PART 2Amendments of Financial Services and Markets Act 2000

Miscellaneous amendments of FSMA 2000

48Interpretation of FSMA 2000

1

In section 417 of FSMA 2000 (definitions), in subsection (1)—

I2a

omit the definition of “the Authority”,

I2b

in the definition of “control of information rules” for “section 147(1)” substitute “ section 137P ”,

I2c

after that definition insert—

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

dI1

after the definition of “exempt person” insert—

“the FCA” means the Financial Conduct Authority;

e

in the definition of “financial promotion rules” for “section 145” substitute “ section 137R ”,

f

for the definition of “general rules” substitute—

“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);

g

omit the definition of “money laundering rules”,

h

omit the definition of “notice of control”,

i

for the definition of “Part IV permission” substitute—

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

jI1

after the definition of “partnership” insert—

“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;

I2k

in the definition of “price stabilising rules” for “section 144” substitute “ section 137Q ”,

I2l

after that definition insert—

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

I2m

in the definition of “regulating provisions” for “section “159(1)” substitute “ section 140A ”,

nI1

after that definition insert—

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

I2o

omit the definitions of “regulatory objectives” and “regulatory provisions”,

I2p

for the definition of “rule” substitute—

“rule” means a rule made by the FCA or the PRA under this Act;

I2q

in the definition of “rule-making instrument” for “section 153” substitute “ section 138G ”,

I2r

for the definition of “threshold conditions” substitute—

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

I2s

in the definition of “UK authorised person” for “section 178(4)” substitute “ section 191G(1) ”, and

I2t

in the definition of “the UK financial system” for “section 3” substitute “ section 1I ”.

2I1

After section 421 of FSMA 2000 insert—

421ZAImmediate group

In this Act “immediate group”, in relation to a person (“A”), means—

a

A;

b

a parent undertaking of A;

c

a subsidiary undertaking of A;

d

a subsidiary undertaking of a parent undertaking of A;

e

a parent undertaking of a subsidiary undertaking of A.

3I1

After section 425B of FSMA 2000 insert—

425CQualifying EU provision”

1

In this Act “qualifying EU provision” means a provision of—

a

a directly applicable EU regulation, or

b

an EU decision for whose enforcement the United Kingdom is required by an EU obligation to make provision.

2

In subsection (1)(b) “EU decision” means a decision under an EU directive or EU regulation.