Financial Services and Markets Act 2000
Part I The Regulator
1 The Financial Services Authority.
The Authority’s general duties
2 The Authority’s general duties.
The regulatory objectives
3 Market confidence.
3AFinancial stability
4 Public awareness.
5 The protection of consumers.
6 The reduction of financial crime.
Enhancing public understanding of financial matters etc
6AEnhancing public understanding of financial matters etc
Corporate governance
7 Duty of Authority to follow principles of good governance.
Arrangements for consulting practitioners and consumers
8 The Authority’s general duty to consult.
9 The Practitioner Panel.
10 The Consumer Panel.
11 Duty to consider representations by the Panels.
Reviews
12 Reviews.
13 Right to obtain documents and information.
Inquiries
14 Cases in which the Treasury may arrange independent inquiries.
15 Power to appoint person to hold an inquiry.
16 Powers of appointed person and procedure.
17 Conclusion of inquiry.
18 Obstruction and contempt.
Part II Regulated And Prohibited Activities
The general prohibition
19 The general prohibition.
Requirement for permission
20 Authorised persons acting without permission.
Financial promotion
21 Restrictions on financial promotion.
Regulated activities
22 The classes of activity and categories of investment.
Offences
23 Contravention of the general prohibition.
24 False claims to be authorised or exempt.
25 Contravention of section 21.
Enforceability of agreements
26 Agreements made by unauthorised persons.
27 Agreements made through unauthorised persons.
28 Agreements made unenforceable by section 26 or 27.
29 Accepting deposits in breach of general prohibition.
30 Enforceability of agreements resulting from unlawful communications.
Part III Authorisation and Exemption
Authorisation
31 Authorised persons.
32 Partnerships and unincorporated associations.
Ending of authorisation
33 Withdrawal of authorisation by the Authority.
34 EEA firms.
35 Treaty firms.
36 Persons authorised as a result of paragraph 1(1) of Schedule 5.
Exercise of EEA rights by UK firms
37 Exercise of EEA rights by UK firms.
Exemption
38 Exemption orders.
39 Exemption of appointed representatives.
39ACertain tied agents operating outside United Kingdom
Part IV Permission to Carry on Regulated Activities
Application for permission
40 Application for permission.
41 The threshold conditions.
Permission
42 Giving permission.
43 Imposition of requirements.
Variation and cancellation of Part IV permission
44 Variation etc. at request of authorised person.
45 Variation etc. on the Authority’s own initiative.
46 Variation of permission on acquisition of control.
47 Exercise of power in support of overseas regulator.
48 Prohibitions and restrictions.
Connected persons
49 Persons connected with an applicant.
Additional permissions
50 Authority’s duty to consider other permissions etc.
Procedure
51 Applications under this Part.
52 Determination of applications.
53 Exercise of own-initiative power: procedure.
54 Cancellation of Part IV permission: procedure.
References to the Tribunal
55 Right to refer matters to the Tribunal.
Part V Performance of Regulated Activities
Prohibition orders
56 Prohibition orders.
57 Prohibition orders: procedure and right to refer to Tribunal.
58 Applications relating to prohibitions: procedure and right to refer to Tribunal.
Approval
59 Approval for particular arrangements.
60 Applications for approval.
61 Determination of applications.
62 Applications for approval: procedure and right to refer to Tribunal.
63 Withdrawal of approval.
Performance of controlled functions without approval
63APower to impose penalties
63BProcedure and right to refer to Tribunal
63CStatement of policy
63DStatement of policy: procedure
Conduct
64 Conduct: statements and codes.
65 Statements and codes: procedure.
66 Disciplinary powers.
67 Disciplinary measures: procedure and right to refer to Tribunal.
68 Publication.
69 Statement of policy.
70 Statements of policy: procedure.
Breach of statutory duty
71 Actions for damages.
Part VI Official Listing
The competent authority
72 The competent authority.
73 General duty of the competent authority.
73APart 6 Rules
The official list
74 The official list.
Listing
75 Applications for listing.
76 Decision on application.
77 Discontinuance and suspension of listing.
78 Discontinuance or suspension: procedure.
78ADiscontinuance or suspension at the request of the issuer: procedure
Listing particulars
79 Listing particulars and other documents.
80 General duty of disclosure in listing particulars.
81 Supplementary listing particulars.
82 Exemptions from disclosure.
83 Registration of listing particulars.
Transferable securities: public offers and admission to trading
84Matters which may be dealt with by prospectus rules
85Prohibition of dealing etc. in transferable securities without approved prospectus
86Exempt offers to the public
87Election to have prospectus
Approval of prospectus
87ACriteria for approval of prospectus by competent authority
87BExemptions from disclosure
87CConsideration of application for approval
87DProcedure for decision on application for approval
Transfer of application for approval of a prospectus
87ETransfer by competent authority of application for approval
87FTransfer to competent authority of application for approval
Supplementary prospectus
87GSupplementary prospectus
Passporting
87HProspectus approved in another EEA State
87IProvision of information to host Member State
Transferable securities: powers of competent authority
87JRequirements imposed as condition of approval
87KPower to suspend or prohibit offer to the public
87LPower to suspend or prohibit admission to trading on a regulated market
87MPublic censure of issuer
87NRight to refer matters to the Tribunal
87OProcedure under sections 87K and 87L
87PExercise of powers at request of competent authority of another EEA State
Rights of investors
87QRight of investor to withdraw
Registered investors
87RRegister of investors
Sponsors
88 Sponsors.
89 Public censure of sponsor.
Transparency obligations
89ATransparency rules
89BProvision of voteholder information
89CProvision of information by issuers of transferable securities
89DNotification of voting rights held by issuer
89ENotification of proposed amendment of issuer's constitution
89FTransparency rules: interpretation etc
89GTransparency rules: other supplementary provisions
Power of competent authority to call for information
89HCompetent authority's power to call for information
89IRequirements in connection with call for information
89JPower to call for information: supplementary provisions
Powers exercisable in case of infringement of transparency obligation
89KPublic censure of issuer
89LPower to suspend or prohibit trading of securities
89MProcedure under section 89L
89NRight to refer matters to the Tribunal
Corporate governance
89OCorporate governance rules
Compensation
90Compensation for false or misleading statements or omissions
90ZALiability for key investor information
90ACompensation for statements in certain publications
90BPower to make further provision about liability for published information
Penalties
91Penalties for breach of Part 6 rules
92 Procedure.
93 Statement of policy.
94 Statements of policy: procedure.
Competition
95 Competition scrutiny.
Miscellaneous
96 Obligations of issuers of listed securities.
96ADisclosure of information requirements
96BPersons discharging managerial responsibilities and connected persons
96CSuspension of trading
97 Appointment by competent authority of persons to carry out investigations.
98 Advertisements etc. in connection with listing applications.
99 Fees.
100 Penalties.
100AExercise of powers where UK is host member state
101 Listing rules: general provisions.
102 Exemption from liability in damages.
Interpretative provisions
102AMeaning of “securities” etc.
102BMeaning of “offer of transferable securities to the public” etc.
102CMeaning of “home State” in relation to transferable securities
103Interpretation of this Part
Part VII Control of Business Transfers
104 Control of business transfers.
105 Insurance business transfer schemes.
106 Banking business transfer schemes.
106AReclaim fund business transfer scheme
107 Application for order sanctioning transfer scheme.
108 Requirements on applicants.
109 Scheme reports.
110 Right to participate in proceedings.
111 Sanction of the court for business transfer schemes.
112 Effect of order sanctioning business transfer scheme.
112ARights to terminate etc.
113 Appointment of actuary in relation to reduction of benefits.
114 Rights of certain policyholders.
