Search Legislation

Financial Services and Markets Act 2000

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 39A

 Help about opening options

Status:

Point in time view as at 31/12/2020.

Changes to legislation:

Financial Services and Markets Act 2000, Section 39A is up to date with all changes known to be in force on or before 15 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F139ACertain tied agents operating outside United KingdomU.K.

This section has no associated Explanatory Notes

(1)This section applies to an authorised person whose relevant office is in the United Kingdom if—

(a)he is a party to a contract with a person (other than an authorised person) who is [F2established in the United Kingdom; and]

(b)the contract is a relevant contract.

(2)A contract is a “relevant contract” if it satisfies conditions A to C.

(3)Condition A is that the contract permits or requires the person mentioned in subsection (1)(a) (the “agent”) to carry on investment services business.

(4)Condition B is that [F3the FCA is satisfied that no such business is, or is likely to be, carried on by the agent in the United Kingdom.]

(5)Condition C is that the business is of a description that, if carried on in the United Kingdom, would be prescribed for the purposes of section 39(1)(a)(i).

(6)An authorised person to whom this section applies who—

(a)enters into or continues to perform a relevant contract with an agent which does not comply with the applicable requirements,

(b)enters into or continues to perform a relevant contract without accepting or having accepted responsibility in writing for the agent's activities in carrying on investment services business,

[F4(c)enters into a relevant contract with an agent who is not entered on—

(i)the record maintained by the FCA by virtue of section 347(1)(ha), or

F5(ii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(d)continues to perform a relevant contract with an agent when he knows or ought to know that the agent is not entered on that record F6... ,

is to be taken for the purposes of this Act to have contravened a requirement imposed on him by or under this Act.

(7)The “applicable requirements” are the requirements prescribed for the purposes of subsection (1)(a)(ii) of section 39 which have effect in the case of a person to whom subsection (1A) of that section applies.

[F7(8)Section 39(7) applies for the purposes of this section.]

(9)In this section—

  • F8...

  • relevant office” means—

    (a)

    in relation to a body corporate, its registered office or, if it has no registered office, its head office, and

    (b)

    in relation to a person other than a body corporate, the person's head office.]

Textual Amendments

F4S. 39A(6)(c) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 3(2)(a) (with reg. 7)

Back to top

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?