(1)In this Act—
[F1“AIF” has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013;]
“appointed representative” has the meaning given in section 39(2 );
“auditors and actuaries rules” means rules made under section 340;
“authorisation offence” has the meaning given in section 23(2);
“authorised open-ended investment company” has the meaning given in section 237(3);
“authorised person” has the meaning given in section 31(2);
[F2“Bank of England” is to be read in accordance with section 2A(4) to (6);]
F3...
“body corporate” includes a body corporate constituted under the law of a country or territory outside the United Kingdom;
[F4“capital requirements directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC.]
[F4“capital requirements regulation” means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012.]
[F5“central securities depository” has the meaning given by point (1) of Article 2(1) of the CSD regulation;]
“chief executive”—
in relation to a body corporate whose principal place of business is within the United Kingdom, means an employee of that body who, alone or jointly with one or more others, is responsible under the immediate authority of the directors, for the conduct of the whole of the business of that body; and
in relation to a body corporate whose principal place of business is outside the United Kingdom, means the person who, alone or jointly with one or more others, is responsible for the conduct of its business within the United Kingdom;
[F6 “claim”, in relation to the Financial Services Compensation Scheme under Part XV, is to be construed in accordance with section 214(1B);]
“collective investment scheme” has the meaning given in section 235;
“the Commission” means the European Commission F7...;
“the compensation scheme” has the meaning given in section 213(2);
“control of information rules” has the meaning given in [F8section 137P];
[F9“core activities” has the meaning given in section 142B;]
[F9“core services” has the meaning given in section 142C;]
[F10“credit-related regulated activity” has the meaning given in section 23(1B);]
[F11“the CSD regulation” means Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories;]
“director”, in relation to a body corporate, includes—
a person occupying in relation to it the position of a director (by whatever name called); and
a person in accordance with whose directions or instructions (not being advice given in a professional capacity) the directors of that body are accustomed to act;
“documents” includes information recorded in any form and, in relation to information recorded otherwise than in legible form, references to its production include references to producing a copy of the information in legible form [F12 , or in a form from which it can readily be produced in visible and legible form];
[F13 “EBA” means the European Banking Authority established by Regulation ( EU ) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority);]
[F14 “electronic commerce directive” means Directive 2000/31/ EC of the European Parliament and the Council of 8 June 2000 on certain legal aspects of information society services, in particular electronic commerce, in the Internal Market (Directive on electronic commerce);]
[F15 “ESMA” means the European Securities and Markets Authority established by Regulation ( EU ) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority);]
[F16“excluded activities” has the meaning given in section 142D;]
“exempt person”, in relation to a regulated activity, means a person who is exempt from the general prohibition in relation to that activity as a result of an exemption order made under section 38(1) or as a result of section 39(1) or [F17F18... 285];
[F19“the FCA” means the Financial Conduct Authority;]
“financial promotion rules” means rules made under [F20section 137R];
“friendly society” means an incorporated or registered friendly society;
[F1“full-scope UKAIFM” has the meaning given in regulation 2(1) of the Alternative Investment Fund Managers Regulations 2013;]
“general prohibition” has the meaning given in section 19(2);
[F21“general rules”—
in relation to the FCA, has the meaning given in section 137A(2), and
in relation to the PRA, has the meaning given in section 137G(2);]
“incorporated friendly society” means a society incorporated under the M1 Friendly Societies Act 1992;
F22...
[F23 “information society service” means an information society service within the meaning of Article 2(a) of the electronic commerce directive;]
[F24“insurance undertaking” has the meaning given in Article 13(1) of the Solvency 2 Directive;]
[F25“investment services and activities” has the meaning given by Article 4.1.2 (definitions) of the markets in financial instruments directive, read with Articles 5 to 8 of the Commission Delegated Regulation (EU) 2017/565 on Directive 2014/65/EU of the European Parliament and of the Council as regarding organisational requirements and operational conditions for investment firms and defined terms for the purposes of that Directive;]
F26...
[F27“market abuse regulation” means Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC;]
[F28“markets in financial instruments regulation” means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2004 on markets in financial instruments;]
[F24“minimum capital requirement” means—
in relation to an insurance undertaking or reinsurance undertaking, requirements imposed by or under this Act in pursuance of Section 5 of Chapter 6 of Title 1 of the Solvency 2 Directive;
in relation to a third-country insurance undertaking, requirements imposed by or under this Act in pursuance of those provisions and Article 166 of the Solvency 2 Directive.]
“Minister of the Crown” has the same meaning as in the Ministers of the Crown Act 1975;
[F29“mortgage creditor” means a creditor as defined in Article 4(2) of the mortgages directive;]
[F29“mortgage intermediary” means a credit intermediary as defined in Article 4(5) of the mortgages directive or a person providing advisory services as defined in Article 4(21) of the mortgages directive;]
F30...
F31...