114ANotice of transfer of reinsurance contracts
Business transfers outside the United Kingdom
115 Certificates for purposes of insurance business transfers overseas.
116 Effect of insurance business transfers authorised in other EEA States.
Modifications
117 Power to modify this Part.
Part VIII Penalties for Market Abuse
Market abuse
118 Market abuse.
118ASupplementary provision about certain behaviour
118BInsiders
118CInside information
The code
119 The code.
120 Provisions included in the Authority’s code by reference to the City Code.
121 Codes: procedure.
122 Effect of the code.
Power to impose penalties
123 Power to impose penalties in cases of market abuse.
Statement of policy
124 Statement of policy.
125 Statement of policy: procedure.
Procedure
126 Warning notices.
127 Decision notices and right to refer to Tribunal.
Miscellaneous
128 Suspension of investigations.
129 Power of court to impose penalty in cases of market abuse.
130 Guidance.
130AInterpretation and supplementary provision
131 Effect on transactions.
131AProtected Disclosures
Part 8AShort selling
Short selling rules
131BShort selling rules
131CShort selling rules: definitions etc
131DShort selling rules: procedure in urgent cases
Power to require information
131EPower to require information
131FPower to require information: supplementary
Breach of short selling rules etc
131GPower to impose penalty or issue censure
131HProcedure and right to refer to Tribunal
131IDuty on publication of statement
131JImposition of penalties under section 131G: statement of policy
131KStatement of policy: procedure
Part IX Hearings and Appeals
132 The Financial Services and Markets Tribunal.
133 Proceedings: general provision.
133A Proceedings before Tribunal: decision and supervisory notices, etc.
133B Offences
Legal assistance before the Tribunal
134 Legal assistance scheme.
135 Provisions of the legal assistance scheme.
136 Funding of the legal assistance scheme.
Appeals
137 Appeal on a point of law.
Part X Rules and Guidance
Chapter I Rule-making Powers
138 General rule-making power.
139 Miscellaneous ancillary matters.
139AGeneral rules about remuneration
139BRules about recovery plans
139CRules about resolution plans
139DSections 139B and 139C: interpretation
139ERules about recovery and resolution plans: supplementary provision
139FSpecial provision in relation to resolution plans
140 Restriction on managers of certain collective investment schemes.
141 Insurance business rules.
142 Insurance business: regulations supplementing Authority’s rules.
143 Endorsement of codes etc.
Specific rules
144 Price stabilising rules.
145 Financial promotion rules.
146 Money laundering rules.
147 Control of information rules.
Modification or waiver
148 Modification or waiver of rules.
Contravention of rules
149 Evidential provisions.
150 Actions for damages.
151 Limits on effect of contravening rules.
Procedural provisions
152 Notification of rules to the Treasury.
153 Rule-making instruments.
154 Verification of rules.
155 Consultation.
156 General supplementary powers.
Chapter II Guidance
157 Guidance.
158 Notification of guidance to the Treasury.
158AGuidance on outsourcing by investment firms and credit institutions
Chapter III Competition Scrutiny
159 Interpretation.
160 Reports by OFT.
161 Power of OFT to request information.
162 Consideration by Competition Commission.
163 Role of the Treasury.
164 The Competition Act 1998.
Part XI Information Gathering and Investigations
Powers to gather information
165 Authority’s power to require information.
165AAuthority's power to require information: financial stability
165BSafeguards etc in relation to exercise of power under section 165A
165COrders under section 165A(2)(d)
166 Reports by skilled persons.
Appointment of investigators
167 Appointment of persons to carry out general investigations.
168 Appointment of persons to carry out investigations in particular cases.
Assistance to overseas regulators
169 Investigations etc. in support of overseas regulator.
169ASupport of overseas regulator with respect to financial stability
Conduct of investigations
170 Investigations: general.
171 Powers of persons appointed under section 167.
172 Additional power of persons appointed as a result of section 168(1) or (4).
173 Powers of persons appointed as a result of section 168(2).
174 Admissibility of statements made to investigators.
175 Information and documents: supplemental provisions.
176 Entry of premises under warrant.
Offences
177 Offences.
Part XII Control Over Authorised Persons
Enforcement procedures
191AObjection by the Authority
191BRestriction notices
191COrders for sale of shares
Notice of reductions of control of UK authorised persons
191DObligation to notify the Authority: dispositions of control
191ERequirements for notices under section 191D
Offences
191FOffences under this Part
Interpretation
191GInterpretation
Notice of control
178 Obligation to notify the Authority.
Acquiring, increasing and reducing control
179 Acquiring control.
180 Increasing control.
181 Reducing control.
Acquiring or increasing control: procedure
182 Notification.
183 Duty of Authority in relation to notice of control.
184 Approval of acquisition of control.
185 Conditions attached to approval.
186 Objection to acquisition of control.
187 Objection to existing control.
188 Notices of objection under section 187: procedure.
Improperly acquired shares
189 Improperly acquired shares.
Reducing control: procedure
190 Notification.
Offences
191 Offences under this Part.
Miscellaneous
192 Power to change definitions of control etc.
Part XIII Incoming Firms: Intervention by Authority
Interpretation
193 Interpretation of this Part.
194 General grounds on which power of intervention is exercisable.
194AContravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive: Authority primarily responsible for securing compliance
195 Exercise of power in support of overseas regulator.
195AContravention by relevant EEA firm of requirement under markets in financial instruments directive: home state regulator primarily responsible for securing compliance
196 The power of intervention.
Exercise of power of intervention
197 Procedure on exercise of power of intervention.
198 Power to apply to court for injunction in respect of certain overseas insurance companies.
199 Additional procedure for EEA firms in certain cases.
199AManagement companies: loss of authorisation
Supplemental
200 Rescission and variation of requirements.
201 Effect of certain requirements on other persons.
202 Contravention of requirement imposed under this Part.
Powers of Office of Fair Trading
203 Power to prohibit the carrying on of Consumer Credit Act business.
204 Power to restrict the carrying on of Consumer Credit Act business.
Part XIV Disciplinary Measures
205 Public censure.
206 Financial penalties.
206ASuspending permission to carry on regulated activities etc
207 Proposal to take disciplinary measures.
208 Decision notice.
209 Publication.
210 Statements of policy.
211 Statements of policy: procedure.
Part XV The Financial Services Compensation Scheme
The scheme manager
212 The scheme manager.
The scheme
213 The compensation scheme.
Provisions of the scheme
214 General.
214AContingency funding
214BContribution to costs of special resolution regime
214CLimit on amount of special resolution regime payments
214DContributions under section 214B: supplementary
215 Rights of the scheme in relevant person’s insolvency.
216 Continuity of long-term insurance policies.
217 Insurers in financial difficulties.
Annual report
218 Annual report.
Information and documents
218AAuthority's power to require information
219 Scheme manager’s power to require information.
220 Scheme manager’s power to inspect information held by liquidator etc.
221 Powers of court where information required.
Miscellaneous
221ADelegation of functions
222 Statutory immunity.
223 Management expenses.
223AInvesting in National Loans Fund
223BBorrowing from National Loans Fund
223CPayments in error
224 Scheme manager’s power to inspect documents held by Official Receiver etc.
224AFunctions under the Banking Act 2009
Part 15APower to require FSCS manager to act in relation to other schemes
Introduction
224BMeaning of “relevant scheme” etc
Power to require FSCS manager to act
224CPower to require FSCS manager to act on behalf of manager of relevant scheme
224DCases where FSCS manager may decline to act
224EGrounds for declining to act
Rules
224FRules about relevant schemes
Part XVI The Ombudsman Scheme
The scheme
225 The scheme and the scheme operator.
226 Compulsory jurisdiction.
