit “or” at the end...

         18. 69. In regulation 114 (power to require restitution), in paragraph (1)...

         19. 70. In regulation 116 (restitution orders), in paragraph (1) after “requirement,”...

         20. 71. In regulation 117 (complaints), in paragraph (1)—

         21. 72. In Schedule 6 (application and modification of legislation)—

   3. SCHEDULE 3

      New Schedule 6B to FSMA 2000

   4. SCHEDULE 4

      FMI Sandboxes

      1. 1. Participation

      2. 2. Technology

      3. 3. Practices

      4. 4. Financial instruments

      5. 5. Settlement of payments

      6. 6. Requirements

      7. 7. Cooperation

      8. 8. Transparency and reporting

      9. 9. Enforcement

   5. SCHEDULE 5

      Financial promotion: related amendments

      1. 1. FSMA 2000 is amended as follows.

      2. 2. In section 1H (further interpretative provisions for sections 1B to...

      3. 3. In section 25 (contravention of section 21), in subsection (2)(a)...

      4. 4. In section 55A (application for permission), after subsection (5) insert—...

      5. 5. (1) Section 55O (imposition of requirements on acquisition of control)...

      6. 6. In section 55R (persons connected with an applicant), in subsection...

      7. 7. In section 55U (applications under Part 4A), after subsection (3)...

      8. 8. In section 55V (determination of applications), in subsection (5)—

      9. 9. (1) Section 55X (determination of applications: warning notices and decision...

      10. 10. (1) Section 55Y (exercise of own-initiative power: procedure) is amended...

      11. 11. (1) Section 55Z (cancellation of Part 4A permission: procedure) is...

      12. 12. In section 55Z3 (right to refer matters to the Tribunal),...

   6. SCHEDULE 6

      Digital settlement assets

      1. PART 1 Amendments to the Banking Act 2009

         1. 1. The Banking Act 2009 is amended as follows.

         2. 2. In the heading to Part 5 (payment systems), after “systems”...

         3. 3. In section 181 (overview), after “services” insert “, including”.

         4. 4. (1) Section 182 (interpretation of payment system) is amended as...

         5. 5. (1) Section 183 (interpretation of other expressions) is amended as...

         6. 6. In the cross-heading before section 184 (recognition order), after “systems”...

         7. 7. In the heading to section 184 , after “order” insert...

         8. 8. In section 184, in subsection (4), after “constituting” insert “or...

         9. 9. After section 184 insert— Recognition order: DSA service provider (1) The Treasury may by order (“recognition order”) specify a...

         10. 10. In the heading to section 185 (recognition criteria) after “criteria”...

         11. 11. After section 185 insert— Recognition criteria: DSA service provider (1) The Treasury may make a recognition order in respect...

         12. 12. (1) Section 186 (procedure) is amended as follows.

         13. 13. (1) Section 186A (amendment of recognition order) is amended as...

         14. 14. (1) Section 187 (de-recognition) is amended as follows.

         15. 15. (1) Section 188 (principles) is amended as follows.

         16. 16. In section 189 (codes of practice)— (a) the words after...

         17. 17. In section 190 (system rules), in subsection (1)(a)—

         18. 18. After section 190 insert— Service provider rules (1) The Bank of England may require a recognised DSA...

         19. 19. (1) Section 191 (directions) is amended as follows.

         20. 20. After section 192 (role of FCA and PRA), insert— Power...

         21. 21. (1) Section 193 (inspection) is amended as follows.

         22. 22. (1) Section 194 (inspection: warrant) is amended as follows.

         23. 23. (1) Section 195 (independent report) is amended as follows.

         24. 24. In section 196 (compliance failure)— (a) after first “system” insert...

         25. 25. In section 197 (publication), in subsection (1)—

         26. 26. In section 198 (penalty), in subsection (1)—

         27. 27. (1) Section 199 (closure) is amended as follows.

         28. 28. (1) Section 200 (management disqualification) is amended as follows.

         29. 29. (1) Section 201 (warning) is amended as follows.

         30. 30. In section 202 (appeal), in subsection (2)—

         31. 31. (1) Section 202A (injunctions) is amended as follows.

         32. 32. In section 203 (fees), in subsection (1)—

         33. 33. After section 203B (annual report) insert— Policy statement (1) The Bank of England must prepare a statement of...

