Financial Services and Markets Act 2000
Financial Services and Markets Act 2000 (2000 c. 8)
- Financial Services and Markets Act 2000 (2000 c. 8)
- Part I The Regulator
- 1 The Financial Services Authority.
- The Authority’s general duties
- 2 The Authority’s general duties.
- The regulatory objectives
- 3 Market confidence.
- 3A Financial stability
- 4 Public awareness.
- 5 The protection of consumers.
- 6 The reduction of financial crime.
- Enhancing public understanding of financial matters etc
- 6A Enhancing public understanding of financial matters etc
- Corporate governance
- 7 Duty of Authority to follow principles of good governance.
- Arrangements for consulting practitioners and consumers
- 8 The Authority’s general duty to consult.
- 9 The Practitioner Panel.
- 10 The Consumer Panel.
- 11 Duty to consider representations by the Panels.
- Reviews
- 12 Reviews.
- 13 Right to obtain documents and information.
- Inquiries
- 14 Cases in which the Treasury may arrange independent inquiries.
- 15 Power to appoint person to hold an inquiry.
- 16 Powers of appointed person and procedure.
- 17 Conclusion of inquiry.
- 18 Obstruction and contempt.
- PART 1A The Regulators
- CHAPTER 1 The Financial Conduct Authority
- The Financial Conduct Authority
- 1A The Financial Conduct Authority
- The FCA's general duties
- 1B The FCA's general duties
- 1C The consumer protection objective
- 1D The integrity objective
- 1E The competition objective
- 1EB Competitiveness and growth objective
- Interpretation of terms used in relation to FCA's general duties
- 1F Meaning of “relevant markets” in strategic objective
- 1G Meaning of “consumer”
- 1H Further interpretative provisions for sections 1B to 1G
- 1I Meaning of “the UK financial system”
- Modifications applying if core activity not regulated by PRA
- 1IA Modifications applying if core activity not regulated by PRA
- Power to amend objectives
- 1J Power to amend objectives
- Recommendations
- 1JA Recommendations by Treasury in connection with general duties
- Guidance about objectives
- 1K Guidance about objectives
- Supervision, monitoring and enforcement
- 1L Supervision, monitoring and enforcement
- Arrangements for consulting practitioners and consumers
- 1M The FCA's general duty to consult
- 1MA Composition of Panels
- 1N The FCA Practitioner Panel
- 1O The Smaller Business Practitioner Panel
- 1P The Markets Practitioner Panel
- 1Q The Consumer Panel
- 1QA The Listing Authority Advisory Panel
- 1R Duty to consider representations made by the Panels
- 1RA Statement of policy on panel appointments
- Requirements for public consultation
- 1RB Requirements in connection with public consultations
- Reviews
- 1S Reviews
- 1T Right to obtain documents and information
- CHAPTER 2 The Prudential Regulation Authority
- The Prudential Regulation Authority
- 2A The Prudential Regulation Authority
- 2AB Functions of the PRA
- The PRA's general duties
- 2B The PRA's general objective
- 2C Insurance objective
- 2D Power to provide for additional objectives
- 2E Strategy
- 2F Interpretation of references to objectives
- 2G Limit on effect of sections 2B to 2D
- 2H Secondary objectives and duty to have regard to regulatory principles
- 2I Guidance about objectives
- 2J Interpretation of Chapter 2
- Supervision
- 2K Arrangements for supervision of PRA-authorised persons
- Arrangements for consulting practitioners
- 2L The PRA's general duty to consult
- 2LA Composition of Panels
- 2M The PRA Practitioner Panel
- 2MA The Insurance Practitioner Panel
- 2N Duty to consider representations
- 2NA Statement of policy on panel appointments
- Requirements for public consultation
- 2NB Requirements in connection with public consultations
- Reviews
- 2O Reviews
- 2P Right to obtain documents and information
- CHAPTER 3 Further provisions relating to FCA and PRA
- Introductory
- 3A Meaning of “regulator”
- Regulatory principles
- 3B Regulatory principles to be applied by both regulators
- Corporate governance
- 3C Duty to follow principles of good governance
- Relationship between FCA and PRA
- 3D Duty of FCA and PRA to ensure co-ordinated exercise of functions
- 3E Memorandum of understanding
- 3F With-profits insurance policies
- 3G Power to establish boundary between FCA and PRA responsibilities
- 3H Parliamentary control of orders under section 3G
- Power of PRA to restrain proposed action by FCA
- 3I Power of PRA to require FCA to refrain from specified action
- 3J Power of PRA in relation to with-profits policies
- 3K Revocation of directions under section 3I or 3J
- 3L Further provisions about directions under section 3I or 3J
- Directions relating to consolidated supervision
- 3M Directions relating to consolidated supervision of groups
- 3N Revocation of directions under section 3M
- 3O Further provisions about directions under section 3M
- 3P Consultation by regulator complying with direction
- Co-operation with Bank of England
- 3Q Co-operation by FCA ... with Bank of England
- Arrangements for provision of services
- 3R Arrangements for provision of services
- Rules
- 3RA Duty of FCA and PRA to review rules
- 3RB Statement of policy relating to review of rules
- 3RC Requirement to review specified rules
- 3RD Report on certain reviews
- 3RE Power of Treasury to require making of rules by regulations
- Enhancing public understanding of financial matters etc.
- 3S The consumer financial education body
- Interpretation
- 3T Interpretation
- Part II Regulated And Prohibited Activities
- The general prohibition
- 19 The general prohibition.
- Requirement for permission
- 20 Authorised persons acting without permission.
- Financial promotion
- 21 Restrictions on financial promotion.
- Regulated activities
- 22 Regulated activities
- 22A Designation of activities requiring prudential regulation by PRA
- 22B Parliamentary control in relation to certain orders under section 22A
- Offences
- 23 Contravention of the general prohibition or section 20(1) or (1A).
- 23A Parliamentary control in relation to certain orders under section 23
- 24 False claims to be authorised or exempt.
- 25 Contravention of section 21.
- Enforceability of agreements
- 26 Agreements made by unauthorised persons.
- 26A Agreements relating to credit
- 27 Agreements made through unauthorised persons.
- 28 Agreements made unenforceable by section 26 or 27: general cases.
- 28A Credit-related agreements made unenforceable by section 26, 26A or 27
- 28B Decisions under section 28A: procedure
- 29 Accepting deposits in breach of general prohibition.
- 30 Enforceability of agreements resulting from unlawful communications.
- Part III Authorisation and Exemption
- Authorisation
- 31 Authorised persons.
- 32 Partnerships and unincorporated associations.
- Ending of authorisation
- 33 Withdrawal of authorisation ....
- 34 EEA firms.
- 35 Treaty firms.
- 36 Authorised open-ended investment companies
- Exercise of EEA rights by UK firms
- 37 Exercise of EEA rights by UK firms.
- Exemption
- 38 Exemption orders.
- 39 Exemption of appointed representatives.
- 39A Certain tied agents operating outside United Kingdom
- Part IV Permission to Carry on Regulated Activities
- Application for permission
- 40 Application for permission.
- 41 The threshold conditions.
- Permission
- 42 Giving permission.
- 43 Imposition of requirements.
- Variation and cancellation of Part IV permission
- 44 Variation etc. at request of authorised person.
- 45 Variation etc. on the Authority’s own initiative.
- 46 Variation of permission on acquisition of control.
- 47 Exercise of power in support of overseas regulator.
- 48 Prohibitions and restrictions.
- Connected persons
- 49 Persons connected with an applicant.
- Additional permissions
- 50 Authority’s duty to consider other permissions etc.
- Procedure
- 51 Applications under this Part.
- 52 Determination of applications.
- 53 Exercise of own-initiative power: procedure.
- 54 Cancellation of Part IV permission: procedure.
- Notification
- 54A. Notification of ESMA
- 54B. Notification of EBA
- References to the Tribunal
- 55 Right to refer matters to the Tribunal.
- PART 4A Permission to carry on regulated activities
- Application for permission
- 55A Application for permission
- 55B The threshold conditions
- 55C Power to amend Schedule 6
- 55D Firms based outside the United Kingdom
- 55E Giving permission: the FCA
- 55F Giving permission: the PRA
- 55G Giving permission: special cases
- Variation and cancellation of Part 4A permission
- 55H Variation by FCA at request of authorised person
- 55I Variation by PRA at request of authorised person
- 55J Variation or cancellation on initiative of regulator
- 55JA Variation or cancellation on initiative of FCA: additional power
- 55K Investment firms: particular conditions that enable cancellation
- 55KA. Insurance undertakings, reinsurance undertakings and third-country insurance undertakings: particular conditions that enable cancellation
- Imposition and variation of requirements
- 55L Imposition of requirements by FCA
- 55M Imposition of requirements by PRA
- 55N Requirements under section 55L or 55M: further provisions
- 55NA General requirement relating to financial promotion approval
- 55NB Section 55NA: power to provide for exemptions
- 55O Imposition of requirements on acquisition of control
- 55P Prohibitions and restrictions
- 55PA. Assets requirements imposed on insurance undertakings or reinsurance undertakings
- 55PB. Requirements relating to general meetings
- Exercise of power in support of overseas regulator
- 55Q Exercise of power in support of overseas regulator
- Connected persons
- 55R Persons connected with an applicant
- Additional permissions
- 55S Duty of FCA or PRA to consider other permissions
- Persons whose interests are protected
- 55T Persons whose interests are protected
- Procedure
- 55U Applications under this Part
- 55V Determination of applications
- 55W Applications under this Part: communications between regulators
- 55X Determination of applications: warning notices and decision notices
- 55XA Applications relating to administering a benchmark
- 55Y Exercise of own-initiative power: procedure
- 55Z Cancellation of Part 4A permission or permission under section 55NA: procedure
- Notification
- 55Z1 Notification of ESMA
- 55Z2 Notification of EBA
- 55Z2A. Notification of the European bodies
- References to the Tribunal
- 55Z3 Right to refer matters to the Tribunal
- Interpretation
- 55Z4 Interpretation of Part 4A
- Part V Performance of Regulated Activities
- Prohibition orders
- 56 Prohibition orders.
- 57 Prohibition orders: procedure and right to refer to Tribunal.
- 58 Applications relating to prohibitions: procedure and right to refer to Tribunal.
- Approval
- 59 Approval for particular arrangements.
- 59ZA Senior management functions
- 59ZB Designated senior management functions
- 59A Specifying functions as controlled functions: supplementary
- 59AB Specifying functions as controlled functions: transitional provision
- 59B Role of FCA in relation to PRA decisions
- 60 Applications for approval.
- 60A Vetting of candidates by ... authorised persons
- 61 Determination of applications.
- 62 Applications for approval: procedure and right to refer to Tribunal.
- 62A Changes in responsibilities of senior managers
- 63 Withdrawal of approval.
- 63ZA Variation of senior manager's approval at request of ... authorised person
- 63ZB Variation of senior manager's approval on initiative of regulator
- 63ZC Exercise of power under section 63ZB: procedure
- 63ZD Statement of policy relating to conditional approval and variation
- 63ZE Statement of policy: procedure
- Performance of controlled functions without approval
- 63A Power to impose penalties
- 63B Procedure and right to refer to Tribunal
- 63C Statement of policy
- 63D Statement of policy: procedure
- Certification of employees
- 63E Certification of employees by ... authorised persons
- 63F Issuing of certificates
- ...
