Financial Services and Markets Act 2023 [Parts 1 (regulatory framework: revocation of retained EU law, designated activities, sandboxes), 2 (regulation of financial services incl. cryptoassets / digital settlement assets)]
Provisions
136 in the library
["PART 1 — Regulatory framework", "Regulations", "Regulation 16"]1
- Regulatory framework", "Regulations", "Regulation 16"]
Regulations
— Regulation 16 — Regulations A power to make regulations under this group of sections includes power conferring a discretion on an appropriate regulator, or…
["PART 1 — Regulatory framework", "Interpretation of Chapter", "Regulation 7"]1
- Regulatory framework", "Interpretation of Chapter", "Regulation 7"]
Interpretation of Chapter
— Regulation 7 — Interpretation of Chapter In this Chapter— “EU directive” means a directive within the meaning of Article 288 of the Treaty on the Functioning…
["PART 1 — Regulatory framework", "Public consultation requirements", "Regulation 36"]1
- Regulatory framework", "Public consultation requirements", "Regulation 36"]
Public consultation requirements
— Regulation 36 — Public consultation requirements After section 1RA of FSMA 2000 (inserted by section 45) insert— This section applies where the FCA issues a…
["PART 1 — Regulatory framework", "Duty to co-operate and consult in exercising functions", "Regulation 40"]1
- Regulatory framework", "Duty to co-operate and consult in exercising functions", "Regulation 40"]
Duty to co-operate and consult in exercising functions
— Regulation 40 — Duty to co-operate and consult in exercising functions FSMA 2000 is amended as follows. In the italic heading before section 415B, at the end…
["PART 1 — Regulatory framework", "Financial promotion", "Regulation 20"]1
- Regulatory framework", "Financial promotion", "Regulation 20"]
Financial promotion
— Regulation 20 — Financial promotion FSMA 2000 is amended as follows. In section 21 (restrictions on financial promotion), after subsection (2) insert— The…
["PART 1 — Regulatory framework", "Power to restate and modify saved legislation", "Regulation 4"]1
- Regulatory framework", "Power to restate and modify saved legislation", "Regulation 4"]
Power to restate and modify saved legislation
— Regulation 4 — Power to restate and modify saved legislation The power under section 86 (5) to make saving provision in connection with the revocation of any…
["PART 1 — Regulatory framework", "Statement of policy on cost benefit analyses", "Regulation 44"]1
- Regulatory framework", "Statement of policy on cost benefit analyses", "Regulation 44"]
Statement of policy on cost benefit analyses
— Regulation 44 — Statement of policy on cost benefit analyses FSMA 2000 is amended as follows. After section 138IA (inserted by section 43) insert— The FCA…
["PART 1 — Regulatory framework", "Central counterparties and central securities depositories: other requirements", "Regulation 10"]1
- Regulatory framework", "Central counterparties and central securities depositories: other requirements", "Regulation 10"]
Central counterparties and central securities depositories: other requirements
— Regulation 10 — Central counterparties and central securities depositories: other requirements In Schedule 17A to FSMA 2000 (further provision in relation to…
["PART 1 — Regulatory framework", "Effect of rules etc on deference decisions", "Regulation 32"]1
- Regulatory framework", "Effect of rules etc on deference decisions", "Regulation 32"]
Effect of rules etc on deference decisions
— Regulation 32 — Effect of rules etc on deference decisions FSMA 2000 is amended as follows. In the italic heading before section 410, after “international”…
["PART 1 — Regulatory framework", "Revocation of assimilated law relating to financial services and markets", "Regulation 1"]1
- Regulatory framework", "Revocation of assimilated law relating to financial services and markets", "Regulation 1"]
Revocation of assimilated law relating to financial services and markets
— Regulation 1 — Revocation of assimilated law relating to financial services and markets The legislation referred to in Schedule 1 is revoked. In that…
["PART 1 — Regulatory framework", "Interpretation", "Regulation 17"]1
- Regulatory framework", "Interpretation", "Regulation 17"]
Interpretation
— Regulation 17 — Interpretation This section applies for the purposes of this section and sections 13 to
["PART 1 — Regulatory framework", "Restatement in rules: exemption from consultation requirements etc", "Regulation 6"]1
- Regulatory framework", "Restatement in rules: exemption from consultation requirements etc", "Regulation 6"]
Restatement in rules: exemption from consultation requirements etc
— Regulation 6 — Restatement in rules: exemption from consultation requirements etc A relevant requirement does not apply to the making of rules by a regulator…
["PART 1 — Regulatory framework", "Competitiveness and growth objective: reporting requirements", "Regulation 26"]1
- Regulatory framework", "Competitiveness and growth objective: reporting requirements", "Regulation 26"]
Competitiveness and growth objective: reporting requirements
— Regulation 26 — Competitiveness and growth objective: reporting requirements Each regulator must make two reports to the Treasury on how it has complied with…
["PART 1 — Regulatory framework", "Treasury directions to Bank of England: restrictions", "Regulation 12"]1
- Regulatory framework", "Treasury directions to Bank of England: restrictions", "Regulation 12"]
Treasury directions to Bank of England: restrictions
— Regulation 12 — Treasury directions to Bank of England: restrictions Section 4 of the Bank of England Act 1946 (Treasury directions to the Bank) is amended…
["PART 1 — Regulatory framework", "Sections 25 and 27: consequential amendments", "Regulation 28"]1
- Regulatory framework", "Sections 25 and 27: consequential amendments", "Regulation 28"]
Sections 25 and 27: consequential amendments
— Regulation 28 — Sections 25 and 27: consequential amendments FSMA 2000 is amended as follows. In section 1JA (Treasury recommendations in connection with…
["PART 1 — Regulatory framework", "Power to disapply or modify rules", "Regulation 34"]1
- Regulatory framework", "Power to disapply or modify rules", "Regulation 34"]
Power to disapply or modify rules
— Regulation 34 — Power to disapply or modify rules FSMA 2000 is amended as follows. After section 138B insert— This section applies to rules made by a…
["PART 1 — Regulatory framework", "Transitional amendments", "Regulation 2"]1
- Regulatory framework", "Transitional amendments", "Regulation 2"]
Transitional amendments
