Prepare your BNPL business for FCA regulation
- 9 steps
UK Act of Parliament
2000
United Kingdom
Financial Services and Markets Act 2000
At a glance
Enforced by
FCA, Takeover Panel, SRA, PRA, PSR
What's here
236 compliance obligations, 74 practical guides across 7 topics · 31 journeys · 248 statutory instruments
Penalty landscape
8 of 236 obligations carry an unlimited fine. 1 carries different penalties and 227 have no criminal penalty — flagged in the list below.
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Any Person 54
- Director or Officer 12
- Operator 11
- Employer 5
- Trustee 3
- Trader 3
- Applicant 2
- Distributor 1
Plus 145 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
Step-by-step journeys using this legislation
Walkthroughs that take you from a real business situation to compliance.
Respond to FCA enforcement action or investigation
- 6 steps
Form a business partnership
- 1 step
Start offering consumer credit to customers
- 9 steps
Handle Section 75 claims from customers
- 3 steps
Consumer credit compliance quick-check
- 7 steps
Relevant guidance
Practical guides for businesses affected by this Act, ordered by how closely they engage with it.
Direct — cites this Act
28 guidesAI compliance for financial services firms
Access the Lloyd's of London insurance market
Apply for FCA authorisation under Part 4A FSMA
Appointed representative or direct FCA authorisation: choosing your route
Banking regulation and PRA authorisation
Buy Now Pay Later regulation: what businesses need to know
Comply with credit advertising rules
Comply with debt collection rules
Supporting — topic alignment
31 guidesMentioned in related content
15 guides- Approvals and registrations you need before trading
- Business insurance types quick reference
- Business insurance: what you need
- Choosing the right business insurance
- Electricity Supply Licence
- Employers' liability insurance: the complete guide
- Farm health and safety essentials
- Making a business insurance claim
- Mandatory hiring requirements
- Mandatory registrations every business must complete
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Any Person also bound by 2338 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
Directors and Officers also bound by 425 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 161 duties
- Companies Act 2006 2006 108 duties
- Insolvency Act 1986 1986 72 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 55 duties
- The Housing Administration (England and Wales) Rules 2018 2018 26 duties
Operators also bound by 730 other Acts (top 5 shown)
- Regulation (EU) No 965/2012 (Air Operations) 2012 138 duties
- Commission Implementing Regulation (EU) 2018/2066 of 19 December 2018 on the monitoring and reporting of greenhouse gas emissions pursuant to Directive 2003/87/EC of the European Parliament and of the Council and amending Commission Regulation (EU) No 601/2012 (Text with EEA relevance) 2018 121 duties
- Commission Regulation (EU) No 601/2012 of 21 June 2012 on the monitoring and reporting of greenhouse gas emissions pursuant to Directive 2003/87/EC of the European Parliament and of the Council (Text with EEA relevance) (repealed) 2012 112 duties
- Space Industry Regulations 2021 2021 75 duties
- Regulation (EU) 2016/429 of the European Parliament and of the Council of 9 March 2016 on transmissible animal diseases and amending and repealing certain acts in the area of animal health (‘Animal Health Law’) (Text with EEA relevance) 2016 66 duties
Employers also bound by 694 other Acts (top 5 shown)
- The Income Tax (Pay As You Earn) Regulations 2003 2003 236 duties
- Provision and Use of Work Equipment Regulations 1998 1998 120 duties
- TULRCA 1992 1992 72 duties
- Employment Rights (Northern Ireland) Order 1996 (current NI employment law) 1996 52 duties
- Income Tax (Earnings and Pensions) Act 2003 2003 50 duties
Trustees also bound by 100 other Acts (top 5 shown)
- The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 2022 37 duties
- Charities Act 2011 2011 26 duties
- The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 2013 26 duties
- Insolvency (England and Wales) Rules 2016 2016 21 duties
- The Pensions (Northern Ireland) Order 2005 2005 20 duties
Traders also bound by 826 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 413 duties
- Companies Act 2006 2006 243 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 114 duties
- Insolvency (England and Wales) Rules 2016 2016 62 duties
- Building Societies Act 1986 1986 56 duties
Applicants also bound by 294 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 46 duties
- Human Medicines Regulations 2012 2012 30 duties
- The Land Registration Rules 2003 2003 25 duties
- Value Added Tax Regulations 1995 1995 18 duties
- Space Industry Regulations 2021 2021 14 duties
Distributors also bound by 177 other Acts (top 5 shown)
- The Marketing of Fruit Plant and Propagating Material (England) Regulations 2017 2017 28 duties
- The Marketing of Fruit Plant and Propagating Material (Wales) Regulations 2017 2017 26 duties
- The Marketing of Fruit Plant and Propagating Material Regulations (Northern Ireland) 2017 2017 25 duties
- Electricity Safety, Quality and Continuity Regulations 2002 2002 21 duties
- THE ELECTRICITY SAFETY, QUALITY AND CONTINUITY REGULATIONS (NORTHERN IRELAND) 2012 2012 19 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Part 1A — The Regulators
The Financial Conduct Authority
Other duties (2) — Crown / regulator
- FCA must exercise its legal functions and follow constitutional rules Statutory regulator
- FCA must comply with constitutional requirements in Schedule 1ZA Statutory regulator
The FCA's general duty to consult
Other duties (1) — Crown / regulator
- FCA must consult practitioners and consumers on its policies Statutory regulator
The FCA Practitioner Panel
Other duties (1) — Crown / regulator
- FCA must establish and maintain the Practitioner Panel Statutory regulator
Statement of policy on panel appointments
Other duties (2) — Crown / regulator
- FCA must publish its policy on appointing panel members Statutory regulator
- FCA must publish policy on statutory panel appointments Statutory regulator
Insurance objective
Other duties (2) — Crown / regulator
- PRA must act to protect policyholders when regulating insurance activities Statutory regulator
- PRA must protect insurance policyholders when performing its duties Statutory regulator
Secondary objectives and duty to have regard to regulatory principles
Other duties (2) — Crown / regulator
- PRA must advance competition and UK competitiveness when regulating Statutory regulator
- PRA must promote competition, growth, and international competitiveness Statutory regulator
Arrangements for supervision of PRA-authorised persons
Other duties (2) — Crown / regulator
- PRA must maintain arrangements for supervising authorised persons Statutory regulator
- PRA must maintain supervisory arrangements for PRA-authorised persons Statutory regulator
The Insurance Practitioner Panel
Other duties (1) — Crown / regulator
- PRA must establish and maintain the Insurance Practitioner Panel Statutory regulator
Duty to consider representations
Other duties (2) — Crown / regulator
- PRA must consider and publish responses to representations from practitioners Statutory regulator
- PRA must consider your representations and publish responses Statutory regulator
Statement of policy on panel appointments
Other duties (2) — Crown / regulator
- PRA must publish policy on how it appoints statutory panel members Statutory regulator
- PRA must publish policy on statutory panel appointments Statutory regulator
Duty to follow principles of good governance
Other duties (1) — Crown / regulator
- FCA must follow standard principles of good corporate governance Statutory regulator
Further provisions about directions under section 3M
Other duties (2) — Crown / regulator
- Regulators must notify authorised firms of directions and reasons Statutory regulator
- Regulators must follow procedural steps when giving consolidated supervision directions Statutory regulator
Consultation by regulator complying with direction
Other duties (1) — Crown / regulator
- Regulators must share consultation feedback with the supervising regulator Statutory regulator
Report on certain reviews
Other duties (2) — Crown / regulator
- Regulator must report on rule reviews to the Treasury Statutory regulator
- Regulators must report to the Treasury on directed rule reviews Statutory regulator
Browse 59 other sections in this Part — procedural / definitional / commencement
The FCA's general duties
The consumer protection objective
The integrity objective
The competition objective
Competitiveness and growth objective
Meaning of “relevant markets” in strategic objective
Meaning of “consumer”
Further interpretative provisions for sections 1B to 1G
Meaning of “the UK financial system”
Modifications applying if core activity not regulated by PRA
Power to amend objectives
Recommendations by Treasury in connection with general duties
Guidance about objectives
Supervision, monitoring and enforcement
Composition of Panels
The Smaller Business Practitioner Panel
The Markets Practitioner Panel
The Consumer Panel
The Listing Authority Advisory Panel
Duty to consider representations made by the Panels
Requirements in connection with public consultations
Reviews
Right to obtain documents and information
The Prudential Regulation Authority
Functions of the PRA
The PRA's general objective
Power to provide for additional objectives
Strategy
Interpretation of references to objectives
Limit on effect of sections 2B to 2D
Guidance about objectives
Interpretation of Chapter 2
The PRA's general duty to consult
Composition of Panels
The PRA Practitioner Panel
Requirements in connection with public consultations
Reviews
Right to obtain documents and information
Financial stability
Regulatory principles to be applied by both regulators
Duty of FCA and PRA to ensure co-ordinated exercise of functions
Memorandum of understanding
With-profits insurance policies
Power to establish boundary between FCA and PRA responsibilities
Parliamentary control of orders under section 3G
Power of PRA to require FCA to refrain from specified action
Power of PRA in relation to with-profits policies
Revocation of directions under section 3I or 3J
Further provisions about directions under section 3I or 3J
Directions relating to consolidated supervision of groups
Revocation of directions under section 3M
Co-operation by FCA ... with Bank of England
Arrangements for provision of services
Duty of FCA and PRA to review rules
Statement of policy relating to review of rules
Requirement to review specified rules
Power of Treasury to require making of rules by regulations
The consumer financial education body
Interpretation
Part I — The Regulator
Browse 20 other sections in this Part — procedural / definitional / commencement
The Financial Services Authority.
The Authority’s general duties.
Market confidence.
Financial stability
Public awareness.
The protection of consumers.
The reduction of financial crime.
Enhancing public understanding of financial matters etc
Duty of Authority to follow principles of good governance.
The Authority’s general duty to consult.
The Practitioner Panel.
The Consumer Panel.
Duty to consider representations by the Panels.
Reviews.
Right to obtain documents and information.
Cases in which the Treasury may arrange independent inquiries.
Power to appoint person to hold an inquiry.
Powers of appointed person and procedure.
Conclusion of inquiry.
Obstruction and contempt.
Part II — Regulated And Prohibited Activities
Browse 18 other sections in this Part — procedural / definitional / commencement
The general prohibition.
Authorised persons acting without permission.
Restrictions on financial promotion.
Regulated activities
Designation of activities requiring prudential regulation by PRA
Parliamentary control in relation to certain orders under section 22A
Contravention of the general prohibition or section 20(1) or (1A).
Parliamentary control in relation to certain orders under section 23
False claims to be authorised or exempt.
Contravention of section 21.
Agreements made by unauthorised persons.
Agreements relating to credit
Agreements made through unauthorised persons.
Agreements made unenforceable by section 26 or 27 : general cases.
Credit-related agreements made unenforceable by section 26, 26A or 27
Decisions under section 28A: procedure
Accepting deposits in breach of general prohibition.
Enforceability of agreements resulting from unlawful communications.
Part III — Authorisation and Exemption
Browse 10 other sections in this Part — procedural / definitional / commencement
Authorised persons.
Partnerships and unincorporated associations.
Withdrawal of authorisation ....
EEA firms.
Treaty firms.
Authorised open-ended investment companies
Exercise of EEA rights by UK firms.
Exemption orders.
Exemption of appointed representatives.
Certain tied agents operating outside United Kingdom
Part 4A — Permission to carry on regulated activities
Applications under this Part: communications between regulators
Other duties (2) — Crown / regulator
- PRA must notify FCA of certain applications and withdrawals promptly Statutory regulator
- PRA must notify the FCA of specific firm applications Statutory regulator
Browse 36 other sections in this Part — procedural / definitional / commencement
Application for permission
The threshold conditions
Power to amend Schedule 6
Firms based outside the United Kingdom
Giving permission: the FCA
Giving permission: the PRA
Giving permission: special cases
Variation by FCA at request of authorised person
Variation by PRA at request of authorised person
Variation or cancellation on initiative of regulator
Variation or cancellation on initiative of FCA: additional power
Investment firms: particular conditions that enable cancellation
Insurance undertakings, reinsurance undertakings and third-country insurance undertakings: particular conditions that enable cancellation
Imposition of requirements by FCA
Imposition of requirements by PRA
Requirements under section 55L or 55M: further provisions
General requirement relating to financial promotion approval
Section 55NA: power to provide for exemptions
Imposition of requirements on acquisition of control
Prohibitions and restrictions
Assets requirements imposed on insurance undertakings or reinsurance undertakings
Requirements relating to general meetings
Exercise of power in support of overseas regulator
Persons connected with an applicant
Duty of FCA or PRA to consider other permissions
Persons whose interests are protected
Applications under this Part
Determination of applications
Determination of applications: warning notices and decision notices
Applications relating to administering a benchmark
Exercise of own-initiative power: procedure
Notification of the European bodies
Notification of ESMA
Notification of EBA
Right to refer matters to the Tribunal
Interpretation of Part 4A
Part IV — Permission to Carry on Regulated Activities
Browse 18 other sections in this Part — procedural / definitional / commencement
Application for permission.
The threshold conditions.
Giving permission.
Imposition of requirements.
Variation etc. at request of authorised person.
Variation etc. on the Authority’s own initiative.
Variation of permission on acquisition of control.
Exercise of power in support of overseas regulator.
Prohibitions and restrictions.
Persons connected with an applicant.
Authority’s duty to consider other permissions etc.
Applications under this Part.
Determination of applications.
Exercise of own-initiative power: procedure.
Cancellation of Part IV permission: procedure.
Notification of ESMA
Notification of EBA
Right to refer matters to the Tribunal.
Part 5A — Designated activities
Restrictions on carrying on of designated activities
- Comply with restrictions and rules for designated activities Any Person
- Do not carry out prohibited designated activities; follow rules for permitted ones Any Person
Browse 14 other sections in this Part — procedural / definitional / commencement
Designated activities
Designated activity regulations: general
Designated activities: rules
Designated activities: directions
Designated activities: liability
Designated activities: enforcement
Designated activities and rules: connected amendments
Designated activities regulations: Parliamentary control
Meaning of “relevant designated activity” and “relevant Part 5A requirement”
Meaning of “relevant Part 5A direction” for purposes of this Chapter
Procedure for giving, varying or revoking relevant Part 5A direction
Application for variation or revocation of relevant Part 5A direction
Determination of application under section 71W
Relevant Part 5A direction: right to refer to Tribunal
Part V — Performance of Regulated Activities
Approval for particular arrangements.