- 64 Conduct: statements and codes.
- 65 Statements and codes: procedure.
- Conduct of approved persons and others
- 64A Rules of conduct
- 64B Rules of conduct: responsibilities of ... authorised persons
- 64C Requirement for ... authorised persons to notify regulator of disciplinary action
- 66 Disciplinary powers.
- 66A Misconduct: action by the FCA
- 66B Misconduct: action by the PRA
- 67 Disciplinary measures: procedure and right to refer to Tribunal.
- 68 Publication.
- 69 Statement of policy.
- 70 Statements of policy: procedure.
- Breach of statutory duty
- 71 Actions for damages.
- “Relevant authorised person”
- 71A Meaning of “relevant authorised person”
- Removal of directors and senior executives and appointment of temporary manager
- 71B. Removal of directors and senior executives
- 71C. Temporary manager
- 71D. Sections 71B and 71C: conditions
- 71E. Temporary manager: further provisions in relation to the appointment
- 71F. Temporary manager: instrument of appointment
- 71G. Right to refer matters to the Tribunal
- 71H. Removal of directors and senior executives and appointment of temporary manager: procedure
- 71I. Sections 71B to 71H: interpretation
- PART 5A Designated activities
- CHAPTER 1 GENERAL PROVISIONS
- 71K Designated activities
- 71L Restrictions on carrying on of designated activities
- 71M Designated activity regulations: general
- 71N Designated activities: rules
- 71O Designated activities: directions
- 71P Designated activities: liability
- 71Q Designated activities: enforcement
- 71R Designated activities and rules: connected amendments
- 71S Designated activities regulations: Parliamentary control
- CHAPTER 2 PROVISIONS RELATING TO PARTICULAR DESIGNATED ACTIVITIES
- “Relevant designated activity” and “relevant Part 5A requirement”
- 71T Meaning of “relevant designated activity” and “relevant Part 5A requirement”
- Procedure relating to relevant Part 5A directions
- 71U Meaning of “relevant Part 5A direction” for purposes of this Chapter
- 71V Procedure for giving, varying or revoking relevant Part 5A direction
- 71W Application for variation or revocation of relevant Part 5A direction
- 71X Determination of application under section 71W
- 71Y Relevant Part 5A direction: right to refer to Tribunal
- Part VI Official Listing
- ...
- 72 The competent authority.
- 73 General duty of the competent authority.
- Rules
- 73A Part 6 Rules
- The official list
- 74 The official list.
- Listing
- 75 Applications for listing.
- 76 Decision on application.
- 77 Discontinuance and suspension of listing.
- 78 Discontinuance or suspension: procedure.
- 78A Discontinuance or suspension at the request of the issuer: procedure
- Listing particulars
- 79 Listing particulars and other documents.
- 80 General duty of disclosure in listing particulars.
- 81 Supplementary listing particulars.
- 82 Exemptions from disclosure.
- 83 Registration of listing particulars.
- Contravention of prohibition relating to public offer of securities
- 84 Matters which may be dealt with by prospectus rules
- 85 Contravention of prohibition relating to public offer of securities
- 86 Exempt offers to the public and admissions to trading
- 87 Election to have prospectus
- Approval of prospectus
- 87A Criteria for approval of prospectus by FCA
- 87B Exemptions from disclosure
- 87C Consideration of application for approval
- 87D Procedure for decision to refuse an application for approval
- Transfer of application for approval of a prospectus
- 87E Transfer by FCA of application for approval
- 87F Transfer to FCA of application for approval
- Final terms
- 87FA. Final terms
- 87FB. Communication of final terms by FCA
- Supplementary prospectus
- 87G Supplementary prospectus
- Passporting
- 87H Prospectus approved in another EEA State
- 87I Provision of information to host Member State
- Transferable securities: powers of FCA
- 87J Requirements imposed as condition of approval
- 87JA. Power to suspend scrutiny of prospectus
- 87JB. Power to refuse approval of a prospectus
- 87K Power to suspend , restrict or prohibit offer to the public
- 87L Power to suspend , restrict or prohibit admission to trading on a regulated market
- 87LA. Power of FCA to suspend or prohibit trading on a trading facility
- 87M Public censure of issuer
- 87N Right to refer matters to the Tribunal
- 87O Procedure under sections 87JA, 87K, 87L and 87LA
- 87P Exercise of powers at request of competent authority of another EEA State
- Rights of investors
- 87Q Right of investor to withdraw
- Registered investors
- 87R Register of investors
- Sponsors
- 88 Sponsors.
- 89 Public censure of sponsor.
- 88A Disciplinary powers: contravention of s.88(3)(c) or (e)
- 88B Action under s.88A: procedure and right to refer to Tribunal
- 88C Action under s.88A: statement of policy
- 88D Statement of policy under s.88C: procedure
- 88E Powers exercisable to advance operational objectives
- 88F Action under s.88E: procedure
- Transparency obligations
- 89A Transparency rules
- 89B Provision of voteholder information
- 89C Provision of information by issuers of transferable securities
- 89D Notification of voting rights held by issuer
- 89E Notification of proposed amendment of issuer's constitution
- 89F Transparency rules: interpretation etc
- 89G Transparency rules: other supplementary provisions
- Power of FCA to call for information
- 89H FCA's power to call for information
- 89I Requirements in connection with call for information
- 89J Power to call for information: supplementary provisions
- Powers exercisable in case of infringement of transparency obligation
- 89K Public censure of issuer
- 89L Power to suspend or prohibit trading of securities
- 89M Procedure under section 89L
- 89N Right to refer matters to the Tribunal
- 89NA. Voting rights suspension orders
- Corporate governance
- 89O Corporate governance rules
- Primary information providers
- 89P Primary information providers
- 89Q Disciplinary powers: contravention of s.89P(4)(b) or (d)
- 89R Action under s.89Q: procedure and right to refer to Tribunal
- 89S Action under s.89Q: statement of policy
- 89T Statement of policy under s.89S: procedure
- 89U Powers exercisable to advance operational objectives
- 89V Action under s.89U: procedure
- 89W. Storage of regulated information
- Compensation for false or misleading statements etc
- 90 Compensation for statements in listing particulars ...
- 90ZA Liability for key investor information
- 90A Liability of issuers in connection with published information
- 90B Power to make further provision about liability for published information
- Penalties
- 91 Penalties for breach of Part 6 rules
- 92 Procedure.
- 93 Statement of policy.
- 94 Statements of policy: procedure.
- Competition
- 95 Competition scrutiny.
- Miscellaneous
- 96 Obligations of issuers of listed securities.
- 96A Disclosure of information requirements
- 96B Disclosure rules: persons responsible for compliance
- 96C Suspension of trading
- 97 Appointment by FCA of persons to carry out investigations.
- 97A. Reporting of infringements
- 98 Advertisements etc. in connection with listing applications.
- 99 Fees.
- 100 Penalties.
- 100A Exercise of powers where UK is host member state
- 101 Listing rules: general provisions.
- 102 Exemption from liability in damages.
- Interpretative provisions
- 102A Meaning of “securities” etc.
- 102B Meaning of “offer of transferable securities to the public” etc.
- 102C Meaning of “home State” in relation to transferable securities
- 103 Interpretation of this Part
- Part VII Control of Business Transfers
- 103A Meaning of “the appropriate regulator”
- 104 Control of business transfers.
- 105 Insurance business transfer schemes.
- 106 Banking business transfer schemes.
- 106A Reclaim fund business transfer scheme
- 106B Ring-fencing transfer scheme
- 107 Application for order sanctioning transfer scheme.
- 108 Requirements on applicants.
- 109 Scheme reports: insurance business transfer schemes
- 109A Scheme reports: ring-fencing transfer schemes
- 110 Right to participate in proceedings.
- 111 Sanction of the court for business transfer schemes.
- 112 Effect of order sanctioning business transfer scheme.
- 112ZA Duty of regulator to provide copy of order
- 112A Rights to terminate etc.
- 113 Appointment of actuary in relation to reduction of benefits.
- 114 Rights of certain policyholders.
- 114A Notice of transfer of reinsurance contracts
- Business transfers outside the United Kingdom
- 115 Certificates for purposes of insurance business transfers overseas.
- 116 Effect of insurance business transfers authorised in other EEA States.
- Modifications
- 117 Power to modify this Part.
- Part 7A Unilateral changes to pension schemes
- 117A Pension schemes to which this Part applies
- 117B Unilateral changes
- 117C Effect of transfer of pension pot on membership of scheme etc
- 117D Best interests test
- 117E Certification by independent person
- 117F Unilateral change notice
- 117G Further duties to make FCA general rules
- 117H Treasury regulations
- 117I Interpretation of Part
- Part VIII Provisions relating to market abuse
- ...
- 118 Market abuse.
- 118A Supplementary provision about certain behaviour
- 118B Insiders
- 118C Inside information
- ...
- 119 The code.
- 120 Provisions included in the FCA's code by reference to the City Code.
- 121 Codes: procedure.
- 122 Effect of the code.
- Powers to require information and supplemental provisions
- 122A. Power to require information from issuers
- 122B. General power to require information
- 122C. Power to require information: supplementary
- 122D. Entry of premises under warrant
- 122E. Retention of documents taken under section 122D
- 122F. Offences
- Other administrative powers
- 122G. Publication of information and corrective statements by issuers
- 122H. Publication of corrective statements generally
- 122HA Publication of corrective statements relating to benchmarks
- 122I. Power to suspend trading in financial instruments
- 122IA. Power to suspend auctioning of auctioned products on a recognised auction platform
- Administrative sanctions
- 123 Power to impose penalties or issue censure
- 123A. Power to prohibit individuals from managing or dealing
- 123B. Suspending permission to carry on regulated activities etc
- 123C. Exercise of administrative sanctions
- Statement of policy
- 124 Statement of policy.
- 125 Statement of policy: procedure.
- Procedure
- 126 Warning notices.
- 127 Decision notices and right to refer to Tribunal.
- 127A. Consultation with the PRA in relation to administrative sanctions
- Miscellaneous
- 128 Suspension of investigations.
- 129 Power of court to impose administrative sanctions in cases of market abuse
- 130 Guidance.
- 130A Interpretation and supplementary provision
- 131 Effect on transactions.
