Financial Services and Markets Act 2000

The Financial Conduct Authority

— The Financial Conduct Authority — s. 1A — The Financial Conduct Authority (1) The body corporate previously known as the Financial Services Authority is…

The FCA's general duties

— s. 1B — The FCA's general duties (1) In discharging its general functions the FCA must, so far as is reasonably possible, act in a way which— (a) is…

The consumer protection objective

(1) The consumer protection objective is: securing an appropriate degree of protection for consumers. (2) In considering what degree of protection for…

The integrity objective

(1) The integrity objective is: protecting and enhancing the integrity of the UK financial system. (2) The “integrity” of the UK financial system includes— (a)…

The competition objective

(1) The competition objective is: promoting effective competition in the interests of consumers in the markets for— (a) regulated financial services, or (b)…

Competitiveness and growth objective

The competitiveness and growth objective is: facilitating, subject to aligning with relevant international standards— (a) the international competitiveness of…

Meaning of “relevant markets” in strategic objective

In section 1B(2) “the relevant markets” means— (a) the financial markets, (b) the markets for regulated financial services (see section 1H(2)), and (c) the…

Meaning of “consumer”

(1) In sections 1B to 1E “consumers” means persons who— (a) who use, have used or may use— (i) regulated financial services, or (ii) services that are provided…

Further interpretative provisions for sections 1B to 1G

(1) The following provisions have effect for the interpretation of sections 1B to 1G. (2) “Regulated financial services” means services provided— (a) by…

Meaning of “the UK financial system”

In this Act “the UK financial system” means the financial system operating in the United Kingdom and includes— (a) financial markets and exchanges, (b)…

Modifications applying if core activity not regulated by PRA

— s. 1IA — Modifications applying if core activity not regulated by PRA (1) If and so long as any regulated activity is a core activity (see section 142B)…

Power to amend objectives

— s. 1J — Power to amend objectives The Treasury may by order amend any of the following provisions— (a) in section 1E(1), paragraphs (a) and (b), (b) section…

Recommendations by Treasury in connection with general duties

(1) The Treasury may at any time by notice in writing to the FCA make recommendations to the FCA about aspects of the economic policy of Her Majesty's…

Guidance about objectives

— s. 1K — Guidance about objectives (1) The general guidance given by the FCA under section 139A must include guidance about how it intends to advance its…

Supervision, monitoring and enforcement

— s. 1L — Supervision, monitoring and enforcement (1) The FCA must maintain arrangements for supervising authorised persons. (2) The FCA must maintain…

The FCA's general duty to consult

The FCA must make and maintain effective arrangements for consulting practitioners and consumers on the extent to which its general policies and practices are…

Composition of Panels

(1) A person who receives remuneration from the FCA, the PRA, the Payment Systems Regulator, the Bank of England or the Treasury is disqualified from being…

The FCA Practitioner Panel

(1) Arrangements under section 1M must include the establishment and maintenance of a panel of persons (to be known as “the FCA Practitioner Panel”) to…

The Smaller Business Practitioner Panel

(1) Arrangements under section 1M must include the establishment and maintenance of a panel of persons (to be known as “the Smaller Business Practitioner…

The Markets Practitioner Panel

(1) Arrangements under section 1M must include the establishment and maintenance of a panel of persons (to be known as “the Markets Practitioner Panel”) to…

The Consumer Panel

(1) Arrangements under section 1M must include the establishment and maintenance of a panel of persons (to be known as “the Consumer Panel”) to represent the…

The Listing Authority Advisory Panel

(1) Arrangements under section 1M must include the establishment and maintenance of a panel of persons (to be known as “the Listing Authority Advisory Panel”)…

Duty to consider representations made by the Panels

(1) The FCA must consider representations that are made to it in accordance with arrangements made under section 1M. (2) The FCA must from time to time publish…

Statement of policy on panel appointments

(1) The FCA must prepare and publish a statement of policy in relation to the appointment of members of its statutory panels. (2) The statement must provide…

Requirements in connection with public consultations

(1) This section applies where the FCA issues a public consultation. (2) The FCA must include information in the consultation about any engagement by the FCA…

Reviews

— s. 1S — Reviews (1) The Treasury may appoint an independent person to conduct a review of the economy, efficiency and effectiveness with which the FCA has…

Right to obtain documents and information

(1) A person conducting a review under section 1S— (a) has a right of access at any reasonable time to all such documents as the person may reasonably require…

The Prudential Regulation Authority

— The Prudential Regulation Authority — s. 2A — The Prudential Regulation Authority (1) The “Prudential Regulation Authority” is the Bank of England. (2) The…

Functions of the PRA

(1) The PRA is to have the functions conferred on it by or under this Act. (2) Schedule 1ZB makes provision about functions of the PRA. (3) References in this…

The PRA's general objective

(1) In discharging its general functions the PRA must, so far as is reasonably possible, act in a way which advances its general objective. (2) The PRA's…

Insurance objective

(1) In discharging its general functions so far as relating to a PRA-regulated activity relating to the effecting or carrying out of contracts of insurance or…

Power to provide for additional objectives

(1) Subsection (2) applies to an order under section 22A which— (a) is made at any time after the coming into force of the first order under that section, and…

Strategy

(1) The PRA must— (a) determine its strategy in relation to its objectives, and (b) from time to time review, and if necessary revise, the strategy. (2) Before…

Interpretation of references to objectives

In this Act, a reference, in relation to any function of the PRA, to the objectives of the PRA is a reference to its general objective but— (a) so far as the…

Limit on effect of sections 2B to 2D

Nothing in sections 2B to 2D is to be regarded as requiring the PRA to ensure that no PRA-authorised person fails.

Secondary objectives and duty to have regard to regulatory principles

(1) When discharging its general functions in a way that advances its objectives (see section 2F), the PRA must, so far as reasonably possible, act in a way…

Guidance about objectives

(1) The PRA must give, and from time to time review, guidance about how it intends to advance its objectives in discharging its general functions in relation…

Interpretation of Chapter 2

(1) For the purposes of this Chapter, the PRA's general functions are— (a) its function of making rules under this Act (considered as a whole), (aa) its…

Arrangements for supervision of PRA-authorised persons

The PRA must maintain arrangements for supervising PRA-authorised persons.

The PRA's general duty to consult

The PRA must make and maintain effective arrangements for consulting PRA-authorised persons or, where appropriate, persons appearing to the PRA to represent…

Composition of Panels

(1) A person who receives remuneration from the FCA, the PRA, the Payment Systems Regulator, the Bank of England or the Treasury is disqualified from being…

The PRA Practitioner Panel

(1) Arrangements under section 2L must include the establishment and maintenance of a panel of persons (to be known as “the PRA Practitioner Panel”) to…

The Insurance Practitioner Panel

(1) Arrangements under section 2L must include the establishment and maintenance of a panel of persons (to be known as “the Insurance Practitioner Panel”) to…

Duty to consider representations

(1) The PRA must consider representations that are made to it in accordance with arrangements made under section 2L. (2) The PRA must from time to time publish…

Statement of policy on panel appointments

(1) The PRA must prepare and publish a statement of policy in relation to the appointment of members of its statutory panels. (2) The statement must provide…

Requirements in connection with public consultations

(1) This section applies where the PRA issues a public consultation. (2) The PRA must include information in the consultation about any engagement by the PRA…

Meaning of “regulator”

(1) This section has effect for the interpretation of this Act. (2) The FCA and the PRA are the “regulators”, and references to a regulator are to be read…

Regulatory principles to be applied by both regulators

(1) In relation to the regulators, the regulatory principles referred to in section 1B(5)(a) and 2H(2) are as follows— (a) the need to use the resources of…

Duty to follow principles of good governance

In managing its affairs, the FCA must have regard to such generally accepted principles of good corporate governance as it is reasonable to regard as…

Duty of FCA and PRA to ensure co-ordinated exercise of functions

(1) The regulators must co-ordinate the exercise of their respective functions conferred by or under this Act with a view to ensuring— (a) that each regulator…

Memorandum of understanding

(1) The regulators must prepare and maintain a memorandum which describes in general terms— (a) the role of each regulator in relation to the exercise of…

With-profits insurance policies

(1) The regulators must prepare and maintain a memorandum which describes in general terms— (a) the role of each regulator in relation to the exercise of…

Power to establish boundary between FCA and PRA responsibilities

(1) The Treasury may by order specify matters that, in relation to the exercise by either regulator of its functions relating to PRA-authorised persons, are to…

Parliamentary control of orders under section 3G

(1) No order may be made under section 3G unless— (a) a draft of the order has been laid before Parliament and approved by a resolution of each House, or (b)…

Power of PRA to require FCA to refrain from specified action

(1) Where the first, second and third conditions are met, the PRA may give a direction under this section to the FCA. (2) The first condition is that the FCA…

Power of PRA in relation to with-profits policies

(1) Where the first, second and third conditions are met, the PRA may give a direction under this section to the FCA. (2) The first condition is that the FCA…

Revocation of directions under section 3I or 3J

(1) The PRA may at any time by notice to the FCA revoke a direction under section 3I or 3J. (2) The revocation of a direction under section 3I or 3J does not…

Further provisions about directions under section 3I or 3J

(1) Before giving a direction under section 3I or 3J, the PRA must consult the FCA. (2) A direction under section 3I or 3J must be given or confirmed in…

Directions relating to consolidated supervision of groups

(1) This section applies where one of the regulators (“the supervising regulator”), but not the other, is the competent authority for the purpose of…

Revocation of directions under section 3M

(1) The supervising regulator may at any time by notice to the other regulator revoke a direction under section 3M. (2) The revocation of the direction does…

Further provisions about directions under section 3M

(1) Before giving a direction under section 3M, the supervising regulator must consult the other regulator. (2) A direction under section 3M must be given or…

Consultation by regulator complying with direction

(1) If the directed regulator is required by this Act to consult any person other than the supervising regulator before exercising the relevant function to…

Co-operation by FCA ... with Bank of England

(1) The FCA must take such steps as it considers appropriate to co-operate with the Bank of England in connection with— (a) the pursuit by the Bank of its…

Arrangements for provision of services

— s. 3R — Arrangements for provision of services (1) The regulators may enter into arrangements with each other for the provision of services by one of them to…

Duty of FCA and PRA to review rules

(1) Each regulator must keep under review generally any rules made by the regulator under this Act or any other enactment (whenever passed or made). (2)…