- Ensure staff performing 'controlled functions' are regulator-approved Any Person
- Get FCA/PRA approval before anyone performs a controlled function Any Person
Changes in responsibilities of senior managers
- Notify the regulator of significant changes to a senior manager's responsibilities Any Person
- Update the regulator if senior manager responsibilities change significantly Any Person
Statement of policy
Other duties (2) — Crown / regulator
- Regulators must publish and follow a policy on penalties for unauthorised controlled functions Statutory regulator
- Regulators must publish penalty policies for unapproved controlled functions Statutory regulator
Exercise of power under section 63ZB: procedure
Other duties (2) — Crown / regulator
- Regulator must follow fair procedure when varying senior manager approvals Statutory regulator
- Regulators must follow specific procedures when changing a Senior Manager's approval Statutory regulator
Rules of conduct: responsibilities of ... authorised persons
- Notify staff of conduct rules and ensure understanding through training Any Person
- Train staff on financial conduct rules and confirm their understanding Any Person
Publication.
Other duties (2) — Crown / regulator
- Regulator must provide copies of disciplinary statements to relevant parties Statutory regulator
- Regulator must send disciplinary statement to the person concerned and affected parties Statutory regulator
Statement of policy.
Other duties (2) — Crown / regulator
- Regulators must publish and follow a policy on disciplinary penalties Statutory regulator
- Regulators must publish their enforcement and penalty policies Statutory regulator
Browse 41 other sections in this Part — procedural / definitional / commencement
Prohibition orders.
Prohibition orders: procedure and right to refer to Tribunal.
Applications relating to prohibitions: procedure and right to refer to Tribunal.
Specifying functions as controlled functions: supplementary
Specifying functions as controlled functions: transitional provision
Role of FCA in relation to PRA decisions
Senior management functions
Designated senior management functions
Applications for approval.
Vetting of candidates by relevant authorised persons
Determination of applications.
Applications for approval: procedure and right to refer to Tribunal.
Withdrawal of approval.
Power to impose penalties
Procedure and right to refer to Tribunal
Statement of policy: procedure
Certification of employees by ... authorised persons
Issuing of certificates
Variation of senior manager's approval at request of relevant authorised person
Variation of senior manager's approval on initiative of regulator
Statement of policy relating to conditional approval and variation
Statement of policy: procedure
Conduct: statements and codes.
Rules of conduct
Requirement for ... authorised persons to notify regulator of disciplinary action
Statements and codes: procedure.
Disciplinary powers.
Misconduct: action by the FCA
Misconduct: action by the PRA
Disciplinary measures: procedure and right to refer to Tribunal.
Statements of policy: procedure.
Actions for damages.
Meaning of “relevant authorised person”
Removal of directors and senior executives
Temporary manager
Sections 71B and 71C: conditions
Temporary manager: further provisions in relation to the appointment
Temporary manager: instrument of appointment
Right to refer matters to the Tribunal
Removal of directors and senior executives and appointment of temporary manager: procedure
Sections 71B to 71H: interpretation
Part VI — Official Listing
General duty of disclosure in listing particulars.
- Disclose all material information in listing particulars to the FCA Any Person
Supplementary listing particulars.
- Submit supplementary listing particulars to FCA when significant changes arise Director or Officer
Supplementary prospectus
- Notify the issuer and applicant of factors requiring a supplementary prospectus Any Person
Provision of information by issuers of transferable securities
- Publish or notify financial reports with specified content Director or Officer
Action under s.89U: procedure
Other duties (2) — Crown / regulator
- FCA must give written notice before taking enforcement action Statutory regulator
- FCA must provide written notice and appeal rights before taking action Statutory regulator
Storage of regulated information
Other duties (1) — Crown / regulator
- FCA must provide a central storage mechanism for regulated company information Statutory regulator
Penalties.
Amended 2 timesExercise of powers where UK is host member state
Amended 2 timesListing rules: general provisions.
Amended 3 timesExemption from liability in damages.
Amended 1 timeMeaning of “securities” etc.
Amended 1 timeMeaning of “offer of transferable securities to the public” etc.
Amended 1 timeMeaning of “ home State ” in relation to transferable securities
Amended 1 timeInterpretation of this Part
Amended 26 timesBrowse 84 other sections in this Part — procedural / definitional / commencement
The competent authority.
General duty of the competent authority.
Part 6 Rules
The official list.
Applications for listing.
Decision on application.
Discontinuance and suspension of listing.
Discontinuance or suspension: procedure.
Discontinuance or suspension at the request of the issuer: procedure
Listing particulars and other documents.
Exemptions from disclosure.
Registration of listing particulars.
Matters which may be dealt with by prospectus rules
Contravention of prohibition relating to public offer of securities
Exempt offers to the public and admissions to trading
Election to have prospectus
Criteria for approval of prospectus by FCA
Exemptions from disclosure
Consideration of application for approval
Procedure for decision to refuse an application for approval
Transfer by FCA of application for approval
Transfer to FCA of application for approval
Final terms
Communication of final terms by FCA
Prospectus approved in another EEA State
Provision of information to host Member State
Requirements imposed as condition of approval
Power to suspend scrutiny of prospectus
Power to refuse approval of a prospectus
Power to suspend , restrict or prohibit offer to the public
Power to suspend , restrict or prohibit admission to trading on a regulated market
Power of FCA to suspend or prohibit trading on a trading facility
Public censure of issuer
Right to refer matters to the Tribunal
Procedure under sections 87JA, 87K, 87L and 87LA
Exercise of powers at request of competent authority of another EEA State
Right of investor to withdraw
Register of investors
Sponsors.
Disciplinary powers: contravention of s.88(3)(c) or (e)
Action under s.88A: procedure and right to refer to Tribunal
Action under s.88A: statement of policy
Statement of policy under s.88C: procedure
Powers exercisable to advance operational objectives
Action under s.88E: procedure
Public censure of sponsor.
Transparency rules
Provision of voteholder information
Notification of voting rights held by issuer
Notification of proposed amendment of issuer's constitution
Transparency rules: interpretation etc
Transparency rules: other supplementary provisions
FCA's power to call for information
Requirements in connection with call for information
Power to call for information: supplementary provisions
Public censure of issuer
Power to suspend or prohibit trading of securities
Procedure under section 89L
Right to refer matters to the Tribunal
Voting rights suspension orders
Corporate governance rules
Primary information providers
Disciplinary powers: contravention of s.89P(4)(b) or (d)
Action under s.89Q: procedure and right to refer to Tribunal
Action under s.89Q: statement of policy
Statement of policy under s.89S: procedure
Powers exercisable to advance operational objectives
Compensation for statements in listing particulars ...
Liability of issuers in connection with published information
Power to make further provision about liability for published information
Liability for key investor information
Penalties for breach of Part 6 rules
Procedure.
Statement of policy.
Statements of policy: procedure.
Competition scrutiny.
Obligations of issuers of listed securities.
Disclosure of information requirements
Disclosure rules: persons responsible for compliance
Suspension of trading
Appointment by FCA of persons to carry out investigations.
Reporting of infringements
Advertisements etc. in connection with listing applications.
Fees.
Part 7A — Unilateral changes to pension schemes
Browse 9 other sections in this Part — procedural / definitional / commencement
Pension schemes to which this Part applies
Unilateral changes
Effect of transfer of pension pot on membership of scheme etc
Best interests test
Certification by independent person
Unilateral change notice
Further duties to make FCA general rules
Treasury regulations
Interpretation of Part
Part VII — Control of Business Transfers
Meaning of “the appropriate regulator”
Amended 26 timesControl of business transfers.
Amended 3 timesInsurance business transfer schemes.
Amended 20 timesBanking business transfer schemes.
Amended 2 timesReclaim fund business transfer scheme
Amended 2 timesRing-fencing transfer scheme
Amended 2 timesApplication for order sanctioning transfer scheme.
Amended 5 timesRequirements on applicants.
Amended 1 timeScheme reports: insurance business transfer schemes
Amended 2 timesScheme reports: ring-fencing transfer schemes
Amended 2 times- Submit an approved expert report for ring-fencing transfer schemes Applicant
- Submit a scheme report with your ring-fencing transfer scheme application Applicant
Right to participate in proceedings.
Amended 5 timesSanction of the court for business transfer schemes.
Amended 6 timesEffect of order sanctioning business transfer scheme.
Amended 11 timesRights to terminate etc.
Amended 11 timesDuty of regulator to provide copy of order
Amended 11 timesOther duties (2) — Crown / regulator
- FCA and PRA must share business transfer orders with each other Statutory regulator
- FCA and PRA must share copies of business transfer scheme orders without delay Statutory regulator
Appointment of actuary in relation to reduction of benefits.
Amended 3 timesRights of certain policyholders.
Amended 3 timesNotice of transfer of reinsurance contracts
Amended 3 timesCertificates for purposes of insurance business transfers overseas.
Amended 1 timeEffect of insurance business transfers authorised in other EEA States.
Amended 18 timesBrowse 1 other section in this Part — procedural / definitional / commencement
Part 8A — Short selling
Browse 14 other sections in this Part — procedural / definitional / commencement
Short selling rules
Short selling rules: definitions etc
Short selling rules: procedure in urgent cases
Power to require information
Power to require information: supplementary
Investigations in support of overseas regulator
Entry of premises under warrant
Retention of documents taken under section 131FB
Power to impose penalty or issue censure
Procedure and right to refer to Tribunal
Duty on publication of statement
Imposition of penalties under section 131G: statement of policy
Statement of policy: procedure
Offences
Part 8B — Cash access services
Procedure for directions
Other duties (2) — Crown / regulator
- FCA must follow procedure when giving a direction to a designated person Statutory regulator
- FCA must follow specific procedures when issuing directions Statutory regulator
Browse 15 other sections in this Part — procedural / definitional / commencement
Overview
Cash access services and coordination arrangements
Current accounts and relevant current account providers
Cash access policy statement
Provision of reports to assist the Treasury
Designation
Designation criteria
Cancellation or variation of a designation notice
Purpose for which FCA must exercise functions under this Part
FCA rules
Power to direct designated persons
Information gathering and investigations
Disciplinary measures
Costs of supervision
Exclusion and modification of other FCA duties
Part VIII — Provisions relating to market abuse
Market abuse.
Amended 5 timesSupplementary provision about certain behaviour
Amended 5 timesInsiders
Amended 5 timesInside information
Amended 5 timesThe code.
Amended 4 timesProvisions included in the FCA's code by reference to the City Code.
Amended 1 timeCodes: procedure.
Amended 2 timesPower to impose penalties or issue censure
Amended 5 timesPower to prohibit individuals from managing or dealing
Amended 5 times- Ensure FCA-prohibited individuals don't hold management positions Director or Officer
Suspending permission to carry on regulated activities etc
Amended 5 timesExercise of administrative sanctions
Amended 5 timesStatement of policy.
Amended 10 timesWarning notices.
Amended 5 timesDecision notices and right to refer to Tribunal.
Amended 6 timesConsultation with the PRA in relation to administrative sanctions
Amended 6 timesSuspension of investigations.
Amended 6 timesPower of court to impose administrative sanctions in cases of market abuse
Amended 11 timesGuidance.
Amended 3 timesInterpretation and supplementary provision
Amended 3 timesReporting of infringements
- Set up internal whistleblowing procedures for market abuse reporting Employer
Browse 19 other sections in this Part — procedural / definitional / commencement
Effect of the code.
Power to require information from issuers
General power to require information
Power to require information: supplementary
Entry of premises under warrant
Retention of documents taken under section 122D
Offences
Publication of information and corrective statements by issuers
Publication of corrective statements generally
Publication of corrective statements relating to benchmarks
Power to suspend trading in financial instruments
Power to suspend auctioning of auctioned products on a recognised auction platform
Statement of policy: procedure.
Effect on transactions.
Protected Disclosures
Interpretation
Meaning of “persons closely associated” in the market abuse regulation
Individual liability in respect of legal persons under Articles 8 and 12 of the market abuse regulation
Liability for contraventions of Article 14 or 15 of the market abuse regulation
Part 9A — Rules and Guidance
The FCA's general rules
Amended 4 timesThe FCA's general rules: Gibraltar
Amended 4 timesFCA general rules: clients' money, right to rescind etc.
Amended 4 timesFCA general rules: cost of credit and duration of credit agreements
Amended 4 timesFCA general rules: product intervention
Amended 4 timesOrders under s.137D(1)(b)
Amended 4 timesRules requiring participation in benchmark
Amended 4 timesFCA general rules: disclosure of information about pension scheme transaction costs etc
Amended 4 timesFCA general rules: pensions dashboards
Amended 4 times- Provide pensions information through pensions dashboards Any Person
Other duties (1) — Crown / regulator
- FCA must create rules for pension dashboard data sharing Statutory regulator
Pensions dashboards: further provision
Amended 4 timesSections 137FAA and 137FAB: supplementary
Amended 4 timesFCA general rules: disclosure of information about the availability of pensions guidance
Amended 4 timesFCA general rules: advice about transferring or otherwise dealing with annuity payments
Amended 4 timesFCA general rules: early exit pension charges
Amended 4 timesFCA general rules: regulation of consolidator pension schemes
Amended 4 timesFCA rules: disclosure of information about the availability of financial guidance
Amended 4 timesOther duties (2) — Crown / regulator
- FCA must create rules for disclosing financial guidance availability Statutory regulator
- FCA must make rules requiring firms to disclose financial guidance availability Statutory regulator
FCA general rules: charges for claims management services
Amended 4 timesThe PRA's general rules
Amended 4 timesThe PRA's general rules: Gibraltar
Amended 4 timesGeneral rules about remuneration
Amended 4 timesRemuneration policies: Treasury direction to consider compliance
Amended 4 timesRules about recovery plans: duty to consult
Amended 4 timesRules about resolution packs: duty to consult
Amended 4 timesInterpretation of sections 137J and 137K
Amended 4 timesSpecial provision relating to adequacy of resolution plans
Amended 4 timesRecovery plans and resolution packs : restriction on duty of confidence
Amended 4 timesThreshold condition code
Amended 4 timesControl of information rules
Amended 4 timesPrice stabilising rules
Amended 4 timesFinancial promotion rules
Amended 4 timesFinancial promotion rules: directions given by FCA
Amended 4 timesRules to recover expenses relating to the Money and Pensions Service
Amended 4 timesRules to recover debt advice expenses incurred by the devolved authorities
Amended 4 timesOther duties (2) — Crown / regulator
- FCA must impose levies on financial firms to fund debt advice in Scotland, Wales and NI Statutory regulator
- FCA must levy firms to recover devolved debt advice expenses Statutory regulator
General supplementary powers
Amended 4 timesModification or waiver of rules
Amended 29 timesPublication of directions under section 138A
Amended 29 timesDisapplication or modification of rules in individual cases
Amended 29 timesEvidential provisions
Amended 29 timesActions for damages
Amended 29 timesLimits on effect of contravening rules
Amended 29 timesMatters to consider when making rules
Amended 29 timesNotification of rules
Amended 29 timesRule-making instruments
Amended 29 timesVerification of rules
Amended 29 timesConsultation by the FCA
Amended 29 timesFCA Cost Benefit Analysis Panel
Amended 29 timesStatement of policy in relation to cost benefit analyses
Amended 29 timesConsultation by the PRA
Amended 29 timesPRA Cost Benefit Analysis Panel
Amended 29 timesStatement of policy in relation to cost benefit analyses
Amended 29 timesConsultation: mutual societies
Amended 29 timesOther duties (1) — Crown / regulator
- Regulators must assess and disclose impact of new rules on mutual societies Statutory regulator
Consultation: general exemptions
Amended 29 timesConsultation: exemptions for temporary product intervention rules
Amended 29 timesTemporary product intervention rules: statement of policy
Amended 29 timesStatement of policy under section 138N: procedure
Amended 29 timesTechnical standards
Amended 29 timesStandards instruments
Amended 29 timesTreasury approval
Amended 29 timesApplication of Chapters 1 and 2
Amended 29 timesInterpretation
Amended 4 timesAdvice about effect of regulating provision or practice
Amended 4 timesConsultation with regulator
Amended 4 timesOther duties (2) — Crown / regulator
- CMA must consult financial regulators before providing advice Statutory regulator
- CMA must consult relevant regulator before giving section 140B advice Statutory regulator
Investigation powers of CMA
Amended 4 timesPublication by CMA of section 140B advice
Amended 4 timesOther duties (2) — Crown / regulator
- CMA must publish section 140B advice as it sees fit Statutory regulator
- CMA must publish advice given to financial regulators Statutory regulator
Duty of CMA to send report to regulator
Amended 4 timesDuty of regulator to publish response
Amended 4 timesOther duties (1) — Crown / regulator
- Regulators must publish a response to CMA advice within 90 days Statutory regulator
Role of the Treasury
Amended 4 timesBrowse 4 other sections in this Part — procedural / definitional / commencement
Power of the FCA to give guidance
Notification of FCA guidance to the Treasury
Power to make consequential amendments of references to rules etc.