- 131A Protected Disclosures
- 131AA. Reporting of infringements
- 131AB. Interpretation
- 131AC. Meaning of “persons closely associated” in the market abuse regulation
- 131AD. Individual liability in respect of legal persons under Articles 8 and 12 of the market abuse regulation
- 131AE. Liability for contraventions of Article 14 or 15 of the market abuse regulation
- Part 8A Short selling
- Short selling rules
- 131B Short selling rules
- 131C Short selling rules: definitions etc
- 131D Short selling rules: procedure in urgent cases
- Power to require information
- 131E Power to require information
- 131F Power to require information: supplementary
- 131FA. Investigations in support of overseas regulator
- 131FB. Entry of premises under warrant
- 131FC. Retention of documents taken under section 131FB
- Breach of short selling regulation etc
- 131G Power to impose penalty or issue censure
- 131H Procedure and right to refer to Tribunal
- 131I Duty on publication of statement
- 131J Imposition of penalties under section 131G: statement of policy
- 131K Statement of policy: procedure
- 131L. Offences
- PART 8B Cash access services
- Introductory
- 131M Overview
- 131N Cash access services and coordination arrangements
- 131O Current accounts and relevant current account providers
- Cash access policy statement
- 131P Cash access policy statement
- 131Q Provision of reports to assist the Treasury
- Designation
- 131R Designation
- 131S Designation criteria
- 131T Cancellation or variation of a designation notice
- Supervision of designated persons
- 131U Purpose for which FCA must exercise functions under this Part
- 131V FCA rules
- 131W Power to direct designated persons
- 131X Procedure for directions
- 131Y Information gathering and investigations
- 131Z Disciplinary measures
- 131Z1 Costs of supervision
- 131Z2 Exclusion and modification of other FCA duties
- Part IX Hearings and Appeals
- 132 The Financial Services and Markets Tribunal.
- 133 Proceedings before Tribunal: general provision
- 133A Proceedings before Tribunal: decision and supervisory notices, etc.
- 133B Offences
- Legal assistance before the Tribunal
- 134 Legal assistance scheme.
- 135 Provisions of the legal assistance scheme.
- 136 Funding of the legal assistance scheme.
- 137 Appeal on a point of law.
- PART 9A Rules and Guidance
- CHAPTER 1 Rule-making powers
- General rule-making powers of the FCA and the PRA
- 137A The FCA's general rules
- 137AA The FCA's general rules: Gibraltar
- 137B FCA general rules: clients' money, right to rescind etc.
- 137C FCA general rules: cost of credit and duration of credit agreements
- 137D FCA general rules: product intervention
- 137E Orders under s.137D(1)(b)
- 137F Rules requiring participation in benchmark
- 137FA FCA general rules: disclosure of information about pension scheme transaction costs etc
- 137FAA FCA general rules: pensions dashboards
- 137FAB Pensions dashboards: further provision
- 137FAC Sections 137FAA and 137FAB: supplementary
- 137FB FCA general rules: disclosure of information about the availability of pensions guidance
- 137FBA FCA general rules: advice about transferring or otherwise dealing with annuity payments
- 137FBB FCA general rules: early exit pension charges
- 137FBC FCA general rules: regulation of consolidator pension schemes
- 137FC FCA rules: disclosure of information about the availability of financial guidance
- 137FD FCA general rules: charges for claims management services
- 137G The PRA's general rules
- 137GA The PRA's general rules: Gibraltar
- 137H General rules about remuneration
- 137I Remuneration policies: Treasury direction to consider compliance
- 137J Rules about recovery plans: duty to consult
- 137K Rules about resolution packs: duty to consult
- 137L Interpretation of sections 137J and 137K
- 137M Special provision relating to adequacy of resolution plans
- 137N Recovery plans and resolution packs: restriction on duty of confidence
- Specific rule-making powers
- 137O Threshold condition code
- 137P Control of information rules
- 137Q Price stabilising rules
- 137R Financial promotion rules
- 137S Financial promotion rules: directions given by FCA
- 137SA Rules to recover expenses relating to the Money and Pensions Service
- 137SB Rules to recover debt advice expenses incurred by the devolved authorities
- Supplementary powers
- 137T General supplementary powers
- CHAPTER 2 Rules: modification, waiver, contravention and procedural provisions
- Modification or waiver of rules
- 138A Modification or waiver of rules
- 138B Publication of directions under section 138A
- 138BA Disapplication or modification of rules in individual cases
- Contravention of rules
- 138C Evidential provisions
- 138D Actions for damages
- 138E Limits on effect of contravening rules
- Procedural provisions
- 138EA Matters to consider when making rules
- 138F Notification of rules
- 138G Rule-making instruments
- 138H Verification of rules
- 138I Consultation by the FCA
- 138IA FCA Cost Benefit Analysis Panel
- 138IB Statement of policy in relation to cost benefit analyses
- 138J Consultation by the PRA
- 138JA PRA Cost Benefit Analysis Panel
- 138JB Statement of policy in relation to cost benefit analyses
- 138K Consultation: mutual societies
- 138L Consultation: general exemptions
- 138M Consultation: exemptions for temporary product intervention rules
- 138N Temporary product intervention rules: statement of policy
- 138O Statement of policy under section 138N: procedure
- CHAPTER 2A Technical Standards
- 138P. Technical standards
- 138Q. Standards instruments
- 138R. Treasury approval
- 138S. Application of Chapters 1 and 2
- CHAPTER 3 Guidance
- 139A Power of the FCA to give guidance
- 139B Notification of FCA guidance to the Treasury
- CHAPTER 4 Competition scrutiny
- 140A Interpretation
- 140B Advice about effect of regulating provision or practice
- 140C Consultation with regulator
- 140D Investigation powers of CMA
- 140E. Publication by CMA of section 140B advice
- 140F Duty of CMA to send report to regulator
- 140G Duty of regulator to publish response
- 140H Role of the Treasury
- CHAPTER 5 Power to make consequential amendments
- 141A Power to make consequential amendments of references to rules etc.
- 141B Power to consequentially amend enactments
- PART 9B Ring-fencing
- Introductory
- 142A “Ring-fenced body”
- 142B Core activities
- 142C Core services
- 142D Excluded activities
- 142E Power of Treasury to impose prohibitions
- 142F Orders under section 142A, 142B, 142D or 142E
- Ring-fenced bodies not to carry on excluded activities or contravene prohibitions
- 142G Ring-fenced bodies not to carry on excluded activities or contravene prohibitions
- Ring-fencing rules
- 142H Ring-fencing rules
- 142I Powers of Treasury in relation to ring-fencing rules
- 142J Review of ring-fencing rules etc
- Group restructuring powers
- 142K Cases in which group restructuring powers become exercisable
- 142L Group restructuring powers
- 142M Procedure: preliminary notices
- 142N Procedure: warning notice and decision notice
- 142O References to Tribunal
- 142P Subsequent variation of requirement or direction
- 142Q Consultation etc. between regulators
- 142R Relationship with regulators' powers under Parts 4A and 12A
- Failure of parent undertaking to comply with direction
- 142S Power to impose penalty or issue censure
- 142T Procedure and right to refer to Tribunal
- 142U Duty on publication of statement
- 142V Imposition of penalties under section 142S: statement of policy
- Pension liabilities
- 142W Pension liabilities
- 142X Further interpretative provisions for section 142W
- Loss-absorbency requirements
- 142Y Power of Treasury in relation to loss-absorbency requirements
- General
- 142Z Affirmative procedure in relation to certain orders under Part 9B
- 142Z1 Interpretation of Part 9B
- PART 9C Prudential regulation of FCA investment firms
- Interpretation
- 143A FCA investment firms
- 143B Other terms used in this Part
- Rules
- 143C Duty to make rules applying to FCA investment firms
- 143D Duty to make rules applying to parent undertakings
- 143E Powers to make rules applying to parent undertakings
- 143F Part 9C rules
- 143G Matters to consider when making Part 9C rules
- 143H Explanation to accompany consultation on rules
- 143I Exceptions from sections 143G and 143H
- Requirement to have UK parent undertaking
- 143J Requirement to have UK parent undertaking
- Imposition of requirements on non-authorised parent undertakings
- 143K Imposition of requirements on non-authorised parent undertakings
- 143L Applications under section 143K
- 143M Determination of applications under section 143K
- 143N Refusal of applications under section 143K
- 143O Exercise of own-initiative power under section 143K
- 143P Right to refer matters to the Tribunal
- 143Q Assets requirements
- Control of managers etc of non-authorised parent undertakings
- 143R Managers of non-authorised parent undertakings
- 143S Part 9C prohibition orders
- 143T Procedure for making a Part 9C prohibition order
- 143U Varying and withdrawing a Part 9C prohibition order
- 143V Offence of breaching a Part 9C prohibition order
- Disciplinary measures for non-authorised parent undertakings
- 143W Disciplinary measures
- 143X Procedure for disciplinary measures
- 143Y Statement of policy for penalties under section 143W
- 143Z Procedure for statement of policy
- PART 9D Prudential regulation of credit institutions etc
- Interpretation
- 144A CRR rules
- 144B Terms used in this Part
- Making CRR rules
- 144C Matters to consider when making CRR rules
- 144D Explanation to accompany consultation on CRR rules
- 144E Exceptions from sections 144C and 144D etc
- 144F Power to consequentially amend enactments
- Content of CRR rules
- 144G Disapplication or modification of CRR rules in individual cases
- 144H Relationship with the capital requirements regulation
- Part X Rules and Guidance
- Chapter I Rule-making Powers
- 138 General rule-making power.
- 139 Miscellaneous ancillary matters.
- 139A General rules about remuneration
- 139B Rules about recovery plans
- 139C Rules about resolution plans
- 139D Sections 139B and 139C: interpretation
- 139E Rules about recovery and resolution plans: supplementary provision
- 139F Special provision in relation to resolution plans
- 140 Restriction on managers of certain collective investment schemes.
- 141 Insurance business rules.
- 142 Insurance business: regulations supplementing Authority’s rules.
- 143 Endorsement of codes etc.
- Specific rules
- 144 Price stabilising rules.
- 145 Financial promotion rules.
- 146 Money laundering rules.
- 147 Control of information rules.
- Modification or waiver
- 148 Modification or waiver of rules.
- Contravention of rules
- 149 Evidential provisions.
- 150 Actions for damages.
- 151 Limits on effect of contravening rules.
- Procedural provisions
- 152 Notification of rules to the Treasury.
- 153 Rule-making instruments.
- 154 Verification of rules.
- 155 Consultation.
- 156 General supplementary powers.
- Chapter II Guidance
- 157 Guidance.
- 158 Notification of guidance to the Treasury.
- 158A Guidance on outsourcing by investment firms and credit institutions
- Chapter III Competition Scrutiny
- 159 Interpretation.
- 160 Reports by OFT.
- 161 Power of OFT to request information.
- 162 Consideration by Competition Commission.
- 163 Role of the Treasury.
- 164 The Competition Act 1998.
- Part XI Information Gathering and Investigations
- Powers to gather information
- 165 Regulators power to require information : authorised persons etc.
- 165A PRA's power to require information: financial stability
- 165B Safeguards etc in relation to exercise of power under section 165A
- 165C Orders under section 165A(2)(d)
- 166 Reports by skilled persons.
- 166A Appointment of skilled person to collect and update information
- Appointment of investigators
- 167 Appointment of persons to carry out general investigations.
- 168 Appointment of persons to carry out investigations in particular cases.
- Assistance to overseas regulators
- 169 Investigations etc. in support of overseas regulator.
- 169A Support of overseas regulator with respect to financial stability
- Conduct of investigations
- 170 Investigations: general.
- 171 Powers of persons appointed under section 167.
- 172 Additional power of persons appointed as a result of section 168(1) , (4) or (4B).
- 173 Powers of persons appointed as a result of section 168(2).