Statement of policy relating to review of rules

(1) Each regulator must prepare and publish a statement of its policy with respect to its review of rules under section 3RA. (2) The statement must provide…

Requirement to review specified rules

(1) The Treasury may by direction require a regulator to carry out a review of specified rules if— (a) the rules have been in force for at least 12 months, (b)…

Report on certain reviews

(1) This section applies where the Treasury have given a direction to a regulator under section 3RC(1) to carry out a review. (2) The regulator must make a…

Power of Treasury to require making of rules by regulations

(1) The Treasury may by regulations require a regulator to exercise a power under this Act to make rules in relation to a specified activity or a specified…

Interpretation

— s. 3T — Interpretation In this Part “enactment” includes— (a) an enactment contained in subordinate legislation within the meaning of the Interpretation Act…

The general prohibition

— s. 19 — The general prohibition (1) No person may carry on a regulated activity in the United Kingdom, or purport to do so, unless he is— (a) an authorised…

Authorised persons acting without permission

(1) If an authorised person other than a PRA-authorised person carries on a regulated activity in the United Kingdom, or purports to do so, otherwise than in…

Restrictions on financial promotion

(1) A person (“A”) must not, in the course of business, communicate an invitation or inducement to (a) engage in investment activity, or (b) to engage in…

Regulated activities

— s. 22 — Regulated activities (1) An activity is a regulated activity for the purposes of this Act if it is an activity of a specified kind which is carried…

Designation of activities requiring prudential regulation by PRA

(1) The Treasury may by order specify the regulated activities that are “PRA-regulated activities” for the purposes of this Act. (2) An order under subsection…

Parliamentary control in relation to certain orders under section 22A

(1) This section applies to the first order made under section 22A(1). (2) This section also applies to any subsequent order made under section 22A(1) which—…

Contravention of the general prohibition or section 20(1) or (1A)

(1) A person who contravenes the general prohibition is guilty of an offence and liable— (a) on summary conviction, to imprisonment for a term not exceeding…

Parliamentary control in relation to certain orders under section 23

(1) This section applies to the first order made under section 23(1B). (2) This section also applies to any subsequent order made under section 23(1B) which…

False claims to be authorised or exempt

(1) A person who is neither an authorised person nor, in relation to the regulated activity in question, an exempt person is guilty of an offence if he— (a)…

Contravention of section 21

(1) A person who contravenes section 21(1) is guilty of an offence and liable— (a) on summary conviction, to imprisonment for a term not exceeding six months…

Agreements made by unauthorised persons

(1) An agreement made by a person in the course of carrying on a regulated activity in contravention of the general prohibition is unenforceable against the…

Agreements relating to credit

(1) An agreement that is made by an authorised person in contravention of section 20 is unenforceable against the other party if the agreement is entered into…

Agreements made through unauthorised persons

(1) This section applies to an agreement that— (a) is made by an authorised person (“the provider”) in the course of carrying on a regulated activity, (b) is…

Agreements made unenforceable by section 26 or 27: general cases

(1) This section applies to an agreement which is unenforceable because of section 26 or 27, other than an agreement entered into in the course of carrying on…

Credit-related agreements made unenforceable by section 26, 26A or 27

(1) This section applies to an agreement that— (a) is entered into in the course of carrying on a credit-related regulated activity, and (b) is unenforceable…

Decisions under section 28A: procedure

(1) A notice under section 28A(2)(b) or (3) must— (a) give the FCA's reasons for its determination, and (b) give an indication of— (i) the right to have the…

Accepting deposits in breach of general prohibition

(1) This section applies to an agreement between a person (“the depositor”) and another person (“the deposit-taker”) made in the course of the carrying on by…

Enforceability of agreements resulting from unlawful communications

(1) In this section— “unlawful communication” means a communication in relation to which there has been a contravention of section 21(1); “controlled…

Authorised persons

(1) The following persons are authorised for the purposes of this Act— (a) a person who has a Part 4A permission to carry on one or more regulated activities…

Partnerships and unincorporated associations

(1) If a firm is authorised— (a) it is authorised to carry on the regulated activities concerned in the name of the firm; and (b) its authorisation is not…

Withdrawal of authorisation ...

(1) This section applies if— (a) an authorised person’s Part 4A permission is cancelled; and (b) as a result, there is no regulated activity for which he has…

Authorised open-ended investment companies

Schedule 5 makes provision about authorised open-ended investment companies.

Exemption orders

(1) The Treasury may by order (“an exemption order”) provide for— (a) specified persons, or (b) persons falling within a specified class, to be exempt from the…

Exemption of appointed representatives

(1) If a person (other than an authorised person)— (a) is a party to a contract with an authorised person (“his principal”) which— (i) permits or requires him…

Certain tied agents operating outside United Kingdom

(1) This section applies to an authorised person whose relevant office is in the United Kingdom if— (a) he is a party to a contract with a person (other than…

Application for permission

— s. 55A — Application for permission (1) An application for permission to carry on one or more regulated activities may be made to the appropriate regulator…

The threshold conditions

(1) “The threshold conditions”, in relation to a regulated activity, means the conditions set out in or specified under Schedule 6, as read with any threshold…

Power to amend Schedule 6

(1) The Treasury may by order amend Parts 1 and 2 of Schedule 6 by altering, adding or repealing provisions, or by substituting for those Parts as they have…

Firms based outside the United Kingdom

(1) This section applies in relation to a person (“the non-UK firm”)— (a) who is a body incorporated in, or formed under the law of, or is an individual who is…

Giving permission: the FCA

(1) This section applies where the FCA is the appropriate regulator in relation to an application for permission under section 55A. (2) The FCA may give…

Giving permission: the PRA

(1) This section applies where the PRA is the appropriate regulator in relation to an application for permission under section 55A. (2) The PRA may with the…

Giving permission: special cases

(1) “The applicant” means an applicant for permission under section 55A. (2) If the applicant— (a) in relation to a particular regulated activity, is exempt…

Variation by FCA at request of authorised person

(1) … (2) The FCA may, on the application of an authorised person who has a Part 4A permission but is not a PRA-authorised person, vary the permission by— (a)…

Variation by PRA at request of authorised person

(1) On the application of a PRA-authorised person with a Part 4A permission, the PRA may with the consent of the FCA vary the permission by— (a) adding a…

Variation or cancellation on initiative of regulator

(1) Either regulator may exercise its power under this section in relation to an authorised person with a Part 4A permission (“A”) if it appears to the…

Variation or cancellation on initiative of FCA: additional power

(1) Schedule 6A confers an additional power on the FCA to vary or cancel an FCA-authorised person's Part 4A permission. (2) In this section and that Schedule…

Investment firms: particular conditions that enable cancellation

(1) The conditions referred to in section 55J(6) are as follows— (a) that the firm has failed, during a period of at least 6 months, to carry on a regulated…

Imposition of requirements by FCA

(1) Where a person has applied (whether to the FCA or the PRA) for a Part 4A permission or the variation of a Part 4A permission, the FCA may impose on that…

Imposition of requirements by PRA

(1) Where— (a) a person has applied for a Part 4A permission in relation to activities which consist of or include a PRA-regulated activity, (b) a…

Requirements under section 55L or 55M: further provisions

(1) A requirement may, in particular, be imposed— (a) so as to require the person concerned to take specified action, or (b) so as to require the person…

General requirement relating to financial promotion approval

(1) An authorised person must not approve the content of a communication for the purposes of section 21 unless the person has permission to do so given by the…

Section 55NA: power to provide for exemptions

(1) The Treasury may by regulations provide for exemptions from the requirement imposed by section 55NA(1) not to give approvals for the purposes of section 21…

Imposition of requirements on acquisition of control

(1) This section applies if it appears to the appropriate regulator that— (a) a person has acquired control over a UK authorised person who has a Part 4A…

Prohibitions and restrictions

(1) This section applies if— (a) on a person being given a Part 4A permission, either regulator imposes an assets requirement on that person, (b) an assets…

Requirements relating to general meetings

(1) This section applies where— (a) either regulator has imposed a general meeting requirement on an authorised person who is a bank, building society or…

Exercise of power in support of overseas regulator

— s. 55Q — Exercise of power in support of overseas regulator (1) Either UK regulator's own-initiative powers may be exercised in respect of an authorised…

Persons connected with an applicant

(1) In considering— (a) an application for a Part 4A permission, (b) whether to vary or cancel a Part 4A permission, (ba) an application for permission under…

Persons whose interests are protected

— s. 55T — Persons whose interests are protected For the purpose of any provision of this Part which refers to the FCA's operational objectives, the purpose…

Applications under this Part

(1) An application for a Part 4A permission must— (a) contain a statement of the regulated activity or regulated activities which the applicant proposes to…

Determination of applications

(1) An application under this Part must be determined by the regulator to which it is required to be made (“the appropriate regulator”) before the end of the…

Applications under this Part: communications between regulators

The PRA must as soon as practicable notify the FCA of the receipt or withdrawal of— (a) an application for permission under section 55A, (b) an application…

Determination of applications: warning notices and decision notices

(1) If a regulator proposes— (a) to give a Part 4A permission but to exercise its power under section 55E(5)(a) or (b) or 55F(4)(a) or (b), (b) to give a Part…

Applications relating to administering a benchmark

(1) If the FCA decides— (a) to give a Part 4A permission to carry on the regulated activity specified in article 63S of the RAO (administering a benchmark) but…

Exercise of own-initiative power: procedure

(1) This section applies to an exercise of either regulator's own-initiative variation power or own-initiative requirement power in relation to an authorised…

Cancellation of Part 4A permission or permission under section 55NA: procedure

(1) If a regulator proposes to cancel an authorised person's Part 4A permission or permission under section 55NA otherwise than at the person's request, it…

Right to refer matters to the Tribunal

(1) An applicant who is aggrieved by the determination of an application made under this Part may refer the matter to the Tribunal. (2) An authorised person…

Interpretation of Part 4A

In this Part— “own-initiative requirement power”, in relation to the FCA or the PRA, is to be read in accordance with section 55L(4) or 55M(4); “own-initiative…

Prohibition orders

— s. 56 — Prohibition orders (1) The FCA may make a prohibition order if it appears to it that an individual is not a fit and proper person to perform…