— Regulation 2 — Transitional amendments Schedule 2 amends particular legislation referred to in Schedule 1 in relation to the transitional period. In this…
["PART 1 — Regulatory framework", "Review of rules", "Regulation 29"]1
- Regulatory framework", "Review of rules", "Regulation 29"]
Review of rules
— Regulation 29 — Review of rules FSMA 2000 is amended as follows. After section 3R (arrangements for provision of services) insert— Each regulator must keep…
["PART 1 — Regulatory framework", "Insurance Practitioner Panel", "Regulation 42"]1
- Regulatory framework", "Insurance Practitioner Panel", "Regulation 42"]
Insurance Practitioner Panel
— Regulation 42 — Insurance Practitioner Panel In FSMA 2000, after section 2M insert— Arrangements under section 2L must include the establishment and…
["PART 1 — Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]1
- Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]
Critical third parties: designation and powers
— Regulation 18 — Critical third parties: designation and powers FSMA 2000 is amended as follows. In the heading to Part 18, for “and CSDs” substitute “, CSDs…
["PART 1 — Regulatory framework", "Consultation on rules", "Regulation 53"]1
- Regulatory framework", "Consultation on rules", "Regulation 53"]
Consultation on rules
— Regulation 53 — Consultation on rules In section 138I of FSMA 2000 (consultation by the FCA), after subsection (4) insert— The FCA must include, in the…
["PART 1 — Regulatory framework", "Rules relating to central counterparties and central securities depositories", "Regulation 9"]1
- Regulatory framework", "Rules relating to central counterparties and central securities depositories", "Regulation 9"]
Rules relating to central counterparties and central securities depositories
— Regulation 9 — Rules relating to central counterparties and central securities depositories FSMA 2000 is amended as follows. After section 300E (power to…
["PART 1 — Regulatory framework", "Panel reports", "Regulation 47"]1
- Regulatory framework", "Panel reports", "Regulation 47"]
Panel reports
— Regulation 47 — Panel reports The Treasury may by regulations require specified statutory panels of the regulator to produce an annual report on their work…
["PART 1 — Regulatory framework", "Digital settlement assets: power to make regulations", "Regulation 23"]1
- Regulatory framework", "Digital settlement assets: power to make regulations", "Regulation 23"]
Digital settlement assets: power to make regulations
— Regulation 23 — Digital settlement assets: power to make regulations The Treasury may by regulations make such provision as they consider appropriate for the…
["PART 1 — Regulatory framework", "Critical third parties: related amendments", "Regulation 19"]1
- Regulatory framework", "Critical third parties: related amendments", "Regulation 19"]
Critical third parties: related amendments
— Regulation 19 — Critical third parties: related amendments FSMA 2000 is amended as follows. In section 313 (interpretation of Part 18), in subsection (1), at…
["PART 1 — Regulatory framework", "Competitiveness and growth objective", "Regulation 25"]1
- Regulatory framework", "Competitiveness and growth objective", "Regulation 25"]
Competitiveness and growth objective
— Regulation 25 — Competitiveness and growth objective FSMA 2000 is amended as follows. In section 1B (FCA’s general duties), after subsection (4) insert— When…
["PART 1 — Regulatory framework", "Reports on FMI sandboxes", "Regulation 14"]1
- Regulatory framework", "Reports on FMI sandboxes", "Regulation 14"]
Reports on FMI sandboxes
— Regulation 14 — Reports on FMI sandboxes This section applies where the Treasury make regulations under section 13 implementing FMI sandbox arrangements. The…
["PART 1 — Regulatory framework", "Testing of FMI technologies or practices", "Regulation 13"]1
- Regulatory framework", "Testing of FMI technologies or practices", "Regulation 13"]
Testing of FMI technologies or practices
— Regulation 13 — Testing of FMI technologies or practices The Treasury may by regulations make provision for the purposes of— testing, for a limited period…
["PART 1 — Regulatory framework", "Exercise of FMI regulatory powers", "Regulation 48"]1
- Regulatory framework", "Exercise of FMI regulatory powers", "Regulation 48"]
Exercise of FMI regulatory powers
— Regulation 48 — Exercise of FMI regulatory powers After section 30C of the Bank of England Act 1998 insert— In exercising its FMI functions in a way that…
["PART 1 — Regulatory framework", "Bank of England: rule-making powers", "Regulation 49"]1
- Regulatory framework", "Bank of England: rule-making powers", "Regulation 49"]
Bank of England: rule-making powers
— Regulation 49 — Bank of England: rule-making powers FSMA 2000 is amended as follows. After section 300H (inserted by section 11) insert— The Bank of England…
["PART 1 — Regulatory framework", "Listing Authority Advisory Panel", "Regulation 41"]1
- Regulatory framework", "Listing Authority Advisory Panel", "Regulation 41"]
Listing Authority Advisory Panel
— Regulation 41 — Listing Authority Advisory Panel In FSMA 2000, after section 1Q insert— Arrangements under section 1M must include the establishment and…
["PART 1 — Regulatory framework", "Implementation of mutual recognition agreements", "Regulation 24"]1
- Regulatory framework", "Implementation of mutual recognition agreements", "Regulation 24"]
Implementation of mutual recognition agreements
— Regulation 24 — Implementation of mutual recognition agreements The Treasury may by regulations make such provision as they consider appropriate for the…
["PART 1 — Regulatory framework", "Designated activities", "Regulation 8"]1
- Regulatory framework", "Designated activities", "Regulation 8"]
Designated activities
— Regulation 8 — Designated activities FSMA 2000 is amended as follows. After Part 5 insert— The Treasury may by regulations provide for an activity of a…
["PART 2 — Access to cash", "Cash access services", "Regulation 54"]1
- Access to cash", "Cash access services", "Regulation 54"]
Cash access services
— Regulation 54 — Cash access services Schedule 8 makes provision about the provision of cash deposit and withdrawal services in the United Kingdom or a part…
["PART 1 — Regulatory framework", "Payment Systems Regulator", "Regulation 51"]1
- Regulatory framework", "Payment Systems Regulator", "Regulation 51"]
Payment Systems Regulator
— Regulation 51 — Payment Systems Regulator Schedule 7 makes provision corresponding or similar to provision made by preceding provisions of this Chapter…
["PART 1 — Regulatory framework", "Effect of rules etc on international trade obligations", "Regulation 33"]1