- 174 Admissibility of statements made to investigators.
- 175 Information and documents: supplemental provisions.
- 176 Entry of premises under warrant.
- 176A Retention of documents taken under section 176
- Offences
- 177 Offences.
- Interpretation
- 177A Interpretation of Part 11
- Part XII Control Over Authorised Persons
- Notices of acquisitions of control over UK authorised persons
- 178 Obligation to notify the appropriate regulator: acquisitions of control
- 179 Requirements for section 178 notices
- 180 Acknowledgment of receipt
- Acquiring control and other changes of holding
- 181 Acquiring control
- 182 Increasing control
- 183 Reducing or ceasing to have control
- 184 Disregarded holdings
- Assessment procedure
- 185 Assessment: general
- 186 Assessment criteria
- 187 Approval with conditions
- 187A Assessment: consultation by PRA with FCA
- 187B Assessment: consultation by FCA with PRA
- 187C Variation etc of conditions
- 188 Assessment: consultation with EC competent authorities
- 189 Assessment: Procedure
- 190 Requests for further information
- 190A. Assessment and resolution
- 191 Duration of approval
- Enforcement procedures
- 191A Objection by the appropriate regulator
- 191B Restriction notices
- 191C Orders for sale of shares
- Notice of reductions of control of UK authorised persons
- 191D Obligation to notify the appropriate regulator: dispositions of control
- 191E Requirements for notices under section 191D
- Offences
- 191F Offences under this Part
- Interpretation
- 191G Interpretation
- Miscellaneous
- 192 Power to change definitions of control etc.
- PART 12A Powers exercisable in relation to parent undertakings
- Introductory
- 192A Meaning of “qualifying authorised person”
- 192B Meaning of “qualifying parent undertaking”
- Power of direction
- 192C Power to direct qualifying parent undertaking
- 192D Requirements that may be imposed
- 192E Direction: procedure
- 192F Consultation between regulators
- 192G References to Tribunal
- 192H Statement of policy: directions under section 192C
- 192I Statement of policy relating to directions: procedure
- Rules requiring provision of information by parent undertakings
- 192J Rules requiring provision of information by parent undertakings
- Rules applying to parent undertakings of ring-fenced bodies
- 192JA Rules applying to parent undertakings of ring-fenced bodies
- Rules requiring parent undertakings to facilitate resolution
- 192JB Rules requiring parent undertakings to facilitate resolution
- Failure to comply with direction or breach of rules
- 192K Power to impose penalty or issue censure
- 192L Procedure and right to refer to Tribunal
- 192M Duty on publication of statement
- 192N Imposition of penalties under section 192K: statement of policy
- PART 12B Approval of certain holding companies
- Interpretation
- 192O. Interpretation
- Approval
- 192P. Requirement for approval
- 192Q. Application for approval or exemption
- 192R. Grant of approval
- 192S. Regulator’s duty to monitor
- 192T Measures
- 192U. Directions: procedure
- 192V. Rules imposing consolidated or sub-consolidated requirements
- 192W. Consultation between regulators
- 192X. References to Tribunal
- Rules
- 192XA Rules applying to holding companies
- 192XB Procedural provision
- 192XC Disapplication or modification of rules in individual cases
- 192Y. Power to impose penalty or issue censure
- 192Z. Procedure and right to refer to Tribunal
- 192Z1. Duty on publication of statement
- 192Z2. Directions and penalties: statement of policy
- 192Z3. Statement of policy relating to directions: procedure
- Part XIII Incoming Firms: Intervention by FCA or PRA
- Interpretation
- 193 Interpretation of this Part.
- 194 General grounds on which power of intervention is exercisable.
- 194A Contravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive: appropriate regulator primarily responsible for securing compliance
- 194B. Contravention by relevant EEA firm of requirement in capital requirements directive or capital requirements regulation
- 194C. Contravention by relevant EEA firm with UK branch of requirement in mortgages directive: appropriate regulator primarily responsible for securing compliance
- 194D. Contravention by relevant EEA firm of requirement in insurance distribution directive: appropriate regulator primarily responsible for securing compliance
- 195 Exercise of power in support of overseas regulator.
- 195A Contravention by relevant EEA firm , EEAUCITS or EEAAIFM of directive requirements: home state regulator primarily responsible for securing compliance
- 195B. Contravention by relevant EEA firm of requirement in mortgages directive: home state regulator primarily responsible for securing compliance
- 195C. Contravention by relevant EEA firm of requirement in insurance distribution directive: home state regulator primarily responsible for securing compliance
- 196 The power of intervention.
- Exercise of power of intervention
- 197 Procedure on exercise of power of intervention.
- 198 Power to apply to court for injunction in respect of certain overseas insurance companies.
- 199 Additional procedure for EEA firms in certain cases.
- 199A Management companies: loss of authorisation
- Supplemental
- 200 Rescission and variation of requirements.
- 201 Effect of certain requirements on other persons
- 202 Contravention of requirement imposed under this Part.
- Powers of Office of Fair Trading
- 203 Power to prohibit the carrying on of Consumer Credit Act business.
- 204 Power to restrict the carrying on of Consumer Credit Act business.
- PART 13A Enhanced supervision of firms exercising rights under the Insurance Distribution Directive
- 203A. Insurance distribution directive: enhanced supervision of EEA firms by UK regulators
- 203B. Insurance distribution directive: enhanced supervision of UK firms by an EEA regulator
- 203C. Modification or waiver of rules where firm subject to enhanced supervision
- 203D. Publication of directions under section 203C
- Part XIV Disciplinary Measures
- 204A Meaning of “relevant requirement” and “appropriate regulator”
- 205 Public censure.
- 206 Financial penalties.
- 206A Suspending permission to carry on regulated activities etc
- 206B Prohibition or restriction on carrying on of relevant designated activities
- 207 Proposal to take disciplinary measures.
- 208 Decision notice.
- 208A Applications under section 206B(4): procedure and right to refer to Tribunal
- 209 Publication.
- 210 Statements of policy.
- 211 Statements of policy: procedure.
- Part XV The Financial Services Compensation Scheme
- The scheme manager
- 212 The scheme manager.
- The scheme
- 213 The compensation scheme.
- Provisions of the scheme
- 214 General.
- 214A Contingency funding
- 214B Contribution to costs of special resolution regime
- 214C Limit on amount of special resolution regime payments
- 214D Contributions under section 214B: supplementary
- 214E Recapitalisation payments
- 214F Recapitalisation payment: report
- 214G Notification to Parliamentary Committees
- 214H Reimbursement in respect of a recapitalisation payment
- 215 Rights of the scheme in insolvency
- 215A Continuity etc. of funeral plan contracts
- 215B Scheme manager’s power to require assistance from liquidator etc. in relation to funeral plan contracts
- 216 Continuity of long-term insurance policies.
- 217 Insurers in financial difficulties.
- 217ZA Insurers subject to write-down orders
- 217ZB Recovery of financial assistance under section 217ZA
- Relationship with the regulators
- 217A Co-operation
- Annual plan and report
- 217B Annual plan
- 218 Annual report.
- 218ZA Audit of accounts
- Information and documents
- 218A Regulators' power to require information
- 218B Treasury's power to require information from scheme manager
- 219 Scheme manager’s power to require information.
- 220 Scheme manager’s power to inspect information held by liquidator etc.
- 220A Power to inspect information held by write-down manager
- 221 Powers of court where information required.
- Miscellaneous
- 221A Delegation of functions
- 222 Statutory immunity.
- 223 Management expenses.
- 223A Investing in National Loans Fund
- 223B Borrowing from National Loans Fund
- 223C Payments in error
- 224 Scheme manager’s power to inspect documents held by Official Receiver etc.
- 224ZA Discharge of functions
- 224A Functions under the Banking Act 2009
- Part 15A Power to require FSCS manager to act in relation to other schemes
- Introduction
- 224B Meaning of “relevant scheme” etc
- Power to require FSCS manager to act
- 224C Power to require FSCS manager to act on behalf of manager of relevant scheme
- 224D Cases where FSCS manager may decline to act
- 224E Grounds for declining to act
- Rules
- 224F Rules about relevant schemes
- Part XVI The Ombudsman Scheme
- The scheme
- 225 The scheme and the scheme operator.
- 226 Compulsory jurisdiction.
- 226A Consumer credit jurisdiction
- 227 Voluntary jurisdiction.
- Determination of complaints
- 228 Determination under the compulsory jurisdiction.
- 229 Awards.
- 230 Costs.
- 230A Reports of determinations
- Information
- 231 Ombudsman’s power to require information.
- 232 Powers of court where information required.
- 232A Scheme operator's duty to provide information to FCA
- 233 Data protection.
- Funding
- 234 Industry funding.
- 234A Funding by consumer credit licensees etc.
- Successors to businesses
- 234B Transfers of liability
- PART 16A Consumer protection and competition
- Super-complaints and references to FCA
- 234C Complaints by consumer bodies
- 234D Reference by scheme operator or regulated person
- 234E Response by FCA
- 234F Section 234E: exceptions
- 234G Guidance
- Competition
- 234H Power of FCA to make request to Competition and Markets Authority
- 234I The FCA's functions under Part 4 of the Enterprise Act 2002
- 234J The FCA's functions under the Competition Act 1998
- 234K Duty to consider exercise of powers under Competition Act 1998
- 234L Provision of information and assistance to a CMA group
- 234M Function of keeping market under review
- 234N Exclusion of general duties
- 234O Supplementary provision
- Part XVII Collective Investment Schemes
- Chapter I Interpretation
- 235 Collective investment schemes.
- 235A. Contractual schemes
- 236 Open-ended investment companies.
- 236A Meaning of “UCITS”
- 237 Other definitions.
- Chapter II Restrictions on Promotion
- 238 Restrictions on promotion.
- 239 Single property schemes.
- 240 Restriction on approval of promotion.
- 241 Actions for damages.
- CHAPTER 2A PROHIBITION ON ISSUE OF BEARER UNITS
- 241A. Bearer units no longer to be issued
- Chapter III Authorised Unit Trust Schemes
- Applications for authorisation
- 242 Applications for authorisation of unit trust schemes.
- 243 Authorisation orders : authorised unit trust schemes.
- 243A Authorisation orders: authorised money market funds
- 244 Determination of applications.
- Applications refused
- 245 Procedure when refusing an application.
- Certificates
- 246 Certificates.
- Rules
- 247 Trust scheme rules.
- 248 Scheme particulars rules.
- 249 Disciplinary measures
- 250 Modification or waiver of rules.
- Alterations
- 251 Alteration of schemes and changes of manager or trustee.
- 252 Procedure when refusing approval of a proposal under section 251.
- 252A Proposal to convert to a non-feeder UCITS
- Exclusion clauses
- 253 Avoidance of exclusion clauses.
- Ending of authorisation
- 254 Revocation of authorisation order otherwise than by consent.
- 255 Procedure.
- 256 Requests for revocation of authorisation order.
- Powers of intervention
- 257 Directions.
- 258 Applications to the court.
- 258A Winding up or merger of master UCITS
- 259 Procedure on giving directions under section 257 or 258A and varying them on FCA's own initiative.