Prohibition orders: procedure and right to refer to Tribunal

(1) If a regulator proposes to make a prohibition order it must give the individual concerned a warning notice. (2) The warning notice must set out the terms…

Applications relating to prohibitions: procedure and right to refer to Tribunal

(1) This section applies to an application for the variation or revocation of a prohibition order. (2) If the appropriate regulator decides to grant the…

Approval for particular arrangements

(1) An authorised person (“A”) must take reasonable care to ensure that no person performs a controlled function under an arrangement entered into by A in…

Senior management functions

(1) This section has effect for determining whether a function is for the purposes of section 59(6) or (6A) a senior management function. (2) A function is a…

Designated senior management functions

For the purposes of this Part the following are “designated senior management functions”— (a) a function of a description specified in rules made by the FCA…

Specifying functions as controlled functions: supplementary

(1) The FCA must— (a) keep under review the exercise of its power under section 59(3)(a) to specify any senior management function as a controlled function…

Specifying functions as controlled functions: transitional provision

(1) In relation to rules made by the FCA or the PRA under section 59, the power conferred by section 137T(c) to make transitional provision includes in…

Role of FCA in relation to PRA decisions

(1) The FCA may arrange with the PRA that in such cases as may be described in the arrangements the PRA may give approval under section 59 without obtaining…

Applications for approval

(1) An application for the appropriate regulator's approval under section 59 may be made by the authorised person concerned. (2) The application must— (a) be…

Vetting of candidates by ... authorised persons

(1) Before an authorised person may make an application for a regulator's approval under section 59, the authorised person must be satisfied that the person in…

Determination of applications

(1) The regulator to which an application for approval is made under section 60 may grant the application only if— (a) it is satisfied that the person in…

Applications for approval: procedure and right to refer to Tribunal

(1) If the regulator to which an application is made under section 60 (“an application”) decides to grant the application, it must give written notice of its…

Changes in responsibilities of senior managers

(1) This section applies where— (a) an authorised person has made an application to the appropriate regulator for approval under section 59 for a person to…

Withdrawal of approval

(1) The FCA may withdraw an approval under section 59 given by the FCA or the PRA in relation to the performance by a person of a function if the FCA considers…

Variation of senior manager's approval at request of ... authorised person

(1) Where an approval under section 59 has effect subject to conditions, the authorised person concerned may apply to the appropriate regulator to vary the…

Variation of senior manager's approval on initiative of regulator

(1) The FCA may vary an approval under section 59 given by the FCA or the PRA for the performance of a designated senior management function in relation to the…

Exercise of power under section 63ZB: procedure

(1) This section applies to an exercise, by either regulator, of the power to vary an approval under section 63ZB. (2) A variation takes effect— (a)…

Statement of policy relating to conditional approval and variation

(1) Each regulator must prepare and issue a statement of its policy with respect to— (a) its giving of approval under section 59 subject to conditions or for a…

Statement of policy: procedure

(1) Before issuing a statement of policy under section 63ZD, a regulator (“the issuing regulator”) must— (a) consult the other regulator, and (b) publish a…

Power to impose penalties

(1) If the appropriate regulator is satisfied that— (a) a person (“P”) has at any time performed a controlled function without approval, and (b) at that time P…

Procedure and right to refer to Tribunal

(1) If a regulator proposes to impose a penalty on a person under section 63A, it must give the person a warning notice. (2) A warning notice must state the…

Statement of policy

(1) Each regulator must prepare and issue a statement of its policy with respect to— (a) the imposition of penalties under section 63A; and (b) the amount of…

Statement of policy: procedure

(1) Before a regulator issues a statement under section 63C, the regulator must publish a draft of the proposed statement in the way appearing to the regulator…

Certification of employees by ... authorised persons

(1) An authorised person (“A”) must take reasonable care to ensure that no employee of A performs a specified function under an arrangement entered into by A…

Issuing of certificates

(1) An authorised person may issue a certificate to a person under this section only if the authorised person is satisfied that the person is a fit and proper…

Rules of conduct

(1) If it appears to the FCA to be necessary or expedient for the purpose of advancing one or more of its operational objectives, the FCA may make rules about…

Rules of conduct: responsibilities of ... authorised persons

(1) This section applies where a regulator makes rules under section 64A (“conduct rules”). (2) Every ... authorised person must— (a) notify all relevant…

Requirement for ... authorised persons to notify regulator of disciplinary action

(1) If— (a) an authorised person takes disciplinary action in relation to a relevant person, and (b) the reason, or one of the reasons, for taking that action…

Disciplinary powers

(1) A regulator may take action against a person under this section (whether or not it has given its approval in relation to the person) if— (a) it appears to…

Misconduct: action by the FCA

(1) For the purposes of action by the FCA under section 66, a person is guilty of misconduct if any of conditions A to C is met in relation to the person. (2)…

Misconduct: action by the PRA

(1) For the purposes of action by the PRA under section 66, a person is guilty of misconduct if any of conditions A to C is met in relation to the person. (2)…

Disciplinary measures: procedure and right to refer to Tribunal

(1) If a regulator proposes to take action against a person under section 66, it must give him a warning notice; and if it proposes to take action under…

Publication

After a statement under section 66 is published, the regulator publishing it must send a copy of it to the person concerned and to any person to whom a copy of…

Statement of policy

(1) Each regulator must prepare and issue a statement of its policy with respect to— (a) the imposition of penalties, suspensions, conditions or limitations…

Statements of policy: procedure

(1) Before a regulator issues a statement under section 69, the regulator must publish a draft of the proposed statement in the way appearing to the regulator…

Actions for damages

(1) A contravention of section 56(6) or 59(1) or (2) is actionable at the suit of a private person who suffers loss as a result of the contravention, subject…

Removal of directors and senior executives

and appointment of temporary manager — s. 71B — Removal of directors and senior executives (1) If the appropriate regulator is satisfied that the conditions in…

Temporary manager

(1) If the appropriate regulator is satisfied— (a) in the case of a relevant firm, that the conditions in section 71D(1), (2) and (4) are met in relation to…

Sections 71B and 71C: conditions

(1) The condition in this subsection is met in relation to a relevant firm or a parent undertaking if— (a) there is a deterioration in the financial situation…

Temporary manager: further provisions in relation to the appointment

(1) Before appointing a person to act as a temporary manager, the appropriate regulator must be satisfied that the person— (a) has the qualifications, ability…

Temporary manager: instrument of appointment

(1) The power in section 71C(1) is to be exercised by an instrument of appointment. (2) The instrument of appointment must— (a) specify the functions of the…

Right to refer matters to the Tribunal

(1) A relevant firm which is aggrieved by— (a) the imposition of a requirement on that firm under section 71B, or (b) the appointment, or the terms of the…

Removal of directors and senior executives and appointment of temporary manager: procedure

(1) A requirement under section 71B or 71C(2) or (8) or the appointment of a temporary manager under section 71C(1) may be expressed to take effect immediately…

Sections 71B to 71H: interpretation

(1) For the purposes of sections 71B to 71H “relevant firm” means— (a) a bank as defined in section 2 of the Banking Act 2009, (b) a building society as…

Designated activities

— CHAPTER 1 – GENERAL PROVISIONS — s. 71K — Designated activities (1) The Treasury may by regulations provide for an activity of a specified description to be…

Restrictions on carrying on of designated activities

(1) A person must not carry on a designated activity if, or to the extent that, designated activity regulations prohibit the carrying on of that activity. (2)…

Designated activity regulations: general

(1) Designated activity regulations may make provision generally in relation to the carrying on of designated activities. (2) The following are examples of…

Designated activities: rules

(1) The FCA may make rules relating to designated activities. (2) The power under subsection (1) is only exercisable in so far as designated activity…

Designated activities: directions

(1) The FCA may by directions impose such requirements on a person, or such description of persons, relating to the carrying on of designated activities as the…

Designated activities: liability

(1) Designated activity regulations may make provision about liability and compensation in connection with this Part. (2) A contravention of a requirement…

Designated activities: enforcement

(1) Designated activity regulations may make provision about enforcement in connection with this Part. (2) Provision about enforcement includes (among other…

Designated activities and rules: connected amendments

(1) The Treasury may by regulations make such modifications to provision made by or under this Act or any other enactment as the Treasury consider appropriate…

Designated activities regulations: Parliamentary control

(1) This section applies to regulations which contain provision made under section 71K which provides for an activity of a specified description to be a…

Meaning of “relevant designated activity” and “relevant Part 5A requirement”

(1) In this Act “relevant designated activity” means an activity that is a designated activity as a result of a provision specified in Part 1 of Schedule 6C…

Meaning of “relevant Part 5A direction” for purposes of this Chapter

For the purposes of this Chapter a “relevant Part 5A direction” is a direction given under section 71O by virtue of designated activity regulations that are…

Procedure for giving, varying or revoking relevant Part 5A direction

(1) If the FCA proposes to give a relevant Part 5A direction, or gives such a direction with immediate effect, the FCA must give written notice to the person…

Application for variation or revocation of relevant Part 5A direction

(1) A person to whom a relevant Part 5A direction has been given may apply to the FCA for the variation or revocation of the direction. (2) An application for…

Determination of application under section 71W

(1) This section applies in relation to an application under section 71W for the variation or revocation of a direction, and in this section the applicant is…

Relevant Part 5A direction: right to refer to Tribunal

A person who is aggrieved by the exercise by the FCA of its powers in relation to a relevant Part 5A direction given to that person may refer the matter to the…

Part 6 Rules

(1) The FCA may make rules (“Part 6 rules”) for the purposes of this Part. (2) Provisions of Part 6 rules expressed to relate to the official list are referred…

The official list

— s. 74 — The official list (1) The FCA must maintain the official list. (2) The FCA may admit to the official list such securities and other things as it…

Applications for listing

(1) Admission to the official list may be granted only on an application made to the FCA in such manner as may be required by listing rules. (2) No application…

Decision on application

(1) The FCA must notify the applicant of its decision on an application for listing— (a) before the end of the period of six months beginning with the date on…

Discontinuance and suspension of listing

(1) The FCA may, in accordance with listing rules, discontinue the listing of any securities if satisfied that there are special circumstances which preclude…

Discontinuance or suspension: procedure

(1) A discontinuance or suspension by the FCA on its own initiative takes effect— (a) immediately, if the notice under subsection (2) states that that is the…