         34. 34. (1) Section 204 (information) is amended as follows.

         35. 35. (1) Section 205 (pretending to be recognised) is amended as...

         36. 36. (1) Section 206 (saving for informal oversight) is amended as...

         37. 37. (1) Section 206A (services forming part of recognised payment systems)...

         38. 38. After section 206A insert— Service providers connected with a recognised...

         39. 39. In section 259 (statutory instruments), in the Table in subsection...

      2. PART 2 Amendments to the Financial Services (Banking Reform) Act 2013

         1. 40. The Financial Services (Banking Reform) Act 2013 is amended as...

         2. 41. (1) Section 41 (meaning of payment system) is amended as...

         3. 42. (1) Section 42 (participants in payment systems) is amended as...

         4. 43. In section 98 (duty of regulators to ensure co-ordinated exercise...

         5. 44. In section 110 (interpretation of Part), at the appropriate place...

         6. 45. In section 112 (interpretation: infrastructure companies), after subsection (2)(a) insert—...

         7. 46. In section 113 (interpretation: other expressions), in subsection (1) at...

         8. 47. (1) Section 115 (objective of FMI administration) is amended as...

         9. 48. In section 143 (Parliamentary control of orders and regulations), after...

   7. SCHEDULE 7

      Accountability of the Payment Systems Regulator

      1. 1. The Financial Services (Banking Reform) Act 2013 is amended as...

      2. 2. In section 39 (overview)— (a) after subsection (11) insert—

      3. 3. In section 53 (regulatory principles), in paragraph (c) at the...

      4. 4. After section 102 (power of PRA to require Regulator to...

      5. 5. Before section 103 (regulator’s general duty to consult) insert (under...

      6. 6. In section 104 (consultation in relation to generally applicable requirements)—...

      7. 7. After section 104 insert— Requirements in connection with public consultations...

      8. 8. After section 107 insert— International trade obligations (1) This section applies where it appears to the Payment...

      9. 9. In section 110(1) (interpretation), at the appropriate place insert— “generally...

      10. 10. In section 143 (orders and regulations: Parliamentary control), in subsection...

      11. 11. In Schedule 4 (the Payment Systems Regulator), after paragraph 7(2)(b)...

      12. 12. In Schedule 4, after paragraph 7 insert— Other reports (1) The Treasury may (subject to this paragraph) at any...

      13. 13. In Schedule 4, after paragraph 14 insert— Engagement with Parliamentary...

   8. SCHEDULE 8

      Cash access services

      1. PART 1 New Part 8B of FSMA 2000

         1. 1. After Part 8A of FSMA 2000 (short selling) insert— PART...

      2. PART 2 Consequential amendments to FSMA 2000

         1. 2. FSMA 2000 is amended as follows.

         2. 3. In section 3D (duty of FCA and PRA to ensure...

         3. 4. In section 55H (variation by FCA at request of authorised...

         4. 5. In section 55L (imposition of requirements by FCA), in subsection...

         5. 6. In section 55T (persons whose interests are protected), after “operational...

         6. 7. In section 232A (ombudsman scheme operator’s duty to provide information...

         7. 8. In section 395 (the FCA’s and PRA’s procedures), in subsection...

         8. 9. In section 429 (Parliamentary control of statutory instruments), in subsection...

   9. SCHEDULE 9

      Wholesale cash distribution

      1. PART 1 New Part 5A of the Banking Act 2009

         1. 1. After Part 5 of the Banking Act 2009 (payment systems)...

      2. PART 2 Amendments to Part 6 of the Financial Services (Banking Reform) Act 2013

         1. 2. Part 6 of the Financial Services (Banking Reform) Act 2013...

         2. 3. In section 111 (financial market infrastructure administration), in the heading,...

         3. 4. (1) Section 112 (interpretation: infrastructure companies) is amended as follows....

         4. 5. In section 113 (interpretation: other expressions), in subsection (1)—

         5. 6. In section 115 (objective of FMI administration), after subsection (1A)...

         6. 7. In section 119 (continuity of supply), in subsection (6), in...

         7. 8. In section 120 (power to direct FMI administrator), in subsection...

