Financial Services and Markets Act 2000

417 Definitions.U.K.

This section has no associated Explanatory Notes

(1)In this Act [F1and in any order or regulations made under this Act]—

  • [F2“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);

  • [F3“Bank of England” is to be read in accordance with section 2A(4) to (6);]

  • F4...

  • “body corporate” includes a body corporate constituted under the law of a country or territory outside the United Kingdom;

  • [F5“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 [F6, as it had effect immediately before IP completion day].]

  • [F5“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 [F7, as it [F8forms part of [F9assimilated] law]].]

  • [F10“central securities depository” [F11means a CSD or third-country CSD as defined in] Article 2(1) of the CSD regulation;]

  • “chief executive”—

    (a)

    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

    (b)

    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;

  • [F12 “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 F13...;

  • “the compensation scheme” has the meaning given in section 213(2);

  • “control of information rules” has the meaning given in [F14section 137P];

  • [F15“core activities” has the meaning given in section 142B;]

  • [F15“core services” has the meaning given in section 142C;]

  • [F16“credit-related regulated activity” has the meaning given in section 23(1B);]

  • [F17“credit institution” means an undertaking the business of which is to take deposits or other repayable funds from the public and to grant credits for its own account;]

  • [F18“CRR rules” has the meaning given in section 144A;]

  • [F19“cryptoasset” means any cryptographically secured digital representation of value or contractual rights that—

    (a)

    can be transferred, stored or traded electronically, and

    (b)

    that uses technology supporting the recording or storage of data (which may include distributed ledger technology).]

  • [F20“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 [F21, as it [F22forms part of [F9assimilated] law]];]

  • [F23“the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);]

  • [F24“designated activity” has the meaning given in section 71K;]

  • “director”, in relation to a body corporate, includes—

    (a)

    a person occupying in relation to it the position of a director (by whatever name called); and

    (b)

    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 [F25 , or in a form from which it can readily be produced in visible and legible form];

  • F26...

  • F26...

  • F27...

  • [F28 “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);]

  • [F29“the EU Benchmarks Regulation 2016” means Regulation EU 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 [F30, as it forms part of [F9assimilated] law];]

  • [F31“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 F32[F33... 285];

  • [F34“the FCA” means the Financial Conduct Authority;]

  • “financial promotion rules” means rules made under [F35section 137R];

  • [F36“Financial Stability Objective” means the objective set out in section 2A of the Bank of England Act 1998;]

  • “friendly society” means an incorporated or registered friendly society;

  • [F2“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);

  • [F37“general rules”—

    (a)

    in relation to the FCA, has the meaning given in section 137A(2), and

    (b)

    in relation to the PRA, has the meaning given in section 137G(2);]

  • [F38“Gibraltar-based person” has the meaning given in paragraph 1 of Schedule 2A (read with Part 14 of that Schedule);]

  • “incorporated friendly society” means a society incorporated under the M1 Friendly Societies Act 1992;

  • F39...

  • F27...

  • [F40“insurance undertaking” means an undertaking which—

    (a)

    has its head office in the United Kingdom,

    (b)

    has a Part 4A permission to carry on one or more regulated activities, and

    (c)

    would require authorisation in accordance with Article 14 of the Solvency 2 Directive if the United Kingdom were a member State;]

  • [F41“investment services and activities” means any of the services and activities listed in Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), relating to any of the instruments listed in Part 1 of that Schedule;]

  • F42...

  • [F43“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 [F44, as it [F45forms part of [F9assimilated] law]];]

  • [F46“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 [F47instruments, as it forms part of [F9assimilated] law;]]

  • [F48“minimum capital requirement” means—

    (a)

    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;

    (b)

    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;

  • [F49“MMF Regulation” means Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds [F50, as it forms part of [F9assimilated] law];]

  • F26...

  • F26...

  • F51...

  • F52...

  • “the ombudsman scheme” has the meaning given in section 225(3);

  • “open-ended investment company” has the meaning given in section 236;

  • [F53“Part 4A permission” has the meaning given in section 55A(5);]

  • [F54“Part 9C prohibition order” has the meaning given in section 143S;]

  • [F54“Part 9C rules” has the meaning given in section 143F;]

  • [F55“Part 18 prohibition order” has the meaning given in section 309B;]

  • “partnership” includes a partnership constituted under the law of a country or territory outside the United Kingdom;

  • [F56“the Payment Systems Regulator” means the body established under section 40(1) of the Financial Services (Banking Reform) Act 2013;]

  • [F57“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 [F58 section 137Q];

  • [F59“principal” in relation to an appointed representative, is to be read in accordance with section 39;]

  • “private company” has [F60 the same meaning as in the Companies Acts (see section 4 of the Companies Act 2006)];

  • “prohibition order” [F61(except in the expression “Part 9C prohibition order” [F62or “Part 18C prohibition order”])] has the meaning given in section 56(2);

  • [F63“qualifying credit institution” means a credit institution which—

    (a)

    is a person who—

    (i)

    has Part 4A permission to carry on the regulated activity of accepting deposits, or