- 260 Procedure: refusal to revoke or vary direction.
- 261 Procedure: revocation of direction and grant of request for variation.
- 261A Information for home state regulator
- 261B Information for feeder UCITS
- CHAPTER 3A AUTHORISED CONTRACTUAL SCHEMES
- Applications for authorisation
- 261C. Applications for authorisation of contractual schemes
- 261D. Authorisation orders : authorised contractual schemes
- 261E. Authorised contractual schemes: holding of units
- 261EA Authorisation orders: authorised money market funds
- 261F. Determination of applications
- Applications refused
- 261G. Procedure when refusing an application
- Certificates
- 261H. Certificates
- Rules
- 261I. Contractual scheme rules
- 261J. Contractual scheme particulars rules
- 261K. Disciplinary measures
- 261L. Modification or waiver of rules
- Co-ownership schemes: rights and liabilities of participants
- 261M. Contracts
- 261N. Effect of becoming or ceasing to be a participant
- 261O. Limited liability
- 261P. Segregated liability in relation to umbrella co-ownership schemes
- Alterations
- 261Q. Alteration of contractual schemes and changes of operator or depositary
- 261R. Procedure when refusing approval of a proposal under section 261Q
- 261S. Proposal to convert to a non-feeder UCITS
- Exclusion clauses
- 261T. Avoidance of exclusion clauses
- Ending of authorisation
- 261U. Revocation of authorisation order otherwise than by consent
- 261V. Procedure for revoking authorisation order
- 261W. Requests for revocation of authorisation order
- Powers of intervention
- 261X. Directions
- 261Y. Applications to the court
- 261Z. Winding up or merger of master UCITS
- 261Z1. Procedure on giving directions under section 261X or 261Z and varying them on FCA’s own initiative
- 261Z2. Procedure: refusal to revoke or vary direction
- 261Z3. Procedure: revocation of direction and grant of request for variation
- 261Z4. Information for home state regulator
- 261Z5. Information for feeder UCITS
- CHAPTER 3B Unauthorised co-ownership AIFs
- 261Z6 Power to make provision about unauthorised co-ownership AIFs
- Chapter IV Open-ended Investment Companies
- 262 Open-ended investment companies.
- 263 Amendment of section 716 Companies Act 1985.
- Chapter V Recognised Overseas Schemes
- Schemes constituted in other EEA States
- 264 Schemes constituted in other EEA States.
- 265 Representations and references to the Tribunal.
- 266 Disapplication of rules.
- 267 Power of FCA to suspend promotion of scheme.
- 268 Procedure on giving directions under section 267 and varying them on FCA's own initiative.
- 269 Procedure on application for variation or revocation of direction.
- ...
- 270 Schemes authorised in designated countries or territories.
- 271 Procedure.
- Schemes authorised in approved countries
- 271A Schemes authorised in approved countries
- 271B Approval of country: equivalent protection afforded to participants
- 271C Approval of country: regulatory co-operation
- 271D Report by the FCA in relation to approval
- 271E Power to impose requirements on schemes
- 271F Application for recognition to the FCA
- 271G Determination of applications
- 271H Procedure when determining an application
- 271I Obligations on operator of a section 271A scheme
- 271J Provision of information to the FCA
- 271K Rules as to scheme particulars
- 271L Suspension of recognition
- 271M Procedure when suspending recognition
- 271N Revocation of recognition on the FCA's initiative
- 271O Requests for revocation of recognition
- 271P Obligations on operator where recognition is revoked or suspended
- 271Q Effect of variation or revocation of Treasury regulations
- 271R Public censure
- 271S Recognition of parts of schemes under section 271A
- Individually recognised overseas schemes
- 272 Individually recognised overseas schemes.
- 273 Matters that may be taken into account.
- 274 Applications for recognition of individual schemes.
- 275 Determination of applications.
- 276 Procedure when refusing an application.
- 277 Alteration of schemes and changes of operator, trustee or depositary.
- 277A. Regular provision of information relating to compliance with requirements for recognition
- ...
- 278 Rules as to scheme particulars.
- 279 Revocation of recognition.
- 280 Procedure.
- 281 Directions.
- 282 Procedure on giving directions under section 281 and varying them otherwise than as requested.
- 282A Obligations on operator where recognition is revoked or suspended
- 282B Public censure
- 282C Recognition of parts of schemes under section 272
- Facilities and information in UK
- 283 Facilities and information in UK.
- CHAPTER 5A MASTER-FEEDER STRUCTURES
- 283A Master-feeder structures
- 283B Reports on derivative instruments
- Chapter VI Investigations
- 284 Power to investigate.
- PART 17A Transformer Vehicles
- 284A Transformer vehicles
- Part XVIII Recognised investment exchanges, clearing houses , CSDs and other parties
- Chapter I Exemption
- General
- 285 Exemption for recognised bodies etc.
- 285A Powers exercisable in relation to recognised bodiesetc
- 286 Qualification for recognition.
- Applications for recognition
- 287 Application by an investment exchange.
- 287A. Application by an investment exchange: persons connected with an applicant
- 288 Application by a clearing house.
- 288A. Application by a central securities depository
- 289 Applications: supplementary.
- 290 Recognition orders.
- 290ZA. Variation of central counterparty recognition order
- 290ZB. Variation of CSD recognition order
- 290A Refusal of recognition on ground of excessive regulatory provision
- 291 Liability in relation to recognised body’s regulatory functions.
- 292 Overseas investment exchanges and overseas clearing houses.
- Publication of information by recognised investment exchange
- 292A Publication of information by recognised investment exchange
- Supervision
- 293 Notification requirements.
- 293A Information: compliance with specified requirements
- 294 Modification or waiver of rules.
- 295 Notification: overseas investment exchanges and overseas clearing houses.
- 295A. On-site inspection of United Kingdom branches of third country CSDs
- 296 Appropriate regulator's power to give directions.
- 296A Additional power to direct recognised central counterparties
- 297 Revoking recognition.
- 298 Directions and revocation: procedure.
- 299 Complaints about recognised bodies.
- 300 Extension of functions of Tribunal.
- Power to disallow excessive regulatory provision
- 300A Power of appropriate regulator to disallow excessive regulatory provision
- 300B Duty to notify proposal to make regulatory provision
- 300C Restriction on making provision before appropriate regulator decides whether to act
- 300D Consideration by appropriate regulator whether to disallow proposed provision
- 300E Power to disallow excessive regulatory provision: supplementary
- General rule-making powers
- 300F Rules relating to central counterparties and central securities depositories
- 300G Section 300F: rules in relation to overseas FMI entities
- 300H Rules relating to investment exchanges and data reporting service providers
- Bank of England rules
- 300I Duty of Bank of England to review rules
- 300J Statement of policy relating to review of rules
- 300K Requirement to review specified rules
- 300L Report on certain reviews
- 300M Power of Treasury to require making of rules by regulations
- Other matters
- 301 Supervision of certain contracts.
- CHAPTER 1A CONTROL OVER RECOGNISED INVESTMENT EXCHANGE
- Notices of acquisitions of control over recognised investment exchanges
- 301A Obligation to notify the FCA: acquisitions of control
- 301B Requirements for section 301A notices
- 301C Acknowledgment of receipt
- Acquiring and increasing control
- 301D Acquiring and increasing control
- 301E Disregarded holdings
- Assessment procedure
- 301F Assessment: general
- 301G Assessment: Procedure
- 301H Duration of approval
- Enforcement procedures
- 301I Objections by the FCA
- 301J Restriction notices
- 301K Orders for sale of shares
- Offences
- 301L Offences under this Chapter
- Interpretation
- 301M Interpretation
- Chapter II Competition Scrutiny
- 302 Interpretation.
- Role of Office of Fair Trading
- 303 Initial report by OFT.
- 304 Further reports by OFT.
- 305 Investigations by OFT.
- Role of Competition Commission
- 306 Consideration by Competition Commission.
- Role of the Treasury
- 307 Recognition orders: role of the Treasury.
- 308 Directions by the Treasury.
- 309 Statements by the Treasury.
- 310 Procedure on exercise of certain powers by the Treasury.
- CHAPTER 2A Performance of functions of recognised bodies
- Relevant recognised bodies
- 309A Recognised bodies to which this Chapter applies
- Prohibition
- 309B Part 18 prohibition orders
- 309C Procedure for making Part 18 prohibition orders
- 309D Varying and withdrawing Part 18 prohibition orders
- 309E Offence of breaching prohibition
- 309F Duty in relation to prohibited individuals
- Approval
- 309G Requirement for approval
- 309H Rules under section 309G(3): transitional provision
- 309I Applications for approval
- 309J Vetting by relevant recognised bodies
- 309K Determining applications: power to grant approval
- 309L Determining applications: period for approval
- 309M Determining applications: further procedure
- 309N Changes in responsibilities
- 309O Withdrawing approval
- 309P Procedure for withdrawing approval
- 309Q Varying approval at request of relevant recognised body
- 309R Varying approval on the appropriate regulator’s initiative
- 309S Statement of policy on approval
- 309T Breach of statutory duty by relevant recognised bodies
- 309U Power to impose penalties
- 309V Procedure for imposing penalties
- 309W Statement of policy on penalties
- 309X Procedure for statement of policy on penalties
- Certification of employees
- 309Y Certification of employees by relevant recognised bodies
- 309Z Issuing certificates
- Rules of conduct
- 309Z1 Rules of conduct
- Disciplinary action by appropriate regulator
- 309Z2 Power to take disciplinary action for misconduct
- 309Z3 Meaning of “misconduct”
- 309Z4 Procedure for disciplinary action
- 309Z5 Statement of policy about disciplinary action
- 309Z6 Procedure for statement of policy about disciplinary action
- Interpretation
- 309Z7 Interpretation of Chapter 2A
- Application of this Chapter to credit rating agencies
- 309Z8 Power to apply this Chapter to credit rating agencies
- Chapter III Exclusion from the Competition Act 1998
- 311 The Chapter I prohibition.
- 312 The Chapter II prohibition.
- CHAPTER 3A PASSPORT RIGHTS
- EEA market operators in United Kingdom
- 312A Exercise of passport rights by EEA market operator
- 312B Removal of passport rights from EEA market operator
- Recognised investment exchanges operating in EEA States (other than the United Kingdom)
- 312C Exercise of passport rights by recognised investment exchange
- Interpretation
- 312D Interpretation of Chapter 3A
- CHAPTER 3B Disciplinary measures in respect of recognised bodies
- 312E Public censure
- 312F Financial penalties
- 312FA. Central securities depositories: further disciplinary measures
- 312G Proposal to take disciplinary measures
- 312H Decision notice
- 312I Publication
- 312J Statement of policy
- 312K Statement of policy: procedure
- CHAPTER 3C Critical third parties
- 312L Critical third parties
- 312M Power to make rules
- 312N Power of direction
- 312O Directions: procedure
- 312P Information gathering and investigations
- 312Q Power of censure
- 312R Disciplinary measures
- 312S Procedure and right to refer to Tribunal
- 312T Statement of policy relating to disciplinary measures
- 312U Duty to ensure co-ordinated exercise of functions etc
- 312V Memorandum of understanding
- 312W Application of provisions of this Act to this Chapter
- Interpretation
- 313 Interpretation of Part XVIII.