- Regulatory framework", "Effect of rules etc on international trade obligations", "Regulation 33"]
Effect of rules etc on international trade obligations
— Regulation 33 — Effect of rules etc on international trade obligations In FSMA 2000 after section 409A (inserted by section 32) insert— This section applies…
["PART 1 — Regulatory framework", "Chair of the Payment Systems Regulator as member of FCA Board", "Regulation 52"]1
- Regulatory framework", "Chair of the Payment Systems Regulator as member of FCA Board", "Regulation 52"]
Chair of the Payment Systems Regulator as member of FCA Board
— Regulation 52 — Chair of the Payment Systems Regulator as member of FCA Board FSMA 2000 is amended as follows. In section 417(1) (definitions), at the…
["PART 1 — Regulatory framework", "Power to make further transitional amendments", "Regulation 3"]1
- Regulatory framework", "Power to make further transitional amendments", "Regulation 3"]
Power to make further transitional amendments
— Regulation 3 — Power to make further transitional amendments The Treasury may by regulations modify legislation referred to in Schedule 1 in relation to the…
["PART 1 — Regulatory framework", "Engagement with Parliamentary Committees", "Regulation 38"]1
- Regulatory framework", "Engagement with Parliamentary Committees", "Regulation 38"]
Engagement with Parliamentary Committees
— Regulation 38 — Engagement with Parliamentary Committees FSMA 2000 is amended as follows. In Part 4 of Schedule 1ZA (miscellaneous provisions relating to…
["PART 1 — Regulatory framework", "Cost Benefit Analysis Panels", "Regulation 43"]1
- Regulatory framework", "Cost Benefit Analysis Panels", "Regulation 43"]
Cost Benefit Analysis Panels
— Regulation 43 — Cost Benefit Analysis Panels FSMA 2000 is amended as follows. After section 138I insert— The FCA must establish and maintain a panel of…
["PART 1 — Regulatory framework", "Treasury power in relation to rules", "Regulation 30"]1
- Regulatory framework", "Treasury power in relation to rules", "Regulation 30"]
Treasury power in relation to rules
— Regulation 30 — Treasury power in relation to rules FSMA 2000 is amended as follows. After section 3RD (inserted by section 29) insert— The Treasury may by…
["PART 1 — Regulatory framework", "Power to replace references to EU directives", "Regulation 5"]1
- Regulatory framework", "Power to replace references to EU directives", "Regulation 5"]
Power to replace references to EU directives
— Regulation 5 — Power to replace references to EU directives The Treasury may by regulations modify legislation for or in connection with the purpose of…
["PART 1 — Regulatory framework", "Permanent implementation of arrangements tested under an FMI sandbox", "Regulation 15"]1
- Regulatory framework", "Permanent implementation of arrangements tested under an FMI sandbox", "Regulation 15"]
Permanent implementation of arrangements tested under an FMI sandbox
— Regulation 15 — Permanent implementation of arrangements tested under an FMI sandbox This section applies where, after testing the efficiency or…
["PART 1 — Regulatory framework", "Sustainability disclosure requirements", "Regulation 21"]1
- Regulatory framework", "Sustainability disclosure requirements", "Regulation 21"]
Sustainability disclosure requirements
— Regulation 21 — Sustainability disclosure requirements FSMA 2000 is amended as follows. After section 416 insert— The Treasury may prepare an SDR policy…
["PART 1 — Regulatory framework", "Responses to recommendations of the Treasury", "Regulation 35"]1
- Regulatory framework", "Responses to recommendations of the Treasury", "Regulation 35"]
Responses to recommendations of the Treasury
— Regulation 35 — Responses to recommendations of the Treasury Section 1JA of FSMA 2000 (recommendations by Treasury in connection with general duties) is…
["PART 1 — Regulatory framework", "Rules relating to investment exchanges and data reporting service providers", "Regulation 11"]1
- Regulatory framework", "Rules relating to investment exchanges and data reporting service providers", "Regulation 11"]
Rules relating to investment exchanges and data reporting service providers
— Regulation 11 — Rules relating to investment exchanges and data reporting service providers FSMA 2000 is amended as follows. After section 300G (section…
["PART 1 — Regulatory framework", "Reporting requirements", "Regulation 39"]1
- Regulatory framework", "Reporting requirements", "Regulation 39"]
Reporting requirements
— Regulation 39 — Reporting requirements FSMA 2000 is amended as follows. After paragraph 11 of Schedule 1ZA insert— The Treasury may (subject to this…
["PART 1 — Regulatory framework", "Composition of panels", "Regulation 46"]1
- Regulatory framework", "Composition of panels", "Regulation 46"]
Composition of panels
— Regulation 46 — Composition of panels FSMA 2000 is amended in accordance with subsections (2) to (8). After section 1M (FCA’s general duty to consult)…
["PART 1 — Regulatory framework", "Digital settlement assets", "Regulation 22"]1
- Regulatory framework", "Digital settlement assets", "Regulation 22"]
Digital settlement assets
— Regulation 22 — Digital settlement assets In Schedule 6, which provides for the regulation of digital settlement assets— Part 1 extends Part 5 of the Banking…
["PART 1 — Regulatory framework", "Matters to consider when making rules", "Regulation 31"]1
- Regulatory framework", "Matters to consider when making rules", "Regulation 31"]
Matters to consider when making rules
— Regulation 31 — Matters to consider when making rules FSMA 2000 is amended as follows. Before section 138F (under the italic heading “Procedural provisions”)…
["PART 2 — Access to cash", "Wholesale cash distribution", "Regulation 55"]1
- Access to cash", "Wholesale cash distribution", "Regulation 55"]
Wholesale cash distribution
— Regulation 55 — Wholesale cash distribution Schedule 9 makes provision about persons involved in wholesale cash distribution (as that term is defined in the…
["PART 1 — Regulatory framework", "Engagement with statutory panels", "Regulation 37"]1
- Regulatory framework", "Engagement with statutory panels", "Regulation 37"]
Engagement with statutory panels
— Regulation 37 — Engagement with statutory panels Paragraph 11 of Schedule 1ZA to FSMA 2000 (annual report of the Financial Conduct Authority) is amended in…
["PART 1 — Regulatory framework", "Regulatory principles", "Regulation 27"]1
- Regulatory framework", "Regulatory principles", "Regulation 27"]
Regulatory principles
— Regulation 27 — Regulatory principles In section 3B of FSMA 2000 (regulatory principles to be applied by both regulators), in subsection (1) for paragraph…