“the ombudsman scheme” has the meaning given in section 225(3);
“open-ended investment company” has the meaning given in section 236;
[F32“Part 4A permission” has the meaning given in section 55A(5);]
“partnership” includes a partnership constituted under the law of a country or territory outside the United Kingdom;
[F33“the PRA” means the Prudential Regulation Authority;
“PRA-authorised person” has the meaning given in section 2B(5);
“PRA-regulated activity” has the meaning given in section 22A;]
“prescribed” (where not otherwise defined) means prescribed in regulations made by the Treasury;
“price stabilising rules” means rules made under [F34 section 137Q];
[F35“principal” in relation to an appointed representative, is to be read in accordance with section 39;]
“private company” has [F36 the same meaning as in the Companies Acts (see section 4 of the Companies Act 2006)];
“prohibition order” has the meaning given in section 56(2);
[F37“recognised CSD”,] “recognised clearing house” and “recognised investment exchange” have the meaning given in section 285;
“registered friendly society” means a society which is—
a friendly society within the meaning of section 7(1)(a) of the M2 Friendly Societies Act 1974; and
registered within the meaning of that Act;
[F38“registered society” (except where otherwise indicated) means—
a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, or
a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969;]
“regulated activity” has the meaning given in section 22;
“regulating provisions” has the meaning given in [F39section 140A];
[F40“regulator” has the meaning given in section 3A(2);]
[F24“reinsurance undertaking” has the meaning given in Article 13(4) of the Solvency 2 Directive;]
[F41“ring-fencing rules” has the meaning given in section 142H;]
[F41“ring-fenced body” has the meaning given in section 142A;]
F42...
F42...
[F43“rule” means a rule made by the FCA or the PRA under this Act;]
“rule-making instrument” has the meaning given in [F44section 138G];
“the scheme manager” has the meaning given in section 212(1);
“the scheme operator” has the meaning given in section 225(2);
“scheme particulars rules” has the meaning given in section 248(1);
“Seventh Company Law Directive” means the European Council Seventh Company Law Directive of 13 June 1983 on consolidated accounts ( No. 83/349/ EEC);
[F45“SFT regulation” means Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012;]
[F46“short selling regulation” means Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps;]
[F24“solvency capital requirement” means—
in relation to an insurance undertaking or reinsurance undertaking, requirements imposed by or under this Act in pursuance of Section 4 of Chapter 6 of Title 1 of the Solvency 2 Directive;
in relation to a third-country insurance undertaking, requirements imposed by or under this Act in pursuance of those provisions and Article 166 of the Solvency 2 Directive.]
[F47 “Takeovers Directive” means Directive 2004/25/ EC of the European Parliament and of the Council;]
[F24“third-country insurance undertaking” means an undertaking that has received authorisation under Article 162 of the Solvency 2 Directive from the PRA or the FCA;]
[F48“threshold conditions”, in relation to a regulated activity, has the meaning given in section 55B(1);]
[F29“tied mortgage intermediary” means a tied credit intermediary as defined in Article 4(7) of the mortgages directive;]
“the Treaty” means [F49 the Treaty on the Functioning of the European Union];
[F50 “the Tribunal” means the Upper Tribunal;]
“trust scheme rules” has the meaning given in section 247(1);
“UK authorised person” has the meaning given in [F51section 191G(1)];
[F52 “the UK financial system” has the meaning given in [F53section 1I];] and
“unit trust scheme” has the meaning given in section 237.
(2)In the application of this Act to Scotland, references to a matter being actionable at the suit of a person are to be read as references to the matter being actionable at the instance of that person.
(3)For the purposes of any provision of this Act [F54(other than a provision of Part 6)] authorising or requiring a person to do anything within a specified number of days no account is to be taken of any day which is a public holiday in any part of the United Kingdom.
[F55(4)For the purposes of this Act—
(a) an information society service is provided from an EEA State if it is provided from an establishment in that State;
(b) an establishment, in connection with an information society service, is the place at which the provider of the service (being a national of an EEA State or a company or firm as mentioned in [F56 Article 54] of the Treaty) effectively pursues an economic activity for an indefinite period;
(c)the presence or use in a particular place of equipment or other technical means of providing an information society service does not, of itself, constitute that place as an establishment of the kind mentioned in paragraph (b);
(d)where it cannot be determined from which of a number of establishments a given information society service is provided, that service is to be regarded as provided from the establishment where the provider has the centre of his activities relating to the service.]