Discontinuance or suspension at the request of the issuer: procedure

(1) A discontinuance or suspension by the FCA on the application of the issuer of the securities takes effect— (a) immediately, if the notification under…

Listing particulars and other documents

(1) Listing rules may provide that securities ... of a kind specified in the rules may not be admitted to the official list unless— (a) listing particulars…

General duty of disclosure in listing particulars

(1) Listing particulars submitted to the FCA under section 79 must contain all such information as investors and their professional advisers would reasonably…

Supplementary listing particulars

(1) If at any time after the preparation of listing particulars which have been submitted to the FCA under section 79 and before the commencement of dealings…

Exemptions from disclosure

(1) The FCA may authorise the omission from listing particulars of any information, the inclusion of which would otherwise be required by section 80 or 81, on…

Contravention of prohibition relating to public offer of securities

— s. 85 — Contravention of prohibition relating to public offer of securities (1) … (2) … (3) A person who contravenes regulation 12 of the Public Offers and…

Sponsors

— s. 88 — Sponsors (1) Listing rules may require a person to make arrangements with a sponsor for the performance by the sponsor of such services in relation…

Disciplinary powers: contravention of s.88(3)(c) or (e)

(1) The FCA may take action against a sponsor under this section if it considers that the sponsor has contravened a requirement or restriction imposed on the…

Action under s.88A: procedure and right to refer to Tribunal

(1) If the FCA proposes to take action against a sponsor under section 88A, it must give the sponsor a warning notice. (2) A warning notice about a proposal to…

Action under s.88A: statement of policy

(1) The FCA must prepare and issue a statement of its policy with respect to— (a) the imposition of penalties, suspensions or restrictions under section 88A…

Statement of policy under s.88C: procedure

(1) Before issuing a statement under section 88C, the FCA must publish a draft of the proposed statement in the way appearing to the FCA to be best calculated…

Powers exercisable to advance operational objectives

(1) The FCA may take action against a sponsor under this section if it considers that it is desirable to do so in order to advance one or more of its…

Action under s.88E: procedure

(1) Action against a sponsor under section 88E takes effect— (a) immediately, if the notice given under subsection (3) so provides, or (b) on such later date…

Transparency rules

(1) The FCA may make rules— (a) imposing requirements in relation to the disclosure of periodic or ongoing information about issuers whose securities are…

Provision of voteholder information

(1) Transparency rules may make provision for voteholder information in respect of voting shares to be notified, in circumstances specified in the rules— (a)…

Provision of information by issuers of transferable securities

(1) Transparency rules may make provision requiring the issuer of transferable securities, in circumstances specified in the rules— (a) to make public…

Notification of voting rights held by issuer

(1) Transparency rules may require notification of voteholder information relating to the proportion of voting rights held by an issuer in respect of voting…

Transparency rules: interpretation etc

(1) For the purposes of sections 89A to 89G— (a) the voting rights in respect of any voting shares are the voting rights attached to those shares, and (b) a…

Transparency rules: other supplementary provisions

(1) Transparency rules may impose the same obligations on a person who has applied for the admission of transferable securities to trading on a regulated…

FCA's power to call for information

(1) The FCA may by notice in writing given to a person to whom this section applies require him— (a) to provide specified information or information of a…

Requirements in connection with call for information

(1) The FCA may require any information provided under section 89H to be provided in such form as it may reasonably require. (2) The FCA may require— (a) any…

Power to call for information: supplementary provisions

(1) The FCA may require an issuer to make public any information provided to the FCA under section 89H. (2) If the issuer fails to comply with a requirement…

Public censure of issuer

(1) If the FCA finds that an issuer of securities admitted to trading on a regulated market is failing or has failed to comply with an applicable transparency…

Power to suspend or prohibit trading of securities

(1) This section applies to securities admitted to trading on a regulated market. (2) If the FCA has reasonable grounds for suspecting that an applicable…

Procedure under section 89L

(1) A requirement under section 89L takes effect— (a) immediately, if the notice under subsection (2) states that that is the case; (b) in any other case, on…

Right to refer matters to the Tribunal

A person— (a) to whom a decision notice is given under section 89K (public censure), or (b) to whom a notice is given under section 89M (procedure in…

Voting rights suspension orders

(1) The court may, on the application of the FCA and in accordance with this section, make a voting rights suspension order in respect of a person who is a…

Corporate governance rules

(1) The FCA may make rules (“corporate governance rules”) relating to the corporate governance of issuers who have requested or approved admission of their…

Primary information providers

— s. 89P — Primary information providers (1) Part 6 rules may require issuers of financial instruments to use primary information providers for the purpose of…

Disciplinary powers: contravention of s.89P(4)(b) or (d)

(1) The FCA may take action against a provider under this section if it considers that the provider has contravened a requirement or restriction imposed on the…

Action under s.89Q: procedure and right to refer to Tribunal

(1) If the FCA proposes to take action against a provider under section 89Q, it must give the provider a warning notice. (2) A warning notice about a proposal…

Action under s.89Q: statement of policy

(1) The FCA must prepare and issue a statement of its policy with respect to— (a) the imposition of penalties, suspensions or restrictions under section 89Q…

Statement of policy under s.89S: procedure

(1) Before issuing a statement under section 89S, the FCA must publish a draft of the proposed statement in the way appearing to the FCA to be best calculated…

Powers exercisable to advance operational objectives

(1) The FCA may take action against a provider under this section if it considers that it is desirable to do so in order to advance one or more of its…

Action under s.89U: procedure

(1) Action against a provider under section 89U takes effect— (a) immediately, if the notice given under subsection (2) so provides, or (b) on such later date…

Storage of regulated information

(1) The FCA must ensure that there is at least one mechanism for the central storage of regulated information … (1A) The mechanism must comply with minimum…

Compensation for statements in listing particulars ..

(1) Any person responsible for listing particulars is liable to pay compensation to a person who has— (a) acquired securities to which the particulars apply…

Liability for key investor information

(1) A person is not to be subject to civil liability solely on the basis of the key investor information produced in relation to a collective investment scheme…

Liability of issuers in connection with published information

Schedule 10A makes provision about the liability of issuers of securities to pay compensation to persons who have suffered loss as a result of— (a) a…

Power to make further provision about liability for published information

(1) The Treasury may by regulations make provision about the liability of issuers of securities traded on a regulated market, and other persons, in respect of…

Penalties for breach of Part 6 rules

(1) If the FCA considers that— (a) an issuer of listed securities, or (b) an applicant for listing, has contravened any provision of listing rules, it may…

Procedure

(1) If the FCA proposes to take action against a person under section 91, it must give him a warning notice. (2) A warning notice about a proposal to impose a…

Statement of policy

(1) The FCA must prepare and issue a statement (“its policy statement”) of its policy with respect to— (a) the imposition of penalties under section 91; and…

Statements of policy: procedure

(1) Before issuing a statement under section 93, the FCA must publish a draft of the proposed statement in the way appearing to the FCA to be best calculated…

Obligations of issuers of listed securities

(1) Listing rules may— (a) specify requirements to be complied with by issuers of listed securities; and (b) make provision with respect to the action that may…

Appointment by FCA of persons to carry out investigations

(1) Subsection (2) applies if it appears to the FCA that there are circumstances suggesting that— (a) there may have been a contravention of— (i) a provision…

Listing rules: general provisions

(1) … (2) Part 6 rules may authorise the FCA to dispense with or modify the application of the rules in particular cases and by reference to any circumstances…

Meaning of “securities” etc

(1) This section applies for the purposes of this Part. (2) “Securities” means (except in section 74(2) and the expression “transferable securities”) anything…

Interpretation of this Part

(1) In this Part, save where the context otherwise requires— ... ... “listed securities” means anything which has been admitted to the official list; “listing”…

Meaning of “the appropriate regulator”

(1) In this Part “the appropriate regulator” means— (a) in relation to a ring-fencing transfer scheme or a scheme (other than a ring-fencing transfer scheme)…

Control of business transfers

No insurance business transfer scheme ... is to have effect unless an order has been made in relation to it under section 111(1).

Insurance business transfer schemes

(1) A scheme is an insurance business transfer scheme if it— (a) satisfies the condition set out in subsection (2); (b) results in the business transferred…

Banking business transfer schemes

(1) A scheme is a banking business transfer scheme if it— (a) satisfies one of the conditions set out in subsection (2); (b) is one under which the whole or…

Reclaim fund business transfer scheme

(1) A scheme is a reclaim fund business transfer scheme if, under the scheme, the whole or part of the business carried on by a reclaim fund is to be…

Ring-fencing transfer scheme

(1) A scheme is a ring-fencing transfer scheme if it— (a) is one under which the whole or part of the business carried on— (i) by a UK authorised person, or…

Application for order sanctioning transfer scheme

(1) An application may be made to the court for an order sanctioning an insurance business transfer scheme, a banking business transfer scheme, a reclaim fund…

Requirements on applicants

(1) The Treasury may by regulations impose requirements on applicants under section 107. (2) The court may not determine an application under that section if…

Scheme reports: insurance business transfer schemes

(1) An application under section 107 in respect of an insurance business transfer scheme must be accompanied by a report on the terms of the scheme (“a scheme…

Scheme reports: ring-fencing transfer schemes

(1) An application under section 106B in respect of a ring-fencing transfer scheme must be accompanied by a report on the terms of the scheme (a “scheme…

Right to participate in proceedings

(1) On an application under section 107 relating to an insurance business transfer scheme, a banking business transfer scheme or a reclaim fund business…

Sanction of the court for business transfer schemes

(1) This section sets out the conditions which must be satisfied before the court may make an order under this section sanctioning an insurance business…

Effect of order sanctioning business transfer scheme

(1) If the court makes an order under section 111(1), it may by that or any subsequent order make such provision (if any) as it thinks fit— (a) for the…

Duty of regulator to provide copy of order

(1) Where the PRA receives under section 112(10) a copy of an order it must, without delay, give a copy of it to the FCA. (2) Where the FCA receives under…

Rights to terminate etc

(1) Subsection (2) applies where (apart from that subsection) a person would be entitled, in consequence of anything done or likely to be done by or under this…

Appointment of actuary in relation to reduction of benefits

(1) This section applies if an order has been made under section 111(1). (2) The court making the order may, on the application of either regulator, appoint an…