- Part 18A SUSPENSION AND REMOVAL OF FINANCIAL INSTRUMENTS FROM TRADING
- 313A FCA's power to require suspension or removal of financial instruments from trading
- 313B Suspension or removal of financial instruments from trading: procedure
- 313BA Procedure following consideration of representations
- 313BB Revocation of requirements: applications by institutions
- 313BC Decisions on applications for revocation by institutions
- 313BD Revocation of requirements: applications by issuers
- 313BE Decisions on applications for revocation by issuers
- 313C Notification in relation to suspension or removal of a financial instrument from trading
- 313CA. Suspension or removal of financial instruments from trading: notification and trading on other venues
- 313CB. Suspension or removal of a financial instrument from a trading by a trading venue: FCA duties
- 313CBA Significant damage to investors’ interests or orderly functioning of market
- 313CC. Suspension or removal of a financial instrument from trading in another EEA state: FCA duties
- 313D Interpretation of Part 18A
- Part XIX Lloyd’s
- General
- 314 Regulators' general duty.
- 314A The PRA's objectives in relation to Lloyd's etc
- The Society
- 315 The Society: regulated activities
- Power to apply Act to Lloyd’s underwriting
- 316 Direction by a regulator
- 317 The core provisions.
- 318 Exercise of powers through Council.
- 319 Consultation.
- Former underwriting members
- 320 Former underwriting members.
- 321 Requirements imposed under section 320.
- 322 Rules applicable to former underwriting members.
- Transfers of business done at Lloyd’s
- 323 Transfer schemes.
- Supplemental
- 324 Interpretation of this Part.
- Part XX Provision of Financial Services by Members of the Professions
- 325 FCA's general duty.
- 326 Designation of professional bodies.
- 327 Exemption from the general prohibition.
- 328 Directions in relation to the general prohibition.
- 329 Orders in relation to the general prohibition.
- 330 Consultation.
- 331 Procedure on making or varying orders under section 329.
- 332 Rules in relation to persons to whom the general prohibition does not apply.
- 333 False claims to be a person to whom the general prohibition does not apply.
- PART 20A PENSIONS GUIDANCE
- 333A Introduction and definitions
- Giving of pensions guidance
- 333B Secretary of State’s role in relation to pensions guidance
- 333C Giving of pensions guidance
- 333D Financial assistance to bodies involved in giving pensions guidance
- Designation of guidance providers
- 333E Designation of providers of pensions guidance
- Co-operation and information sharing
- 333F Co-operation and information sharing
- False claims when giving pensions guidance
- 333G Offence of falsely claiming to be giving pensions guidance under arrangements made with Secretary of State
- Standards for giving of pensions guidance by designated guidance providers
- 333H Standards for giving of pensions guidance by designated guidance providers
- 333I Monitoring of compliance with standards by designated guidance providers
- 333J Failure by designated guidance providers to comply with standards: FCA recommendations
- 333K FCA policy on making recommendations under section 333J
- 333L FCA policy on making recommendations under section 333J: procedure
- 333M Failure by designated guidance providers to comply with standards: ... directions
- 333N Directions to designated guidance providers under section 333M: relationship with power to revoke a designation
- FCA's duties and power to give guidance
- 333O FCA's duties
- 333P Power of the FCA to give guidance
- Funding of pensions guidance
- 333Q Funding of FCA's pensions guidance costs
- 333R Funding of Secretary of State’s pensions guidance costs
- PART 20B Illegal Money Lending
- 333S Financial assistance for action against illegal money lending
- 333T Funding of action against illegal money lending
- Part XXI Mutual Societies
- Friendly societies
- 334 The Friendly Societies Commission.
- 335 The Registry of Friendly Societies.
- Building societies
- 336 The Building Societies Commission.
- 337 The Building Societies Investor Protection Board.
- Industrial and provident societies and credit unions
- 338 Industrial and provident societies and credit unions.
- Supplemental
- 339 Supplemental provisions.
- Part XXII Auditors and Actuaries
- General duties of regulator
- 339A General duties of PRA in relation to auditors
- 339B Duty to meet auditors of certain institutions
- 339C PRA-authorised persons to which this section applies
- Appointment
- 340 Appointment.
- Information
- 341 Access to books etc.
- 342 Information given by auditor or actuary to a regulator.
- 343 Information given by auditor or actuary to a regulator: persons with close links.
- 344 Duty of auditor or actuary resigning etc. to give notice.
- Disciplinary measures
- 345 Disciplinary measures: FCA
- 345A Disciplinary measures: PRA
- 345B Procedure and right to refer to Tribunal
- 345C Duty on publication of statement
- 345D Imposition of penalties on auditors or actuaries: statement of policy
- 345E Statements of policy: procedure
- Offence
- 346 Provision of false or misleading information to auditor or actuary.
- Part XXIII Public Record, Disclosure of Information and Co-operation
- The public record
- 347 The record of authorised persons etc.
- 347A Duty of PRA to disclose information relevant to the record
- Disclosure of information
- 348 Restrictions on disclosure of confidential information by FCA, PRAetc.
- 349 Exceptions from section 348.
- 350 Disclosure of information by the Inland Revenue.
- 351 Competition information.
- 351A Disclosure under the UCITS directive
- 352 Offences.
- 353 Removal of other restrictions on disclosure.
- Information received from Bank of England
- 353A Information received from Bank of England
- Co-operation
- 354 Authority’s duty to co-operate with others.
- 354A FCA's duty to co-operate with others
- 354B PRA's duty to co-operate with others
- 354C PRA's duty to provide information to Bank of England
- Provision of information to ESMA, the Commission and other EEA States
- 354D. Information under the markets in financial instruments directive
- 354E. Competent authorities under the markets in financial instruments directive: designation and co-operation
- 354F. Information under the transparency obligations directive
- 354G. Information under the UCITS directive
- 354H. Information under the Insurance Distribution Directive
- Part XXIV Insolvency
- Interpretation
- 355 Interpretation of this Part.
- Arrangements and reconstructions: companies in financial difficulty
- 355A Powers of FCA and PRA to participate in proceedings
- 355B Enforcement of requirements imposed by section 355A
- Voluntary arrangements
- 356 Powers of FCA and PRA to participate in proceedings: company voluntary arrangements.
- 357 Powers of FCA and PRA to participate in proceedings: individual voluntary arrangements.
- 358 Powers of FCA and PRA to participate in proceedings: trust deeds for creditors in Scotland.
- Administration orders
- 359 Administration order
- 360 Insurers.
- 361 Administrator’s duty to report to FCA and PRA
- 362 Powers of FCA and PRA to participate in proceedings.
- 362A Administrator appointed by company or directors
- Receivership
- 363 Powers of FCA and PRA to participate in proceedings.
- 364 Receiver’s duty to report to FCA and PRA
- Voluntary winding up
- 365 Powers of FCA and PRA to participate in proceedings.
- 366 Insurers effecting or carrying out long-term contracts or insurance.
- Winding up by the court
- 367 Winding-up petitions.
- 368 Winding-up petitions: EEA and Treaty firms.
- 369 Insurers: service of petition etc. on FCA and PRA.
- 369A Reclaim funds: service of petition etc on FCA and PRA
- 370 Liquidator's duty to report to FCA and PRA
- 371 Powers of FCA and PRA to participate in proceedings.
- Bankruptcy
- 372 Petitions.
- 373 Insolvency practitioner’s duty to report to FCA and PRA.
- 374 Powers of FCA or PRA to participate in proceedings.
- Provisions against debt avoidance
- 375 Right of FCA and PRA to apply for an order.
- Supplemental provisions concerning insurers
- 376 Continuation of contracts of long-term insurance where insurer in liquidation.
- 377 Reducing the value of contracts instead of winding up.
- 377A Write-down orders
- 377B Excluded liabilities
- 377C Application for a write-down order
- 377D Powers of the FCA and PRA to participate in proceedings
- 377E Powers of the court
- 377F Duty to notify creditors
- 377G The manager
- 377H Write-down order ceasing to have effect
- 377I Variation or revocation of a write-down order
- 377J Further provision about write-down orders
- 377K Insurers in financial difficulties: enforcement of contracts
- 378 Treatment of assets on winding up.
- 379 Winding-up rules.
- Settlement finality
- 379A Power to apply settlement finality regime to payment institutions
- Part XXV Injunctions and Restitution
- Injunctions
- 380 Injunctions.
- 381 Injunctions in cases of market abuse.
- Restitution orders
- 382 Restitution orders.
- 383 Restitution orders in cases of market abuse.
- Restitution required by FCA or PRA
- 384 Power of FCA or PRA to require restitution.
- 385 Warning notices.
- 386 Decision notices.
- Part XXVI Notices
- Warning notices
- 387 Warning notices.
- Decision notices
- 388 Decision notices.
- Conclusion of proceedings
- 389 Notices of discontinuance.
- 390 Final notices.
- Publication
- 391 Publication.
- 391A Publication: special provisions relating to capital requirements
- 391B. Publication: special provisions relating to transparency obligations
- 391C. Publication: special provisions relating to UCITS
- 391D. Publication: special provisions relating to markets in financial instruments
- 391E. Publication: special provisions relating to insurance distribution
- 391F. Publication: special provisions relating to the prospectus regulation
- Third party rights and access to evidence
- 392 Application of sections 393 and 394.
- 393 Third party rights.
- 394 Access to FCA or PRA material.
- The FCA's and PRA's procedures
- 395 The FCA's and PRA's procedures.
- 396 Statements under section 395: consultation.
- Part XXVII Offences
- Miscellaneous offences
- 397 Misleading statements and practices.
- 398 Misleading FCA or PRA: residual cases.
- 399 Misleading the CMA.
- Bodies corporate and partnerships
- 400 Offences by bodies corporate etc.
- Institution of proceedings
- 401 Proceedings for offences.
- 402 Power of FCA to institute proceedings for certain other offences.
- 403 Jurisdiction and procedure in respect of offences.
- Part XXVIII Miscellaneous
- Consumer redress schemes
- 404 Consumer redress schemes
- 404A Rules under s.404: supplementary
- 404B Complaints to the ombudsman scheme
- 404C Enforcement
- 404D Applications to Tribunal to quash rules or provision of rules
- 404E Meaning of “consumers”
- 404F Other definitions etc
- 404G Power to widen the scope of consumer redress schemes
- Third countries
- 405 Directions.
- 406 Interpretation of section 405.
- 407 Consequences of a direction under section 405.
- 408 EFTA firms.
- 409 Gibraltar.
- International powers and obligations
- 409A Consultation in relation to deference decisions
- 409B Notification in relation to international trade obligations
- 410 International obligations.
- Fees to meet Treasury expenses
- 410A Fees to meet certain expenses of the Treasury
- 410B Directions in pursuance of section 410A
- Tax treatment of levies and repayments
- 411 Tax treatment of levies and repayments.
- Gaming contracts
- 412 Gaming contracts.