Power to consequentially amend enactments
Part 9B — Ring-fencing
Review of ring-fencing rules etc
Other duties (2) — Crown / regulator
- PRA and FCA must conduct periodic reviews of ring-fencing rules Statutory regulator
- Regulators must review ring-fencing rules at least every 5 years Statutory regulator
Consultation etc. between regulators
Other duties (2) — Crown / regulator
- Regulators must consult each other before directing ring-fencing changes Statutory regulator
- Regulators must consult each other before issuing certain notices or varying directions Statutory regulator
Browse 25 other sections in this Part — procedural / definitional / commencement
“Ring-fenced body”
Core activities
Core services
Excluded activities
Power of Treasury to impose prohibitions
Orders under section 142A, 142B, 142D or 142E
Ring-fenced bodies not to carry on excluded activities or contravene prohibitions
Ring-fencing rules
Powers of Treasury in relation to ring-fencing rules
Cases in which group restructuring powers become exercisable
Group restructuring powers
Procedure: preliminary notices
Procedure: warning notice and decision notice
References to Tribunal
Subsequent variation of requirement or direction
Relationship with regulators' powers under Parts 4A and 12A
Power to impose penalty or issue censure
Procedure and right to refer to Tribunal
Duty on publication of statement
Imposition of penalties under section 142S: statement of policy
Pension liabilities
Further interpretative provisions for section 142W
Power of Treasury in relation to loss-absorbency requirements
Affirmative procedure in relation to certain orders under Part 9B
Interpretation of Part 9B
Part 9C — Prudential regulation of FCA investment firms
FCA investment firms
Amended 2 timesOther terms used in this Part
Amended 2 timesDuty to make rules applying to FCA investment firms
Amended 2 timesDuty to make rules applying to parent undertakings
Amended 2 timesOther duties (2) — Crown / regulator
- FCA must create prudential and governance rules for parent companies Statutory regulator
- FCA must make prudential rules for parent undertakings of FCA investment firms Statutory regulator
Powers to make rules applying to parent undertakings
Amended 2 timesPart 9C rules
Amended 2 timesMatters to consider when making Part 9C rules
Amended 2 timesExplanation to accompany consultation on rules
Amended 2 timesOther duties (2) — Crown / regulator
- FCA must provide explanations when consulting on Part 9C rules Statutory regulator
- FCA must explain risk basis and policy considerations when consulting on Part 9C rules Statutory regulator
Exceptions from sections 143G and 143H
Amended 2 timesRequirement to have UK parent undertaking
Amended 2 timesImposition of requirements on non-authorised parent undertakings
Amended 2 timesApplications under section 143K
Amended 2 timesDetermination of applications under section 143K
Amended 2 timesRefusal of applications under section 143K
Amended 2 timesExercise of own-initiative power under section 143K
Amended 2 timesRight to refer matters to the Tribunal
Amended 2 timesAssets requirements
Amended 2 timesManagers of non-authorised parent undertakings
Amended 2 times- Ensure management body of your parent company is fit and proper Director or Officer
- Ensure your parent company's management is fit and proper Director or Officer
Part 9C prohibition orders
Amended 2 timesProcedure for making a Part 9C prohibition order
Amended 2 timesVarying and withdrawing a Part 9C prohibition order
Amended 2 timesOffence of breaching a Part 9C prohibition order
Unlimited fine Amended 2 times- Breach a Part 9C financial services prohibition order Any Person
- Breach a Part 9C prohibition order Any Person
Disciplinary measures
Amended 2 timesProcedure for disciplinary measures
Amended 2 timesStatement of policy for penalties under section 143W
Amended 2 timesProcedure for statement of policy
Amended 2 timesPart 9D — Prudential regulation of credit institutions etc
CRR rules
Amended 1 timeTerms used in this Part
Amended 1 timeMatters to consider when making CRR rules
Amended 1 timeExplanation to accompany consultation on CRR rules
Amended 1 timeOther duties (2) — Crown / regulator
- PRA must explain how CRR rules consider statutory matters Statutory regulator
- PRA must explain how it considered specific factors when proposing CRR rules Statutory regulator
Exceptions from sections 144C and 144D etc
Amended 1 timePower to consequentially amend enactments
Amended 1 timeDisapplication or modification of CRR rules in individual cases
Amended 1 timeRelationship with the capital requirements regulation
Amended 1 timePart IX — Hearings and Appeals
The Financial Services and Markets Tribunal.
Amended 2 timesProceedings before Tribunal: general provision
Amended 35 timesProceedings before Tribunal: decision and supervisory notices, etc.
Amended 35 timesOffences
Amended 35 timesFunding of the legal assistance scheme.
Amended 5 times- Pay levies to FCA for legal assistance scheme funding Any Person
Other duties (1) — Crown / regulator
- FCA must collect levies from authorised firms to fund legal assistance Statutory regulator
Browse 2 other sections in this Part — procedural / definitional / commencement
Part X — Rules and Guidance
General rule-making power.
Amended 29 timesRestriction on managers of certain collective investment schemes.
Amended 4 timesEndorsement of codes etc.
Amended 2 timesPrice stabilising rules.
Amended 1 timeFinancial promotion rules.
Amended 5 timesModification or waiver of rules.
Amended 35 timesEvidential provisions.
Amended 3 timesActions for damages.
Amended 8 timesNotification of rules to the Treasury.
Amended 1 timeVerification of rules.
Amended 2 timesConsultation.
Amended 20 timesGeneral supplementary powers.
Amended 2 timesGuidance.
Amended 16 timesNotification of guidance to the Treasury.
Amended 1 timeGuidance on outsourcing by investment firms and credit institutions
Amended 1 timeInterpretation.
Amended 6 timesReports by OFT.
Amended 2 timesPower of OFT to request information.
Amended 1 timeConsideration by Competition Commission.
Amended 1 timeBrowse 15 other sections in this Part — procedural / definitional / commencement
Miscellaneous ancillary matters.
General rules about remuneration
Rules about recovery plans
Rules about resolution plans
Sections 139B and 139C: interpretation
Rules about recovery and resolution plans: supplementary provision
Special provision in relation to resolution plans
Insurance business rules.
Insurance business: regulations supplementing Authority’s rules.
Money laundering rules.
Control of information rules.
Limits on effect of contravening rules.
Rule-making instruments.
Role of the Treasury.
The Competition Act 1998.
Part XI — Information Gathering and Investigations
Regulators power to require information : authorised persons etc.
Amended 59 timesPRA's power to require information: financial stability
Amended 59 timesSafeguards etc in relation to exercise of power under section 165A
Amended 59 timesOrders under section 165A(2)(d)
Amended 59 timesReports by skilled persons.
Amended 29 timesAppointment of skilled person to collect and update information
Amended 29 timesAppointment of persons to carry out general investigations.
Amended 32 timesAppointment of persons to carry out investigations in particular cases.
Amended 67 timesInvestigations etc. in support of overseas regulator.
Amended 16 timesSupport of overseas regulator with respect to financial stability
Amended 16 timesInvestigations: general.
Amended 7 timesPowers of persons appointed under section 167.
Amended 10 timesAdditional power of persons appointed as a result of section 168(1) , (4) or (4B).
Amended 4 timesPowers of persons appointed as a result of section 168(2).
Amended 2 timesAdmissibility of statements made to investigators.
Amended 13 timesInformation and documents: supplemental provisions.
Amended 27 timesEntry of premises under warrant.
Amended 30 timesRetention of documents taken under section 176
Amended 30 timesOffences.
Amended 28 timesInterpretation of Part 11
Amended 28 timesPart 12A — Powers exercisable in relation to parent undertakings
Meaning of “qualifying authorised person”
Amended 6 timesMeaning of “qualifying parent undertaking”
Amended 6 timesPower to direct qualifying parent undertaking
Amended 6 timesRequirements that may be imposed
Amended 6 timesDirection: procedure
Amended 6 timesConsultation between regulators
Amended 6 timesReferences to Tribunal
Amended 6 timesStatement of policy: directions under section 192C
Amended 6 timesStatement of policy relating to directions: procedure
Amended 6 timesRules requiring provision of information by parent undertakings
Amended 6 timesRules applying to parent undertakings of ring-fenced bodies
Amended 6 timesRules requiring parent undertakings to facilitate resolution
Amended 6 timesPower to impose penalty or issue censure
Amended 6 timesProcedure and right to refer to Tribunal
Amended 6 timesDuty on publication of statement
Amended 6 timesImposition of penalties under section 192K: statement of policy
Amended 6 timesPart 12B — Approval of certain holding companies
Interpretation
Amended 6 timesRequirement for approval
Amended 6 times- Obtain PRA approval before establishing as a parent financial holding company Trader
Application for approval or exemption
Amended 6 timesGrant of approval
Amended 6 timesRegulator’s duty to monitor
Amended 6 times- Notify the PRA of changes to group structure and other required information Trader
Measures
Amended 6 timesOther duties (1) — Crown / regulator
- PRA must take corrective measures when a financial holding company fails conditions Statutory regulator
Directions: procedure
Amended 6 timesOther duties (2) — Crown / regulator
- PRA must give written notice and follow fair procedure when issuing a direction Statutory regulator
- PRA must provide notice and hearing rights before issuing directions Statutory regulator
Rules imposing consolidated or sub-consolidated requirements
Amended 6 timesConsultation between regulators
Amended 6 timesReferences to Tribunal
Amended 6 timesRules applying to holding companies
Amended 6 timesProcedural provision
Amended 6 timesDisapplication or modification of rules in individual cases
Amended 6 timesPower to impose penalty or issue censure
Amended 6 timesProcedure and right to refer to Tribunal
Amended 6 timesDuty on publication of statement
Amended 6 timesDirections and penalties: statement of policy
Amended 6 timesStatement of policy relating to directions: procedure
Amended 6 timesPart XII — Control Over Authorised Persons
Obligation to notify the appropriate regulator: acquisitions of control
Amended 6 times- Notify the FCA or PRA before acquiring control of a financial firm Any Person
Requirements for section 178 notices
Amended 1 time- Submit section 178 notice in required form with required information and documents Any Person
Other duties (1) — Crown / regulator
- Regulators must publish and maintain requirements for section 178 notices Statutory regulator
Acknowledgment of receipt
Other duties (2) — Crown / regulator
- Regulator must acknowledge or flag errors in control notifications Statutory regulator
- Regulator must acknowledge your acquisition notice within 2 working days Statutory regulator
Increasing control
Amended 1 timeReducing or ceasing to have control
Amended 5 timesDisregarded holdings
Amended 17 timesAssessment: general
Amended 4 timesAssessment criteria
Amended 3 timesApproval with conditions
Amended 8 timesAssessment: consultation by PRA with FCA
Amended 8 timesAssessment: consultation by FCA with PRA
Amended 8 timesOther duties (2) — Crown / regulator
- FCA must consult with PRA before deciding on ownership changes Statutory regulator
- FCA must consult PRA before approving certain acquisitions Statutory regulator
Variation etc of conditions
Amended 8 timesAssessment: consultation with EC competent authorities
Amended 7 timesAssessment: Procedure
Amended 13 timesRequests for further information
Amended 13 timesAssessment and resolution
Amended 13 times- Comply with Bank of England direction to sell shares and voting suspension Any Person
Other duties (1) — Crown / regulator
- Bank of England must manage voting rights during bank resolution acquisitions Statutory regulator
Duration of approval
Amended 1 timeObjection by the appropriate regulator
Amended 1 timeRestriction notices
Amended 1 timeOrders for sale of shares
Amended 1 timeObligation to notify the appropriate regulator: dispositions of control
Amended 1 timeRequirements for notices under section 191D
Amended 1 timeOffences under this Part
Amended 1 timeInterpretation
Amended 1 timePower to change definitions of control etc.
Amended 6 timesBrowse 1 other section in this Part — procedural / definitional / commencement
Acquiring control
Part 13A — Enhanced supervision of firms exercising rights under the Insurance Distribution Directive
Insurance distribution directive: enhanced supervision of EEA firms by UK regulators
Amended 12 timesInsurance distribution directive: enhanced supervision of UK firms by an EEA regulator
Amended 12 timesModification or waiver of rules where firm subject to enhanced supervision
Amended 12 timesPublication of directions under section 203C
Amended 12 timesPart XIII — Incoming Firms: Intervention by FCA or PRA
Interpretation of this Part.
Amended 6 timesGeneral grounds on which power of intervention is exercisable.
Amended 22 timesContravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive: appropriate regulator primarily responsible for securing compliance
Amended 22 timesContravention by relevant EEA firm of requirement in capital requirements directive or capital requirements regulation
Amended 22 timesContravention by relevant EEA firm with UK branch of requirement in mortgages directive: appropriate regulator primarily responsible for securing compliance
Amended 22 timesContravention by relevant EEA firm of requirement in insurance distribution directive: appropriate regulator primarily responsible for securing compliance
Amended 22 timesExercise of power in support of overseas regulator.
