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Financial Services and Markets Act 2000

2000 Chapter c.8

Crown Copyright 2000

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Financial Services and Markets Act 2000

2000 Chapter c.8

ARRANGEMENT OF SECTIONS
 

PART I
THE REGULATOR
 
Section  
1. The Financial Services Authority.
The Authority's general duties
2. The Authority's general duties.

The regulatory objectives
3. Market confidence.
4. Public awareness.
5. The protection of consumers.
6. The reduction of financial crime.

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.

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.

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.

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.

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.

Prospectuses
84. Prospectuses.
85. Publication of prospectus.
86. Application of this Part to prospectuses.
87. Approval of prospectus where no application for listing.

Sponsors
88. Sponsors.
89. Public censure of sponsor.

Compensation
90. Compensation for false or misleading particulars.

Penalties
91. Penalties for breach of listing rules.
92. Procedure.
93. Statement of policy.
94. Statements of policy: procedure.

Competition
95. Competition scrutiny.

Miscellaneous
96. Obligations of issuers of listed securities.
97. Appointment by competent authority of persons to carry out investigations.
98. Advertisements etc. in connection with listing applications.
99. Fees.
100. Penalties.
101. Listing rules: general provisions.
102. Exemption from liability in damages.
103. Interpretation of this Part.

PART VII
CONTROL OF BUSINESS TRANSFERS
104. Control of business transfers.
105. Insurance business transfer schemes.
106. Banking business transfer schemes.
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.
113. Appointment of actuary in relation to reduction of benefits.
114. Rights of certain policyholders.

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.

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.
131. Effect on transactions.

PART IX
HEARINGS AND APPEALS
132. The Financial Services and Markets Tribunal.
133. Proceedings: general provision.

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.
140. Restriction on managers of authorised unit trust 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.

CHAPTER III
COMPETITION SCRUTINY
159. Interpretation.
160. Reports by Director General of Fair Trading.
161. Power of Director 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.
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.

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
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.
195. Exercise of power in support of overseas regulator.
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.

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 Director General 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.
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.
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
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
222. Statutory immunity.
223. Management expenses.
224. Scheme manager's power to inspect documents held by Official Receiver etc.

PART XVI
THE OMBUDSMAN SCHEME
The scheme
225. The scheme and the scheme operator.
226. Compulsory 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.

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.

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.
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.

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 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.
291. Liability in relation to recognised body's regulatory functions.
292. Overseas investment exchanges and overseas clearing houses.

Supervision
293. Notification requirements.
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.

Other matters
301. Supervision of certain contracts.

CHAPTER II
COMPETITION SCRUTINY
 
302. Interpretation.
Role of Director General of Fair Trading
303. Initial report by Director.
304. Further reports by Director.
305. Investigations by Director.

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 IV
Interpretation
313. Interpretation of Part XVIII.

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.
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. Petitions.
360. Insurers.
361. Administrator's duty to report to Authority.
362. Authority's powers to participate in proceedings.

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 of 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.
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 Director General of Fair Trading.

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.

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.

Limitation on powers to require documents
413. Protected items.

Service of notices
414. Service of notices.

Jurisdiction
415. Jurisdiction in civil proceedings.

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.
422. Controller.
423. Manager.
424. Insurance.
425. Expressions relating to authorisation elsewhere in the single market.

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.
    Part II - Status.
    Part III - Penalties and Fees.
    Part IV - Miscellaneous.
    Schedule 2 - Regulated Activities.
    Part I - Regulated Activities.
    Part II - Investments.
    Part III - Supplemental Provisions.
    Schedule 3 - EEA Passport Rights.
    Part I - Defined terms.
    Part II - Exercise of Passport Rights by EEA Firms.
    Part III - Exercise of Passport Rights by UK Firms.
    Schedule 4 - Treaty Rights.
    Schedule 5 - Persons Concerned in Collective Investment Schemes.
    Schedule 6 - Threshold Conditions.
    Part I - Part IV Permission.
    Part II - Authorisation.
    Part III - Additional Conditions.
    Schedule 7 - The Authority as Competent Authority for Part VI.
    Schedule 8 - Transfer of functions under Part VI.
    Schedule 9 - Non-listing Prospectuses.
    Schedule 10 - Compensation: Exemptions.
    Schedule 11 - Offers of Securities.
    Schedule 12 - Transfer schemes: certificates.
    Part I - Insurance Business Transfer Schemes.
    Part II - Banking Business Transfer Schemes.
    Part III - Insurance business transfers effected outside the United Kingdom.
    Schedule 13 - The Financial Services and Markets Tribunal.
    Part I - General.
    Part II - The Tribunal.
    Part III - Constitution of Tribunal.
    Part IV - Tribunal Procedure.
    Schedule 14 - Role of the Competition Commission.
    Schedule 15 - Information and Investigations: Connected Persons.
    Part I - Rules for Specific Bodies.
    Part II - Additional Rules.
    Schedule 16 - Prohibitions and Restrictions imposed by Director General of Fair Trading.
    Schedule 17 - The Ombudsman Scheme.
    Part I - General.
    Part II - The Scheme Operator.
    Part III - The Compulsory Jurisdiction.
    Part IV - The Voluntary Jurisdiction.
    Schedule 18 - Mutuals.
    Part I - Friendly Societies.
    Part II - Friendly Societies: Subsidiaries and Controlled Bodies.
    Part III - Building Societies.
    Part IV - Industrial and Provident Societies.
    Part V - Credit Unions.
    Schedule 19 - Competition Information.
    Part I - Persons and functions for the purposes of section 351.
    Part II - The enactments.
    Schedule 20 - Minor and Consequential Amendments.
    Schedule 21 - Transitional Provisions and Savings.
    Schedule 22 - Repeals.
Crown copyright 2000
Prepared 16 June 200

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FSA Regulation

The Chairman of Strategy Consulting Limited, John Courtney, is also an Associate Director of Beer & Partners (Registered Office: Painter´s Hall, 9 Little Trinity Lane, London, EC4V 2AD). Beer & Partners is authorised and regulated by the Financial Services Authority.

This communication has been approved by Beer & Partners as a financial promotion. Beer & Partners is authorised and regulated by the Financial Services Authority. Investment in unquoted businesses carries high risks as well as the possibility of high rewards and an investors´ capital is at risk in making such investments. It is highly speculative and potential investors should be aware that no established market exists for the trading of shares in private companies. Please note that any tax treatments referred to in financial promotions approved or issued by Beer & Partners will depend on the individual circumstances of the investor. All of Beer & Partners´ fees are payable by the client companies to whom it provides services, investors are treated as retail clients being recipients of Beer & Partners´ financial promotions.