- Trade-matching and reporting systems
- 412A Approval and monitoring of trade-matching and reporting systems
- 412B Procedure for approval and suspension or withdrawal of approval
- Limitation on powers to require documents
- 413 Protected items.
- Service of notices
- 414 Service of notices.
- Jurisdiction
- 415 Jurisdiction in civil proceedings.
- Powers under the Act
- 415A Powers under the Act
- 415AA Application of powers to formerly authorised persons
- Consultation and co-operation
- 415B Consultation in relation to taking certain enforcement action
- 415C Co-operation and consultation in relation to exercise of functions
- Removal of certain unnecessary provisions
- 416 Provisions relating to industrial assurance and certain other enactments.
- Sustainability disclosure requirements
- 416A SDR policy statement
- 416B FCA and PRA rules etc
- Part XXIX Interpretation
- 417 Definitions.
- 418 Carrying on regulated activities in the United Kingdom.
- 419 Carrying on regulated activities by way of business.
- 419A Claims management services
- 419B Carrying on claims management activity in Great Britain
- 420 Parent and subsidiary undertaking.
- 421 Group.
- 421ZA Immediate group
- 421A Meaning of “participating interest”
- 422 Controller.
- 422A Disregarded holdings
- 423 Manager.
- 423A Mortgage agreements etc
- 424 Insurance.
- 424A Investment firm
- 425 Expressions relating to authorisation ... in the single market.
- 425A Consumers: regulated activities etc carried on by authorised persons
- 425B Consumers: regulated activities carried on by others
- 425C “Qualifying provision”
- Part XXX Supplemental
- 426 Consequential and supplementary provision.
- 427 Transitional provisions.
- 428 Regulations and orders.
- 429 Parliamentary control of statutory instruments.
- 430 Extent.
- 431 Commencement.
- 432 Minor and consequential amendments, transitional provisions and repeals.
- 433 Short title.
- SCHEDULES
- SCHEDULE 1 The Financial Services Authority
- Part I General
- Interpretation
- Constitution
- Non-executive members of the governing body
- Functions of the non-executive committee
- Arrangements for discharging functions
- Monitoring and enforcement
- Arrangements for the investigation of complaints
- Investigation of complaints
- Records
- Annual report
- Annual public meeting
- Report of annual meeting
- Part II Status
- Exemption from requirement of “limited” in Authority’s name
- Part III Penalties and Fees
- Penalties
- Fees
- Services for which fees may not be charged
- Part IV Miscellaneous
- Exemption from liability in damages
- Amounts required by rules to be paid to the Authority
- Disqualification for membership of House of Commons
- Disqualification for membership of Northern Ireland Assembly
- SCHEDULE 1ZA The Financial Conduct Authority
- PART 1 General
- Interpretation
- Constitution
- Remuneration
- Arrangements for discharging functions
- Records
- Publication of record of meetings of governing body
- Annual report
- Other reports
- Annual public meeting
- Report of annual meeting
- Accounts and audit
- PART 2 Status
- Status
- Exemption from requirement for use of “limited” in name of FCA
- PART 3 Penalties and fees
- Penalties
- Fees
- Services for which fees may not be charged
- PART 4 Miscellaneous
- Exemption from liability in damages
- Accredited financial investigators
- Amounts required by rules to be paid to the FCA
- Engagement with Parliamentary Committees
- SCHEDULE 1ZB The Prudential Regulation Authority
- PART 1 General
- Interpretation
- Constitution
- Appointed members of governing body
- Terms of service
- Arrangements for discharging functions
- Records
- Budget
- Annual report
- Consultation about annual report
- Report on consultation
- Other reports
- Accounts and audit
- PART 2 Status
- Status
- Exemption from requirement for use of “limited” in name of PRA
- PART 3 Penalties and fees
- Penalties
- Fees
- Services for which fees may not be charged
- PART 4 Miscellaneous
- Exemption from liability in damages
- Accredited financial investigators
- Amounts required by rules to be paid to the PRA
- Engagement with Parliamentary Committees
- SCHEDULE 1A Further provision about the consumer financial education body
- Part 1 General
- Ensuring exercise of consumer financial education function etc
- Constitution
- Status
- Discharge of function by others
- Discharge of functions: considerations
- Relationship with the FCA
- Budget
- Annual plan
- Annual reports
- Audit of accounts
- ...
- Part 2 Funding
- Meaning of “the relevant costs”
- Funding of the relevant costs by authorised persons , payment service providers or electronic money issuers
- Funding of the relevant costs by consumer credit licensees etc
- Funding by grants or loans etc made by Treasury or Secretary of State
- Part 3 Reviews
- Reviews of economy etc of the consumer financial education body
- Right to obtain documents and information
- SCHEDULE 2 Regulated Activities
- Part I Regulated activities: general
- General
- Dealing in investments
- Arranging deals in investments
- Deposit taking
- Safekeeping and administration of assets
- Managing investments
- Investment advice
- Establishing collective investment schemes
- Using computer-based systems for giving investment instructions
- Part 1A Regulated activities: reclaim funds
- Activities of reclaim funds
- Part II Investments
- General
- Securities
- Instruments creating or acknowledging indebtedness
- Government and public securities
- Instruments giving entitlement to investments
- Certificates representing securities
- Units in collective investment schemes
- Options
- Futures
- Contracts for differences
- Contracts of insurance
- Participation in Lloyd’s syndicates
- Deposits
- Loans and other forms of credit
- Other finance arrangements involving land
- Contracts for hire of goods
- Rights in investments
- PART 2A Regulated activities relating to information about persons' financial standing
- General
- Providing credit reference services
- Providing credit information services
- PART 2B Regulated activities relating to the setting of benchmarks
- General
- Providing information
- Administration
- Determining or publishing benchmark or publishing connected information
- Part III Supplemental Provisions
- The order-making power
- Parliamentary control
- Interpretation
- SCHEDULE 2A Gibraltar-based persons carrying on activities in the UK
- PART 1 Interpretation etc
- Gibraltar-based person
- Regulators
- Activities and branches
- UK regulators' objectives
- PART 2 Approved activities
- Approval of regulated activities
- Corresponding activities regulated in Gibraltar
- Objectives
- Alignment of law and practice
- Co-operation
- Consultation
- Withdrawal of approval
- PART 3 Permission to carry on an approved activity
- Obtaining permission to carry on an approved activity
- Schedule 2A permission
- The appropriate UK regulator
- Notifying the appropriate UK regulator
- Considering a notification
- Rejecting a notification
- Duties to reject
- Power to reject: prohibition order in respect of senior manager
- Power to reject: loss of access right and serious threat to the UK
- PART 4 Variation of permission
- Variation of permission
- Gibraltar regulator's initiative: notification
- Gibraltar regulator's initiative: the appropriate UK regulator
- Gibraltar regulator's initiative: notifying the UK regulator
- Gibraltar regulator's initiative: considering a notification
- Gibraltar regulator's initiative: rejecting a notification
- UK regulator's initiative
- Own-initiative conditions
- UK regulator's initiative: procedure
- Right to refer matters to the Tribunal
- PART 5 Cancellation of permission
- Cancellation of permission
- Gibraltar regulator's initiative: notification
- Gibraltar regulator's initiative: the appropriate UK regulator
- Gibraltar regulator's initiative: notifying the UK regulator
- Gibraltar regulator's initiative: considering a notification
- Gibraltar regulator's initiative: rejecting a notification
- UK regulator's initiative
- UK regulator's initiative: procedure
- Right to refer matters to the Tribunal
- PART 6 Requirements
- Requirements
- Imposing requirements in connection with Part 3 or 4 notification
- Imposing requirements in connection with Part 3 or 4 notification: procedure
- Right to refer matters to the Tribunal
- Gibraltar regulator's initiative: notification
- Gibraltar regulator's initiative: the appropriate UK regulator
- Gibraltar regulator's initiative: notifying the UK regulator
- Gibraltar regulator's initiative: considering a notification
- Gibraltar regulator's initiative: rejecting a notification
- UK regulator's initiative: imposing, varying and cancelling requirements
- UK regulator's initiative: procedure for imposing or varying requirements
- UK regulator's initiative: procedure for cancellation
- Right to refer matters to the Tribunal
- Assets requirements
- Further provision about requirements
- Contravention of requirement imposed under this Part
- PART 7 Changes
- Duty to notify UK regulators of changes
- PART 8 UK regulators' directions about information
- Directions about information to be included in notifications
- PART 9 Transition on withdrawal of approval of regulated activity etc
- Transition on withdrawal of approval of regulated activity
- Transition on Gibraltar activity ceasing to be corresponding activity
- Restricting transitional permission
- Directions about protected contracts
- Right to refer matters to the Tribunal
- Further powers
- PART 10 Transition on cancellation of UK or Gibraltar permission
- Transition on cancellation of Schedule 2A permission
- Transition on cancellation of Gibraltar permission
- The appropriate UK regulator
- Directions about protected contracts
- End of transition
- End of transition: procedure
- Right to refer matters to the Tribunal
- PART 11 Policy statements
- Policy statements
- Policy statements: procedure
- PART 12 Consultation etc by UK regulators
- FCA's duties to consult the PRA
- FCA's duties to obtain consent from the PRA
- FCA's duties to inform the PRA
- PRA's duties to consult the FCA
- PRA's duty to obtain consent from the FCA
- PRA's duties to inform the FCA
- UK regulators' duties to inform the Gibraltar regulator
- PART 13 Co-operation and Assistance
- Duties to co-operate
- Publication and review of arrangements for co-operation
- Provision of reports to assist the Treasury
- PART 14 Special cases
- Gibraltar-based individuals carrying on insurance distribution activities
- SCHEDULE 3 EEA Passport Rights
- Part I Defined terms
- The single market directives
- The banking co-ordination directives
- The Solvency 2 Directive
- The reinsurance directive
- The investment services directive
- The insurance distribution directive
- The UCITS directive
- The markets in financial instruments directive
- The emission allowance auctioning regulation
- The alternative investment fund managers directive
- The mortgages directive
- EEA firm
- EEA authorisation
- EEA right
- EEA State
- Home state regulator
- UK firm
- UK investment firm
- Host state regulator
- Tied agent
- Management company
- UCITS
- EEAAIFM
- Part II Exercise of Passport Rights by EEA Firms
- Firms qualifying for authorisation
- Establishment
- Services
- Grant of permission
- Grant of permission: bidding for emission allowances
- Power to restrict permission of management companies
- Application for approval to manage UCITS
- Representations and references to the Tribunal
- Information to home state regulator
- Effect of carrying on regulated activity when not qualified for authorisation
- Continuing regulation of European Economic AreaEEA firms
- Giving up right to authorisation
- Part III Exercise of Passport Rights by UK Firms
- Meaning of “the appropriate UK regulator”
- Establishment
- Services
- Information for host state regulator
- Tied agents
- Notice of intention to market a UCITS
- Notice of intention to market an Alternative Investment FundAIF
- Offence relating to exercise of passport rights
- Continuing regulation of United KingdomUK firms
- Arrangements between FCA and PRA
- Information to be included in the public record
- UK management companies: delegation of functions
- UK management companies: withdrawal of authorisation
- Management companies: request for information
- Full-scope United KingdomUKAlternative Investment Fund ManagersAIFMs: notification of breach by host state regulator
- SCHEDULE 4 Treaty Rights
- Definitions
- Firms qualifying for authorisation
- Exercise of Treaty rights
- Notification between UK regulators
- Permission
- Notice to United KingdomUK regulator
- Offences
- SCHEDULE 5 Persons Concerned in Collective Investment Schemes
- Authorisation
- Permission
- SCHEDULE 6 Threshold Conditions
- PART 1 Introduction
- PART 1B Part 4A permission: authorised persons who are not PRA-authorised persons
- Introduction
- Location of offices
- Effective supervision
- Appropriate resources
- Suitability
- Business model
- Interpretation
- PART 1C Part 4A permission: conditions for which FCA is responsible in relation to PRA-authorised persons
- Introduction
- Effective supervision
- Appropriate non-financial resources
- Suitability
- Business model
- PART 1D Part 4A permission: conditions for which the PRA is responsible in relation to insurers etc.