226AConsumer credit jurisdiction
227 Voluntary jurisdiction.
Determination of complaints
228 Determination under the compulsory jurisdiction.
229 Awards.
230 Costs.
Information
231 Ombudsman’s power to require information.
232 Powers of court where information required.
233 Data protection.
Funding
234 Industry funding.
234AFunding by consumer credit licensees etc.
Part XVII Collective Investment Schemes
Chapter I Interpretation
235 Collective investment schemes.
236 Open-ended investment companies.
237 Other definitions.
Chapter II Restrictions on Promotion
238 Restrictions on promotion.
239 Single property schemes.
240 Restriction on approval of promotion.
241 Actions for damages.
Chapter III Authorised Unit Trust Schemes
Applications for authorisation
242 Applications for authorisation of unit trust schemes.
243 Authorisation orders.
244 Determination of applications.
Applications refused
245 Procedure when refusing an application.
Certificates
246 Certificates.
Rules
247 Trust scheme rules.
248 Scheme particulars rules.
249 Disqualification of auditor for breach of trust scheme rules.
250 Modification or waiver of rules.
Alterations
251 Alteration of schemes and changes of manager or trustee.
252 Procedure when refusing approval of change of manager or trustee.
252AProposal to convert to a non-feeder UCITS
Exclusion clauses
253 Avoidance of exclusion clauses.
Ending of authorisation
254 Revocation of authorisation order otherwise than by consent.
255 Procedure.
256 Requests for revocation of authorisation order.
Powers of intervention
257 Directions.
258 Applications to the court.
258AWinding up or merger of master UCITS
259 Procedure on giving directions under section 257 and varying them on Authority’s own initiative.
260 Procedure: refusal to revoke or vary direction.
261 Procedure: revocation of direction and grant of request for variation.
261AInformation for home state regulator
261BInformation for feeder UCITS
Chapter IV Open-ended Investment Companies
262 Open-ended investment companies.
263 Amendment of section 716 Companies Act 1985.
Chapter V Recognised Overseas Schemes
Schemes constituted in other EEA States
264 Schemes constituted in other EEA States.
265 Representations and references to the Tribunal.
266 Disapplication of rules.
267 Power of Authority to suspend promotion of scheme.
268 Procedure on giving directions under section 267 and varying them on Authority’s own initiative.
269 Procedure on application for variation or revocation of direction.
Schemes authorised in designated countries or territories
270 Schemes authorised in designated countries or territories.
271 Procedure.
Individually recognised overseas schemes
272 Individually recognised overseas schemes.
273 Matters that may be taken into account.
274 Applications for recognition of individual schemes.
275 Determination of applications.
276 Procedure when refusing an application.
277 Alteration of schemes and changes of operator, trustee or depositary.
Schemes recognised under sections 270 and 272
278 Rules as to scheme particulars.
279 Revocation of recognition.
280 Procedure.
281 Directions.
282 Procedure on giving directions under section 281 and varying them otherwise than as requested.
Facilities and information in UK
283 Facilities and information in UK.
CHAPTER 5AMASTER-FEEDER STRUCTURES
283AMaster-feeder structures
283BReports on derivative instruments
Chapter VI Investigations
284 Power to investigate.
Part XVIII Recognised Investment Exchanges and Clearing Houses
Chapter I Exemption
General
285 Exemption for recognised investment exchanges and clearing houses.
286 Qualification for recognition.
Applications for recognition
287 Application by an investment exchange.
288 Application by a clearing house.
289 Applications: supplementary.
290 Recognition orders.
290ARefusal of recognition on ground of excessive regulatory provision
291 Liability in relation to recognised body’s regulatory functions.
292 Overseas investment exchanges and overseas clearing houses.
Publication of information by recognised investment exchange
292APublication of information by recognised investment exchange
Supervision
293 Notification requirements.
293AInformation: compliance of recognised investment exchanges with directly applicable Community regulations
294 Modification or waiver of rules.
295 Notification: overseas investment exchanges and overseas clearing houses.
296 Authority’s power to give directions.
297 Revoking recognition.
298 Directions and revocation: procedure.
299 Complaints about recognised bodies.
300 Extension of functions of Tribunal.
Power to disallow excessive regulatory provision
300APower of Authority to disallow excessive regulatory provision
300BDuty to notify proposal to make regulatory provision
300CRestriction on making provision before Authority decides whether to act
300DConsideration by Authority whether to disallow proposed provision
300EPower to disallow excessive regulatory provision: supplementary
Other matters
301 Supervision of certain contracts.
CHAPTER 1ACONTROL OVER RECOGNISED INVESTMENT EXCHANGE
Notice of control
301AObligation to notify the Authority of acquisition of or increase in control
Acquiring and increasing control
301BAcquiring and increasing control
Acquiring or increasing control: procedure
301CDuty of Authority in relation to notice of control
301DObjection to existing control
Improperly acquired shares
301EImproperly acquired shares
Offences
301FOffences in relation to acquisition of control
Interpretation
301GInterpretation of Chapter 1A
Chapter II Competition Scrutiny
302 Interpretation.
Role of Office of Fair Trading
303 Initial report by OFT.
304 Further reports by OFT.
305 Investigations by OFT.
Role of Competition Commission
306 Consideration by Competition Commission.
Role of the Treasury
307 Recognition orders: role of the Treasury.
308 Directions by the Treasury.
309 Statements by the Treasury.
310 Procedure on exercise of certain powers by the Treasury.
Chapter III Exclusion from the Competition Act 1998
311 The Chapter I prohibition.
312 The Chapter II prohibition.
CHAPTER 3APASSPORT RIGHTS
EEA market operators in United Kingdom
312AExercise of passport rights by EEA market operator
312BRemoval of passport rights from EEA market operator
Recognised investment exchanges operating in EEA States (other than the United Kingdom)
312CExercise of passport rights by recognised investment exchange
Interpretation
312DInterpretation of Chapter 3A
Chapter IV
Interpretation
313 Interpretation of Part XVIII.
Part 18ASUSPENSION AND REMOVAL OF FINANCIAL INSTRUMENTS FROM TRADING
313AAuthority's power to require suspension or removal of financial instruments from trading
313BSuspension or removal of financial instruments from trading: procedure
313BAProcedure following consideration of representations
313BBRevocation of requirements: applications by institutions
313BCDecisions on applications for revocation by institutions
313BDRevocation of requirements: applications by issuers
313BEDecisions on applications for revocation by issuers
313CNotification in relation to suspension or removal of a financial instrument from trading
313DInterpretation of Part 18A
Part XIX Lloyd’s
General
314 Authority’s general duty.
The Society
315 The Society: authorisation and permission.
Power to apply Act to Lloyd’s underwriting
316 Direction by Authority.
317 The core provisions.
318 Exercise of powers through Council.
319 Consultation.
Former underwriting members
320 Former underwriting members.
321 Requirements imposed under section 320.
322 Rules applicable to former underwriting members.
Transfers of business done at Lloyd’s
323 Transfer schemes.
Supplemental
324 Interpretation of this Part.
Part XX Provision of Financial Services by Members of the Professions
325 Authority’s general duty.
326 Designation of professional bodies.
327 Exemption from the general prohibition.
328 Directions in relation to the general prohibition.
329 Orders in relation to the general prohibition.
330 Consultation.
331 Procedure on making or varying orders under section 329.
332 Rules in relation to persons to whom the general prohibition does not apply.
333 False claims to be a person to whom the general prohibition does not apply.
Part XXI Mutual Societies
Friendly societies
334 The Friendly Societies Commission.
335 The Registry of Friendly Societies.
Building societies
336 The Building Societies Commission.
337 The Building Societies Investor Protection Board.
Industrial and provident societies and credit unions
338 Industrial and provident societies and credit unions.
Supplemental
339 Supplemental provisions.