    (ii)

    satisfies the conditions for being given permission under Part 4A to carry on that activity, or

    (iii)

    is a body corporate incorporated in the United Kingdom and would satisfy those conditions—

    (aa)

    were its head office in the United Kingdom, or

    (bb)

    if it has a registered office, were its registered office, or its registered office and its head office, in the United Kingdom,

    (b)

    is not a friendly society, and

    (c)

    is not a society registered as a credit union under—

    (i)

    the Co-operative and Community Benefit Societies Act 2014,

    (ii)

    the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)), or

    (iii)

    the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 (c. 24 (N.I.));]

  • [F64“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)

    a friendly society within the meaning of section 7(1)(a) of the M2 Friendly Societies Act 1974; and

    (b)

    registered within the meaning of that Act;

  • [F65“registered society” (except where otherwise indicated) means—

    (a)

    a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, or

    (b)

    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;

  • [F66“regulated claims management activity” means activity of a kind specified in an order under section 22(1B) (regulated activities: claims management services);]

  • “regulating provisions” has the meaning given in [F67section 140A];

  • [F68“regulator” has the meaning given in section 3A(2);]

  • [F69“reinsurance undertaking” means an undertaking which—

    (a)

    has its head office in the United Kingdom,

    (b)

    has a Part 4A permission to carry on one or more regulated activities,

    (c)

    effects or carries out contracts of insurance that are limited to reinsurance contracts, and

    (d)

    would require authorisation in accordance with Article 14 of the Solvency 2 Directive if the United Kingdom were a member State;]

  • [F70“ring-fencing rules” has the meaning given in section 142H;]

  • [F70“ring-fenced body” has the meaning given in section 142A;]

  • F71...

  • F71...

  • [F72“rule” means a rule made by the FCA or the PRA under this Act;]

  • “rule-making instrument” has the meaning given in [F73section 138G];

  • [F38“Schedule 2A permission” has the meaning given in paragraph 12(4) of Schedule 2A;]

  • [F38“Schedule 2B permission” has the meaning given in paragraph 7(6) of Schedule 2B;]

  • “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);

  • [F74“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;]

  • [F75“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 [F76, as it [F77forms part of [F9assimilated] law]];]

  • [F48“solvency capital requirement” means—

    (a)

    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;

    (b)

    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.]

  • [F78 “Takeovers Directive” means Directive 2004/25/ EC of the European Parliament and of the Council;]

  • [F48“third-country insurance undertaking” means an undertaking that has received [F79from the PRA or the FCA authorisation under any enactment (including an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978), or any rule made under this Act by the PRA or the FCA, that implemented Article 162 of the Solvency 2 Directive];]

  • [F80“threshold conditions”, in relation to a regulated activity, has the meaning given in section 55B(1);]

  • F26...

  • F27...

  • [F81 “the Tribunal” means the Upper Tribunal;]

  • “trust scheme rules” has the meaning given in section 247(1);

  • [F49“UCITS” has the meaning given in [F82section 236A];]

  • “UK authorised person” has the meaning given in [F83section 191G(1)];

  • [F84 “the UK financial system” has the meaning given in [F85section 1I];] and

  • “unit trust scheme” has the meaning given in section 237.

F86(1A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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 [F87(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.

F88(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F89(5)The Treasury may by regulations amend the definition of “cryptoasset” in subsection (1).]

Textual Amendments

F4Words 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.

F12S. 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

F14Words 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.

F15Words in s. 417(1) inserted (1.3.2014 for specified purposes, 1.1.2019 in so far as not already in force) 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; S.I. 2018/1306, art. 2(d)

F16Words 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.

F25S. 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)

F31Words in s. 417(1) inserted (1.3.2014 for specified purposes, 1.1.2019 in so far as not already in force) 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; S.I. 2018/1306, art. 2(d)

F34S. 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

F35Words 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.

F37Words 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.

F38Words in s. 417(1) inserted (1.9.2023 for specified purposes) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 8 para. 14; S.I. 2023/934, reg. 2(b)(v)

F39Words 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)

F46Words in s. 417(1) inserted (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. 51(3) (with reg. 7)

F49Words in s. 417(1) inserted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(17)

F51Words 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.

F52Words 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.

F53Words 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.

F55Words in s. 417(1) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 16(2)

F57 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

F58Words 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.

F59Words 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.

F62Words in s. 417(1) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 16(3)

F66Words in s. 417(1) inserted (E.W.S.) (6.10.2018) by Financial Guidance and Claims Act 2018 (c. 10), ss. 27(10), 37(5); S.I. 2018/1045, reg. 2(a)

F67Words 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.

F68 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

F70Words in s. 417(1) inserted (1.3.2014 for specified purposes, 21.4.2016 for specified purposes, 1.1.2019 in so far as not already in force) 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); S.I. 2018/1306, art. 2(d)

F71Words 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.

F72Words 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.

F73Words 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.

F78S. 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)

F80Words 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.

F81S. 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

F83Words 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.

F84S. 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

F85Words 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.

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

C5S. 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