Certificates for purposes of insurance business transfers overseas

Part III of Schedule 12 makes provision about certificates which the appropriate regulator may issue in relation to insurance business transfers taking place…

Power to modify this Part

The Treasury may by regulations— (a) provide for prescribed provisions of this Part to have effect in relation to prescribed cases with such modifications as…

Pension schemes to which this Part applies

(1) This Part applies to a pension scheme— (a) that is FCA-regulated, and (b) in relation to which any of the following conditions is met. (2) The conditions…

Unilateral changes

to pension schemes — s. 117B — Unilateral changes (1) The provider of a pension scheme to which this Part applies may— (a) amend the terms of the scheme as…

Effect of transfer of pension pot on membership of scheme etc

(1) This section applies where a pension pot is transferred under section 117B(1)(c) or (d) to a different pension scheme (“the receiving scheme”). (2) The…

Best interests test

(1) The provider of a pension scheme to which this Part applies may effect a unilateral change under section 117B(1) only if— (a) the provider concludes…

Certification by independent person

(1) The provider of a pension scheme to which this Part applies may effect a unilateral change under section 117B(1) only if, before effecting it— (a) the…

Unilateral change notice

(1) The provider of a pension scheme to which this Part applies may effect a unilateral change under section 117B(1) only after— (a) the provider has sent a…

Further duties to make FCA general rules

(1) The FCA must make general rules— (a) about the fees that may or may not be charged by the provider of a pension scheme in relation to unilateral changes…

Treasury regulations

(1) The Treasury may by regulations— (a) provide that section 117B(1) does not apply in relation to unilateral changes of a description specified in the…

Interpretation of Part

(1) In this Part— “the best interests test” has the meaning given by section 117D(2); “directly affected”, in relation to a unilateral change, has the meaning…

Power to require information from issuers

(1) The FCA may require an issuer, a person discharging managerial responsibilities or a person closely associated with a person discharging managerial…

General power to require information

(1) The FCA may, by notice in writing, require a person— (a) to provide specified information or information of a specified description; or (b) to produce…

Power to require information: supplementary

(1) If a document is produced in response to a requirement imposed under section 122B, the FCA may— (a) take copies of, or extracts from, the document; or (b)…

Entry of premises under warrant

(1) A justice of the peace may issue a warrant under this section if satisfied on information on oath given by or on behalf of the FCA that there are…

Retention of documents taken under section 122D

(1) Any document of which possession is taken under section 122D (“a seized document”) may be retained so long as it is necessary to retain it (rather than…

Offences

(1) If a person (“A”) fails to comply with a requirement imposed on A under section 122B or 122C the FCA may certify that fact in writing to the court. (2) If…

Publication of information and corrective statements by issuers

(1) If condition A or B is met, the FCA may require an issuer or emission allowance market participant to publish— (a) specified information; or (b) a…

Publication of corrective statements generally

(1) If condition A or B is met, the FCA may, by notice in writing, require a person to publish— (a) specified information; or (b) a specified statement…

Publication of corrective statements relating to benchmarks

(1) If condition A or B is met, the FCA may, by notice in writing, require a person to publish— (a) specified information, or (b) a specified statement…

Power to suspend trading in financial instruments

(1) The FCA may suspend trading of a financial instrument where it considers it necessary for the purpose of the exercise by it of functions under the market…

Power to suspend auctioning of auctioned products on a recognised auction platform

(1) The FCA may suspend the auctioning of a relevant auctioned product at an auction conducted by a recognised auction platform where it considers it necessary…

Power to impose penalties or issue censure

(1) The FCA may exercise its power under subsection (2) if it is satisfied that— (a) a person has contravened Article 14 (prohibition of insider dealing and of…

Power to prohibit individuals from managing or dealing

(1) The FCA may exercise its power under subsection (2) if it is satisfied that an individual— (a) has contravened Article 14 (prohibition of insider dealing…

Suspending permission to carry on regulated activities etc

(1) The FCA may exercise its power under subsection (2) if it is satisfied that an authorised person— (a) has contravened Article 14 (prohibition of insider…

Exercise of administrative sanctions

Any one or more of the powers under sections 123, 123A and 123B may be exercised in relation to the same contravention.

Statement of policy

— s. 124 — Statement of policy (1) The FCA must prepare and issue a statement of its policy with respect to the type and level of administrative sanctions it…

Statement of policy: procedure

(1) Before issuing a statement of policy under section 124, the FCA must publish a draft of the proposed statement in the way appearing to the FCA to be best…

Warning notices

(1) If the FCA proposes— (a) to impose a penalty on a person under section 123(2); (b) to publish a statement censuring a person under section 123(3); (c) to…

Decision notices and right to refer to Tribunal

(1) If the FCA decides— (a) to impose a penalty on a person under section 123(2); (b) to publish a statement censuring a person under section 123(3); (c) to…

Consultation with the PRA in relation to administrative sanctions

(1) The FCA must consult the PRA before giving a warning notice under section 126(1)(a), (b), (d) or (f) or a decision notice under section 127(1)(a), (b), (d)…

Suspension of investigations

(1) If the FCA considers it desirable or expedient because of the exercise or possible exercise of a relevant power, it may direct a recognised investment…

Power of court to impose administrative sanctions in cases of market abuse

(1) The FCA may, on an application to the court under Part 25 which relates to the market abuse regulation, request the court to consider whether it is…

Guidance

(1) The Treasury may from time to time issue written guidance for the purpose of helping relevant authorities to determine the action to be taken in cases…

Effect on transactions

The imposition of a penalty under this Part does not make any transaction void or unenforceable.

Protected Disclosures

(1) A disclosure which satisfies the following three conditions is not to be taken to breach any restriction on the disclosure of information (however…

Reporting of infringements

(1) This section applies to employers who— (a) provide regulated financial services; (b) carry on regulated activities in reliance on the exemption in section…

Interpretation

(1) In this Part— ... “emission allowance” means emission allowance as described in paragraph 11 of Part 1 of Schedule 2 to the Financial Services and Markets…

Meaning of “persons closely associated” in the market abuse regulation

(1) In Article 3.1(26)(a) (definitions) of the market abuse regulation “partner considered to be equivalent to a spouse” includes a civil partner. (2) In…

Individual liability in respect of legal persons under Articles 8 and 12 of the market abuse regulation

(1) An individual participates in a decision by a body corporate for the purposes of Article 8.5 (insider dealing) or Article 12.4 (market manipulation) of the…

Liability for contraventions of Article 14 or 15 of the market abuse regulation

For the purposes of any enactment a person contravenes Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article…

Overview

This Part— (a) requires the Treasury to publish a statement of policy concerning cash deposit and withdrawal services, (b) enables the Treasury to designate…

Cash access services and coordination arrangements

(1) This section defines “cash”, “cash access service”, “free cash access service” and “cash access coordination arrangements” for the purposes of this Part…

Current accounts and relevant current account providers

(1) This section defines “current account”, “relevant current account”, “relevant personal current account” and “relevant current account provider” for the…

Cash access policy statement

— s. 131P — Cash access policy statement (1) The Treasury must prepare a cash access policy statement. (2) A “cash access policy statement” is a statement of…

Provision of reports to assist the Treasury

(1) The FCA must, on a request from the Treasury, prepare and send to the Treasury a report on a matter specified in the request. (2) The Treasury may only…

Designation

— s. 131R — Designation (1) The Treasury may designate a person for the purposes of this Part if the person is— (a) a relevant current account provider, or (b)…

Designation criteria

(1) The Treasury may designate a person for the purposes of this Part, in relation to the United Kingdom, Great Britain only, or Northern Ireland only (as the…

Cancellation or variation of a designation notice

(1) If a designation notice has been given to a person the Treasury may, by further notice, cancel the designation notice. (2) If a designation notice has been…

Purpose for which FCA must exercise functions under this Part

(1) The FCA must exercise its functions under this Part for the purpose of seeking to ensure reasonable provision of cash access services in the United…

FCA rules

(1) The FCA may make such rules applying to designated persons as appear to the FCA to be necessary or expedient for the purpose mentioned in section 131U(1)…

Power to direct designated persons

(1) The FCA may give a direction under this section to a designated person if it considers that it is desirable to give the direction for the purpose mentioned…

Procedure for directions

(1) If the FCA proposes to give a direction under section 131W, or gives such a direction with immediate effect, it must give written notice to the designated…

Information gathering and investigations

(1) For the purposes of this Part, Part 11 (information gathering and investigations) applies in accordance with this section. (2) Sections 165A to 165C, 169…

Disciplinary measures

For the purposes of enforcing a requirement imposed by or under this Part, Part 14 (disciplinary measures) applies as if— (a) any reference to an authorised…

Costs of supervision

Rules made under paragraph 23 of Schedule 1ZA, in connection with the carrying out of any of the FCA’s functions under this Part, must not provide for the…

Exclusion and modification of other FCA duties

(1) Where the FCA is discharging a function under this Part, section 1B (FCA’s general duties) applies as if— (a) in subsection (1)(b), the reference to one or…

Proceedings before Tribunal: general provision

(1) This section applies in the case of a reference or appeal to the Tribunal (whether made under this or any other Act) in respect of— (a) a decision of the…

Proceedings before Tribunal: decision and supervisory notices, etc

(1) In determining in accordance with section 133(5) a reference made (whether under this or any other Act) as a result of a decision notice given by a body…

Offences

(1) This section applies in the case of proceedings before the Tribunal in respect of— (a) a decision of the FCA or the PRA; (b) a decision of the Bank of…

Legal assistance scheme

(1) The Lord Chancellor may by regulations establish a scheme governing the provision of legal assistance in connection with proceedings before the Tribunal…

Provisions of the legal assistance scheme

(1) The legal assistance scheme may, in particular, make provision as to— (a) the kinds of legal assistance that may be provided; (b) the persons by whom legal…

Funding of the legal assistance scheme

(1) The FCA must pay to the Lord Chancellor such sums at such times as he may, from time to time, determine in respect of the anticipated or actual cost of…

The FCA's general rules

(1) The FCA may make such rules applying to authorised persons— (a) with respect to the carrying on by them of regulated activities, or (b) with respect to the…

The FCA's general rules: Gibraltar

(1) The FCA's general rules may not make provision prohibiting a Gibraltar-based person from carrying on, or holding itself out as carrying on, an activity…