Part XXII Auditors and Actuaries
Appointment
340 Appointment.
Information
341 Access to books etc.
342 Information given by auditor or actuary to the Authority.
343 Information given by auditor or actuary to the Authority: persons with close links.
344 Duty of auditor or actuary resigning etc. to give notice.
Disqualification
345 Disqualification.
Offence
346 Provision of false or misleading information to auditor or actuary.
Part XXIII Public Record, Disclosure of Information and Co-operation
The public record
347 The record of authorised persons etc.
Disclosure of information
348 Restrictions on disclosure of confidential information by Authority etc.
349 Exceptions from section 348.
350 Disclosure of information by the Inland Revenue.
351 Competition information.
351ADisclosure under the UCITS directive
352 Offences.
353 Removal of other restrictions on disclosure.
Co-operation
354 Authority’s duty to co-operate with others.
Part XXIV Insolvency
Interpretation
355 Interpretation of this Part.
Voluntary arrangements
356 Authority’s powers to participate in proceedings: company voluntary arrangements.
357 Authority’s powers to participate in proceedings: individual voluntary arrangements.
358 Authority’s powers to participate in proceedings: trust deeds for creditors in Scotland.
Administration orders
359 Administration order
360 Insurers.
361Administrator’s duty to report to Authority
362 Authority’s powers to participate in proceedings.
362A Administrator appointed by company or directors
Receivership
363 Authority’s powers to participate in proceedings.
364 Receiver’s duty to report to Authority.
Voluntary winding up
365 Authority’s powers to participate in proceedings.
366 Insurers effecting or carrying out long-term contracts or insurance.
Winding up by the court
367 Winding-up petitions.
368 Winding-up petitions: EEA and Treaty firms.
369 Insurers: service of petition etc. on Authority.
369AReclaim funds: service of petition etc on Authority
370 Liquidator’s duty to report to Authority.
371 Authority’s powers to participate in proceedings.
Bankruptcy
372 Petitions.
373 Insolvency practitioner’s duty to report to Authority.
374 Authority’s powers to participate in proceedings.
Provisions against debt avoidance
375 Authority’s right to apply for an order.
Supplemental provisions concerning insurers
376 Continuation of contracts of long-term insurance where insurer in liquidation.
377 Reducing the value of contracts instead of winding up.
378 Treatment of assets on winding up.
379 Winding-up rules.
Part XXV Injunctions and Restitution
Injunctions
380 Injunctions.
381 Injunctions in cases of market abuse.
Restitution orders
382 Restitution orders.
383 Restitution orders in cases of market abuse.
Restitution required by Authority
384 Power of Authority to require restitution.
385 Warning notices.
386 Decision notices.
Part XXVI Notices
Warning notices
387 Warning notices.
Decision notices
388 Decision notices.
Conclusion of proceedings
389 Notices of discontinuance.
390 Final notices.
Publication
391 Publication.
Third party rights and access to evidence
392 Application of sections 393 and 394.
393 Third party rights.
394 Access to Authority material.
The Authority’s procedures
395 The Authority’s procedures.
396 Statements under section 395: consultation.
Part XXVII Offences
Miscellaneous offences
397 Misleading statements and practices.
398 Misleading the Authority: residual cases.
399 Misleading the OFT.
Bodies corporate and partnerships
400 Offences by bodies corporate etc.
Institution of proceedings
401 Proceedings for offences.
402 Power of the Authority to institute proceedings for certain other offences.
403 Jurisdiction and procedure in respect of offences.
Part XXVIII Miscellaneous
Schemes for reviewing past business
404 Schemes for reviewing past business.
404ARules under s.404: supplementary
404BComplaints to the ombudsman scheme
404CEnforcement
404DApplications to Tribunal to quash rules or provision of rules
404EMeaning of “consumers”
404FOther definitions etc
404GPower to widen the scope of consumer redress schemes
Third countries
405 Directions.
406 Interpretation of section 405.
407 Consequences of a direction under section 405.
408 EFTA firms.
409 Gibraltar.
International obligations
410 International obligations.
Tax treatment of levies and repayments
411 Tax treatment of levies and repayments.
Gaming contracts
412 Gaming contracts.
Trade-matching and reporting systems
412AApproval and monitoring of trade-matching and reporting systems
412BProcedure for approval and suspension or withdrawal of approval
Limitation on powers to require documents
413 Protected items.
Service of notices
414 Service of notices.
Jurisdiction
415 Jurisdiction in civil proceedings.
Powers of the Authority
415APowers of the Authority
Removal of certain unnecessary provisions
416 Provisions relating to industrial assurance and certain other enactments.
Part XXIX Interpretation
417 Definitions.
418 Carrying on regulated activities in the United Kingdom.
419 Carrying on regulated activities by way of business.
420 Parent and subsidiary undertaking.
421 Group.
421AMeaning of “participating interest”
422 Controller.
422ADisregarded holdings
423 Manager.
424 Insurance.
424AInvestment firm
425 Expressions relating to authorisation elsewhere in the single market.
425AConsumers: regulated activities etc carried on by authorised persons
425BConsumers: regulated activities carried on by others
Part XXX Supplemental
426 Consequential and supplementary provision.
427 Transitional provisions.
428 Regulations and orders.
429 Parliamentary control of statutory instruments.
430 Extent.
431 Commencement.
432 Minor and consequential amendments, transitional provisions and repeals.
433 Short title.
SCHEDULES
SCHEDULE 1 The Financial Services Authority
Part I General
Interpretation
1(1) In this Schedule— “the 1985 Act” means the Companies...
Constitution
2(1) The constitution of the Authority must continue to provide...
Non-executive members of the governing body
3(1) The Authority must secure— (a) that the majority of...
Functions of the non-executive committee
4(1) In this paragraph “the committee” means the non-executive committee....
Arrangements for discharging functions
5(1) The Authority may make arrangements for any of its...
Monitoring and enforcement
6(1) The Authority must maintain arrangements designed to enable it...
Arrangements for the investigation of complaints
7(1) The Authority must— (a) make arrangements (“the complaints scheme”)...
Investigation of complaints
8(1) The Authority is not obliged to investigate a complaint...
Records
9The Authority must maintain satisfactory arrangements for—
Annual report
10(1) At least once a year the Authority must make...
Annual public meeting
11(1) Not later than three months after making a report...
Report of annual meeting
12Not later than one month after its annual meeting, the...
Part II Status
13In relation to any of its functions—
Exemption from requirement of “limited” in Authority’s name
14The Authority is to continue to be exempt from the...
15If the Secretary of State is satisfied that any action...
Part III Penalties and Fees
Penalties
16(1) In determining its policy with respect to the amounts...
Fees
17(1) The Authority may make rules providing for the payment...
Services for which fees may not be charged
18The power conferred by paragraph 17 may not be used...
Part IV Miscellaneous
Exemption from liability in damages
19(1) Neither the Authority nor any person who is, or...
19AFor the purposes of this Act anything done by an...
Amounts required by rules to be paid to the Authority
19BAny amount (other than a fee) which is required by...
Disqualification for membership of House of Commons
20In Part III of Schedule 1 to the House of...
Disqualification for membership of Northern Ireland Assembly
21In Part III of Schedule 1 to the Northern Ireland...
SCHEDULE 1AFurther provision about the consumer financial education body
Part 1General
Ensuring exercise of consumer financial education function etc
1(1) The Authority must take such steps as are necessary...
Constitution
2(1) The constitution of the consumer financial education body must...
Status
3(1) The consumer financial education body is not to be...
Discharge of function by others
4(1) The consumer financial education body may discharge the consumer...
5(1) This paragraph applies if the consumer financial education body...
Market confidence and financial stability
6In discharging the consumer financial education function, the consumer financial...
Budget
