# 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)] URL: https://consilena.com/coverage/laws/ksrc_jyehndqpjw86ev0e - Jurisdiction: United Kingdom - Type: Act - Identifier: http://www.legislation.gov.uk/ukpga/2023/29 - Current as of: 29 June 2023 - Provisions: 55 - Official text: https://www.legislation.gov.uk/ukpga/2023/29 - Attribution: Contains public sector information licensed under the Open Government Licence v3.0. > The library is a research copy. Check the official source before relying on a provision: the text published there, not the copy in Consilena, is the law. ## Provisions ### ["PART 1 — Regulatory framework", "Regulations", "Regulation 16"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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"] - **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… --- Consilena is a software provider, not a law firm. AI output is not legal advice: consult a licensed lawyer in the relevant jurisdiction. 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