         8. 9. In section 127 (interpretation of Part), in subsection (1), at...

      3. PART 3 Consequential amendments

         1. 10. Banking Act 2009

         2. 11. In section 259 (statutory instruments), in subsection (3), in the...

         3. 12. In section 261 (index of defined terms)—

         4. 13. Financial Services Act 2012

         5. 14. (1) Section 85 (relevant functions in relation to complaints scheme)...

         6. 15. (1) Section 110 (payment to Treasury of penalties received by...

         7. 16. Financial Services (Banking Reform) Act 2013

   10. SCHEDULE 10

       Performance of functions relating to financial market infrastructure

       1. PART 1 New Chapter 2A of Part 18 of FSMA 2000

          1. 1. In Part 18 of FSMA 2000 (recognised investment exchanges, clearing...

       2. PART 2 Related amendments

          1. 2. Amendments to FSMA 2000

          2. 3. (1) Section 56 (prohibition orders) is amended as follows—

          3. 4. (1) Section 57 (prohibition orders: procedure and right to refer...

          4. 5. In section 59AB(1) (specifying functions as controlled functions: transitional provision),...

          5. 6. In section 133(7A) (proceedings before Tribunal: general provision), after paragraph...

          6. 7. In section 138A (modification or waiver of rules), in subsection...

          7. 8. (1) Section 168 (appointment of persons to carry out investigations...

          8. 9. In the heading of Chapter 3B of Part 18, at...

          9. 10. Section 312FA is omitted.

          10. 11. In section 313 (interpretation of Part 18), in subsection (1)—...

          11. 12. (1) Section 347 (the record of authorised persons etc) is...

          12. 13. In section 391 (publication of notices), in subsection (1ZB), after...

          13. 14. (1) Section 392 (application of sections 393 and 394) is...

          14. 15. In section 395 (the FCA’s and PRA’s procedures), in subsection...

          15. 16. (1) Section 417(1) (interpretation) is amended as follows.

          16. 17. In section 429 (Parliamentary control of statutory instruments)

          17. 18. (1) Schedule 1ZA (the Financial Conduct Authority) is amended as...

          18. 19. In Schedule 2A (Gibraltar-based persons carrying on activities in the...

          19. 20. (1) Schedule 17A (further provision in relation to exercise of...

          20. 21. Financial Services Act 2012

   11. SCHEDULE 11

       Central counterparties

       1. PART 1 Introductory

          1. 1. Overview

       2. PART 2 Pre-resolution powers of the Bank of England

          1. 2. Removal of impediments to the exercise of stabilisation powers etc

          2. 3. Safeguards relating to directions under paragraph 2

       3. PART 3 Resolution plans

          1. 4. Resolution plans

       4. PART 4 Removal of directors and senior managers

          1. 5. Removal of directors and senior managers

          2. 6. Temporary manager

          3. 7. Paragraphs 5 and 6: conditions

          4. 8. Temporary manager: further provisions in relation to the appointment

          5. 9. Temporary manager: instrument of appointment

          6. 10. Right to refer matters to the Tribunal

          7. 11. Removal of directors and senior managers and appointment of temporary manager: procedure

          8. 12. Removal of directors and senior managers and appointment of temporary manager: notice requirements

          9. 13. Temporary restriction on remuneration

          10. 14. Restriction on remuneration: review and revocation

       5. PART 5 Special resolution action

          1. 15. Special resolution objectives

          2. 16. Code of Practice

          3. 17. General conditions

          4. 18. Effect on other group members

          5. 19. Specific conditions: financial assistance cases

          6. 20. Resolution liaison panel

          7. 21. Restrictions on use of certain resolution powers

          8. 22. Pre-resolution valuation

          9. 23. Replacement of Bank’s provisional valuation

          10. 24. Independent valuer: valuation under paragraph 22 or 23

          11. 25. Independent valuer: supplemental

          12. 26. Consequences of a replacement valuation

          13. 27. Private sector purchaser

          14. 28. Private sector purchaser: marketing

          15. 29. Bridge central counterparty

          16. 30. Transfer of ownership

          17. 31. Tear-up power

          18. 32. Cash call power

          19. 33. Power to reduce variation margin payments

          20. 34. Write-down power

          21. 35. Powers in relation to securities

          22. 36. Report on provisions in write-down instrument

          23. 37. Priority between creditors

          24. 38. Power to take control

          25. 39. Shadow directors etc

          26. 40. Interpretation: “securities”