7(1) The consumer financial education body must adopt an annual...
Annual plan
8(1) The consumer financial education body must in respect of...
Annual reports
9(1) At least once a year, the consumer financial education...
Exemption from consumer credit rules
10(1) A licence is not required under Part 3 of...
Part 2Funding
Meaning of “the relevant costs”
11(1) In this Part of this Schedule “ the relevant...
Funding of the relevant costs by authorised persons or payment service providers
12(1) For the purpose of meeting a proportion of the...
Funding of the relevant costs by consumer credit licensees etc
13(1) For the purpose of meeting a proportion of the...
Funding by grants or loans etc made by Treasury or Secretary of State
14(1) The Treasury or the Secretary of State may—
Part 3Reviews
Reviews of economy etc of the consumer financial education body
15(1) The Authority may appoint an independent person to conduct...
Right to obtain documents and information
16(1) A person conducting a review under paragraph 15—
SCHEDULE 2 Regulated Activities
Part I Regulated Activities
General
1The matters with respect to which provision may be made...
Dealing in investments
2(1) Buying, selling, subscribing for or underwriting investments or offering...
Arranging deals in investments
3Making, or offering or agreeing to make—
Deposit taking
4Accepting deposits.
Safekeeping and administration of assets
5(1) Safeguarding and administering assets belonging to another which consist...
Managing investments
6Managing, or offering or agreeing to manage, assets belonging to...
Investment advice
7Giving or offering or agreeing to give advice to persons...
Establishing collective investment schemes
8Establishing, operating or winding up a collective investment scheme, including...
Using computer-based systems for giving investment instructions
9(1) Sending on behalf of another person instructions relating to...
Part 1ARegulated activities: reclaim funds
9AActivities of reclaim funds
Part II Investments
General
10The matters with respect to which provision may be made...
Securities
11(1) Shares or stock in the share capital of a...
Instruments creating or acknowledging indebtedness
12Any of the following— (a) debentures; (b) debenture stock;
Government and public securities
13(1) Loan stock, bonds and other instruments—
Instruments giving entitlement to investments
14(1) Warrants or other instruments entitling the holder to subscribe...
Certificates representing securities
15Certificates or other instruments which confer contractual or property rights—...
Units in collective investment schemes
16(1) Shares in or securities of an open-ended investment company....
Options
17Options to acquire or dispose of property.
Futures
18Rights under a contract for the sale of a commodity...
Contracts for differences
19Rights under— (a) a contract for differences; or
Contracts of insurance
20Rights under a contract of insurance, including rights under contracts...
Participation in Lloyd’s syndicates
21(1) The underwriting capacity of a Lloyd’s syndicate.
Deposits
22Rights under any contract under which a sum of money...
Loans secured on land
23(1) Rights under any contract under which—
Other finance arrangements involving land
23A(1) Rights under any arrangement for the provision of finance...
Rights in investments
24Any right or interest in anything which is an investment...
Part III Supplemental Provisions
The order-making power
25(1) An order under section 22(1) may—
Parliamentary control
26(1) This paragraph applies to the first order made under...
Interpretation
27(1) In this Schedule— “buying” includes acquiring for valuable consideration;...
SCHEDULE 3 EEA Passport Rights
Part I Defined terms
The single market directives
1“The single market directives” means— (a) the banking consolidation directive;...
The banking co-ordination directives
2“The banking consolidation directive” means Directive 2000/12/EC of the European...
The insurance directives
3(1) “The insurance directives” means the first, second and third...
The reinsurance directive
3A“ The reinsurance directive ” means Directive 2005/68/EC of the...
The investment services directive
4“The investment services directive” means the Council Directive of 10...
The insurance mediation directive
4A“ The insurance mediation directive ” means the European Parliament...
The UCITS directive
4B“The UCITS directive” means the Council Directive of 20 December...
The markets in financial instruments directive
4C”The markets in financial instruments directive” means Directive 2004/39/EC of...
EEA firm
5“EEA firm” means any of the following if it does...
5AIn paragraph 5, “ relevant office ” means—
EEA authorisation
6“ EEA authorisation ” means— (a) in relation to an...
EEA right
7“EEA right” means the entitlement of a person to establish...
7AIn paragraph 7, “ relevant office ” means—
EEA State
8“EEA State” means a State which is a contracting party...
Home state regulator
9“Home state regulator” means the competent authority (within the meaning...
UK firm
10“UK firm” means a person whose relevant office is in...
10AIn paragraph 10, “ relevant office ” means—
UK investment firm
10B”UK investment firm” means a UK firm—
Host state regulator
11“Host state regulator” means the competent authority (within the meaning...
Tied agent
11A”Tied agent” has the meaning given in Article 4.1.25 of...
11BManagement company
11CUCITS
Part II Exercise of Passport Rights by EEA Firms
Firms qualifying for authorisation
12(1) Once an EEA firm which is seeking to establish...
Establishment
13(1) If the firm falls within paragraph 5(a), (b), (c),...
Services
14(1) The service conditions are that— (a) the firm has...
Grant of permission
15(1) On qualifying for authorisation as a result of paragraph...
Power to restrict permission of management companies
15AApplication for approval to manage UCITS
15BRepresentations and references to the Tribunal
15CInformation to home state regulator
Effect of carrying on regulated activity when not qualified for authorisation
16(1) This paragraph applies to an EEA firm which is...
Continuing regulation of EEA firms
17Regulations may— (a) modify any provision of this Act which...
Giving up right to authorisation
18Regulations may provide that in prescribed circumstances an EEA firm...
Part III Exercise of Passport Rights by UK Firms
Establishment
19(1) Subject to sub-paragraph (5A), a UK firm may not...
Services
20(1) A UK firm may not exercise an EEA right...
20ZAInformation for host state regulator
Tied agents
20A(1) If a UK investment firm is seeking to use...
20BNotice of intention to market
Offence relating to exercise of passport rights
21(1) If a UK firm which is not an authorised...
Continuing regulation of UK firms
22(1) Regulations may make such provision as the Treasury consider...
23(1) Sub-paragraph (2) applies if a UK firm—
24(1) Sub-paragraph (2) applies if a UK firm—
Information to be included in the public record
25The Authority must include in the record that it maintains...
26UK management companies: delegation of functions
27UK management companies: withdrawal of authorisation
28Management companies: request for information
SCHEDULE 4 Treaty Rights
Definitions
1In this Schedule— “consumers” means persons who are consumers for...
Firms qualifying for authorisation
2Once a Treaty firm which is seeking to carry on...
Exercise of Treaty rights
3(1) The conditions are that— (a) the firm has received...
Permission
4(1) On qualifying for authorisation under this Schedule, a Treaty...
Notice to Authority
5(1) Sub-paragraph (2) applies to a Treaty firm which—
Offences
6(1) A person who contravenes paragraph 5(2) is guilty of...
SCHEDULE 5 Persons Concerned in Collective Investment Schemes
Authorisation
1(1) A person who for the time being is an...
Permission
2(1) A person authorised as a result of paragraph 1(1)...
SCHEDULE 6 Threshold Conditions
Part I Part IV Permission
Legal status
1(1) If the regulated activity concerned is the effecting or...
Location of offices
2(1) Subject to sub-paragraph (3), if the person concerned is...
2AAppointment of claims representatives
Close links
3(1) If the person concerned (“A”) has close links with...
Adequate resources
4(1) The resources of the person concerned must, in the...
Suitability
5The person concerned must satisfy the Authority that he is...
Part II Authorisation
Authorisation under Schedule 3
6In relation to an EEA firm qualifying for authorisation under...
Authorisation under Schedule 4
7In relation to a person who qualifies for authorisation under...
Part III Additional Conditions
8(1) If this paragraph applies to the person concerned, he...