["PART 1 — Regulatory framework", "Application of FSMA 2000 to FMI functions", "Regulation 50"]1
- Regulatory framework", "Application of FSMA 2000 to FMI functions", "Regulation 50"]
Application of FSMA 2000 to FMI functions
— Regulation 50 — Application of FSMA 2000 to FMI functions FSMA 2000 is amended as follows. In section 285A (powers exercisable in relation to recognised…
["PART 1 — Regulatory framework", "Statement of policy on panel appointments", "Regulation 45"]1
- Regulatory framework", "Statement of policy on panel appointments", "Regulation 45"]
Statement of policy on panel appointments
— Regulation 45 — Statement of policy on panel appointments FSMA 2000 is amended as follows. After section 1R insert— The FCA must prepare and publish a…
["PART 1 — Regulatory framework", "Effect of rules etc on deference decisions", "Regulation 32"]1
- Regulatory framework", "Effect of rules etc on deference decisions", "Regulation 32"]
Effect of rules etc on deference decisions
— Regulation 32 — Effect of rules etc on deference decisions (2)— “deference decision” means a decision of the Treasury that the law and practice of another…
["PART 1 — Regulatory framework", "Rules relating to investment exchanges and data reporting service providers", "Regulation 11"]1
- Regulatory framework", "Rules relating to investment exchanges and data reporting service providers", "Regulation 11"]
Rules relating to investment exchanges and data reporting service providers
— Regulation 11 — Rules relating to investment exchanges and data reporting service providers (2); in relation to a data reporting service provider, means…
["PART 1 — Regulatory framework", "Sustainability disclosure requirements", "Regulation 21"]1
- Regulatory framework", "Sustainability disclosure requirements", "Regulation 21"]
Sustainability disclosure requirements
— Regulation 21 — Sustainability disclosure requirements (9) does not apply in relation to information provided to a regulator by a regulatory authority…
["PART 1 — Regulatory framework", "Testing of FMI technologies or practices", "Regulation 13"]1
- Regulatory framework", "Testing of FMI technologies or practices", "Regulation 13"]
Testing of FMI technologies or practices
— Regulation 13 — Testing of FMI technologies or practices (1) is referred to in this group of sections as an FMI sandbox. An FMI sandbox must specify or…
["PART 1 — Regulatory framework", "Cost Benefit Analysis Panels", "Regulation 43"]1
- Regulatory framework", "Cost Benefit Analysis Panels", "Regulation 43"]
Cost Benefit Analysis Panels
— Regulation 43 — Cost Benefit Analysis Panels (5)(a), and provide to the FCA whatever recommendations the Panel thinks appropriate as a result of such review…
["PART 1 — Regulatory framework", "Sections 25 and 27: consequential amendments", "Regulation 28"]1
- Regulatory framework", "Sections 25 and 27: consequential amendments", "Regulation 28"]
Sections 25 and 27: consequential amendments
— Regulation 28 — Sections 25 and 27: consequential amendments (1)(a) does not include the secondary objectives mentioned in subsection (4)(a)(ii) and (b)(ii)…
["PART 1 — Regulatory framework", "Statement of policy on cost benefit analyses", "Regulation 44"]1
- Regulatory framework", "Statement of policy on cost benefit analyses", "Regulation 44"]
Statement of policy on cost benefit analyses
— Regulation 44 — Statement of policy on cost benefit analyses (4). Publication under this section is to be made in such manner as the FCA considers best…
["PART 1 — Regulatory framework", "Effect of rules etc on international trade obligations", "Regulation 33"]1
- Regulatory framework", "Effect of rules etc on international trade obligations", "Regulation 33"]
Effect of rules etc on international trade obligations
— Regulation 33 — Effect of rules etc on international trade obligations (2) does not apply to the extent that the regulator takes a relevant action— by the…
["PART 1 — Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]1
- Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]
Critical third parties: designation and powers
— Regulation 18 — Critical third parties: designation and powers (1). Each of the following is a relevant regulator for the purposes of this Chapter— the FCA…
["PART 1 — Regulatory framework", "Reporting requirements", "Regulation 39"]1
- Regulatory framework", "Reporting requirements", "Regulation 39"]
Reporting requirements
— Regulation 39 — Reporting requirements (2)). The Treasury must consult the FCA before giving a direction under this paragraph. In exercising the power under…
["PART 1 — Regulatory framework", "Central counterparties and central securities depositories: other requirements", "Regulation 10"]1
- Regulatory framework", "Central counterparties and central securities depositories: other requirements", "Regulation 10"]
Central counterparties and central securities depositories: other requirements
— Regulation 10 — Central counterparties and central securities depositories: other requirements (5) (FCA power to impose requirements on application of…
["PART 1 — Regulatory framework", "Engagement with Parliamentary Committees", "Regulation 38"]1
- Regulatory framework", "Engagement with Parliamentary Committees", "Regulation 38"]
Engagement with Parliamentary Committees
— Regulation 38 — Engagement with Parliamentary Committees (4)(a) to the FCA’s operational objectives includes, in its application as a secondary objective…
["PART 1 — Regulatory framework", "Rules relating to central counterparties and central securities depositories", "Regulation 9"]1
- Regulatory framework", "Rules relating to central counterparties and central securities depositories", "Regulation 9"]
Rules relating to central counterparties and central securities depositories
— Regulation 9 — Rules relating to central counterparties and central securities depositories (1), so far as applying to a third country central counterparty…
["PART 1 — Regulatory framework", "Matters to consider when making rules", "Regulation 31"]1
- Regulatory framework", "Matters to consider when making rules", "Regulation 31"]
Matters to consider when making rules
— Regulation 31 — Matters to consider when making rules (2) has affected the proposed rules, after subsection (8) insert— The requirement to provide the…
["PART 1 — Regulatory framework", "Digital settlement assets: power to make regulations", "Regulation 23"]1
- Regulatory framework", "Digital settlement assets: power to make regulations", "Regulation 23"]
Digital settlement assets: power to make regulations