- Introduction
- Legal status
- Location of offices
- Business to be conducted in a prudent manner
- Suitability
- Effective supervision
- PART 1E Part 4A permission: conditions for which the PRA is responsible in relation to other PRA-authorised persons
- Introduction
- Legal status
- Location of offices
- Business to be conducted in a prudent manner
- Suitability
- Effective supervision
- PART 1F Authorisation under Schedule 3
- PART 1G Authorisation under Schedule 4
- Part II Authorisation
- Authorisation under Schedule 3
- Part III Additional Conditions
- SCHEDULE 6A Variation or cancellation of Part 4A permission on initiative of FCA: additional power
- Additional power
- Procedure etc
- Notice of decision
- Application for decision to be annulled
- Annulment etc
- Effect
- Right to refer matter to Tribunal
- Supplementary
- SCHEDULE 6B Designated activities
- Introductory
- Derivatives
- Short selling
- Securitisation
- Financial markets
- Using a benchmark
- Contributing to a benchmark
- SCHEDULE 6C LISTED DESIGNATED ACTIVITY REGULATIONS AND REQUIREMENTS FOR PURPOSES OF CERTAIN PROVISIONS
- PART 1 PROVISIONS DESIGNATING RELEVANT DESIGNATED ACTIVITIES
- PART 2 RELEVANT PART 5A REQUIREMENTS FOR PURPOSES OF SPECIFIED PROVISIONS
- PART 3 RELEVANT PART 5A DIRECTIONS FOR PURPOSES OF CHAPTER 2 OF PART 5A
- General
- The Authority’s general functions
- Duty to consult
- Rules
- Statements of policy
- Penalties
- Fees
- Exemption from liability in damages
- The power to transfer
- Supplemental
- General application of Part VI
- References to listing particulars
- General duty of disclosure
- Supplementary prospectuses
- Exemption from liability for compensation
- Advertisements
- Fees
- SCHEDULE 10 Compensation: Exemptions
- Statements believed to be true
- Statements by experts
- Corrections of statements
- Corrections of statements by experts
- Official statements
- False or misleading information known about
- Belief that supplementary listing particulars not called for
- Meaning of “expert”
- SCHEDULE 10A LIABILITY OF ISSUERS IN CONNECTION WITH PUBLISHED INFORMATION
- PART 1 SCOPE OF THIS SCHEDULE
- Securities to which this Schedule applies
- Published information to which this Schedule applies
- PART 2 LIABILITY IN CONNECTION WITH PUBLISHED INFORMATION
- Liability of issuer for misleading statement or dishonest omission
- Liability of issuer for dishonest delay in publishing information
- Meaning of dishonesty
- Exclusion of certain other liabilities
- PART 3 SUPPLEMENTARY PROVISIONS
- Interpretation
- The general rule
- Exempt offers
- Offers for business purposes
- Offers to limited numbers
- Clubs and associations
- Restricted circles
- Underwriting agreements
- Offers to public authorities
- Maximum consideration
- Minimum consideration
- Securities denominated in euros
- Takeovers
- Mergers
- Free shares
- Exchange of shares
- Qualifying persons
- Convertible securities
- Charities
- Building societies etc.
- Euro-securities
- Same class securities
- Short date securities
- Government and public securities
- Non-transferable securities
- Units in a collective investment scheme
- General definitions
- SCHEDULE 11A TRANSFERABLE SECURITIES
- SCHEDULE 11B CONNECTED PERSONS
- PART 1 MEANING OF “CONNECTED PERSON”
- Introduction
- Meaning of “connected person”
- Family members
- Associated bodies corporate
- Control of a body corporate
- Supplementary provisions
- PART 2 CONNECTED PERSONS: REFERENCES TO AN INTEREST IN SHARES OR DEBENTURES
- Introduction
- General provisions
- Rights to acquire shares
- Right to exercise or control exercise of rights
- Bodies corporate
- Trusts
- SCHEDULE 12 Transfer schemes: certificates
- Part I Insurance Business Transfer Schemes
- Certificates as to margin of solvency
- Certificates as to consultation
- Certificates as to consent
- Certificates as to long-term business
- Certificates as to general business
- Certificates as to legality and as to consent
- Interpretation of Part I
- Part II Banking Business Transfer Schemes
- Certificates as to financial resources
- Certificates as to consent of home state regulator
- Part 2A Reclaim fund business transfer schemes
- Certificate as to financial resources
- PART 2B Ring-fencing transfer schemes
- Appropriate certificates
- Certificate as to financial resources
- Certificate as to consent of home state regulator
- Part III Insurance business transfers effected outside the United Kingdom
- Part I General
- Interpretation
- Part II The Tribunal
- President
- Panels
- Terms of office etc
- Remuneration and expenses
- Staff
- Part III Constitution of Tribunal
- Part IV Tribunal Procedure
- Practice directions
- Evidence
- Decisions of Tribunal
- Costs
- SCHEDULE 14 Role of the Competition Commission
- Provision of information by Treasury
- Consideration of matters arising on a report
- Applied provisions
- Publication of reports
- SCHEDULE 15 Information and Investigations: Connected Persons
- Part I Rules for Specific Bodies
- Corporate bodies
- Partnerships
- Unincorporated associations
- Friendly societies
- Building societies
- Individuals
- Application to sections 171 and 172
- Part II Additional Rules
- SCHEDULE 16 Prohibitions and Restrictions imposed by OFFICE OF FAIR TRADING
- Preliminary
- Notice of prohibition or restriction
- Application to revoke prohibition or restriction
- Representations to Office of Fair TradingOFT
- Appeals
- SCHEDULE 17 The Ombudsman Scheme
- Part I General
- Interpretation
- Part II The Scheme Operator
- Duty of FCA
- Constitution
- Relationship with FCA
- The panel of ombudsmen
- The Chief Ombudsman
- Status
- Annual reports
- Audit of accounts
- Information, advice and guidance
- Budget
- Annual plan
- Exemption from liability in damages
- Privilege
- Part III The Compulsory Jurisdiction
- Introduction
- FCA's ... rules
- The scheme operator’s rules
- Fees
- Enforcement of money awards
- Part 3A The consumer credit jurisdiction
- Introduction
- Procedure for complaints etc.
- Fees
- Enforcement of money awards
- Procedure for consumer credit rules
- Verification of consumer credit rules
- Consultation
- Part IV The Voluntary Jurisdiction
- Introduction
- Terms of reference to the scheme
- Delegation by and to other schemes
- Voluntary jurisdiction rules: procedure
- Verification of the rules
- Consultation
- SCHEDULE 17A Further provision in relation to exercise of Part 18 functions , or other FMI functions, by Bank of England
- Part 1 Co-operation between appropriate regulators
- Memorandum of understanding between appropriate regulators and PRA
- Notification by FCA of action in relation to recognised clearing houses
- Part 2 Application of provisions of this Act in relation to Bank of England
- Introduction
- Public consultations
- Requirements
- Rules
- Information gathering and investigations
- Powers in relation to parent undertakings
- Auditors
- Public record and disclosure of information
- Co-operation
- Insolvency
- Injunctions and restitution
- Notices
- Offences
- International obligations
- Transitional provisions
- Records
- Annual report
- Other reports
- Engagement with Parliamentary Committees
- Part 3 Winding up, administration or insolvency of recognised clearing houses
- Notice to Bank of England of preliminary steps
- Power to give directions to insolvency practitioner
- Part 4 Fees
- SCHEDULE 18 Mutuals
- Part I Friendly Societies
- The Friendly Societies Act 1974 (c.46)
- The Friendly Societies Act 1992 (c.40)
- Part II Friendly Societies: Subsidiaries and Controlled Bodies
- Interpretation
- Qualifying bodies
- Bodies controlled by societies
- Joint control by societies
- Acquisition of joint control
- Amendment of Schedule 8 to the 1992 Act
- Consequential amendments
- References in other enactments
- Part III Building Societies
- The Building Societies Act 1986 (c.53)
- Part IV Industrial and Provident Societies
- The Industrial and Provident Societies Act 1965 (c.12)
- Part V Credit Unions
- The Credit Unions Act 1979 (c.34)
- Part I Persons and functions for the purposes of section 351
- Part II The enactments
- SCHEDULE 19A The manager of a write-down order
- Application of Schedule
- Status of the manager
- Monitoring the insurer’s affairs
- Application by manager to revoke or vary a write-down order
- Provision of information and assistance to the manager
- Application by manager for directions
- Challenges to the manager’s actions
- SCHEDULE 19B Further provision about write-down orders
- PART 1 Restrictions on enforcement
- Application of this Part of this Schedule
- Moratorium on proceedings
- Exceptions
- PART 2 Dealing with assets etc
- Application of this Part of this Schedule
- Dealing with assets
- Paying variable remuneration
- Distributions
- PART 3 Treatment of written-down liabilities for certain purposes
- Application of this Part of this Schedule
- Relevant insolvency provisions
- Reinsurance contracts
- PART 4 Interest
- SCHEDULE 19C Insurers in financial difficulties: enforcement of contracts
- PART 1 Introductory
- Application of this Schedule
- “Financial difficulties”
- PART 2 Policyholder surrender rights
- Restriction on policyholder surrender rights
- Switching rights
- Consent to exceed surrender limit
- PART 3 Termination etc of relevant contracts
- Relevant contracts
- Restriction on termination etc
- Consent to terminate relevant contracts
- PART 4 Exclusions and disapplication of this Schedule
- Exclusions
- Disapplication of this Schedule by the court
- Procedure
- PART 5 Powers to amend this Schedule
- SCHEDULE 20 Minor and Consequential Amendments
- The House of Commons Disqualification Act 1975 (c. 24)
- The Northern Ireland Assembly Disqualification Act 1975 (c. 25)
- The Civil Jurisdiction and Judgments Act 1982 (c. 27)
- The Income and Corporation Taxes Act 1988 (c. 1)
- The Finance Act 1991 (c. 31)
- The Tribunals and Inquiries Act 1992 (c. 53)
- The Judicial Pensions and Retirement Act 1993 (c. 8)
- SCHEDULE 21 Transitional Provisions and Savings
- Self-regulating organisations
- Self-regulating organisations for friendly societies
- SCHEDULE 22 Repeals
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