Textual Amendments
F1Words in s. 417(1) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 31
F2Words in s. 417(1) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 49 (with Sch. 3); S.I. 2017/43, reg. 2(g)
F3Words in s. 417(1) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 48(1)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Words in s. 417(1) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 24
F5Words in s. 417(1) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(38)(a) (with regs. 7(4), 9(1))
F6S. 417(1): definition of "claim" inserted (17.2.2009 for certain purposes and 21.2.2009 otherwise) by Banking Act 2009 (c. 1), ss. 174(2), 263(1) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 4
F7Words in s. 417 omitted (1.4.2014) by virtue of The Enterprise and Regulatory Reform Act 2013 (Competition) (Consequential, Transitional and Saving Provisions) Order 2014 (S.I. 2014/892), art. 1(1), Sch. 1 para. 131 (with art. 3)
F8Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9Words in s. 417(1) inserted (1.3.2014 for specified purposes) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(5)(a), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
F10Words in s. 417(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F11Words in s. 417(1) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 6(3)
F12S. 417(1): words in definition of "documents" inserted (1.4.2003) by 2001 c. 16, ss. 70, 138(2), Sch. 2 Pt. 2 para. 16(2)(f); S.I. 2003/708, art. 2(c)(k)
F13Words in s. 417(1) inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 2(14)(a)
F14S. 417: definition of "electronic commerce directive" inserted (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, 13(2)(a)
F15Words in s. 417(1) inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 2(14)(b)
F16Words in s. 417(1) inserted (1.3.2014 for specified purposes) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(5)(b), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
F17Words in s. 417(1) substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(15) (with regs. 52-58)
F18Words in s. 417(1) omitted (28.11.2017) by virtue of The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(38)(b) (with regs. 7(4), 9(1))
F19S. 417(1): definition of “the FCA” inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(d), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
F20Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(e), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F21Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(f), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F22Words in s. 417(1) omitted (1.8.2014) by virtue of Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 71(1) (with Sch. 5)
F23S. 417: definition of "information society service" inserted (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, 13(2)(b)
F24Words in s. 417(1) inserted (31.3.2015) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(3), Sch. 1 para. 15 (with reg. 1(4))
F25Words in s. 417(1) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) 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. 51(2) (with reg. 7)
F26Words in s. 417(1) omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(21)(a)
F27Words in s. 417(1) inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(21)(b)
F28Words in s. 417(1) inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) 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. 51(3) (with reg. 7)
F29Words in s. 417(1) inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 1(8) (with Pt. 4)
F30Words in s. 417(1) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 48(1)(g), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F31Words in s. 417(1) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 48(1)(h), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F32Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F33 S. 417(1): definitions of "the PRA", "PRA-authorised person" and "PRA-regulated activity" inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(j), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
F34Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(k), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F35Words in s. 417(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(l), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F36S. 417(1): words in definition of "private company" substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 2(1), Sch. 1 para. 181(4) (with art. 10)
F37Words in s. 417(1) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(38)(c) (with regs. 7(4), 9(1))
F38Words in s. 417(1) inserted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 71(2) (with Sch. 5)
F39Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(m), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F40 S. 417(1): definition of "regulator" inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(n), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
F41Words in s. 417(1) inserted (1.3.2014 for specified purposes, 21.4.2016 for specified purposes) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(5)(c), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2016/512, art. 2(a)
F42Words in s. 417(1) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 48(1)(o), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F43Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(p), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F44Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(q), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F45Words in s. 417(1) inserted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 1 para. 1(5)
F46Words in s. 417(1) inserted (1.11.2012) by The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 2(15)
F47S. 417(1): definition inserted (6.4.2007) by Companies Act 2006 (c. 46), ss. 964(6), 1300(2); S.I. 2007/1093, art. 2(1)(b) (with arts. 4, 11)
F48Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(r), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F49Words in s. 417(1) substituted (1.8.2012) by The Treaty of Lisbon (Changes in Terminology or Numbering) Order 2012 (S.I. 2012/1809), art. 2(1), Sch. Pt. 1 (with art. 2(2))
F50S. 417: definition of "the Tribunal" inserted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), arts. 1(2)(e), 5(1), Sch. 2 para. 48
F51Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(s), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F52S. 417(1): definition of "the UK financial system" inserted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(1)(l), Sch. 2 para. 31
F53Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(t), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F54Words in s. 417(3) inserted (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(1), Sch. 1 para. 15
F55S. 417(4) inserted (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, 13(2)(c)
F56Words in s. 417(4)(b) substituted (1.8.2012) by The Treaty of Lisbon (Changes in Terminology or Numbering) Order 2012 (S.I. 2012/1809), art. 2(1), Sch. Pt. 1 (with art. 2(2))
Modifications etc. (not altering text)
C1S. 417 modified (22.2.2008) by The Northern Rock plc Transfer Order 2008 (S.I. 2008/432), art. 17
C2S. 417 modified (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 13
C3S. 417 excluded (1.3.2016) by The NRAM plc (formerly Northern Rock plc) Consequential and Supplementary Provisions Order 2016 (S.I. 2016/114), arts. 1(1), 7
C4S. 417(1) modified (30.3.2009 at 8.00 a.m.) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), art. 7(2)-(4)
Marginal Citations