Amended 9 timesContravention by relevant EEA firm , EEA UCITS or EEAAIFM of directive requirements: home state regulator primarily responsible for securing compliance
Amended 9 timesContravention by relevant EEA firm of requirement in mortgages directive: home state regulator primarily responsible for securing compliance
Amended 9 timesContravention by relevant EEA firm of requirement in insurance distribution directive: home state regulator primarily responsible for securing compliance
Amended 9 timesThe power of intervention.
Amended 4 timesProcedure on exercise of power of intervention.
Amended 17 timesPower to apply to court for injunction in respect of certain overseas insurance companies.
Amended 6 timesAdditional procedure for EEA firms in certain cases.
Amended 29 timesManagement companies: loss of authorisation
Amended 29 timesRescission and variation of requirements.
Amended 10 timesEffect of certain requirements on other persons
Amended 1 timeContravention of requirement imposed under this Part.
Amended 1 timePower to prohibit the carrying on of Consumer Credit Act business.
Amended 12 timesPower to restrict the carrying on of Consumer Credit Act business.
Amended 5 timesPart XIV — Disciplinary Measures
Meaning of “relevant requirement” and “appropriate regulator”
Amended 5 timesPublic censure.
Amended 20 timesFinancial penalties.
Amended 22 timesSuspending permission to carry on regulated activities etc
Amended 22 timesProhibition or restriction on carrying on of relevant designated activities
Amended 22 timesProposal to take disciplinary measures.
Amended 16 timesDecision notice.
Amended 27 timesApplications under section 206B(4): procedure and right to refer to Tribunal
Amended 27 timesPublication.
Amended 7 timesStatements of policy.
Amended 43 timesStatements of policy: procedure.
Amended 22 timesPart 15A — Power to require FSCS manager to act in relation to other schemes
Meaning of “relevant scheme” etc
Amended 11 timesPower to require FSCS manager to act on behalf of manager of relevant scheme
Amended 11 timesCases where FSCS manager may decline to act
Amended 11 timesGrounds for declining to act
Amended 11 timesRules about relevant schemes
Amended 11 timesPart XV — The Financial Services Compensation Scheme
The scheme manager.
Amended 12 timesThe compensation scheme.
Amended 42 timesGeneral.
Amended 7 timesContingency funding
Amended 7 timesContribution to costs of special resolution regime
Amended 7 timesLimit on amount of special resolution regime payments
Amended 7 timesContributions under section 214B: supplementary
Amended 7 timesRecapitalisation payments
Amended 7 timesRecapitalisation payment: report
Amended 7 timesNotification to Parliamentary Committees
Amended 7 timesOther duties (1) — Crown / regulator
- Bank of England must notify Parliament of recapitalisation payments Statutory regulator
Reimbursement in respect of a recapitalisation payment
Amended 7 timesRights of the scheme in insolvency
Amended 27 timesContinuity etc. of funeral plan contracts
Amended 27 timesScheme manager’s power to require assistance from liquidator etc. in relation to funeral plan contracts
Amended 27 timesInsurers in financial difficulties.
Amended 1 timeCo-operation
Amended 1 timeOther duties (1) — Crown / regulator
- Regulators and scheme manager must co-operate and publish a memorandum Statutory regulator
Annual plan
Amended 1 timeInsurers subject to write-down orders
Amended 1 timeOther duties (2) — Crown / regulator
- Scheme manager must safeguard policyholders of insurers under write-down orders Statutory regulator
- Compensation scheme must safeguard policyholders affected by write-down orders Statutory regulator
Recovery of financial assistance under section 217ZA
Amended 1 timeAnnual report.
Amended 4 timesRegulators' power to require information
Amended 4 timesTreasury's power to require information from scheme manager
Amended 4 timesAudit of accounts
Amended 4 timesScheme manager’s power to require information.
Amended 28 timesScheme manager’s power to inspect information held by liquidator etc.
Amended 10 timesPower to inspect information held by write-down manager
Amended 10 timesPowers of court where information required.
Amended 5 timesDelegation of functions
Amended 5 timesStatutory immunity.
Amended 7 timesManagement expenses.
Amended 5 timesInvesting in National Loans Fund
Amended 5 timesBorrowing from National Loans Fund
Amended 5 timesPayments in error
Amended 5 timesScheme manager’s power to inspect documents held by Official Receiver etc.
Amended 11 timesFunctions under the Banking Act 2009
Amended 11 timesDischarge of functions
Amended 11 timesBrowse 1 other section in this Part — procedural / definitional / commencement
Part 16A — Consumer protection and competition
Complaints by consumer bodies
Amended 7 timesReference by scheme operator or regulated person
Amended 7 timesResponse by FCA
Amended 7 timesSection 234E: exceptions
Amended 7 timesGuidance
Amended 7 timesOther duties (2) — Crown / regulator
- FCA must provide guidance on making super-complaints Statutory regulator
- FCA must publish guidance on how to present complaints and references Statutory regulator
Power of FCA to make request to Competition and Markets Authority
Amended 7 timesThe FCA's functions under Part 4 of the Enterprise Act 2002
Amended 7 timesThe FCA's functions under the Competition Act 1998
Amended 7 timesDuty to consider exercise of powers under Competition Act 1998
Amended 7 timesProvision of information and assistance to a CMA group
Amended 7 timesOther duties (1) — Crown / regulator
- FCA must provide information and assistance to CMA competition investigations Statutory regulator
Function of keeping market under review
Amended 7 timesExclusion of general duties
Amended 7 timesSupplementary provision
Amended 7 timesPart XVI — The Ombudsman Scheme
Compulsory jurisdiction.
Amended 8 timesConsumer credit jurisdiction
Amended 8 timesVoluntary jurisdiction.
Amended 4 timesDetermination under the compulsory jurisdiction.
Amended 14 timesAwards.
Amended 19 timesCosts.
Amended 10 timesReports of determinations
Amended 10 timesOther duties (2) — Crown / regulator
- Financial Ombudsman Service must publish reports of its decisions Statutory regulator
- Publish financial ombudsman determinations and protect complainant privacy Statutory regulator
Ombudsman’s power to require information.
Amended 5 timesPowers of court where information required.
Amended 8 timesScheme operator's duty to provide information to FCA
Amended 8 times- Disclose useful information to the FCA when you identify it Operator
Other duties (1) — Crown / regulator
- Scheme operator must provide information to the FCA Statutory regulator
Industry funding.
Amended 7 timesFunding by consumer credit licensees etc.
Amended 7 timesTransfers of liability
Amended 7 timesBrowse 2 other sections in this Part — procedural / definitional / commencement
The scheme and the scheme operator.
Data protection.
Part 17A — Transformer Vehicles
Transformer vehicles
Amended 2 timesPart XVII — Collective Investment Schemes
Open-ended investment companies.
Amended 3 timesMeaning of “UCITS”
Amended 3 timesOther definitions.
Amended 27 timesRestrictions on promotion.
Amended 1 timeActions for damages.
Amended 1 timeBearer units no longer to be issued
Amended 1 timeApplications for authorisation of unit trust schemes.
Amended 3 timesAuthorisation orders : authorised unit trust schemes.
Amended 12 times- Ensure your unit trust scheme meets FCA authorisation requirements Trustee
- Ensure unit trust schemes meet strict UK structural and management requirements Trustee
Authorisation orders: authorised money market funds
Amended 12 timesDetermination of applications.
Amended 5 timesOther duties (2) — Crown / regulator
- FCA must determine authorisation applications within statutory time limits Statutory regulator
- FCA must determine unit trust and UCITS applications within set timelines Statutory regulator
Certificates.
Amended 2 timesTrust scheme rules.
Amended 1 timeDisciplinary measures
Amended 5 timesModification or waiver of rules.
Amended 17 timesAlteration of schemes and changes of manager or trustee.
Amended 5 times- Notify FCA of proposed scheme changes or trustee/manager replacements Trustee
Procedure when refusing approval of a proposal under section 251.
Amended 5 timesProposal to convert to a non-feeder UCITS
Amended 5 times- Notify FCA before converting feeder UCITS to non-feeder UCITS Any Person
Revocation of authorisation order otherwise than by consent.
Amended 3 timesProcedure.
Amended 1 timeRequests for revocation of authorisation order.
Amended 2 timesDirections.
Amended 11 timesProcedure on giving directions under section 257 or 258A and varying them on FCA's own initiative.
Amended 5 timesAuthorisation orders : authorised contractual schemes
- Ensure your contractual scheme meets authorisation requirements and maintain operator/depositary eligibility Operator
Alteration of contractual schemes and changes of operator or depositary
- Notify FCA and await approval before altering a contractual scheme or changing operator/depositary Operator
- Notify FCA of changes to contractual schemes, operators, or depositaries Operator
Proposal to convert to a non-feeder UCITS
- Notify FCA before converting a feeder UCITS to a non-feeder UCITS Operator
Open-ended investment companies.
Amended 1 timeAmendment of section 716 Companies Act 1985.
Amended 1 timeSchemes constituted in other EEA States.
Amended 17 timesRepresentations and references to the Tribunal.
Amended 1 timeDisapplication of rules.
Amended 2 timesPower of FCA to suspend promotion of scheme.
Amended 4 timesProcedure on giving directions under section 267 and varying them on FCA's own initiative.
Amended 10 timesProcedure on application for variation or revocation of direction.
Amended 5 timesSchemes authorised in designated countries or territories.
Amended 10 timesProcedure.
Amended 1 timeSchemes authorised in approved countries
Amended 1 timeApproval of country: equivalent protection afforded to participants
Amended 1 timeApproval of country: regulatory co-operation
Amended 1 timeReport by the FCA in relation to approval
Amended 1 timeOther duties (2) — Crown / regulator
- FCA must prepare report on overseas country for Treasury approval Statutory regulator
- FCA must provide reports on overseas investment scheme regulations Statutory regulator
Power to impose requirements on schemes
Amended 1 time- Comply with Treasury requirements for overseas investment schemes Any Person
Application for recognition to the FCA
Amended 1 timeDetermination of applications
Amended 1 timeProcedure when determining an application
Amended 1 timeObligations on operator of a section 271A scheme
Amended 1 timeProvision of information to the FCA
Amended 1 time- Provide information about your investment scheme to the FCA Operator
- Provide information to the FCA when directed Operator
Rules as to scheme particulars
Amended 1 timeSuspension of recognition
Amended 1 timeProcedure when suspending recognition
Amended 1 timeOther duties (2) — Crown / regulator
- FCA must follow due process when suspending recognition of investment schemes Statutory regulator
- FCA must follow specific procedures when suspending a fund's recognition Statutory regulator
Revocation of recognition on the FCA's initiative
Amended 1 timeRequests for revocation of recognition
Amended 1 timeObligations on operator where recognition is revoked or suspended
Amended 1 timeEffect of variation or revocation of Treasury regulations
Amended 1 timePublic censure
Amended 1 timeRecognition of parts of schemes under section 271A
Amended 1 timeIndividually recognised overseas schemes.
Amended 15 timesApplications for recognition of individual schemes.
Amended 2 timesDetermination of applications.
Amended 3 timesOther duties (2) — Crown / regulator
- FCA must determine fund applications within set timeframes Statutory regulator
- FCA must determine recognition applications within 6 months (completed) or 12 months (incomplete) Statutory regulator
Alteration of schemes and changes of operator, trustee or depositary.
Amended 11 times- Notify the FCA of changes to your investment scheme Operator
- Notify the FCA of material changes to your recognised scheme Operator
Regular provision of information relating to compliance with requirements for recognition
Amended 11 timesRules as to scheme particulars.
Amended 1 timeRevocation of recognition.
Amended 5 timesProcedure.
Amended 4 timesDirections.
Amended 4 timesProcedure on giving directions under section 281 and varying them otherwise than as requested.
Other duties (2) — Crown / regulator
- FCA must follow notice and representation procedure when issuing directions Statutory regulator
- FCA must follow specific procedures when giving or changing directions Statutory regulator
Obligations on operator where recognition is revoked or suspended
- Notify affected parties if scheme recognition is revoked or suspended Operator
- Notify investors and other persons if FCA revokes or suspends scheme recognition Operator
Power to investigate.
Amended 2 timesBrowse 47 other sections in this Part — procedural / definitional / commencement
Collective investment schemes.
Contractual schemes
Single property schemes.
Restriction on approval of promotion.
Procedure when refusing an application.
Scheme particulars rules.
Avoidance of exclusion clauses.
Applications to the court.
Winding up or merger of master UCITS
Procedure: refusal to revoke or vary direction.
Procedure: revocation of direction and grant of request for variation.
Information for home state regulator
Information for feeder UCITS
Applications for authorisation of contractual schemes
Authorised contractual schemes: holding of units
Authorisation orders: authorised money market funds
Determination of applications
Procedure when refusing an application
Certificates
Contractual scheme rules
Contractual scheme particulars rules
Disciplinary measures
Modification or waiver of rules
Contracts
Effect of becoming or ceasing to be a participant
Limited liability
Segregated liability in relation to umbrella co-ownership schemes
Procedure when refusing approval of a proposal under section 261Q
Avoidance of exclusion clauses
Revocation of authorisation order otherwise than by consent
Procedure for revoking authorisation order
Requests for revocation of authorisation order
Directions
Applications to the court
Procedure: revocation of direction and grant of request for variation
Procedure on giving directions under section 261X or 261Z and varying them on FCA’s own initiative
Procedure: refusal to revoke or vary direction
Information for home state regulator
Information for feeder UCITS
Power to make provision about unauthorised co-ownership AIFs
Matters that may be taken into account.
Procedure when refusing an application.
Public censure
Recognition of parts of schemes under section 272
Facilities and information in UK.
Master-feeder structures
Reports on derivative instruments
Part 18A — SUSPENSION AND REMOVAL OF FINANCIAL INSTRUMENTS FROM TRADING
FCA's power to require suspension or removal of financial instruments from trading
Amended 36 timesSuspension or removal of financial instruments from trading: procedure
Amended 36 timesProcedure following consideration of representations
Amended 36 timesRevocation of requirements: applications by institutions
Amended 36 timesDecisions on applications for revocation by institutions
Amended 36 timesRevocation of requirements: applications by issuers
Amended 36 timesDecisions on applications for revocation by issuers
Amended 36 timesNotification in relation to suspension or removal of a financial instrument from trading
Amended 36 timesSuspension or removal of financial instruments from trading: notification and trading on other venues
Amended 36 timesOther duties (1) — Crown / regulator
- FCA must coordinate suspension of financial instruments across UK trading venues and publish decisions Statutory regulator
Suspension or removal of a financial instrument from a trading by a trading venue: FCA duties
Amended 36 timesSignificant damage to investors’ interests or orderly functioning of market
Amended 36 timesSuspension or removal of a financial instrument from trading in another EEA state: FCA duties
Amended 36 timesInterpretation of Part 18A
Amended 36 timesPart XVIII — Recognised investment exchanges, clearing houses , CSDs and other parties
Exemption for recognised bodies etc.