          27. 41. Share transfer instrument

          28. 42. Effect

          29. 43. Continuity

          30. 44. Conversion and delisting

          31. 45. Directors and senior managers

          32. 46. Ancillary instruments: production, registration, etc

          33. 47. Incidental provision

          34. 48. Procedure: instruments

          35. 49. Supplemental instruments

          36. 50. Onward transfer

          37. 51. Reverse share transfer

          38. 52. Bridge central counterparties: share transfers

          39. 53. Bridge central counterparties: reverse share transfer

          40. 54. Property transfer instrument

          41. 55. Effect

          42. 56. Transferable property

          43. 57. Continuity

          44. 58. Directors and senior managers

          45. 59. Recognised central counterparty rules

          46. 60. Recognised central counterparty membership

          47. 61. Licences

          48. 62. Foreign property

          49. 63. Incidental provision

          50. 64. Procedure

          51. 65. Property transfer instrument: delisting

          52. 66. Transfer of property subsequent to resolution instrument

          53. 67. Supplemental instruments

          54. 68. Private sector purchaser: reverse property transfer

          55. 69. Onward transfer

          56. 70. Bridge central counterparties: reverse property transfer

          57. 71. Transfer of ownership and private sector purchaser: property transfer

          58. 72. Transfer of ownership: reverse property transfer

          59. 73. Bridge central counterparty: supplemental property transfer powers

          60. 74. Bridge central counterparty: supplemental reverse property transfer powers

          61. 75. Restriction of partial transfers

          62. 76. Power to protect certain interests

          63. 77. Creation of liabilities

          64. 78. Regulations for safeguarding certain financial arrangements: write-down instruments

          65. 79. Resolution instruments: effect and supplementary matters

          66. 80. Write-down instruments: supplementary

          67. 81. Resolution instruments: procedure

          68. 82. Supplemental resolution instruments

          69. 83. Directors and senior managers

          70. 84. Termination rights etc

          71. 85. Deferment

          72. 86. Recovery of expenses

          73. 87. Compensation scheme

          74. 88. Instruments: notification of members and creditors

          75. 89. General continuity obligation: property transfers

          76. 90. Special continuity obligations: property transfers

          77. 91. Continuity obligations: onward property transfers

          78. 92. General continuity obligation: share transfers

          79. 93. Special continuity obligations: share transfers

          80. 94. Continuity obligations: onward share transfers

          81. 95. Continuity obligations: consideration and terms

          82. 96. Continuity obligations: termination

          83. 97. Suspension of obligations

          84. 98. Restriction of security interests

          85. 99. Suspension of termination rights

          86. 100. Suspension: general provision

          87. 101. Stay on terminating membership

          88. 102. Restriction on remuneration

          89. 103. Pensions

          90. 104. Disputes

          91. 105. Tax

          92. 106. Stay or sist of legal proceedings

          93. 107. Insolvency proceedings

          94. 108. Recognition of transferee company

          95. 109. International obligation notice: general

          96. 110. International obligation notice: bridge central counterparty

          97. 111. Public funds: general

          98. 112. Public funds: bridge central counterparty

          99. 113. Private sector purchaser: report

          100. 114. Bridge central counterparty: report

          101. 115. Resolution instruments: report

          102. 116. Transfer of ownership: report

          103. 117. Sale to commercial purchaser, transfer to bridge central counterparty and transfer of ownership: conditions for group companies