— Regulation 23 — Digital settlement assets: power to make regulations (1) (subject to whatever modifications the Treasury consider appropriate); conferring…
["PART 1 — Regulatory framework", "Duty to co-operate and consult in exercising functions", "Regulation 40"]1
- Regulatory framework", "Duty to co-operate and consult in exercising functions", "Regulation 40"]
Duty to co-operate and consult in exercising functions
— Regulation 40 — Duty to co-operate and consult in exercising functions (6)(a) must include a summary of representations received in the preceding year in…
["PART 1 — Regulatory framework", "Application of FSMA 2000 to FMI functions", "Regulation 50"]1
- Regulatory framework", "Application of FSMA 2000 to FMI functions", "Regulation 50"]
Application of FSMA 2000 to FMI functions
— Regulation 50 — Application of FSMA 2000 to FMI functions (1)(d) for “subsection (2)” substitute “subsections (2) and (3), and any references to those…
["PART 1 — Regulatory framework", "Public consultation requirements", "Regulation 36"]1
- Regulatory framework", "Public consultation requirements", "Regulation 36"]
Public consultation requirements
— Regulation 36 — Public consultation requirements (2) to include any information whose publication would in the opinion of the PRA be against the public…
["PART 1 — Regulatory framework", "Review of rules", "Regulation 29"]1
- Regulatory framework", "Review of rules", "Regulation 29"]
Review of rules
— Regulation 29 — Review of rules (5). If a statement published under this section is altered or replaced by a regulator, the regulator must publish the…
["PART 1 — Regulatory framework", "Statement of policy on panel appointments", "Regulation 45"]1
- Regulatory framework", "Statement of policy on panel appointments", "Regulation 45"]
Statement of policy on panel appointments
— Regulation 45 — Statement of policy on panel appointments (4). Before publishing a statement under this section the PRA must— consult the Treasury about the…
["PART 1 — Regulatory framework", "Bank of England: rule-making powers", "Regulation 49"]1
- Regulatory framework", "Bank of England: rule-making powers", "Regulation 49"]
Bank of England: rule-making powers
— Regulation 49 — Bank of England: rule-making powers (5). If a statement published under this section is altered or replaced, the Bank must publish the…
["PART 1 — Regulatory framework", "Exercise of FMI regulatory powers", "Regulation 48"]1
- Regulatory framework", "Exercise of FMI regulatory powers", "Regulation 48"]
Exercise of FMI regulatory powers
— Regulation 48 — Exercise of FMI regulatory powers (1)(b)(i) of that Act), a recognised CSD as defined by section 285 (1)(e) of FSMA 2000, a third country…
["PART 1 — Regulatory framework", "Designated activities", "Regulation 8"]1
- Regulatory framework", "Designated activities", "Regulation 8"]
Designated activities
— Regulation 8 — Designated activities (1) must comply with— designated activity rules relating to that activity, and any other requirements imposed in…
["PART 1 — Regulatory framework", "Interpretation", "Regulation 17"]1
- Regulatory framework", "Interpretation", "Regulation 17"]
Interpretation
— Regulation 17 — Interpretation 16. The “appropriate regulator”, in relation to an FMI sandbox, means the regulator specified in that sandbox as the…
["PART 1 — Regulatory framework", "Power to disapply or modify rules", "Regulation 34"]1
- Regulatory framework", "Power to disapply or modify rules", "Regulation 34"]
Power to disapply or modify rules
— Regulation 34 — Power to disapply or modify rules (5) may (among other things) include provision about— the making of applications; the determination of…
["PART 1 — Regulatory framework", "Power to restate and modify saved legislation", "Regulation 4"]1
- Regulatory framework", "Power to restate and modify saved legislation", "Regulation 4"]
Power to restate and modify saved legislation
— Regulation 4 — Power to restate and modify saved legislation (2)(b) of FSMA 2000. Regulations made by virtue of this section that do not amend primary…
["PART 1 — Regulatory framework", "Restatement in rules: exemption from consultation requirements etc", "Regulation 6"]1
- Regulatory framework", "Restatement in rules: exemption from consultation requirements etc", "Regulation 6"]
Restatement in rules: exemption from consultation requirements etc
— Regulation 6 — Restatement in rules: exemption from consultation requirements etc (2), rules make excluded changes to provision of existing rules if, in the…
["PART 1 — Regulatory framework", "Composition of panels", "Regulation 46"]1
- Regulatory framework", "Composition of panels", "Regulation 46"]
Composition of panels
— Regulation 46 — Composition of panels (1) does not apply in respect of a panel mentioned in that subsection if regulations made by the Treasury provide for…
["PART 1 — Regulatory framework", "Implementation of mutual recognition agreements", "Regulation 24"]1
- Regulatory framework", "Implementation of mutual recognition agreements", "Regulation 24"]
Implementation of mutual recognition agreements
— Regulation 24 — Implementation of mutual recognition agreements (2) if they relate to financial services or markets (whether generally or in particular…
["PART 1 — Regulatory framework", "Consultation on rules", "Regulation 53"]1
- Regulatory framework", "Consultation on rules", "Regulation 53"]
Consultation on rules
— Regulation 53 — Consultation on rules (4), a list of the respondents who made the representations, where those respondents have consented to the publication…
["PART 1 — Regulatory framework", "Responses to recommendations of the Treasury", "Regulation 35"]1
- Regulatory framework", "Responses to recommendations of the Treasury", "Regulation 35"]
Responses to recommendations of the Treasury
— Regulation 35 — Responses to recommendations of the Treasury (1) by notifying the Treasury in writing of— action that the Prudential Regulation Committee has…
["PART 1 — Regulatory framework", "Critical third parties: related amendments", "Regulation 19"]1
- Regulatory framework", "Critical third parties: related amendments", "Regulation 19"]
Critical third parties: related amendments
— Regulation 19 — Critical third parties: related amendments (4) do not apply in relation to rules made by the Bank under section 312M (in relation to which…
["PART 1 — Regulatory framework", "Financial promotion", "Regulation 20"]1
- Regulatory framework", "Financial promotion", "Regulation 20"]
Financial promotion
— Regulation 20 — Financial promotion (4)(b) applies to the variation of permission as it applies to its grant. If the FCA grants or varies permission under…