Amended 16 timesPowers exercisable in relation to recognised bodies etc
Amended 16 timesQualification for recognition.
Amended 9 timesApplication by an investment exchange.
Amended 7 timesApplication by an investment exchange: persons connected with an applicant
Amended 7 timesApplication by a clearing house.
Amended 8 timesApplication by a central securities depository
Amended 8 timesApplications: supplementary.
Amended 8 timesRecognition orders.
Amended 24 timesRefusal of recognition on ground of excessive regulatory provision
Amended 24 timesVariation of central counterparty recognition order
Amended 24 timesVariation of CSD recognition order
Amended 24 timesLiability in relation to recognised body’s regulatory functions.
Amended 2 timesOverseas investment exchanges and overseas clearing houses.
Amended 17 timesPublication of information by recognised investment exchange
Amended 17 times- Publish ownership details and trading suspension/removal decisions as required by FCA Any Person
Notification requirements.
Amended 17 timesInformation: compliance with specified requirements
Amended 17 timesModification or waiver of rules.
Amended 7 timesNotification: overseas investment exchanges and overseas clearing houses.
Amended 5 times- File annual report with regulator on key events and specified information Any Person
- Overseas investment exchanges and clearing houses must submit annual reports Any Person
On-site inspection of United Kingdom branches of third country CSDs
Amended 5 timesAppropriate regulator's power to give directions.
Amended 26 timesAdditional power to direct recognised central counterparties
Amended 26 timesRevoking recognition.
Amended 24 timesDirections and revocation: procedure.
Amended 32 timesComplaints about recognised bodies.
Amended 2 timesExtension of functions of Tribunal.
Amended 4 timesPower of appropriate regulator to disallow excessive regulatory provision
Amended 4 timesDuty to notify proposal to make regulatory provision
Amended 4 times- Notify the FCA or PRA before making new regulatory rules Any Person
Restriction on making provision before appropriate regulator decides whether to act
Amended 4 times- Do not implement new regulatory provisions during the regulator's review period Any Person
- Do not make regulatory provision before the regulator’s decision period ends Any Person
Consideration by appropriate regulator whether to disallow proposed provision
Amended 4 times- Do not implement new rules until the regulator confirms they are allowed Any Person
Power to disallow excessive regulatory provision: supplementary
Amended 4 timesRules relating to central counterparties and central securities depositories
Amended 4 timesSection 300F: rules in relation to overseas FMI entities
Amended 4 timesRules relating to investment exchanges and data reporting service providers
Amended 4 timesDuty of Bank of England to review rules
Amended 4 timesStatement of policy relating to review of rules
Amended 4 timesRequirement to review specified rules
Amended 4 timesReport on certain reviews
Amended 4 timesPower of Treasury to require making of rules by regulations
Amended 4 timesSupervision of certain contracts.
Amended 7 timesObligation to notify the FCA : acquisitions of control
Unlimited fine Amended 7 times- Notify the FCA before acquiring or increasing control of a recognised investment exchange Any Person
Requirements for section 301A notices
Amended 7 timesAcknowledgment of receipt
Amended 7 timesAcquiring and increasing control
Amended 7 timesDisregarded holdings
Amended 7 timesAssessment: general
Amended 7 timesAssessment: Procedure
Amended 7 timesDuration of approval
Amended 7 timesObjections by the FCA
Amended 7 timesRestriction notices
Amended 7 timesOrders for sale of shares
Amended 7 timesOffences under this Chapter
Amended 7 times- Breach of FCA acquisition control obligations Any Person
Interpretation
Amended 7 timesInterpretation.
Amended 1 timeInitial report by OFT.
Amended 8 timesFurther reports by OFT.
Amended 2 timesInvestigations by OFT.
Amended 1 timeConsideration by Competition Commission.
Amended 3 timesRecognition orders: role of the Treasury.
Amended 3 timesRequirement for approval
- Get FCA/PRA approval before appointing senior managers Employer
Applications for approval
- Apply for regulatory approval before a person takes up a senior management role Any Person
Vetting by relevant recognised bodies
- Vet senior management candidates before applying for approval Any Person
Changes in responsibilities
- Notify regulator of changes to senior manager responsibilities Any Person
Withdrawing approval
- Recognised body must review and report approval grounds Employer
Certification of employees by relevant recognised bodies
- Ensure employees have valid certificates for specified functions Employer
Procedure on exercise of certain powers by the Treasury.
Amended 1 timeThe Chapter I prohibition.
Amended 5 timesThe Chapter II prohibition.
Amended 1 timeExercise of passport rights by EEA market operator
Amended 1 timeRemoval of passport rights from EEA market operator
Amended 1 timeExercise of passport rights by recognised investment exchange
Amended 1 timeInterpretation of Chapter 3A
Amended 1 timePublic censure
Amended 1 timeFinancial penalties
Amended 1 timeCentral securities depositories: further disciplinary measures
Amended 1 timeProposal to take disciplinary measures
Amended 1 timeDecision notice
Amended 1 timePublication
Amended 1 timeOther duties (1) — Crown / regulator
- Regulator must send copies of disciplinary statements to affected parties Statutory regulator
Statement of policy
Amended 1 timeOther duties (1) — Crown / regulator
- Regulators must publish and follow a policy on penalties and prohibitions Statutory regulator
Statement of policy: procedure
Amended 1 timeCritical third parties
Amended 1 timePower to make rules
Amended 1 timePower of direction
Amended 1 timeDirections: procedure
Amended 1 timeInformation gathering and investigations
Amended 1 timePower of censure
Amended 1 timeDisciplinary measures
Amended 1 timeProcedure and right to refer to Tribunal
Amended 1 timeStatement of policy relating to disciplinary measures
Amended 1 timeDuty to ensure co-ordinated exercise of functions etc
Amended 1 timeMemorandum of understanding
Amended 1 timeOther duties (2) — Crown / regulator
- Regulators must publish a memorandum on how they work together Statutory regulator
- FCA, PRA and SRA must maintain a public memorandum of understanding Statutory regulator
Application of provisions of this Act to this Chapter
Amended 1 timeInterpretation of Part XVIII.
Amended 36 timesBrowse 29 other sections in this Part — procedural / definitional / commencement
Directions by the Treasury.
Statements by the Treasury.
Recognised bodies to which this Chapter applies
Part 18 prohibition orders
Procedure for making Part 18 prohibition orders
Varying and withdrawing Part 18 prohibition orders
Offence of breaching prohibition
Duty in relation to prohibited individuals
Rules under section 309G(3): transitional provision
Determining applications: power to grant approval
Determining applications: period for approval
Determining applications: further procedure
Procedure for withdrawing approval
Varying approval at request of relevant recognised body
Varying approval on the appropriate regulator’s initiative
Statement of policy on approval
Breach of statutory duty by relevant recognised bodies
Power to impose penalties
Procedure for imposing penalties
Statement of policy on penalties
Procedure for statement of policy on penalties
Interpretation of Chapter 2A
Rules of conduct
Power to take disciplinary action for misconduct
Meaning of “misconduct”
Procedure for disciplinary action
Statement of policy about disciplinary action
Procedure for statement of policy about disciplinary action
Power to apply this Chapter to credit rating agencies
Part XIX — Lloyd’s
Regulators' general duty.
Amended 4 timesThe PRA's objectives in relation to Lloyd's etc
Amended 4 timesThe Society: regulated activities
Amended 1 timeDirection by a regulator
Amended 12 timesThe core provisions.
Amended 1 timeExercise of powers through Council.
Amended 9 timesConsultation.
Amended 12 timesFormer underwriting members.
Amended 4 timesRequirements imposed under section 320.
Amended 5 timesRules applicable to former underwriting members.
Amended 3 timesBrowse 2 other sections in this Part — procedural / definitional / commencement
Transfer schemes.
Interpretation of this Part.
Part 20A — PENSIONS GUIDANCE
Offence of falsely claiming to be giving pensions guidance under arrangements made with Secretary of State
- Falsely claim to be giving authorised pensions guidance Any Person
Browse 17 other sections in this Part — procedural / definitional / commencement
Introduction and definitions
Secretary of State’s role in relation to pensions guidance
Giving of pensions guidance
Financial assistance to bodies involved in giving pensions guidance
Designation of providers of pensions guidance
Co-operation and information sharing
Standards for giving of pensions guidance by designated guidance providers
Monitoring of compliance with standards by designated guidance providers
Failure by designated guidance providers to comply with standards: FCA recommendations
FCA policy on making recommendations under section 333J
FCA policy on making recommendations under section 333J: procedure
Failure by designated guidance providers to comply with standards: ... directions
Directions to designated guidance providers under section 333M: relationship with power to revoke a designation
FCA's duties
Power of the FCA to give guidance
Funding of FCA's pensions guidance costs
Funding of Secretary of State’s pensions guidance costs
Part 20B — Illegal Money Lending
Browse 2 other sections in this Part — procedural / definitional / commencement
Financial assistance for action against illegal money lending
Funding of action against illegal money lending
Part XX — Provision of Financial Services by Members of the Professions
FCA's general duty.
Amended 2 timesDesignation of professional bodies.
Amended 1 timeExemption from the general prohibition.
Amended 10 timesDirections in relation to the general prohibition.
Amended 10 timesOrders in relation to the general prohibition.
Amended 2 timesConsultation.
Amended 3 timesProcedure on making or varying orders under section 329.
Amended 1 timeRules in relation to persons to whom the general prohibition does not apply.
Amended 2 timesBrowse 1 other section in this Part — procedural / definitional / commencement
Part XXI — Mutual Societies
The Friendly Societies Commission.
Amended 2 timesThe Registry of Friendly Societies.
Amended 1 timeThe Building Societies Commission.
Amended 1 timeThe Building Societies Investor Protection Board.
Amended 1 timeIndustrial and provident societies and credit unions.
Amended 1 timeSupplemental provisions.
Amended 1 timePart XXII — Auditors and Actuaries
General duties of PRA in relation to auditors
Amended 1 timeDuty to meet auditors of certain institutions
Amended 1 timeOther duties (2) — Crown / regulator
- FCA and PRA must meet with auditors of major financial institutions annually Statutory regulator
- FCA and PRA must hold annual meetings with auditors of certain firms Statutory regulator
PRA-authorised persons to which this section applies
Amended 1 timeAppointment.
Amended 10 timesInformation given by auditor or actuary to a regulator.
Amended 16 timesInformation given by auditor or actuary to a regulator : persons with close links.
Amended 19 timesDuty of auditor or actuary resigning etc. to give notice.
Amended 8 times- Auditors and actuaries must notify regulators of resignation or removal Any Person
- Notify FCA/PRA when you cease acting as auditor or actuary for a regulated firm Any Person
Disciplinary measures: FCA
Amended 5 timesDisciplinary measures: PRA
Amended 5 timesProcedure and right to refer to Tribunal
Amended 5 timesDuty on publication of statement
Amended 5 timesOther duties (2) — Crown / regulator
- Regulator must send copy of published statement to auditor/actuary and decision notice recipients Statutory regulator
- Regulators must send copies of published disciplinary statements to affected parties Statutory regulator
Imposition of penalties on auditors or actuaries: statement of policy
Amended 5 timesStatements of policy: procedure
Amended 5 timesProvision of false or misleading information to auditor or actuary.
Unlimited fine- Give false or misleading information to auditor or actuary Director or Officer
Browse 1 other section in this Part — procedural / definitional / commencement
Access to books etc.
Part XXIII — Public Record, Disclosure of Information and Co-operation
The record of authorised persons etc.
Amended 57 timesDuty of PRA to disclose information relevant to the record
Amended 57 timesRestrictions on disclosure of confidential information by FCA, PRA etc.
Amended 58 timesExceptions from section 348.
Amended 48 timesDisclosure of information by the Inland Revenue.
Amended 4 timesCompetition information.
Amended 6 timesDisclosure under the UCITS directive
Amended 6 timesOffences.
Unlimited fine Amended 36 times- Disclose or use confidential information without authorisation Any Person
- Unlawful disclosure or use of confidential information Any Person
Removal of other restrictions on disclosure.
Amended 9 timesInformation received from Bank of England
Amended 9 timesAuthority’s duty to co-operate with others.
Amended 2 timesFCA's duty to co-operate with others
Amended 2 timesPRA's duty to co-operate with others
Amended 2 timesOther duties (2) — Crown / regulator
- PRA must co-operate with other financial authorities and stability bodies Statutory regulator
- PRA must co-operate with other regulators and financial stability bodies Statutory regulator
PRA's duty to provide information to Bank of England
Amended 2 timesInformation under the markets in financial instruments directive
Amended 2 timesCompetent authorities under the markets in financial instruments directive: designation and co-operation
Amended 2 timesInformation under the transparency obligations directive
Amended 2 timesInformation under the UCITS directive
Amended 2 timesInformation under the Insurance Distribution Directive
Amended 2 timesPart XXIV — Insolvency
Interpretation of this Part.
Amended 7 timesPowers of FCA and PRA to participate in proceedings
Amended 7 timesEnforcement of requirements imposed by section 355A
Amended 7 timesPowers of FCA and PRA to participate in proceedings: company voluntary arrangements.
Amended 12 timesPowers of FCA and PRA to participate in proceedings: individual voluntary arrangements.
Amended 9 timesPowers of FCA and PRA to participate in proceedings: trust deeds for creditors in Scotland.
Amended 11 timesAdministration order
Amended 19 timesInsurers.
Amended 3 timesAdministrator’s duty to report to FCA and PRA
Amended 8 timesPowers of FCA and PRA to participate in proceedings.
Amended 27 timesAdministrator appointed by company or directors
Amended 27 timesPowers of FCA and PRA to participate in proceedings.
Amended 2 timesReceiver’s duty to report to FCA and PRA
Amended 2 timesPowers of FCA and PRA to participate in proceedings.
Amended 8 timesInsurers effecting or carrying out long-term contracts or insurance.
Amended 7 times- Get PRA consent before voluntarily winding up a long-term insurer Director or Officer
Winding-up petitions.
Amended 18 timesWinding-up petitions: EEA and Treaty firms.
Amended 10 timesInsurers: service of petition etc. on FCA and PRA.
Amended 6 times- Notify regulators if you apply to wind up an insurance company Any Person
- Serve winding-up petition or provisional liquidator application on FCA/PRA Any Person
Reclaim funds: service of petition etc on FCA and PRA
Amended 6 timesLiquidator's duty to report to FCA and PRA
Amended 5 timesPowers of FCA and PRA to participate in proceedings.
Amended 12 timesPetitions.
Amended 9 timesInsolvency practitioner’s duty to report to FCA and PRA.
Amended 5 times- Report unauthorised regulated activities by bankrupt individuals to FCA/PRA Director or Officer
Powers of FCA or PRA to participate in proceedings.
Amended 10 timesRight of FCA and PRA to apply for an order.