9The Treasury may by order— (a) vary or remove any...
SCHEDULE 7
The Authority as Competent Authority for Part VI
General
1This Act applies in relation to the Authority when it...
The Authority’s general functions
2In section 2— (a) subsection (4)(a) does not apply to...
Duty to consult
3Section 8 does not apply.
Rules
4(1) Sections 149, 153, 154 and 156 do not apply....
Statements of policy
5(1) Paragraph 5 of Schedule 1 has effect as if...
Penalties
6Paragraph 16 of Schedule 1 does not apply in relation...
Fees
7Paragraph 17 of Schedule 1 does not apply in relation...
Exemption from liability in damages
8Schedule 1 has effect as if— (a) sub-paragraph (1) of...
SCHEDULE 8
Transfer of functions under Part VI
The power to transfer
1(1) The Treasury may by order provide for any function...
Supplemental
2(1) An order under this Schedule does not affect anything...
3If the Treasury have made an order under paragraph 1...
SCHEDULE 9
General application of Part VI
1The provisions of Part VI apply in relation to a...
References to listing particulars
2(1) Any reference to listing particulars is to be read...
General duty of disclosure
3(1) In section 80(1), for “section 79” substitute “ section...
Supplementary prospectuses
4In section 81(1), for “section 79 and before the commencement...
Exemption from liability for compensation
5(1) In paragraphs 1(3) and 2(3) of Schedule 10, for...
Advertisements
6In section 98(1), for “If listing particulars are, or are...
Fees
7Listing rules made under section 99 may require the payment...
SCHEDULE 10 Compensation: Exemptions
Statements believed to be true
1(1) In this paragraph “statement” means— (a) any untrue or...
Statements by experts
2(1) In this paragraph “statement” means a statement included in...
Corrections of statements
3(1) In this paragraph “statement” has the same meaning as...
Corrections of statements by experts
4(1) In this paragraph “statement” has the same meaning as...
Official statements
5A person does not incur any liability under section 90(1)...
False or misleading information known about
6A person does not incur any liability under section 90(1)...
Belief that supplementary listing particulars not called for
7A person does not incur any liability under section 90(4)...
Meaning of “expert”
8“Expert” includes any engineer, valuer, accountant or other person whose...
SCHEDULE 10ALIABILITY OF ISSUERS IN CONNECTION WITH PUBLISHED INFORMATION
PART 1SCOPE OF THIS SCHEDULE
1Securities to which this Schedule applies
2Published information to which this Schedule applies
PART 2LIABILITY IN CONNECTION WITH PUBLISHED INFORMATION
3Liability of issuer for misleading statement or dishonest omission
4An issuer of securities to which this Schedule applies is...
5Liability of issuer for dishonest delay in publishing information
6Meaning of dishonesty
7Exclusion of certain other liabilities
PART 3SUPPLEMENTARY PROVISIONS
8Interpretation
SCHEDULE 11
The general rule
1(1) A person offers securities to the public in the...
Exempt offers
2(1) For the purposes of this Schedule, an offer of...
Offers for business purposes
3The securities are offered to persons— (a) whose ordinary activities...
Offers to limited numbers
4(1) The securities are offered to no more than fifty...
Clubs and associations
5The securities are offered to the members of a club...
Restricted circles
6(1) The securities are offered to a restricted circle of...
Underwriting agreements
7The securities are offered in connection with a genuine invitation...
Offers to public authorities
8(1) The securities are offered to a public authority.
Maximum consideration
9(1) The total consideration payable for the securities cannot exceed...
Minimum consideration
10(1) The minimum consideration which may be paid by any...
Securities denominated in euros
11(1) The securities are denominated in amounts of at least...
Takeovers
12(1) The securities are offered in connection with a takeover...
Mergers
13The securities are offered in connection with a merger (within...
Free shares
14(1) The securities are shares and are offered free of...
Exchange of shares
15The securities— (a) are shares, or investments of a specified...
Qualifying persons
16(1) The securities are issued by a body corporate and...
Convertible securities
17(1) The securities result from the conversion of convertible securities...
Charities
18The securities are issued by— (a) a charity within the...
Building societies etc.
19The securities offered are shares which are issued by, or...
Euro-securities
20(1) The securities offered are Euro-securities and no advertisement relating...
Same class securities
21The securities are of the same class, and were issued...
Short date securities
22The securities are investments of a specified kind with a...
Government and public securities
23(1) The securities are investments of a specified kind creating...
Non-transferable securities
24The securities are not transferable.
24AUnits in a collective investment scheme
General definitions
25For the purposes of this Schedule— “shares” has such meaning...
SCHEDULE 11ATRANSFERABLE SECURITIES
PART 1
1Units (within the meaning in section 237(2)) in an open-ended...
2Non-equity transferable securities issued by (a) the government of an...
3Shares in the share capital of the central bank of...
4Transferable securities unconditionally and irrevocably guaranteed by the government, or...
5(1) Non-equity transferable securities, issued in a continuous or repeated...
6Non-fungible shares of capital— (a) the main purpose of which...
PART 2
7(1) Transferable securities issued by a body specified in sub-paragraph...
8(1) Non-equity transferable securities, issued in a continuous or repeated...
9(1) Transferable securities included in an offer where the total...
SCHEDULE 11BCONNECTED PERSONS
PART 1MEANING OF “CONNECTED PERSON”
1Introduction
2Meaning of “connected person”
3Family members
4Associated bodies corporate
5Control of a body corporate
6Supplementary provisions
PART 2CONNECTED PERSONS: REFERENCES TO AN INTEREST IN SHARES OR DEBENTURES
7Introduction
8General provisions
9Rights to acquire shares
10Right to exercise or control exercise of rights
11Bodies corporate
12Trusts
SCHEDULE 12 Transfer schemes: certificates
Part I Insurance Business Transfer Schemes
1(1) For the purposes of section 111(2) the appropriate certificates,...
Certificates as to margin of solvency
2(1) A certificate under this paragraph is to be given—...
Certificates as to consent
3A certificate under this paragraph is one given by the...
Certificates as to long-term business
4A certificate under this paragraph is one given by the...
Certificates as to general business
5A certificate under this paragraph is one given by the...
Certificates as to legality and as to consent
5A(1) The certificates under this paragraph are to be given—...
Interpretation of Part I
6(1) “State of the commitment”, in relation to a commitment...
Part II Banking Business Transfer Schemes
7(1) For the purposes of section 111(2) the appropriate certificates,...
Certificates as to financial resources
8(1) A certificate under this paragraph is one given by...
Certificates as to consent of home state regulator
9A certificate under this paragraph is one given by the...
Part 2AReclaim fund business transfer schemes
9ACertificate as to financial resources
Part III Insurance business transfers effected outside the United Kingdom
10(1) This paragraph applies to a proposal to execute under...
SCHEDULE 13 The Financial Services and Markets Tribunal
Part I General
Interpretation
1In this Schedule— “panel of chairmen” means the panel established...
Part II The Tribunal
President
2(1) The Lord Chancellor must appoint one of the members...
Panels
3(1) The Lord Chancellor must appoint a panel of persons...
Terms of office etc
4(1) Subject to the provisions of this Schedule, each member...
Remuneration and expenses
5The Lord Chancellor may pay to any person, in respect...
Staff
6(1) The Lord Chancellor may appoint such staff for the...
Part III Constitution of Tribunal
7(1) On a reference to the Tribunal, the persons to...
Part IV Tribunal Procedure
8For the purpose of dealing with references, or any matter...
9Rules made by the Lord Chancellor under section 132 may,...
Practice directions
10The President of the Tribunal may give directions as to...
Evidence
11(1) The Tribunal may by summons require any person to...
Decisions of Tribunal
12(1) A decision of the Tribunal may be taken by...
Costs
13(1) If the Tribunal considers that a party to any...
SCHEDULE 14 Role of the Competition Commission
