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Royal ArmsFinancial Services and Markets Act 2000

2000 Chapter c.8


 

© Crown Copyright 2000

Acts of Parliament printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

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The text of this Internet version of the Act is published by the Queen's Printer of Acts of Parliament and has been prepared to reflect the text as it received Royal Assent. A print version is also available and is published by The Stationery Office Limited as the Financial Services and Markets Act 2000 , ISBN 0 10 540800 X.

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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.