["PART 1 — Regulatory framework", "Power to make further transitional amendments", "Regulation 3"]1
- Regulatory framework", "Power to make further transitional amendments", "Regulation 3"]
Power to make further transitional amendments
— Regulation 3 — Power to make further transitional amendments (2) of FSMA 2000; references to financial markets include references to financial exchanges…
["PART 1 — Regulatory framework", "Implementation of mutual recognition agreements", "Regulation 24"]1
- Regulatory framework", "Implementation of mutual recognition agreements", "Regulation 24"]
Implementation of mutual recognition agreements
— Regulation 24 — Implementation of mutual recognition agreements (8), such provision may not require rules to be made in a specified form or with specified…
["PART 1 — Regulatory framework", "Consultation on rules", "Regulation 53"]1
- Regulatory framework", "Consultation on rules", "Regulation 53"]
Consultation on rules
— Regulation 53 — Consultation on rules (5), a list of the respondents who made the representations, where those respondents have consented to the publication…
["PART 1 — Regulatory framework", "Application of FSMA 2000 to FMI functions", "Regulation 50"]1
- Regulatory framework", "Application of FSMA 2000 to FMI functions", "Regulation 50"]
Application of FSMA 2000 to FMI functions
— Regulation 50 — Application of FSMA 2000 to FMI functions (3) insert— Section 138J(8A) has effect as if, in paragraph (a), for sub-paragraphs (i) and (ii)…
["PART 1 — Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]1
- Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]
Critical third parties: designation and powers
— Regulation 18 — Critical third parties: designation and powers (1) to a relevant regulator’s objectives is a reference to— where the regulator is the FCA…
["PART 1 — Regulatory framework", "Engagement with Parliamentary Committees", "Regulation 38"]1
- Regulatory framework", "Engagement with Parliamentary Committees", "Regulation 38"]
Engagement with Parliamentary Committees
— Regulation 38 — Engagement with Parliamentary Committees (8) is to be determined by the Speaker of the House of Commons. This paragraph applies where— the…
["PART 1 — Regulatory framework", "Cost Benefit Analysis Panels", "Regulation 43"]1
- Regulatory framework", "Cost Benefit Analysis Panels", "Regulation 43"]
Cost Benefit Analysis Panels
— Regulation 43 — Cost Benefit Analysis Panels (2)(a) does not apply in such cases as may be set out in the statement of policy maintained under section 138JB…
["PART 1 — Regulatory framework", "Interpretation", "Regulation 17"]1
- Regulatory framework", "Interpretation", "Regulation 17"]
Interpretation
— Regulation 17 — Interpretation (11)(b); “FMI entity” has the meaning given by section 13 (11)(a); “FMI sandbox” has the meaning given by section 13 (3); “FMI…
["PART 1 — Regulatory framework", "Digital settlement assets: power to make regulations", "Regulation 23"]1
- Regulatory framework", "Digital settlement assets: power to make regulations", "Regulation 23"]
Digital settlement assets: power to make regulations
— Regulation 23 — Digital settlement assets: power to make regulations (2). Regulations under this section are— subject to the affirmative procedure, or if the…
["PART 1 — Regulatory framework", "Effect of rules etc on deference decisions", "Regulation 32"]1
- Regulatory framework", "Effect of rules etc on deference decisions", "Regulation 32"]
Effect of rules etc on deference decisions
— Regulation 32 — Effect of rules etc on deference decisions (2) do not apply to the extent that the regulator takes a relevant action— by the making of…
["PART 1 — Regulatory framework", "Review of rules", "Regulation 29"]1
- Regulatory framework", "Review of rules", "Regulation 29"]
Review of rules
— Regulation 29 — Review of rules (5)(b) may include a requirement— for a review to be carried out by a person appointed by the regulator who is independent of…
["PART 1 — Regulatory framework", "Financial promotion", "Regulation 20"]1
- Regulatory framework", "Financial promotion", "Regulation 20"]
Financial promotion
— Regulation 20 — Financial promotion (5)(b), but the FCA must inform the Gibraltar regulator in writing of the variation or cancellation. Subsections (1) and…
["PART 1 — Regulatory framework", "Exercise of FMI regulatory powers", "Regulation 48"]1
- Regulatory framework", "Exercise of FMI regulatory powers", "Regulation 48"]
Exercise of FMI regulatory powers
— Regulation 48 — Exercise of FMI regulatory powers (1)(a)— the need to use the resources of the Bank in the most efficient and economic way; the principle…
["PART 1 — Regulatory framework", "Restatement in rules: exemption from consultation requirements etc", "Regulation 6"]1
- Regulatory framework", "Restatement in rules: exemption from consultation requirements etc", "Regulation 6"]
Restatement in rules: exemption from consultation requirements etc
— Regulation 6 — Restatement in rules: exemption from consultation requirements etc (1), list the provisions of legislation that have been restated by the…
["PART 1 — Regulatory framework", "Reporting requirements", "Regulation 39"]1
- Regulatory framework", "Reporting requirements", "Regulation 39"]
Reporting requirements
— Regulation 39 — Reporting requirements (4), the PRA must publish a report prepared under a direction given under this paragraph in such manner, and within…
["PART 1 — Regulatory framework", "Bank of England: rule-making powers", "Regulation 49"]1
- Regulatory framework", "Bank of England: rule-making powers", "Regulation 49"]
Bank of England: rule-making powers
— Regulation 49 — Bank of England: rule-making powers (5)(b) may include a requirement— for a review to be carried out by a person appointed by the Bank who is…
["PART 1 — Regulatory framework", "Rules relating to central counterparties and central securities depositories", "Regulation 9"]1
- Regulatory framework", "Rules relating to central counterparties and central securities depositories", "Regulation 9"]
Rules relating to central counterparties and central securities depositories
— Regulation 9 — Rules relating to central counterparties and central securities depositories (1)(a) to “corresponding rules” is— in relation to rules that…
["PART 1 — Regulatory framework", "Matters to consider when making rules", "Regulation 31"]1
- Regulatory framework", "Matters to consider when making rules", "Regulation 31"]
Matters to consider when making rules
— Regulation 31 — Matters to consider when making rules (2), in the list of sections beginning with “90B” insert at the appropriate place “138EA (3),”.