Provision of information by Treasury
1(1) The Treasury’s powers under this paragraph are to be...
Consideration of matters arising on a report
2In considering any matter arising from a report made by...
2A(1) The following sections of Part 3 of the Enterprise...
2BFor the purposes of its application in relation to the...
2C(1) For the purposes of section 163 of this Act,...
Applied provisions
3(1) The provisions mentioned in sub-paragraph (2) are to apply...
Publication of reports
4(1) If the Commission makes a report under section 162,...
SCHEDULE 15 Information and Investigations: Connected Persons
Part I Rules for Specific Bodies
Corporate bodies
1If the authorised person (“BC”) is a body corporate, a...
Partnerships
2If the authorised person (“PP”) is a partnership, a person...
Unincorporated associations
3If the authorised person (“UA”) is an unincorporated association of...
Friendly societies
4(1) If the authorised person (“FS”) is a friendly society,...
Building societies
5(1) If the authorised person (“BS”) is a building society,...
Individuals
6If the authorised person (“IP”) is an individual, a person...
Application to sections 171 and 172
7For the purposes of sections 171 and 172, if the...
Part II Additional Rules
8A person who is, or at the relevant time was,...
SCHEDULE 16 Prohibitions and Restrictions imposed by OFFICE OF FAIR TRADING
Preliminary
1In this Schedule— “appeal period” has the same meaning as...
Notice of prohibition or restriction
2(1) This paragraph applies if the OFT proposes, in relation...
Application to revoke prohibition or restriction
3(1) This paragraph applies if the OFT proposes to refuse...
Representations to OFT
4(1) If this paragraph applies to an invitation to submit...
Appeals
5Section 41 of the Consumer Credit Act 1974 (appeals to...
SCHEDULE 17 The Ombudsman Scheme
Part I General
Interpretation
1In this Schedule— “ombudsman” means a person who is a...
Part II The Scheme Operator
Establishment by the Authority
2(1) The Authority must establish a body corporate to exercise...
Constitution
3(1) The constitution of the scheme operator must provide for...
The panel of ombudsmen
4(1) The scheme operator must appoint and maintain a panel...
The Chief Ombudsman
5(1) The scheme operator must appoint one member of the...
Status
6(1) The scheme operator is not to be regarded as...
Annual reports
7(1) At least once a year— (a) the scheme operator...
Guidance
8The scheme operator may publish guidance consisting of such information...
Budget
9(1) The scheme operator must, before the start of each...
Exemption from liability in damages
10(1) No person is to be liable in damages for...
Privilege
11For the purposes of the law relating to defamation, proceedings...
Part III The Compulsory Jurisdiction
Introduction
12This Part of this Schedule applies only in relation to...
Authority’s procedural rules
13(1) The Authority must make rules providing that a complaint...
The scheme operator’s rules
14(1) The scheme operator must make rules, to be known...
Fees
15(1) Scheme rules may require a respondent to pay to...
Enforcement of money awards
16A money award, including interest, which has been registered in...
Part 3AThe consumer credit jurisdiction
Introduction
16AThis Part of this Schedule applies only in relation to...
Procedure for complaints etc.
16B(1) Consumer credit rules— (a) must provide that a complaint...
Fees
16C(1) Consumer credit rules may require a respondent to pay...
Enforcement of money awards
16DA money award, including interest, which has been registered in...
Procedure for consumer credit rules
16E(1) If the scheme operator makes any consumer credit rules,...
Verification of consumer credit rules
16F(1) The production of a printed copy of consumer credit...
Consultation
16G(1) If the scheme operator proposes to make consumer credit...
Part IV The Voluntary Jurisdiction
Introduction
17This Part of this Schedule applies only in relation to...
Terms of reference to the scheme
18(1) Complaints are to be dealt with and determined under...
Delegation by and to other schemes
19(1) The scheme operator may make arrangements with a relevant...
Voluntary jurisdiction rules: procedure
20(1) If the scheme operator makes voluntary jurisdiction rules, it...
Verification of the rules
21(1) The production of a printed copy of voluntary jurisdiction...
Consultation
22(1) If the scheme operator proposes to make voluntary jurisdiction...
SCHEDULE 18 Mutuals
Part I Friendly Societies
The Friendly Societies Act 1974 (c.46)
1Omit sections 4 (provision for separate registration areas) and 10...
2In section 7 (societies which may be registered), in subsection...
3In section 11 (additional registration requirements for societies with branches),...
4In section 99(4) (punishment of fraud etc and recovery of...
The Friendly Societies Act 1992 (c.40)
5Omit sections 31 to 36A (authorisation of friendly societies business)....
6In section 37 (restrictions on combinations of business), omit subsections...
7Omit sections 38 to 43 (restrictions on business of certain...
8Omit sections 44 to 50 (regulation of friendly societies business)....
Part II Friendly Societies: Subsidiaries and Controlled Bodies
Interpretation
9In this Part of this Schedule— “the 1992 Act” means...
Qualifying bodies
10(1) Subsections (2) to (5) of section 13 (incorporated friendly...
Bodies controlled by societies
11In section 13(9) (defined terms), after paragraph (a) insert—
Joint control by societies
12In section 13(9), after paragraph (c) insert—
Acquisition of joint control
13In section 13(9), in the words following paragraph (d), after...
Amendment of Schedule 8 to the 1992 Act
14(1) Schedule 8 to the 1992 Act (provisions supplementing section...
Consequential amendments
15(1) Section 52 of the 1992 Act is amended as...
References in other enactments
16References in any provision of, or made under, any enactment...
Part III Building Societies
The Building Societies Act 1986 (c.53)
17Omit section 9 (initial authorisation to raise funds and borrow...
18Omit Schedule 3 (supplementary provisions about authorisation).
Part IV Industrial and Provident Societies
The Industrial and Provident Societies Act 1965 (c.12)
19Omit section 8 (provision for separate registration areas for Scotland...
20Omit section 70 (scale of fees to be paid in...
Part V Credit Unions
The Credit Unions Act 1979 (c.34)
21In section 6 (minimum and maximum number of members), omit...
22In section 11 (loans), omit subsections (2) and (6).
23Omit sections 11B (loans approved by credit unions), 11C (grant...
24In section 12, omit subsections (4) and (5).
25In section 14, omit subsections (2), (3), (5) and (6)....
26In section 28 (offences), omit subsection (2).
SCHEDULE 19
Part I Persons and functions for the purposes of section 351
1The Table set out after this paragraph has effect for...
Part II The enactments
1The Fair Trading Act 1973
2The Consumer Credit Act 1974
3The Estate Agents Act 1979
4The Competition Act 1980
5The Telecommunications Act 1984
6The Airports Act 1986
7The Gas Act 1986
8The Control of Misleading Advertisements Regulations 1988
9The Electricity Act 1989
10The Broadcasting Act 1990
11The Water Industry Act 1991
12The Electricity (Northern Ireland) Order 1992
13The Railways Act 1993
14Part IV of the Airports (Northern Ireland) Order 1994
15The Gas (Northern Ireland) Order 1996
16The EC Competition (Articles 88 and 89) Enforcement Regulations 1996...
17The Unfair Terms in Consumer Contracts Regulations 1999
18This Act.
19An enactment specified for the purposes of this paragraph in...
SCHEDULE 20 Minor and Consequential Amendments
The House of Commons Disqualification Act 1975 (c. 24)
1In Part III of Schedule 1 to the House of...
The Northern Ireland Assembly Disqualification Act 1975 (c. 25)
2In Part III of Schedule 1 to the Northern Ireland...
The Civil Jurisdiction and Judgments Act 1982 (c. 27)
3In paragraph 10 of Schedule 5 to the Civil Jurisdiction...
The Income and Corporation Taxes Act 1988 (c. 1)
4(1) The Income and Corporation Taxes Act 1988 is amended...
The Finance Act 1991 (c. 31)
5(1) The Finance Act 1991 is amended as follows.
The Tribunals and Inquiries Act 1992 (c. 53)
6(1) The Tribunals and Inquiries Act 1992 is amended as...
The Judicial Pensions and Retirement Act 1993 (c. 8)
7(1) The Judicial Pensions and Retirement Act 1993 is amended...
SCHEDULE 21 Transitional Provisions and Savings
Self-regulating organisations
1(1) No new application under section 9 of the 1986...
Self-regulating organisations for friendly societies
2(1) No new application under paragraph 2 of Schedule 11...
SCHEDULE 22Repeals