Amended 6 timesContinuation of contracts of long-term insurance where insurer in liquidation.
Amended 5 timesReducing the value of contracts instead of winding up.
Amended 3 timesWrite-down orders
Amended 3 timesExcluded liabilities
Amended 3 timesApplication for a write-down order
Amended 3 times- Obtain PRA consent before applying for an insurer write-down order Trader
Powers of the FCA and PRA to participate in proceedings
Amended 3 timesPowers of the court
Amended 3 timesDuty to notify creditors
Amended 3 times- Notify regulators and creditors of a write-down order Any Person
The manager
Amended 3 timesWrite-down order ceasing to have effect
Amended 3 timesVariation or revocation of a write-down order
Amended 3 timesFurther provision about write-down orders
Amended 3 timesInsurers in financial difficulties: enforcement of contracts
Amended 3 timesBrowse 3 other sections in this Part — procedural / definitional / commencement
Treatment of assets on winding up.
Winding-up rules.
Power to apply settlement finality regime to payment institutions
Part XXV — Injunctions and Restitution
Injunctions.
Amended 44 timesInjunctions in cases of market abuse.
Amended 10 timesRestitution orders.
Amended 31 timesRestitution orders in cases of market abuse.
Amended 6 timesPower of FCA or PRA to require restitution.
Amended 40 timesWarning notices.
Amended 5 timesDecision notices.
Amended 6 timesPart XXVI — Notices
Warning notices.
Amended 28 timesOther duties (2) — Crown / regulator
- Regulators must issue a formal warning notice before taking action Statutory regulator
- Regulators must issue warning notices with specific content and a minimum 14-day response period Statutory regulator
Decision notices.
Amended 18 timesNotices of discontinuance.
Amended 14 timesFinal notices.
Amended 34 timesOther duties (2) — Crown / regulator
- Regulators must issue a Final Notice before taking enforcement action Statutory regulator
- Regulators must issue final notices with specified content after enforcement decisions Statutory regulator
Publication.
Amended 101 timesPublication: special provisions relating to capital requirements
Amended 101 timesPublication: special provisions relating to transparency obligations
Amended 101 timesPublication: special provisions relating to UCITS
Amended 101 timesOther duties (2) — Crown / regulator
- FCA must publish UCITS-related sanction notices and appeal outcomes Statutory regulator
- FCA must publish details of sanctions and appeals regarding UCITS Statutory regulator
Publication: special provisions relating to markets in financial instruments
Amended 101 timesPublication: special provisions relating to insurance distribution
Amended 101 timesPublication: special provisions relating to the prospectus regulation
Amended 101 timesOther duties (1) — Crown / regulator
- FCA must publish prospectus sanctions on anonymous basis or defer if needed Statutory regulator
Application of sections 393 and 394.
Amended 51 timesThird party rights.
Amended 31 timesAccess to FCA or PRA material.
Amended 26 timesThe FCA's and PRA's procedures.
Amended 57 timesStatements under section 395: consultation.
Amended 13 timesPart XXVII — Offences
Misleading statements and practices.
Amended 4 timesMisleading FCA or PRA : residual cases.
Unlimited fine Amended 63 times- Providing false or misleading information to financial regulators Any Person
Misleading the CMA.
Amended 4 timesOffences by bodies corporate etc.
Amended 22 timesProceedings for offences.
Amended 36 timesPower of FCA to institute proceedings for certain other offences.
Amended 6 timesOther duties (2) — Crown / regulator
- FCA may prosecute for insider dealing and money laundering offences Statutory regulator
- FCA must comply with Treasury restrictions when prosecuting certain financial offences Statutory regulator
Jurisdiction and procedure in respect of offences.
Amended 21 timesPart XXVIII — Miscellaneous
Consumer redress schemes
Amended 4 timesRules under s.404: supplementary
Amended 4 timesComplaints to the ombudsman scheme
Amended 4 timesEnforcement
Amended 4 timesApplications to Tribunal to quash rules or provision of rules
Amended 4 timesMeaning of “consumers”
Amended 4 timesOther definitions etc
Amended 4 timesPower to widen the scope of consumer redress schemes
Amended 4 timesDirections.
Amended 13 timesConsequences of a direction under section 405.
Amended 8 timesGibraltar.
Amended 12 timesConsultation in relation to deference decisions
Amended 12 timesNotification in relation to international trade obligations
Amended 12 timesInternational obligations.
Amended 7 timesFees to meet certain expenses of the Treasury
Amended 7 timesDirections in pursuance of section 410A
Amended 7 timesTax treatment of levies and repayments.
Amended 2 timesGaming contracts.
Amended 2 timesApproval and monitoring of trade-matching and reporting systems
Amended 2 timesProcedure for approval and suspension or withdrawal of approval
Amended 2 timesProtected items.
Amended 17 timesService of notices.
Amended 8 timesJurisdiction in civil proceedings.
Amended 4 timesPowers under the Act
Amended 4 timesApplication of powers to formerly authorised persons
Amended 4 timesConsultation in relation to taking certain enforcement action
Amended 4 timesCo-operation and consultation in relation to exercise of functions
Amended 4 timesOther duties (2) — Crown / regulator
- FCA and other financial bodies must coordinate and report on cooperation Statutory regulator
- FCA and other relevant organisations must cooperate, consult, publish compliance reports annually Statutory regulator
Browse 5 other sections in this Part — procedural / definitional / commencement
Interpretation of section 405.
EFTA firms.
Provisions relating to industrial assurance and certain other enactments.
SDR policy statement
FCA and PRA rules etc
Part XXIX — Interpretation
Definitions.
Amended 116 timesCarrying on regulated activities in the United Kingdom.
Amended 28 timesParent and subsidiary undertaking.
Amended 3 timesGroup.
Amended 1 timeMeaning of “participating interest”
Amended 1 timeImmediate group
Amended 1 timeController.
Amended 5 timesDisregarded holdings
Amended 5 timesExpressions relating to authorisation ... in the single market.
Amended 24 timesConsumers: regulated activities etc carried on by authorised persons
Amended 24 timesConsumers: regulated activities carried on by others
Amended 24 times“Qualifying provision”
Amended 24 timesBrowse 7 other sections in this Part — procedural / definitional / commencement
Carrying on regulated activities by way of business.
Claims management services
Carrying on claims management activity in Great Britain
Manager.
Mortgage agreements etc
Insurance.
Investment firm
Part XXX — Supplemental
Consequential and supplementary provision.
Amended 1 timeTransitional provisions.
Amended 4 timesRegulations and orders.
Amended 2 timesParliamentary control of statutory instruments.
Amended 59 timesExtent.
Amended 1 timeCommencement.
Amended 1 timeBrowse 2 other sections in this Part — procedural / definitional / commencement
Schedules
General
Unlimited fine- Fail to attend tribunal or produce documents Any Person
- Fail to comply with a Tribunal witness summons or evidence request Any Person
In determining its policy with respect to the amounts of...
Other duties (1) — Crown / regulator
- FCA must not consider its own costs when setting penalty amounts Statutory regulator
(1) The FCA must prepare and operate a scheme (“...
Other duties (1) — Crown / regulator
- FCA must prepare and operate a financial penalty scheme for regulated persons Statutory regulator
(1) The term of office of a person appointed as...
Other duties (1) — Crown / regulator
- FCA must delay chief executive's term until Treasury Committee appearance or 3 months Statutory regulator
The Bank's Deputy Governor for prudential regulation must not take...
Other duties (1) — Crown / regulator
- Deputy Governor must not participate in FCA decisions on individual cases Statutory regulator
(1) The Chair of the Payment Systems Regulator must not...
Other duties (1) — Crown / regulator
- PSR Chair must not participate in FCA decisions about specific persons Statutory regulator
In determining its policy with respect to the amounts of...
Other duties (1) — Crown / regulator
- PRA must not consider its own expenses when setting penalties Statutory regulator
(1) The PRA must prepare and operate a scheme (“...
Other duties (1) — Crown / regulator
- PRA must operate a financial penalty scheme to benefit authorised persons Statutory regulator
(1) The variation of a Schedule 2A permission under paragraph...
Other duties (1) — Crown / regulator
- UK regulator must follow due process when varying a Gibraltar-based person's permission Statutory regulator
(1) The imposition or variation of a requirement under paragraph...
Other duties (1) — Crown / regulator
- FCA/PRA must notify Gibraltar-based firms when imposing requirements Statutory regulator
(1) This paragraph makes provision about a requirement imposed on...
Unlimited fine- Deal with trust assets without UK regulator consent Any Person
(1) A UK regulator may direct that a change relating...
- Notify Gibraltar and UK regulators of directed changes Any Person
(1) Each UK regulator must prepare and issue a statement...
Other duties (1) — Crown / regulator
- FCA and PRA must publish their policy on cancelling Gibraltar-related permissions Statutory regulator
(1) Each of the FCA, the PRA and the scheme...
Other duties (1) — Crown / regulator
- Financial regulators must cooperate with UK and Gibraltar entities Statutory regulator
Appropriate non-financial resources
- Ensure your firm's non-financial resources are appropriate for your regulated activities Any Person
Business model
- Ensure your business model is suitable for FCA-regulated activities Any Person
(1) Where the FCA— (a) varies or cancels an authorised...
Other duties (1) — Crown / regulator
- FCA must reverse variation/cancellation of permission if subsequently annulled Statutory regulator
(1) The Tribunal may by summons require any person to...
Unlimited fine- Fail to comply with Tribunal summons or tamper with documents Any Person
(1) The Lord Chancellor must appoint one of the members...
Other duties (1) — Crown / regulator
- Lord Chancellor must appoint President and Deputy President of the Financial Services and Markets Tribunal Crown / Minister / Government department
(1) The Lord Chancellor must appoint a panel of persons...
Other duties (1) — Crown / regulator
- Lord Chancellor must appoint Tribunal panel of chairmen and qualified members Crown / Minister / Government department
(1) The FCA must make rules providing that a complaint...
Other duties (1) — Crown / regulator
- FCA must make rules on complaint time limits and require firms to set up procedures Statutory regulator
(1) The scheme operator must make rules, to be known...
Other duties (1) — Crown / regulator
- Scheme operator must make rules for complaint handling Statutory regulator
(1) The FCA must take such steps as are necessary...
Other duties (1) — Crown / regulator
- FCA must ensure the Financial Ombudsman Service is always able to function Statutory regulator
(1) If the scheme operator proposes to make voluntary jurisdiction...
Other duties (1) — Crown / regulator
- Scheme operator must publish draft voluntary jurisdiction rules and consult publicly Statutory regulator
(1) The constitution of the scheme operator must provide for...
Other duties (1) — Crown / regulator
- FCA must appoint scheme operator chairman with Treasury approval and appoint board members Statutory regulator
(1) The scheme operator and the FCA must each take...
Other duties (1) — Crown / regulator
- FCA and Ombudsman must cooperate and publish a cooperation memorandum Statutory regulator
(1) The scheme operator must appoint and maintain a panel...
Other duties (1) — Crown / regulator
- Scheme operator must appoint and maintain a panel of ombudsmen Statutory regulator
(1) The scheme operator must appoint one member of the...
Other duties (1) — Crown / regulator
- Scheme operator must appoint a Chief Ombudsman Statutory regulator
(1) At least once a year— (a) the scheme operator...
Other duties (1) — Crown / regulator
- Scheme operator must report to FCA annually on its functions and publish the report Statutory regulator
(1) The scheme operator must, before the start of each...
Other duties (1) — Crown / regulator
- Adopt annual budget approved by FCA Statutory regulator
(1) The scheme operator must in respect of each of...
Other duties (1) — Crown / regulator
- Scheme operator must prepare and publish an annual plan Statutory regulator
(1) The appropriate regulators must prepare and maintain a memorandum...
Other duties (1) — Crown / regulator
- Regulators must prepare and maintain a memorandum of understanding on cooperation Statutory regulator
(1) The FCA and the PRA must prepare and maintain...
Other duties (1) — Crown / regulator
- FCA and PRA must prepare a memorandum on working together Statutory regulator
Section 344 (duty of auditor resigning to give notice) applies...
- Notify regulators upon resignation as auditor of clearing house or CSD Any Person
(1) An application for an administration order in respect of...
- Applicants must notify the Bank of England before insolvency proceedings against a recognised clearing house or CSD Director or Officer
The parties to a memorandum under paragraph 1 or 2...
Other duties (1) — Crown / regulator
- Publish your memorandum in a way that reaches the public Statutory regulator
The FCA must notify the Bank of England of any...
Other duties (1) — Crown / regulator
- FCA must notify Bank of England of market abuse suspension directions Statutory regulator
The FCA must notify the Bank of England of any...
Other duties (1) — Crown / regulator
- FCA must notify the Bank of England of clearing house suspension requirements Statutory regulator
The manager of a write-down order
- Provide information and assistance to the write-down order manager Director or Officer
Other duties (1) — Crown / regulator
- Manager must monitor insurer and report to FCA/PRA if directed Statutory regulator
Monitoring the insurer’s affairs
- Monitor insurer’s affairs and assess write-down order benefits Any Person
Application by manager to revoke or vary a write-down order
- Manager must apply to court to revoke or vary insurer write-down order Any Person
Provision of information and assistance to the manager
- Provide information and assistance to the scheme manager when requested Director or Officer
Challenges to the manager’s actions
Other duties (1) — Crown / regulator
- Regulators must consult before challenging the manager's actions Statutory regulator
Dealing with assets
- Do not dispose of assets outside ordinary business without PRA consent Any Person
Paying variable remuneration
- Do not pay variable remuneration outside collective bargaining without PRA consent Employer
Distributions
- Obtain PRA consent before making any distribution Director or Officer
Restriction on policyholder surrender rights
- Limit policyholder surrenders to 5% per year during financial difficulties Any Person
Consent to exceed surrender limit
- Notify PRA after consenting to exceed policy surrender limit Any Person
Restriction on termination etc
- Do not terminate contracts when an insurer is in financial difficulties Distributor
Consent to terminate relevant contracts
- Get consent before terminating an affected insurance contract Any Person
Browse 591 other Schedules — structural / supplementary
EEA Passport Rights
Persons Concerned in Collective Investment Schemes
The general rule
Transfer schemes: certificates
Mutuals
The Financial Services Authority
(1) At least once a year the Authority must make...
(1) Not later than three months after making a report...
Not later than one month after its annual meeting, the...
In relation to any of its functions—
The Authority is to continue to be exempt from the...
If the Secretary of State is satisfied that any action...
(1) In determining its policy with respect to the amounts...
(1) The Authority may make rules providing for the payment...
The power conferred by paragraph 17 may not be used...
(1) Neither the Authority nor any person who is, or...
For the purposes of this Act anything done by an...
Any amount (other than a fee) which is required by...
(1) The constitution of the Authority must continue to provide...