["PART 1 — Regulatory framework", "Rules relating to investment exchanges and data reporting service providers", "Regulation 11"]1
- Regulatory framework", "Rules relating to investment exchanges and data reporting service providers", "Regulation 11"]
Rules relating to investment exchanges and data reporting service providers
— Regulation 11 — Rules relating to investment exchanges and data reporting service providers (2)(a) after “exchange” insert “or data reporting service…
["PART 1 — Regulatory framework", "Central counterparties and central securities depositories: other requirements", "Regulation 10"]1
- Regulatory framework", "Central counterparties and central securities depositories: other requirements", "Regulation 10"]
Central counterparties and central securities depositories: other requirements
— Regulation 10 — Central counterparties and central securities depositories: other requirements (6), the reference to the FCA’s operational objectives is to…
["PART 1 — Regulatory framework", "Designated activities", "Regulation 8"]1
- Regulatory framework", "Designated activities", "Regulation 8"]
Designated activities
— Regulation 8 — Designated activities (3) must be published by the FCA in the way appearing to the FCA to be best calculated to bring it to the attention of…
["PART 1 — Regulatory framework", "Critical third parties: related amendments", "Regulation 19"]1
- Regulatory framework", "Critical third parties: related amendments", "Regulation 19"]
Critical third parties: related amendments
— Regulation 19 — Critical third parties: related amendments (2) were omitted; section 138G (rule-making instruments); section 138H (verification of rules)…
["PART 1 — Regulatory framework", "Testing of FMI technologies or practices", "Regulation 13"]1
- Regulatory framework", "Testing of FMI technologies or practices", "Regulation 13"]
Testing of FMI technologies or practices
— Regulation 13 — Testing of FMI technologies or practices (6) may provide for the powers under that subsection to be exercisable by that regulator. Schedule 4…
["PART 1 — Regulatory framework", "Bank of England: rule-making powers", "Regulation 49"]1
- Regulatory framework", "Bank of England: rule-making powers", "Regulation 49"]
Bank of England: rule-making powers
— Regulation 49 — Bank of England: rule-making powers (3) the Treasury may withhold material from the report if the Treasury consider that publication of the…
["PART 1 — Regulatory framework", "Exercise of FMI regulatory powers", "Regulation 48"]1
- Regulatory framework", "Exercise of FMI regulatory powers", "Regulation 48"]
Exercise of FMI regulatory powers
— Regulation 48 — Exercise of FMI regulatory powers (2); the principle that the Bank should exercise its FMI functions as transparently as possible; the…
["PART 1 — Regulatory framework", "Restatement in rules: exemption from consultation requirements etc", "Regulation 6"]1
- Regulatory framework", "Restatement in rules: exemption from consultation requirements etc", "Regulation 6"]
Restatement in rules: exemption from consultation requirements etc
— Regulation 6 — Restatement in rules: exemption from consultation requirements etc (1)(a) of that Act; if made by the Payment Systems Regulator, include an…
["PART 1 — Regulatory framework", "Designated activities", "Regulation 8"]1
- Regulatory framework", "Designated activities", "Regulation 8"]
Designated activities
— Regulation 8 — Designated activities (8), publish the direction or notice in the way appearing to the FCA to be best calculated to bring it to the attention…
["PART 1 — Regulatory framework", "Critical third parties: related amendments", "Regulation 19"]1
- Regulatory framework", "Critical third parties: related amendments", "Regulation 19"]
Critical third parties: related amendments
— Regulation 19 — Critical third parties: related amendments (4)(a) for “or the recognised CSD” substitute “, the recognised CSD or the critical third party”…
["PART 1 — Regulatory framework", "Engagement with Parliamentary Committees", "Regulation 38"]1
- Regulatory framework", "Engagement with Parliamentary Committees", "Regulation 38"]
Engagement with Parliamentary Committees
— Regulation 38 — Engagement with Parliamentary Committees (3) to provide any information whose publication would in the opinion of the FCA be against the…
["PART 1 — Regulatory framework", "Rules relating to central counterparties and central securities depositories", "Regulation 9"]1
- Regulatory framework", "Rules relating to central counterparties and central securities depositories", "Regulation 9"]
Rules relating to central counterparties and central securities depositories
— Regulation 9 — Rules relating to central counterparties and central securities depositories (5) do not include references to systemic third country CCPs). A…
["PART 1 — Regulatory framework", "Application of FSMA 2000 to FMI functions", "Regulation 50"]1
- Regulatory framework", "Application of FSMA 2000 to FMI functions", "Regulation 50"]
Application of FSMA 2000 to FMI functions
— Regulation 50 — Application of FSMA 2000 to FMI functions (9), for paragraphs (a) to (f) there were substituted “in order to comply with a recommendation of…
["PART 1 — Regulatory framework", "Review of rules", "Regulation 29"]1
- Regulatory framework", "Review of rules", "Regulation 29"]
Review of rules
— Regulation 29 — Review of rules (1) to carry out a review. The regulator must make a written report to the Treasury as to the opinion of the regulator in…
["PART 1 — Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]1
- Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]
Critical third parties: designation and powers