Financial Services and Markets Act 2000

2000 c.8

C1C2C3C4C5C6C7C8C9C10C11C12C13C14An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Annotations:
Modifications etc. (not altering text)
C1

Act restricted (11.8.2001) by S.I. 2001/2659, art. 2(4)(c)

Act excluded (1.12.2001) by S.I. 2001/2617, arts. 2(b), 10(9); S.I. 2001/3538, art. 2(1)

Act: specified provisions excluded (1.12.2001) by S.I. 2001/2957, arts. 1, 13(8)(b); S.I. 2001/3538, art. 2(1)

Act restricted (1.12.2001) by S.I. 2001/3646, arts. 2(7)(b), 4(6)(b), 6(4)(b), 7(4)(c), 8(4)(b), 9(4)(b)

Act applied (with modifications) by S.I. 1994/188, reg. 4 (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 454)

C2

Act modified (18.7.2002 for certain purposes and 21.8.2002 otherwise) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), regs. 1, 17

C3

Act extended (E.W.S.) (1.1.2003) by 2000 c. 39, s. 15(2); S.I. 2002/2711, art. 2 (subject to arts. 3-5)

C4

Act: power to modify, exclude or apply conferred (N.I.) (10.8.2004) by Open-Ended Investment Companies Act (Northern Ireland) 2002 (c. 13 (N.I.)), ss. 1(2)(l)(3)(b)(f)(4), 4; S.R. 2004/333, art. 2

C11

Act restricted (E.W.) (1.3.2007) by National Health Service Act 2006 (c. 41), ss. 71(8), 277