          104. 118. Paragraph 117: supplemental

       6. PART 6 Information, investigation and enforcement

          1. 119. Information

          2. 120. Reports by skilled persons

          3. 121. Appointment of persons to carry out general investigations

          4. 122. Appointment of person to carry out investigations in particular cases

          5. 123. Investigations etc in support of foreign resolution authorities

          6. 124. Investigations: general

          7. 125. Powers of persons appointed under paragraph 121

          8. 126. Powers of persons appointed as a result of paragraph 122

          9. 127. Admissibility of statements made to investigators

          10. 128. Information and documents: supplemental provision

          11. 129. Protected items

          12. 130. Entry of premises under warrant

          13. 131. Retention of documents obtained under paragraph 130

          14. 132. Offences etc

          15. 133. Prosecution of offences under paragraph 132

          16. 134. Offences under paragraph 132 by bodies corporate etc

          17. 135. Injunctions to prevent failure to comply with relevant requirement

          18. 136. Regulatory sanctions

          19. 137. Determination of sanctions

          20. 138. Procedure: warning notice

          21. 139. Procedure: decision notice

          22. 140. Procedure: general

          23. 141. Appeals

          24. 142. Injunctions: failure to comply with certain paragraph 136 sanctions

          25. 143. Publication

          26. 144. Co-operation

       7. PART 7 Third-country resolution actions

          1. 145. Third-country resolution actions

          2. 146. Effects of recognition on third-country resolution action

          3. 147. Third-country instruments: supplementary provision

       8. PART 8 General

          1. 148. Information

          2. 149. Restrictions on disclosure of confidential information

          3. 150. Remedies on judicial review

          4. 151. Giving of notices, documents etc under this Schedule

          5. 152. “Financial assistance”

          6. 153. Modifications to the law

          7. 154. Interpretation

          8. 155. Recognised central counterparty

          9. 156. Interpretation: “CCP group company”, etc

       9. PART 9 Treasury support for CCPs

          1. 157. Consolidated Fund

          2. 158. National Loans Fund

       10. PART 10 Consequential etc provision

           1. 159. Bank of England Act 1998

           2. 160. Financial Services and Markets Act 2000

           3. 161. Companies Act 2006

           4. 162. Banking Act 2009

           5. 163. Financial Services Act 2012

           6. 164. Financial Services (Banking Reform) Act 2013

           7. 165. Modified application of corporate law to CCPs in resolution

   12. SCHEDULE 12

       Write-down orders

       1. PART 1 Write-down orders: main provisions

          1. 1. (1) Part 24 of FSMA 2000 (insolvency) is amended as...

       2. PART 2 The manager of a write-down order

          1. 2. After Schedule 19 to FSMA 2000 (competition information), insert— SCHEDULE...

       3. PART 3 Further provision about write-down orders

          1. 3. After Schedule 19A to FSMA 2000 (the manager of a...

       4. PART 4 Write-down orders: financial services compensation scheme

          1. 4. Part 15 of FSMA 2000 (the Financial Services Compensation Scheme)...

          2. 5. After section 217 (insurers in financial difficulties) insert— Insurers subject...

          3. 6. In section 219 (scheme manager’s power to require information), in...

          4. 7. After section 220 (scheme manager’s power to inspect information held...

       5. PART 5 Consequential amendments

          1. 8. FSMA 2000

          2. 9. (1) Section 348 (restrictions on disclosure of confidential information by...

          3. 10. In section 429 (Parliamentary control of statutory instruments), in subsection...

          4. 11. In Schedule 1ZB (the PRA), in paragraph 33(2) (exemption from...

          5. 12. Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

   13. SCHEDULE 13

       Insurers in financial difficulties: enforcement of contracts

       1. PART 1 New Schedule 19C to FSMA 2000

          1. 1. (1) Part 24 of FSMA 2000 (insolvency) is amended as...

       2. PART 2 Consequential amendments

          1. 2. In section 429 of FSMA 2000 (Parliamentary control of statutory...

   14. SCHEDULE 14

       Credit unions

       1. 1. Introductory

       2. 2. Specified financial activities

       3. 3. After section 1 insert— Specified financial activities (1) The financial activities specified for the purposes of the...

       4. 4. In section 2 (supplementary and transitional provisions as to registration),...

       5. 5. Shares

       6. 6. Ancillary services

       7. 7. Loans

       8. 8. Conditional sale and hire purchase agreements

       9. 9. Insurance distribution activities

       10. 10. Minor and consequential amendments

       11. 11. In section 23A (power to make provision corresponding to provision...

       12. 12. In section 29 (orders and regulations), in subsection (2) for...

       13. 13. (1) Section 31 (interpretation, etc.) is amended as follows.

       14. 14. In Schedule 1 (matters to be provided for in rules...

       15. 15. Transitional provision

       16. 16. The amendment made by paragraph 13(4)(b) does not apply in...