— Regulation 18 — Critical third parties: designation and powers (1)(a) to the “FCA” were a reference to the “FCA and the Bank”. A relevant regulator may, if…
["PART 1 — Regulatory framework", "Application of FSMA 2000 to FMI functions", "Regulation 50"]1
- Regulatory framework", "Application of FSMA 2000 to FMI functions", "Regulation 50"]
Application of FSMA 2000 to FMI functions
— Regulation 50 — Application of FSMA 2000 to FMI functions (6)”. After paragraph 33 insert— Paragraph 21A of Schedule 1ZB (other reports by PRA) applies in…
["PART 1 — Regulatory framework", "Rules relating to central counterparties and central securities depositories", "Regulation 9"]1
- Regulatory framework", "Rules relating to central counterparties and central securities depositories", "Regulation 9"]
Rules relating to central counterparties and central securities depositories
— Regulation 9 — Rules relating to central counterparties and central securities depositories (9). The Treasury may by regulations provide for other provisions…
["PART 1 — Regulatory framework", "Engagement with Parliamentary Committees", "Regulation 38"]1
- Regulatory framework", "Engagement with Parliamentary Committees", "Regulation 38"]
Engagement with Parliamentary Committees
— Regulation 38 — Engagement with Parliamentary Committees (4)(a) to the PRA’s objectives includes, in their application as secondary objectives, the…
["PART 1 — Regulatory framework", "Exercise of FMI regulatory powers", "Regulation 48"]1
- Regulatory framework", "Exercise of FMI regulatory powers", "Regulation 48"]
Exercise of FMI regulatory powers
— Regulation 48 — Exercise of FMI regulatory powers (2)(b) the Bank must— be satisfied that the person has knowledge or experience which is likely to be…
["PART 1 — Regulatory framework", "Designated activities", "Regulation 8"]1
- Regulatory framework", "Designated activities", "Regulation 8"]
Designated activities
— Regulation 8 — Designated activities (1) by applying provisions of this Act with or without modifications. Designated activity regulations may make provision…
["PART 1 — Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]1
- Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]
Critical third parties: designation and powers
— Regulation 18 — Critical third parties: designation and powers (1) of the Human Rights Act 1998. A relevant regulator may at any time revoke a direction…
["PART 1 — Regulatory framework", "Application of FSMA 2000 to FMI functions", "Regulation 50"]1
- Regulatory framework", "Application of FSMA 2000 to FMI functions", "Regulation 50"]
Application of FSMA 2000 to FMI functions
— Regulation 50 — Application of FSMA 2000 to FMI functions (4)(c), the reference to section 138EA were a reference to that section as it applies in relation…
["PART 1 — Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]1
- Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]
Critical third parties: designation and powers
— Regulation 18 — Critical third parties: designation and powers (1) must— give details of the direction, state the relevant regulator’s reasons for the…
["PART 1 — Regulatory framework", "Engagement with Parliamentary Committees", "Regulation 38"]1
- Regulatory framework", "Engagement with Parliamentary Committees", "Regulation 38"]
Engagement with Parliamentary Committees
— Regulation 38 — Engagement with Parliamentary Committees (8) is to be determined by the Speaker of the House of Commons. This paragraph applies where— the…
["PART 1 — Regulatory framework", "Exercise of FMI regulatory powers", "Regulation 48"]1
- Regulatory framework", "Exercise of FMI regulatory powers", "Regulation 48"]
Exercise of FMI regulatory powers
— Regulation 48 — Exercise of FMI regulatory powers (2) being made in respect of such functions). The Bank must publish a statement setting out the following…
["PART 1 — Regulatory framework", "Designated activities", "Regulation 8"]1
- Regulatory framework", "Designated activities", "Regulation 8"]
Designated activities
— Regulation 8 — Designated activities (1) includes power to modify any criminal offence created by this Act (including by widening the scope of any such…
["PART 1 — Regulatory framework", "Exercise of FMI regulatory powers", "Regulation 48"]1
- Regulatory framework", "Exercise of FMI regulatory powers", "Regulation 48"]
Exercise of FMI regulatory powers
— Regulation 48 — Exercise of FMI regulatory powers (1) at least once in each Parliament. The Treasury must— publish in such manner as they think fit any…
["PART 1 — Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]1
- Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]
Critical third parties: designation and powers
— Regulation 18 — Critical third parties: designation and powers (8). The provisions of Part 11 (information gathering and investigations) mentioned in this…
["PART 1 — Regulatory framework", "Designated activities", "Regulation 8"]1
- Regulatory framework", "Designated activities", "Regulation 8"]
Designated activities
— Regulation 8 — Designated activities (5) after paragraph (za) insert— rules under Part 5A; In section 417 (definitions), at the appropriate place insert—…
["PART 1 — Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]1
- Regulatory framework", "Critical third parties: designation and powers", "Regulation 18"]
Critical third parties: designation and powers
— Regulation 18 — Critical third parties: designation and powers (1) (entry of premises under warrant) is exercisable on information on oath given by or on…
Headings and opening words only; the full text is on legislation.gov.uk, which is authoritative. The library holds the version current as of the date shown. AI output is not legal advice — consult a licensed lawyer in the relevant jurisdiction.
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