FCA general rules: clients' money, right to rescind etc

(1) Rules relating to the handling of money held by an authorised person in specified circumstances (“clients' money”) may— (a) make provision which results in…

FCA general rules: cost of credit and duration of credit agreements

(1) The power of the FCA to make general rules includes power to make rules prohibiting authorised persons from— (a) entering into a regulated credit agreement…

FCA general rules: product intervention

(1) The power of the FCA to make general rules includes power to make such rules (“product intervention rules”) prohibiting authorised persons from doing…

Orders under s.137D(1)(b)

(1) No order may be made under section 137D(1)(b) unless— (a) a draft of the order has been laid before Parliament and approved by a resolution of each House…

Rules requiring participation in benchmark

(1) The power of the FCA to make general rules includes power to make rules requiring authorised persons to take specified steps in connection with the setting…

FCA general rules: disclosure of information about pension scheme transaction costs etc

(1) The FCA must make general rules requiring information about some or all of the transaction costs of a relevant scheme to be given to some or all of the…

FCA general rules: pensions dashboards

(1) The FCA must make general rules imposing requirements on specified authorised persons with respect to— (a) providing pensions information by means of— (i)…

Pensions dashboards: further provision

(1) General rules made by virtue of section 137FAA(1) may make provision about— (a) how pensions information is to be provided, including provision about the…

Sections 137FAA and 137FAB: supplementary

(1) Before the FCA publishes a draft of any general rules to be made by virtue of section 137FAA, it must consult— (a) the Secretary of State, and (b) the…

FCA general rules: disclosure of information about the availability of pensions guidance

(1) The FCA must make general rules requiring information about the availability of pensions guidance to be given by the trustees or managers of a relevant…

FCA general rules: advice about transferring or otherwise dealing with annuity payments

(1) The FCA must make general rules requiring specified authorised persons to check that an individual— (a) who has a right to payments under a relevant…

FCA general rules: early exit pension charges

(1) The FCA must make general rules prohibiting authorised persons from— (a) imposing specified early exit charges on members of relevant pension schemes, and…

FCA general rules: regulation of consolidator pension schemes

(1) The FCA may make general rules under which the provider of an FCA-regulated pension scheme is required to notify the FCA where it intends that the scheme…

FCA rules: disclosure of information about the availability of financial guidance

(1) The FCA must make general rules requiring specified authorised persons to provide information about the availability of financial guidance to the…

FCA general rules: charges for claims management services

(1) The power of the FCA to make general rules includes power to make rules prohibiting authorised persons from— (a) entering into a specified regulated claims…

The PRA's general rules

(1) The PRA may make such rules applying to PRA-authorised persons— (a) with respect to the carrying on by them of regulated activities, or (b) with respect to…

The PRA's general rules: Gibraltar

(1) The PRA's general rules may not make provision prohibiting a Gibraltar-based person from carrying on, or holding itself out as carrying on, an activity…

General rules about remuneration

(1) This section applies where either regulator exercises its power to make general rules so as to make rules prohibiting persons, or persons of a specified…

Remuneration policies: Treasury direction to consider compliance

(1) This section applies where either regulator exercises its power to make general rules so as to make rules requiring authorised persons, or authorised…

Rules about recovery plans: duty to consult

(1) Before either regulator prepares a draft of any general rules that require a relevant person (or a relevant person of a specified description) to prepare a…

Rules about resolution packs: duty to consult

(1) Before either regulator prepares a draft of any general rules that require a relevant person (or a relevant person of a specified description) to prepare a…

Interpretation of sections 137J and 137K

(1) This section has effect for the interpretation of sections 137J and 137K. (2) References to the taking of action include the taking of action by— (a) the…

Recovery plans and resolution packs: restriction on duty of confidence

(1) A contractual or other requirement imposed on a person (“P”) to keep information in confidence does not apply if— (a) the information is or may be relevant…

Threshold condition code

(1) Either regulator may make rules supplementing any of the conditions for the time being set out in or specified under Schedule 6 that is expressed to be…

Control of information rules

(1) Either regulator may make rules (“control of information rules”) about the disclosure and use of information held by an authorised person (“A”). (2)…

Price stabilising rules

(1) The FCA may make rules (“price stabilising rules”) as to— (a) the circumstances and manner in which, (b) the conditions subject to which, and (c) the time…

Financial promotion rules

(1) The FCA may make rules applying to authorised persons about the communication by them, or their approval of the communication by others, of invitations or…

Financial promotion rules: directions given by FCA

(1) The FCA may give a direction under this section if— (a) an authorised person has made, or proposes to make, a communication or has approved, or proposes to…

Rules to recover expenses relating to the Money and Pensions Service

(1) The Secretary of State may, from time to time, notify the FCA of the amount of— (a) the expenses incurred, or expected to be incurred, by the Secretary of…

Rules to recover debt advice expenses incurred by the devolved authorities

(1) The Treasury may, from time to time, notify the FCA of the amount of the expenses incurred, or expected to be incurred, by the devolved authorities in…

General supplementary powers

Rules made by either regulator— (a) may make different provision for different cases and may, in particular, make different provision in respect of different…

Modification or waiver of rules

— s. 138A — Modification or waiver of rules (1) Either regulator may, on the application or with the consent of a person who is subject to rules made by that…

Publication of directions under section 138A

(1) Subject to subsection (2), a direction must be published by the regulator concerned in the way appearing to the regulator to be best calculated for…

Disapplication or modification of rules in individual cases

(1) This section applies to rules made by a regulator if, or to the extent that, regulations made by the Treasury provide for it to apply. (2) The regulator…

Evidential provisions

(1) If a particular rule made by either regulator so provides, contravention of the rule does not give rise to any of the consequences provided for by other…

Actions for damages

(1) A rule made by the PRA may provide that contravention of the rule is actionable at the suit of a private person who suffers loss as a result of the…

Limits on effect of contravening rules

(1) A person is not guilty of an offence by reason of a contravention of a rule made by either regulator. (2) No such contravention makes any transaction void…

Matters to consider when making rules

(1) This section applies where either regulator proposes to make rules. (2) The regulator must have regard to any specified matters that are relevant to the…

Notification of rules

(1) If either regulator makes, alters or revokes any rules, that regulator must without delay give written notice to the Treasury. (1A) The FCA must also give…

Rule-making instruments

(1) Any power conferred on either regulator to make rules is exercisable in writing. (2) An instrument by which rules are made by either regulator (“a…

Verification of rules

(1) The production of a printed copy of a rule-making instrument purporting to be made by a regulator— (a) on which is endorsed a certificate signed by a…

Consultation by the FCA

(1) Before making any rules, the FCA must— (a) consult the PRA, and (b) after doing so, publish a draft of the proposed rules in the way appearing to the FCA…

FCA Cost Benefit Analysis Panel

(1) The FCA must establish and maintain a panel of persons (to be known as the “FCA Cost Benefit Analysis Panel”) to provide advice in relation to cost benefit…

Statement of policy in relation to cost benefit analyses

(1) The FCA must prepare and publish a statement of policy in relation to the preparation of cost benefit analyses for the purposes of section 138I. (2) The…

Consultation by the PRA

(1) Before making any rules, the PRA must— (a) consult the FCA, and (b) after doing so, publish a draft of the proposed rules in the way appearing to the PRA…

PRA Cost Benefit Analysis Panel

(1) The PRA must establish and maintain a panel of persons (to be known as the “PRA Cost Benefit Analysis Panel”) to provide advice in relation to cost benefit…

Statement of policy in relation to cost benefit analyses

(1) The PRA must prepare and publish a statement of policy in relation to the preparation of cost benefit analyses for the purposes of section 138J. (2) The…

Consultation: mutual societies

(1) Subsection (2) applies where a regulator proposes to make a rule (“the proposed rule”) which would apply both to— (a) authorised persons which are mutual…

Consultation: general exemptions

(1) Sections 138I(1)(b) and (2) to (5) and 138K do not apply in relation to rules made by the FCA if the FCA considers that the delay involved in complying…

Consultation: exemptions for temporary product intervention rules

(1) Sections 138I(1)(b) and (2) to (5) and 138K do not apply in relation to product intervention rules made by the FCA if it considers that it is necessary or…

Temporary product intervention rules: statement of policy

(1) The FCA must prepare and issue a statement of its policy with respect to the making of temporary product intervention rules. (2) The FCA may at any time…

Statement of policy under section 138N: procedure

(1) Before issuing a statement under section 138N, the FCA must publish a draft of the proposed statement in the way appearing to the FCA to be best calculated…

Technical standards

(1) This Chapter applies where a power for the FCA, the PRA, the Bank of England, or any combination of them to make technical standards is substituted for the…

Standards instruments

(1) The power to make technical standards is to be exercised by the regulator by making an instrument under this section (a “standards instrument”). (2) A…

Treasury approval

(1) A standards instrument may be made only if it has been approved by the Treasury. (2) The Treasury may refuse to approve a standards instrument if…

Application of Chapters 1 and 2

(1) The sections listed in subsection (2) apply, subject to the modifications specified in that subsection, to— (a) technical standards made by the FCA or the…

Power of the FCA to give guidance

(1) The FCA may give guidance consisting of such information and advice as it considers appropriate— (a) with respect to the operation of specified parts of…

Notification of FCA guidance to the Treasury

(1) On giving any general guidance, the FCA must give written notice to the Treasury without delay. (2) If the FCA alters any of its guidance, it must give…

Interpretation

(1) In this Chapter— “the CMA” means the Competition and Markets Authority. “market in the United Kingdom” includes— so far as it operates in the United…

Advice about effect of regulating provision or practice

(1) In this Chapter, any reference to the giving of “section 140B advice” to a regulator is to be read in accordance with this section. (2) The CMA gives…

Consultation with regulator

Before giving section 140B advice, the CMA must consult the regulator to which the advice is to be given.