In Part III of Schedule 1 to the House of...
In Part III of Schedule 1 to the Northern Ireland...
(1) The Authority must secure— (a) that the majority of...
(1) In this paragraph “the committee” means the non-executive committee....
(1) The Authority may make arrangements for any of its...
(1) The Authority must maintain arrangements designed to enable it...
(1) The Authority must— (a) make arrangements (“the complaints scheme”)...
(1) The Authority is not obliged to investigate a complaint...
The Authority must maintain satisfactory arrangements for—
(1) The FCA must take such steps as are necessary...
(1) . . . . . . . . ....
(1) In this Part of this Schedule “ the relevant...
(1) For the purpose of meeting a proportion of the...
(1) For the purpose of meeting a proportion of the...
(1) The Treasury or the Secretary of State may—
(1) The FCA may appoint an independent person to conduct...
(1) A person conducting a review under paragraph 15—
(1) The constitution of the consumer financial education body must...
(1) The consumer financial education body is not to be...
(1) The consumer financial education body may discharge the consumer...
(1) This paragraph applies if the consumer financial education body...
In discharging the consumer financial education function the consumer financial...
(1) The consumer financial education body and the FCA must...
If the consumer financial education body considers that it has...
(1) The consumer financial education body must adopt an annual...
(1) The consumer financial education body must in respect of...
(1) At least once a year, the consumer financial education...
(1) The consumer financial education body must send a copy...
In this Schedule— “ the Bank ” means the Bank...
(1) The FCA must publish a record of each meeting...
(1) At least once a year the FCA must make...
(1) The Treasury may (subject to this paragraph) at any...
(1) Not later than 3 months after making a report...
Not later than one month after its annual meeting, the...
(1) The Treasury may— (a) require the FCA to comply...
(1) The FCA must send a copy of its annual...
In relation to any of its functions—
The FCA is to continue to be exempt from the...
If the Secretary of State is satisfied that any action...
(1) The constitution of the FCA must provide for the...
(1) The FCA must in respect of each of its...
(1) The scheme details must be published by the FCA...
(1) The FCA may make rules providing for the payment...
The power conferred by paragraph 23 may not be used...
(1) None of the following is to be liable in...
For the purposes of this Act anything done by an...
Any amount (other than a fee) which is required by...
(1) This paragraph applies where the FCA issues a relevant...
(1) This paragraph applies where— (a) the FCA issues a...
(1) A person may not be appointed as chief executive...
(1) The terms of service of the appointed members are...
(1) The Treasury may remove an appointed member from office—...
The validity of any act of the FCA is not...
The FCA must pay to the appointed members such remuneration...
(1) The FCA may make arrangements for any of its...
The FCA must maintain satisfactory arrangements for—
The Prudential Regulation Authority
In this Schedule— ... “ functions ”, in relation to...
The court of directors must have regard to generally accepted...
(1) Before appointing a person as an appointed member, the...
An employee of the FCA is disqualified for appointment as...
The PRA must pay to the Bank the amount of...
The court of directors of the Bank may, with the...
(1) The terms of service of the members of the...
(1) The PRA may make arrangements for any of its...
The PRA must maintain satisfactory arrangements for—
(1) The PRA must, for each of its financial years,...
(1) At least once a year the PRA must make...
The constitution of the PRA must provide—
(1) In relation to each report made under paragraph 19,...
(1) The PRA must publish a report about its consultation...
(1) The Treasury may (subject to this paragraph) at any...
(1) The Treasury may— (a) require the PRA to comply...
(1) The PRA must send a copy of its annual...
In relation to any of its functions—
The PRA is to be exempt from the requirements of...
If the Secretary of State is satisfied that any action...
(1) The PRA must in respect of each of its...
The governing body must consist of —
(1) The scheme details must be published by the PRA...
(1) The PRA may make rules providing for the payment...
The power conferred by paragraph 31 may not be used...
(1) None of the following is to be liable in...
For the purposes of this Act anything done by an...
Any amount (other than a fee) which is required by...
(1) This paragraph applies where the PRA issues a relevant...
(1) This paragraph applies where— (a) the PRA issues a...
The validity of any act of the PRA is not...
The chief executive of the FCA must not take part...
The appointed members must be appointed by the court of...
Paragraphs 8 to 12 apply to the exercise by the...
The court of directors must secure that the majority of...
For the purposes of paragraph 8, and for the purposes...
Regulated Activities
The matters with respect to which provision may be made...
The matters with respect to which provision may be made...
(1) Shares or stock in the share capital of a...
Any of the following— (a) debentures; (b) debenture stock;
(1) Loan stock, bonds and other instruments—
(1) Warrants or other instruments entitling the holder to subscribe...
Certificates or other instruments which confer contractual or property rights—...
(1) Shares in or securities of an open-ended investment company....
Options to acquire or dispose of property.
Rights under a contract for the sale of a commodity...
Rights under— (a) a contract for differences; or
(1) Buying, selling, subscribing for or underwriting investments or offering...
Rights under a contract of insurance, including rights under contracts...
(1) The underwriting capacity of a Lloyd’s syndicate.
Rights under any contract under which a sum of money...
(1) Rights under any contract under which one person provides...
(1) Rights under any arrangement for the provision of finance...
(1) Rights under a contract for the bailment or (in...
Any right or interest in anything which is an investment...
Schedule 2 para.24A
Schedule 2 para.24B
Schedule 2 para.24C
Giving advice to a person other than a body corporate...
General
Providing information
Administration
Determining or publishing benchmark or publishing connected information
(1) An order under section 22(1) or (1A) to (1B)...
(1) This paragraph applies to any order made under section...
(1) In this Schedule— “buying” includes acquiring for valuable consideration;...
Making, or offering or agreeing to make—
Accepting deposits.
(1) Safeguarding and administering assets belonging to another which consist...
Managing, or offering or agreeing to manage, assets belonging to...
Giving or offering or agreeing to give advice to persons...
Establishing, operating or winding up a collective investment scheme, including...
(1) Sending on behalf of another person instructions relating to...
Activities of reclaim funds
(1) In this Act, “ Gibraltar-based person ” means a...
Before making regulations under paragraph 5 or 6, the Treasury...
(1) The restrictions in paragraphs 7, 8 and 9 do...
(1) If the appropriate UK regulator receives a notification from...
(1) A Schedule 2A permission for a person to carry...
In relation to a notification, “ the appropriate UK regulator...
(1) A notification must— (a) name the Gibraltar-based person,
(1) Where the appropriate UK regulator receives a notification, it...
(1) The appropriate UK regulator may not reject a notification...
(1) The appropriate UK regulator must reject a notification if...
(1) The appropriate UK regulator may reject a notification, so...
(1) In this Schedule— “ the Gibraltar regulator ” means...
(1) The appropriate UK regulator may reject a notification if...
(1) A Schedule 2A permission may be varied in accordance...
(1) If the appropriate UK regulator receives a notification from...
In relation to a notification, “ the appropriate UK regulator...
(1) A notification must— (a) state the desired variation,
(1) Where the appropriate UK regulator receives a notification, it...
(1) The appropriate UK regulator may not reject a notification...
(1) A UK regulator may exercise a power under this...
(1) For the purposes of this Schedule, “the own-initiative conditions”...
(1) In this Schedule, “ approved activity ” means a...
A Gibraltar-based person who is aggrieved by the exercise by...
A Schedule 2A permission may be cancelled in accordance with...
(1) If the appropriate UK regulator receives a notification from...
In relation to a notification, “ the appropriate UK regulator...
A notification must— (a) state the reason for requesting the...
(1) Where the appropriate UK regulator receives a notification, it...
(1) The appropriate UK regulator may not reject a notification...
(1) The FCA may cancel a Schedule 2A permission where...
(1) If a UK regulator proposes to cancel a Gibraltar-based...
If a UK regulator gives a Gibraltar-based person a decision...
For the purposes of any provision of this Schedule which...
(1) A requirement may be imposed on a Gibraltar-based person...
(1) This paragraph applies where a UK regulator has received—...
(1) If a UK regulator proposes to impose a requirement...
If a UK regulator gives a Gibraltar-based person a decision...
(1) If the appropriate UK regulator receives a notification from...
In relation to a notification, “ the appropriate UK regulator...
A notification must— (a) state the requirement to be imposed...
(1) Where the appropriate UK regulator receives a notification, it...
(1) The appropriate UK regulator may not reject a notification...
(1) A UK regulator may exercise the powers under this...
(1) The Treasury may by regulations approve a regulated activity...
(1) If a UK regulator proposes to exercise a power...
A Gibraltar-based person who is aggrieved by the exercise by...
(1) A requirement imposed on a Gibraltar-based person under this...
(1) Contravention of a requirement imposed under this Part of...
(1) A UK regulator may direct that a notification for...
(1) Sub-paragraph (2) applies where— (a) the Treasury withdraw their...
(1) Sub-paragraph (2) applies where— (a) the Treasury provide that...
(1) The Treasury must by regulations make provision about how...
(1) Sub-paragraph (2) applies where— (a) by virtue of paragraph...
(1) A UK regulator may direct that a contract specified...
Where a person in respect of whom a decision under...
(1) The Treasury may by regulations extend the period under...
(1) Sub-paragraphs (2), (4) and (5) apply where—
(1) Sub-paragraphs (2) and (4) apply where the Gibraltar regulator—...
(1) In this Part of this Schedule, “ the appropriate...
(1) A UK regulator may direct that a contract specified...
(1) A Gibraltar-based person ceases to be treated as having...
(1) If a UK regulator proposes to specify or vary...
(1) The Treasury may not make regulations under paragraph 5...
If a UK regulator gives a Gibraltar-based person a decision...
(1) Before issuing a statement under paragraph 71(1) or (2),...
(1) The FCA must consult the PRA before—
(1) The FCA must obtain the PRA's consent before exercising...
(1) The FCA must inform the PRA in writing without...
(1) The PRA must consult the FCA before—
(1) The PRA must obtain the FCA's consent before exercising...
(1) When the PRA receives a notification for the purposes...
(1) A UK regulator must inform the Gibraltar regulator in...
(1) The Treasury may not approve a regulated activity under...
(1) Each of the FCA, the PRA and the scheme...
(1) A UK regulator or the scheme manager must, on...
(1) For the purposes of paragraph 1, an individual without...
(1) The Treasury may not approve a regulated activity under...
“The single market directives” means— (a) the capital requirements directive...
“UK firm” means a person whose relevant office is in...
In paragraph 10, “ relevant office ” means—
” UK investment firm” means a UK firm—
“Host state regulator” means the competent authority (within the meaning...
”Tied agent” has the meaning given in Article 4.1.29 of...
“ Management company ” has the meaning given in Article...
“ UCITS ” has the meaning given in Article 1.2...
“ EEA AIFM ” means an EEA firm falling within...
(1) Once an EEA firm which is seeking to establish...
(1) If the firm falls within paragraph 5(a), (b), (c),...
(1) The service conditions are that— (a) the firm has...
(1) On qualifying for authorisation as a result of paragraph...
Application for approval to manage UCITS
Representations and references to the Tribunal
Information to home state regulator
Grant of permission: bidding for emission allowances
(1) This paragraph applies to an EEA firm which is...
Regulations may— (za) require the FCA and the PRA to...
Regulations may provide that in prescribed circumstances an EEA firm...
In this Part of this Schedule “ the appropriate UK...
(1) Subject to sub-paragraphs (5ZA) , (5ZB) , (5A) and...
”The banking consolidation directive” means Directive 2006/48/ EC of the...
(1) Subject to sub-paragraphs (4D) to (4I), a UK firm...
(1) If a UK investment firm or UK credit institution...
Notice of intention to market a UCITS
(1) A full-scope UK AIFM may not exercise in the...
Information for host state regulator
(1) If a UK firm which is not an authorised...
(1) Regulations may make such provision as the Treasury consider...
(1) Sub-paragraphs (2) and (2A) apply if a UK firm—...
(1) Sub-paragraph (2) applies if a UK firm—
(1) The regulators may make arrangements about—
The FCA must include in the record that it maintains...
UK management companies: delegation of functions
UK management companies: withdrawal of authorisation
Management companies: request for information
If a host state regulator informs the FCA in accordance...
“The Solvency 2 Directive” means Directive 2009/138/EC of the European...
“ The reinsurance directive ” means Directive 2005/68/ EC of...
“The insurance distribution directive” means Directive (EU) 2016/97 of the...
“ The UCITS directive ” means the Directive of the...
“The markets in financial instruments directive” means Directive 2014/65/EU of...
The emission allowance auctioning regulation
“The alternative investment fund managers directive” means Directive 2011/61/ EU...
“The mortgages directive” means Directive 2014/17/ EU of the European...
“EEA firm” means any of the following if it does...
In paragraph 5, “ relevant office ” means—
“ EEA authorisation ” means— (a) in relation to an...
“EEA right” means the entitlement of a person to establish...
In paragraph 7, “ relevant office ” means—
“ EEA State ” has the meaning given by Schedule...
“Home state regulator” means the competent authority (within the meaning...
(1) In this Schedule— . . . . . ....
Once a Treaty firm which is seeking to carry on...
(1) The conditions are that— (a) the firm has received...
Regulations may require the PRA and the FCA to notify...
(1) On qualifying for authorisation under this Schedule, a Treaty...
(1) Sub-paragraph (2) applies to a Treaty firm which—
(1) A person who contravenes paragraph 5(2) is guilty of...
(1) A person who for the time being is an...
(1) A person authorised as a result of paragraph 1(1)...
(1) In this Schedule— “assets” includes contingent assets; “consolidated supervision”...
Introduction
Location of offices
Effective supervision
Appropriate resources
Suitability
Business model
Interpretation
Introduction
Effective supervision
Suitability
Introduction
Legal status
Location of offices
Business to be conducted in a prudent manner
Suitability
Effective supervision
Introduction
Legal status
Location of offices
Business to be conducted in a prudent manner
Suitability
Effective supervision
Authorisation
(1) In relation to an EEA firm qualifying for authorisation...
(1) In relation to a person who qualifies for authorisation...
(1) If this paragraph applies to the person concerned, he...
The Treasury may by order— (a) vary or remove any...
(1) If it appears to the FCA that an FCA-authorised...
(1) The FCA may exercise its power under paragraph 1...
(1) Where the FCA decides to vary or cancel an...
(1) This paragraph applies where the FCA decides to vary...
(1) This paragraph applies where the FCA receives an application...
(1) This paragraph applies where the FCA—
(1) Nothing in this Schedule affects the generality of any...
Introductory
Determining the amount payable under an instrument or financial contract...
Measuring the performance of an investment fund through a benchmark....
Contributing to a benchmark
Contributing data to a regulated benchmark administrator for the purpose...
Derivatives
Holding positions in commodity derivatives.
Short selling
Securitisation
Selling a securitisation position to a retail client located in...