Investigation powers of CMA

(1) Where the CMA is deciding whether to exercise its power under section 7 of the Enterprise Act 2002 to give advice which, if given, would be section 140B…

Publication by CMA of section 140B advice

Where the giving of advice under section 7 of the Enterprise Act 2002 to either regulator constitutes the giving of section 140B advice, the CMA must publish…

Duty of CMA to send report to regulator

(1) Where the publication of a report of the CMA under section 142 of the Enterprise Act 2002 constitutes the giving of section 140B advice to either…

Duty of regulator to publish response

(1) A regulator must, within 90 days after the day on which it receives section 140B advice, publish a response stating how it proposes to deal with the advice…

Role of the Treasury

(1) This section applies where— (a) the CMA has given section 140B advice and the regulator has published a response under section 140G, and (b) the CMA…

Power to make consequential amendments of references to rules etc

(1) This section applies if— (a) a provision of primary or subordinate legislation (whenever passed or made) contains a reference (however expressed) to rules…

Power to consequentially amend enactments

(1) The Treasury may by regulations make provision amending an enactment that is consequential on rules. (2) In this section— “enactment” includes— an…

“Ring-fenced body”

(1) In this Act “ring-fenced body” means a UK institution which carries on one or more core activities (see section 142B) in relation to which it has a Part 4A…

Core activities

(1) References in this Act to a “core activity” are to be read in accordance with this section. (2) The regulated activity of accepting deposits (whether…

Core services

(1) References in this Act to “core services” are to be read in accordance with this section. (2) The following are core services— (a) facilities for the…

Excluded activities

(1) References in this Act to an “excluded activity” are to be read in accordance with this section. (2) The regulated activity of dealing in investments as…

Power of Treasury to impose prohibitions

(1) The Treasury may by order prohibit ring-fenced bodies from— (a) entering into transactions of a specified kind or with persons falling within a specified…

Orders under section 142A, 142B, 142D or 142E

(1) An order made under section 142A, 142B, 142D or 142E may— (a) authorise or require the making of rules by a regulator for the purposes of, or for purposes…

Ring-fenced bodies not to carry on excluded activities or contravene prohibitions

— s. 142G — Ring-fenced bodies not to carry on excluded activities or contravene prohibitions (1) A ring-fenced body which— (a) carries on an excluded activity…

Ring-fencing rules

— s. 142H — Ring-fencing rules (1) In the exercise of its power to make general rules, the appropriate regulator must in particular make rules— (a) requiring a…

Powers of Treasury in relation to ring-fencing rules

(1) The Treasury may by order require the appropriate regulator, as defined in section 142H(8), to include (or not to include) in ring-fencing rules specified…

Review of ring-fencing rules etc

(1) The PRA must carry out reviews of its ring-fencing rules and of any rules made by it under section 192JA (rules applying to parent undertakings of…

Cases in which group restructuring powers become exercisable

(1) The appropriate regulator may exercise the group restructuring powers only if it is satisfied that one or more of Conditions A to D is met in relation to a…

Group restructuring powers

— s. 142L — Group restructuring powers (1) In this Part “the group restructuring powers” means one or more of the powers conferred by this section. (2) Where…

Procedure: preliminary notices

(1) If the appropriate regulator proposes to exercise the group restructuring powers in relation to any authorised person or qualifying parent undertaking…

Procedure: warning notice and decision notice

(1) If the appropriate regulator has given a preliminary notice under section 142M, it must either— (a) if, having considered any representations made by any…

References to Tribunal

(1) A notified person who is aggrieved by— (a) the imposition by either regulator of a requirement as a result of section 142L(2)(a) or (b) or (3)(a) or (b)…

Subsequent variation of requirement or direction

(1) A regulator may at any time with the consent of the person concerned vary— (a) a requirement imposed by it as a result of section 142L(2)(a) or (b) or…

Consultation etc. between regulators

(1) Where a notice under section 142M or a warning notice or decision notice under section 142N relates to a requirement to be imposed in pursuance of a…

Relationship with regulators' powers under Parts 4A and 12A

(1) Subsection (2) applies in relation to— (a) a ring-fenced body which is a member of a mixed group, and (b) a parent undertaking of such a ring-fenced body…

Power to impose penalty or issue censure

(1) This section applies if a regulator is satisfied that a person who is or has been a qualifying parent undertaking (“P”) has contravened a requirement of a…

Procedure and right to refer to Tribunal

(1) If a regulator proposes to take action against a person under section 142S, it must give the person a warning notice. (2) A warning notice about a proposal…

Duty on publication of statement

After a statement under section 142S(3) is published, the regulator must send a copy of the statement to— (a) the person in respect of whom it is made, and (b)…

Imposition of penalties under section 142S: statement of policy

(1) Each regulator must prepare and issue a statement of policy with respect to— (a) the imposition of penalties under section 142S, and (b) the amount of…

Pension liabilities

— s. 142W — Pension liabilities (1) The Treasury may by regulations require a ring-fenced body to make arrangements for any one or more of the following…

Further interpretative provisions for section 142W

(1) The following provisions have effect for the interpretation of section 142W and this section. (2) “Relevant pension scheme” means an occupational pension…

Power of Treasury in relation to loss-absorbency requirements

(1) The Treasury may by order make provision about the exercise by either regulator of its functions under this Act, so far as they are (apart from the order)…

Affirmative procedure in relation to certain orders under Part 9B

(1) This section applies to an order containing provision made under any of the following provisions of this Part— (a) section 142A(2)(b); (b) section 142B(2)…

Interpretation of Part 9B

(1) This section has effect for the interpretation of this Part. (2) Any reference to— (a) the regulated activity of accepting deposits, or (b) the regulated…

FCA investment firms

— Interpretation — s. 143A — FCA investment firms (1) In this Part, “FCA investment firm” means an investment firm that— (a) is an authorised person within the…

Other terms used in this Part

(1) In this Part— “authorised parent undertaking” means a parent undertaking that— is incorporated in the United Kingdom or has its principal place of business…

Duty to make rules applying to FCA investment firms

(1) In the exercise of its power to make general rules, the FCA must make rules applying to FCA investment firms which impose the following types of prudential…

Duty to make rules applying to parent undertakings

(1) In the exercise of its power to make general rules, the FCA must make rules applying to authorised parent undertakings of FCA investment firms which impose…

Powers to make rules applying to parent undertakings

(1) Subsections (1) and (3) of section 143D do not require the FCA to make rules applying to parent undertakings of FCA investment firms which belong to a…

Part 9C rules

(1) In this Act, “Part 9C rules” means rules made, or to be made, by the FCA— (a) in the performance of its duties under section 143C or 143D, or (b) in…

Matters to consider when making Part 9C rules

(1) When making Part 9C rules, the FCA must, among other things, have regard to— (a) any relevant standards set by an international standard-setting body, and…

Explanation to accompany consultation on rules

(1) A draft of proposed Part 9C rules published in accordance with section 138I(1)(b) must be accompanied by— (a) an explanation of the provision that the FCA…

Exceptions from sections 143G and 143H

(1) Sections 143G and 143H do not apply where the FCA makes Part 9C rules— (a) in order to comply with a direction given by the Financial Policy Committee of…

Requirement to have UK parent undertaking

— s. 143J — Requirement to have UK parent undertaking (1) This section applies where— (a) two or more FCA investment firms are subsidiary undertakings of the…

Imposition of requirements on non-authorised parent undertakings

— s. 143K — Imposition of requirements on non-authorised parent undertakings (1) The FCA may, on the application of a non-authorised parent undertaking of an…

Applications under section 143K

(1) An application under section 143K(1) for the imposition or variation of a requirement must contain a statement of the desired requirement or variation. (2)…

Determination of applications under section 143K

(1) The FCA must determine an application under section 143K(1)— (a) if the application is complete, before the end of the period of six months beginning with…

Refusal of applications under section 143K

(1) If the FCA proposes to refuse an application under section 143K(1), it must give the applicant a warning notice. (2) If the FCA decides to refuse an…

Exercise of own-initiative power under section 143K

(1) The imposition or variation of a requirement by the FCA under section 143K(2) takes effect— (a) immediately, if the notice given under subsection (3)…

Right to refer matters to the Tribunal

(1) An applicant who is aggrieved by the determination of an application under section 143K(1) may refer the matter to the Tribunal. (2) A parent undertaking…

Assets requirements

(1) This section makes provision about a requirement imposed on a non-authorised parent undertaking of an FCA investment firm (“N”) under section 143K— (a)…

Managers of non-authorised parent undertakings

A non-authorised parent undertaking of an FCA investment firm must take reasonable care to ensure that members of its management body— (a) are of sufficiently…

Part 9C prohibition orders

(1) Subsection (2) applies where it appears to the FCA that an individual— (a) is not of sufficiently good repute, or (b) does not possess sufficient…

Procedure for making a Part 9C prohibition order

(1) If the FCA proposes to make a Part 9C prohibition order it must give the individual to whom the order would apply a warning notice. (2) The warning notice…

Varying and withdrawing a Part 9C prohibition order

(1) The FCA may vary or revoke a Part 9C prohibition order on the application of the individual named in the order. (2) On an application for the variation or…

Offence of breaching a Part 9C prohibition order

(1) An individual who performs a function, or agrees to perform a function, in breach of a Part 9C prohibition order commits an offence. (2) An individual who…

Disciplinary measures

for non-authorised parent undertakings — s. 143W — Disciplinary measures (1) This section applies if the FCA is satisfied that a non-authorised parent…

Procedure for disciplinary measures

(1) If the FCA proposes to take action against a person under section 143W(2), (3) or (5) it must give the person a warning notice. (2) A warning notice about…

Statement of policy for penalties under section 143W

(1) The FCA must prepare and issue a statement of policy with respect to— (a) the imposition of penalties under section 143W, and (b) the amount of penalties…

Procedure for statement of policy

(1) Before issuing a statement of policy under section 143Y, the FCA must publish a draft of the proposed statement in the way appearing to the FCA to be best…

CRR rules

(1) In this Act, “CRR rules” means rules of a type described in subsection (2) to the extent that they make provision about a matter described in subsection…

Terms used in this Part

(1) In this Part— “CRR Basel standard” has the meaning given in section 4 of the Financial Services Act 2021; “CRR firm” has the same meaning as in the capital…

Matters to consider when making CRR rules

(1) When making CRR rules, the PRA must, among other things, have regard to— (a) relevant standards recommended by the Basel Committee on Banking Supervision…

Explanation to accompany consultation on CRR rules

(1) A draft of proposed CRR rules published in accordance with section 138J(1)(b) must be accompanied by an explanation of the ways in which having regard to…

Exceptions from sections 144C and 144D etc

(1) Sections 144C and 144D do not apply where the PRA makes CRR rules— (a) in order to comply with a direction given by the Financial Policy Committee of the…