Financial markets
Applying for, securing or maintaining the admission of securities to...
Using a benchmark
General
The provisions of Part VI apply in relation to a...
(1) Any reference to listing particulars is to be read...
(1) In section 80(1), for “section 79” substitute “ section...
In section 81(1), for “section 79 and before the commencement...
(1) In paragraphs 1(3) and 2(3) of Schedule 10, for...
In section 98(1), for “If listing particulars are, or are...
Listing rules made under section 99 may require the payment...
(1) In this paragraph “statement” means— (a) any untrue or...
(1) In this paragraph “statement” means a statement included in...
(1) In this paragraph “statement” has the same meaning as...
(1) In this paragraph “statement” has the same meaning as...
A person does not incur any liability under section 90(1)...
A person does not incur any liability under section 90(1)...
A person does not incur any liability under section 90(4)...
“Expert” includes any engineer, valuer, accountant or other person whose...
Securities to which this Schedule applies
Published information to which this Schedule applies
Liability of issuer for misleading statement or dishonest omission
An issuer of securities to which this Schedule applies is...
Liability of issuer for dishonest delay in publishing information
Meaning of dishonesty
Exclusion of certain other liabilities
Interpretation
(1) A person offers securities to the public in the...
(1) The minimum consideration which may be paid by any...
(1) The securities are denominated in amounts of at least...
(1) The securities are offered in connection with a takeover...
The securities are offered in connection with a merger (within...
(1) The securities are shares and are offered free of...
The securities— (a) are shares, or investments of a specified...
(1) The securities are issued by a body corporate and...
(1) The securities result from the conversion of convertible securities...
The securities are issued by— (a) a charity within the...
The securities offered are shares which are issued by, or...
(1) For the purposes of this Schedule, an offer of...
(1) The securities offered are Euro-securities and no advertisement relating...
The securities are of the same class, and were issued...
The securities are investments of a specified kind with a...
(1) The securities are investments of a specified kind creating...
The securities are not transferable.
Schedule 11 para.24A
For the purposes of this Schedule— “shares” has such meaning...
The securities are offered to persons— (a) whose ordinary activities...
(1) The securities are offered to no more than fifty...
The securities are offered to the members of a club...
(1) The securities are offered to a restricted circle of...
The securities are offered in connection with a genuine invitation...
(1) The securities are offered to a public authority.
(1) The total consideration payable for the securities cannot exceed...
TRANSFERABLE SECURITIES
Units (within the meaning in section 237(2)) in an open-ended...
Non-equity transferable securities issued by (a) the government of an...
Shares in the share capital of the central bank of...
Transferable securities unconditionally and irrevocably guaranteed by the government, or...
(1) Non-equity transferable securities, issued in a continuous or repeated...
Non-fungible shares of capital— (a) the main purpose of which...
(1) Transferable securities issued by a body specified in sub-paragraph...
(1) Non-equity transferable securities, issued in a continuous or repeated...
(1) Transferable securities included in an offer where the total...
CONNECTED PERSONS
Introduction
Right to exercise or control exercise of rights
Bodies corporate
Trusts
Meaning of “connected person”
Family members
Associated bodies corporate
Control of a body corporate
Supplementary provisions
Introduction
General provisions
Rights to acquire shares
For the purposes of section 111(2) the appropriate certificate, in...
(1) This paragraph applies to a proposal to execute under...
(1) A certificate under this paragraph is to be given—...
A certificate under this paragraph is one given by the...
A certificate under this paragraph is one given by the...
A certificate under this paragraph is one given by the...
A certificate under this paragraph is one given by the...
(1) The certificates under this paragraph are to be given—...
(1) “ State of the commitment ”, in relation to...
For the purposes of section 111(2) the appropriate certificate, in...
(1) A certificate under this paragraph is one given by...
A certificate under this paragraph is one given by the...
Certificate as to financial resources
Appropriate certificates
Certificate as to financial resources
Certificate as to consent of home state regulator
In this Schedule— “panel of chairmen” means the panel established...
The President of the Tribunal may give directions as to...
(1) A decision of the Tribunal may be taken by...
(1) If the Tribunal considers that a party to any...
(1) Subject to the provisions of this Schedule, each member...
The Lord Chancellor may pay to any person, in respect...
(1) The Lord Chancellor may appoint such staff for the...
(1) On a reference to the Tribunal, the persons to...
For the purpose of dealing with references, or any matter...
Rules made by the Lord Chancellor under section 132 may,...
Role of the Competition Commission
Role of the Competition Commission
Role of the Competition Commission
Role of the Competition Commission
Role of the Competition Commission
Role of the Competition Commission
Role of the Competition Commission
If the authorised person (“BC”) is a body corporate, a...
If the authorised person (“PP”) is a partnership, a person...
If the authorised person (“UA”) is an unincorporated association of...
(1) If the authorised person (“FS”) is a friendly society,...
(1) If the authorised person (“BS”) is a building society,...
If the authorised person (“IP”) is an individual, a person...
For the purposes of sections 171 and 172, if the...
A person who is, or at the relevant time was,...
In this Schedule— “appeal period” has the same meaning as...
(1) This paragraph applies if the OFT proposes, in relation...
(1) This paragraph applies if the OFT proposes to refuse...
(1) If this paragraph applies to an invitation to submit...
Section 41 of the Consumer Credit Act 1974 (appeals to...
In this Schedule— ... “ ADR entity” means a person...
(1) No person is to be liable in damages for...
For the purposes of the law relating to defamation, proceedings...
This Part of this Schedule applies only in relation to...
(1) Scheme rules may require a respondent or other persons...
A money award, including interest, which has been registered in...
This Part of this Schedule applies only in relation to...
(1) Consumer credit rules— (a) must provide that a complaint...
(1) Consumer credit rules may require a respondent to pay...
A money award, including interest, which has been registered in...
(1) If the scheme operator makes any consumer credit rules,...
(1) The production of a printed copy of consumer credit...
(1) If the scheme operator proposes to make consumer credit...
This Part of this Schedule applies only in relation to...
(1) Complaints are to be dealt with and determined under...
(1) The scheme operator may make arrangements with a relevant...
(1) If the scheme operator makes voluntary jurisdiction rules, it...
(1) The production of a printed copy of voluntary jurisdiction...
(1) The scheme operator is not to be regarded as...
(1) The scheme operator must send a copy of its...
The scheme operator may publish such information, guidance or advice...
(1) The following provisions of Part 9A of this Act...
The following provisions of Part 9A of this Act are...
(1) The powers conferred by section 165(1) and (3) (power...
The power conferred by section 166 (reports by skilled person)...
(1) Section 166A applies in relation to rules made by...
(1) The powers conferred by section 167 (appointment of persons...
(1) The power conferred by section 168(5) (appointment of persons...
An overseas regulator may, in accordance with section 169, request...
The power to give information under section 176(1) (entry of...
(1) The following provisions of Part 12A of this Act...
(1) Section 342 (information given by auditor to a regulator)...
(1) Section 343 (information given by auditor: person with close...
Sections 345A to 345E apply to auditors to whom section...
Section 347 (record of authorised persons, recognised investment exchanges, etc),....
(1) Sections 348 to 350 and 353 (disclosure of information)...
Section 354B (co-operation) applies in relation to the Bank for...
(1) The following provisions of Part 24 of this Act...
(1) In the case of any regulated activity which is...
(1) The power to make an application under section 380(1),...
(1) The power to make an application under section 382(1)...
(1) The power conferred by section 384(5) (power of FCA...
The provisions of Part 26 of this Act (notices) apply,...
The parties to a memorandum under paragraph 1 or 2...
Section 398 (misleading the FCA: residual cases) applies to information...
(1) Section 401 (proceedings for an offence) applies to the...
(1) The following provisions of Part 28 of this Act...
Section 427 (transitional provisions), so far as it relates to...
Paragraph 17 of Schedule 1ZB (records) applies in relation to...
Paragraph 19 of Schedule 1ZB (annual report by PRA) applies...
Paragraph 21A of Schedule 1ZB (other reports by PRA) applies...
(1) Paragraph 36 of Schedule 1ZB (PRA engagement with Parliamentary...
(1) This paragraph applies where a person has been appointed...
(1) The Bank of England may, in connection with the...
Any fee which is owed to the Bank under paragraph...
The parties to a memorandum under paragraph 1 or 2...
The Treasury must lay before Parliament a copy of any...
(1) If the Bank makes a Part 18 prohibition order...
(1) The provisions of this Act mentioned in this Part...
(1) Section 1RB (requirements in connection with public consultations) applies...
(1) The powers conferred by section 55L(3) (FCA own-initiative power...
Omit sections 4 (provision for separate registration areas) and 10...
(1) Subsections (2) to (5) of section 13 (incorporated friendly...
In section 13(9) (defined terms), after paragraph (a) insert—
In section 13(9), after paragraph (c) insert—
In section 13(9), in the words following paragraph (d), after...
(1) Schedule 8 to the 1992 Act (provisions supplementing section...
(1) Section 52 of the 1992 Act is amended as...
References in any provision of, or made under, any enactment...
Omit section 9 (initial authorisation to raise funds and borrow...
Omit Schedule 3 (supplementary provisions about authorisation).
Omit section 8 (provision for separate registration areas for Scotland...
In section 7 (societies which may be registered), in subsection...
Omit section 70 (scale of fees to be paid in...
In section 6 (minimum and maximum number of members), omit...
In section 11 (loans), omit subsections (2) and (6).
Omit sections 11B (loans approved by credit unions), 11C (grant...
In section 12, omit subsections (4) and (5).
In section 14, omit subsections (2), (3), (5) and (6)....
In section 28 (offences), omit subsection (2).
In section 11 (additional registration requirements for societies with branches),...
In section 99(4) (punishment of fraud etc and recovery of...
Omit sections 31 to 36A (authorisation of friendly societies business)....
In section 37 (restrictions on combinations of business), omit subsections...
Omit sections 38 to 43 (restrictions on business of certain...
Omit sections 44 to 50 (regulation of friendly societies business)....
In this Part of this Schedule— “the 1992 Act” means...
The Broadcasting Act 1990
The Water Industry Act 1991
The Electricity (Northern Ireland) Order 1992
The Railways Act 1993
Part IV of the Airports (Northern Ireland) Order 1994
The Gas (Northern Ireland) Order 1996
The EC Competition (Articles 88 and 89) Enforcement Regulations 1996...
The Unfair Terms in Consumer Contracts Regulations 1999
This Act.
An enactment specified for the purposes of this paragraph in...
The Consumer Credit Act 1974
The Estate Agents Act 1979
The Competition Act 1980
The Telecommunications Act 1984
The Airports Act 1986
The Gas Act 1986
The Control of Misleading Advertisements Regulations 1988
The Electricity Act 1989
Application of Schedule
Status of the manager
Application by manager for directions
Application of this Part of this Schedule
Reinsurance contracts
(1) This Part of this Schedule applies where—
Moratorium on proceedings
Exceptions
Application of this Part of this Schedule
Application of this Part of this Schedule
Relevant insolvency provisions
Insurers in financial difficulties: enforcement of contracts
Application of this Schedule
Disapplication of this Schedule by the court
Procedure
The Treasury may by regulations amend this Schedule so as...
“Financial difficulties”
Switching rights
Relevant contracts
Exclusions
In Part III of Schedule 1 to the House of...
In Part III of Schedule 1 to the Northern Ireland...
In paragraph 10 of Schedule 5 to the Civil Jurisdiction...
(1) The Income and Corporation Taxes Act 1988 is amended...
(1) The Finance Act 1991 is amended as follows.
Minor and Consequential Amendments
(1) The Judicial Pensions and Retirement Act 1993 is amended...
(1) No new application under section 9 of the 1986...
(1) No new application under paragraph 2 of Schedule 11...
Other sections — not classified into a Part
These sections sit outside the numbered Parts — usually provisions added or moved by later amendments.
Browse 3 other sections
Investigations under section 162: application of Enterprise Act 2002
Section 162: modification of Schedule 7 to the Competition Act...
Reports under section 162: further provision
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- Change of corporate control (opens in a new tab) from Gambling Commission Detailed Guidance
- LCCP Information requirements - LCCP notifications (reporting suspicion of offences) (opens in a new tab) from Gambling Commission Detailed Guidance
- The supervision of sponsors | FCA (opens in a new tab) from FCA Detailed Guidance
- UK EMIR reporting questions and answers | FCA (opens in a new tab) from FCA Detailed Guidance
- Transaction reporting resources | FCA (opens in a new tab) from FCA Detailed Guidance
- Exemptions from short-selling requirements | FCA (opens in a new tab) from FCA Detailed Guidance
- The sponsor regime | FCA (opens in a new tab) from FCA Detailed Guidance
- Shareholding notification and disclosure | FCA (opens in a new tab) from FCA Detailed Guidance
- Trading venues and systematic internalisers – changes in security statuses | FCA (opens in a new tab) from FCA Detailed Guidance
- Inside information: how to identify, control and disclose | FCA (opens in a new tab) from FCA Detailed Guidance
- ... and 191 more
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
FCA
PrimaryFinancial Conduct Authority
Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …
Panel on Takeovers and Mergers
Regulates takeovers and mergers involving public companies and some private companies in the UK. Issues the Takeover Code. Ensures shareholders are treated …
Solicitors Regulation Authority
Regulates solicitors and law firms in England and Wales. Sets standards, authorises firms, investigates misconduct, and can impose sanctions including fines and …
Prudential Regulation Authority
Part of the Bank of England. Prudentially regulates and supervises around 1,292 banks, building societies, credit unions, insurers, and major investment firms. …
Payment Systems Regulator
Economic regulator for payment systems in the UK. Promotes competition, innovation, and service-user interests in payment systems. Regulates participants in designated payment …
Connected legislation
248 statutory instruments
These instruments amend, apply, or refer to this Act. They may not all create direct business obligations.
Secondary legislation (248)
- Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 2018
- The Alternative Investment Fund Managers (Amendment) Regulations 2013 2013
- The Bankruptcy (Financial Services and Markets Act 2000) Rules 2001 and the Insurers (Winding Up) Rules 2001 (Amendment) Rules 2019 2019
- The Central Counterparties (Amendment, , and Transitional Provision) (EU Exit) Regulations 2018 2018
- The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 2018
- The Collective Investment Schemes (Amendment ) (EU Exit) Regulations 2019 2019
- TCGA 1992 2017
- The Credit Rating Agencies (Amendment ) (EU Exit) Regulations 2019 2019
- The Electronic Commerce and Solvency 2 (Amendment ) (EU Exit) Regulations 2019 2019
- The Financial Holding Companies (Approval ) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 2020
- The Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) (Amendment) Order 2003 2003
- The Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) (Northern Ireland) Order 2005 2005
- The Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers)(Northern Ireland) Order 2007 2007
- The Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) Order 2002 2002
- The Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) Order 2010 2010
+ 233 more statutory instruments
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