Disapplication or modification of CRR rules in individual cases

(1) This section applies to a CRR rule if, or to the extent that, CRR rules provide for it to apply to the rule. (2) The PRA may, on the application of or with…

Relationship with the capital requirements regulation

(1) CRR rules may make provision by reference to the capital requirements regulation, to an instrument made under the capital requirements regulation or to…

Regulators power to require information: authorised persons etc

(1) Either regulator may, by notice in writing given to an authorised person, require him— (a) to provide specified information or information of a specified…

PRA's power to require information: financial stability

(1) The PRA may, by notice in writing given to a person to whom this section applies, require the person— (a) to provide specified information or information…

Safeguards etc in relation to exercise of power under section 165A

(1) If the PRA proposes to impose a requirement on a person under section 165A, it must give the person a notice in writing warning the person that the PRA is…

Orders under section 165A(2)(d)

(1) The Treasury may make an order under section 165A(2)(d) only if either or both of the following conditions is met in relation to the provision made by the…

Reports by skilled persons

(1) This section applies where either regulator has required or could require a person to whom subsection (2) applies (“the person concerned”) to provide…

Appointment of skilled person to collect and update information

(1) This section applies if either regulator considers that an authorised person has contravened a requirement in rules made by that regulator to collect, and…

Appointment of persons to carry out general investigations

(1) If it appears to an investigating authority that there is good reason for doing so, the investigating authority may appoint one or more competent persons…

Appointment of persons to carry out investigations in particular cases

(1) Subsection (3) applies if it appears to an investigating authority that there are circumstances suggesting that— (a) … (b) a person may be guilty of an…

Investigations etc. in support of overseas regulator

(1) At the request of an overseas regulator, a regulator may— (a) exercise the power conferred by section 165; or (b) appoint one or more competent persons to…

Support of overseas regulator with respect to financial stability

(1) At the request of an overseas regulator, the PRA may exercise a corresponding section 165A power. (2) An “overseas regulator” means an authority in a…

Investigations: general

(1) This section applies if an investigating authority appoints one or more competent persons (“investigators”) under section 167 or 168(3) or (5) to conduct…

Powers of persons appointed under section 167

(1) An investigator may require a person to whom subsection (1A) applies— (a) to attend before the investigator at a specified time and place and answer…

Additional power of persons appointed as a result of section 168(1), (4) or (4B)

(1) An investigator has the powers conferred by section 171. (2) An investigator may also require a person who is neither the subject of the investigation…

Powers of persons appointed as a result of section 168(2)

(1) Subsections (2) to (4) apply if an investigator considers that any person (“A”) is or may be able to give information which is or may be relevant to the…

Admissibility of statements made to investigators

(1) A statement made to an investigator by a person in compliance with an information requirement is admissible in evidence in any proceedings, so long as it…

Information and documents: supplemental provisions

(1) If either regulator or an investigator has power under this Part to require a person to produce a document but it appears that the document is in the…

Entry of premises under warrant

(1) A justice of the peace may issue a warrant under this section if satisfied on information on oath given by or on behalf of the Secretary of State, either…

Retention of documents taken under section 176

(1) Any document of which possession is taken under section 176 (“a seized document”) may be retained so long as it is necessary to retain it (rather than…

Offences

— s. 177 — Offences (1) If a person other than the investigator (“the defaulter”) fails to comply with a requirement imposed on him under this Part the person…

Interpretation of Part 11

In this Part— “FCA investment firm” has the meaning given in section 143A; “relevant parent undertaking”, in relation to an FCA investment firm, means an…

Obligation to notify the appropriate regulator: acquisitions of control

(1) A person who decides to acquire or increase control over a UK authorised person must give the appropriate regulator notice in writing before making the…

Requirements for section 178 notices

(1) A section 178 notice must be in such form, include such information and be accompanied by such documents as the appropriate regulator may reasonably…

Acknowledgment of receipt

(1) The appropriate regulator must acknowledge receipt of a completed section 178 notice in writing before the end of the second working day following receipt…

Acquiring control

and other changes of holding — s. 181 — Acquiring control (1) For the purposes of this Part, a person (“A”) acquires control over a UK authorised person (“B”)…

Increasing control

(1) For the purposes of this Part, a person (“A”) increases control over a UK authorised person (“B”) whenever— (a) the percentage of shares which A holds in B…

Reducing or ceasing to have control

(1) For the purposes of this Part, a person (“A”) reduces control over a UK authorised person (“B”) whenever— (a) the percentage of shares which A holds in B…

Disregarded holdings

(1) For the purposes of sections 181 to 183, shares and voting power that a person holds in a UK authorised person (“B”) or in a parent undertaking of B (“P”)…

Assessment: general

(1) Where the appropriate regulator receives a section 178 notice, it must— (a) determine whether to approve the acquisition to which it relates…

Assessment criteria

The matters specified in section 185(3)(a) are— (a) the reputation of the section 178 notice-giver; (b) the reputation, knowledge, skills and experience of any…

Approval with conditions

(1) The appropriate regulator may impose conditions on its approval of an acquisition. (2) The appropriate regulator may only impose conditions where— (a) if…

Assessment: consultation by PRA with FCA

(1) The PRA must consult the FCA before acting under section 185. (2) The FCA may make representations to the PRA in relation to any of the matters set out in…

Assessment: consultation by FCA with PRA

(1) The FCA must consult the PRA before acting under section 185 if— (a) the UK authorised person to which the section 178 notice relates has as a member of…

Variation etc of conditions

(1) Where the PRA has imposed conditions required by a direction given by the FCA under section 187A(3)— (a) the FCA may direct the PRA to exercise its power…

Assessment: Procedure

(1) The appropriate regulator must act under section 185 within a period of 60 working days beginning with the day on which the appropriate regulator…

Requests for further information

(1) The appropriate regulator may, no later than the 50th working day of the assessment period, in writing ask the section 178 notice-giver to provide any…

Assessment and resolution

(1) This section applies if— (a) the appropriate regulator receives a section 178 notice in relation to a qualifying credit institution, investment firm or…

Duration of approval

(1) Approval of an acquisition (whether granted unconditionally or subject to conditions) is effective for such period as the appropriate regulator may specify…

Objection by the appropriate regulator

(1) The appropriate regulator may object to a person's control over a UK authorised person in any of the circumstances specified in subsection (2). (2) The…

Restriction notices

(1) The appropriate regulator may give notice in writing (a “restriction notice”) to a person in the following circumstances. (2) The circumstances are that—…

Orders for sale of shares

(1) The court may, on the application of the appropriate regulator, order the sale of shares or the disposition of voting power in the following circumstances…

Obligation to notify the appropriate regulator: dispositions of control

(1) A person who decides to reduce or cease to have control over a UK authorised person must give the appropriate regulator notice in writing before making the…

Requirements for notices under section 191D

(1) A notice under section 191D must be in such form, include such information and be accompanied by such documents as the appropriate regulator may reasonably…

Offences under this Part

(1) A person who fails to comply with an obligation to notify the appropriate regulator under section 178(1) or 191D(1) is guilty of an offence. (2) A person…

Interpretation

— s. 191G — Interpretation (1) In this Part— “acquisition” means the acquisition of control or of an increase in control over a UK authorised person; “the…

Power to change definitions of control etc

The Treasury may by order— (a) provide for exemptions from the obligations to notify imposed by sections 178 and 191D; (b) amend section 181 by varying, or…

Meaning of “qualifying authorised person”

(1) In this Part “qualifying authorised person” means an authorised person satisfying the following conditions. (2) Condition A is that the authorised person…

Meaning of “qualifying parent undertaking”

(1) The parent undertaking of a qualifying authorised person or recognised UK investment exchange is for the purposes of this Part a “qualifying parent…

Power to direct qualifying parent undertaking

(1) The appropriate regulator may give a direction under this section to a qualifying parent undertaking if either the general condition or the consolidated…

Requirements that may be imposed

(1) A direction under section 192C may require the parent undertaking— (a) to take specified action, or (b) to refrain from taking specified action. (2) A…

Direction: procedure

(1) If a regulator proposes to give a direction under section 192C, or gives such a direction with immediate effect, it must give written notice to— (a) the…

Consultation between regulators

(1) Before the PRA gives a notice under section 192E(1) or (8)(b), it must consult the FCA. (2) Before the FCA gives a notice under section 192E(1) or (8)(b)…

References to Tribunal

(1) A notified person who is aggrieved by the exercise by either regulator of its powers in relation to directions under section 192C may refer the matter to…

Statement of policy: directions under section 192C

(1) Each regulator must prepare and issue a statement of policy with respect to the giving of directions under section 192C. (2) A regulator may at any time…

Statement of policy relating to directions: procedure

(1) Before issuing a statement of policy under section 192H, a regulator (“the issuing regulator”) must— (a) consult the other regulator and, where the issuing…

Rules requiring provision of information by parent undertakings

— s. 192J — Rules requiring provision of information by parent undertakings (1) The appropriate regulator may make rules requiring qualifying parent…

Rules applying to parent undertakings of ring-fenced bodies

— s. 192JA — Rules applying to parent undertakings of ring-fenced bodies (1) The appropriate regulator may make such rules applying to bodies corporate falling…

Rules requiring parent undertakings to facilitate resolution

— s. 192JB — Rules requiring parent undertakings to facilitate resolution (1) The appropriate regulator may make rules requiring a qualifying parent…

Power to impose penalty or issue censure

(1) This section applies if a regulator is satisfied that a person who is or has been a qualifying parent undertaking (“P”) has contravened— (a) a requirement…

Procedure and right to refer to Tribunal

(1) If a regulator proposes to take action against a person under section 192K, it must give the person a warning notice. (2) A warning notice about a proposal…

Duty on publication of statement

After a statement under section 192K(3) is published, the regulator must send a copy of the statement to— (a) the person in respect of whom it is made, and (b)…

Imposition of penalties under section 192K: statement of policy

(1) Each regulator must prepare and issue a statement of policy with respect to— (a) the imposition of penalties under section 192K, and (b) the amount of…

Interpretation

— s. 192O — Interpretation (1) In this Part— ... “on a consolidated basis” means on the basis of the consolidated situation; “consolidated situation” means the…

Requirement for approval

(1) No company may be established in the United Kingdom as a parent financial holding company or a parent mixed financial holding company unless— (a) the…

Application for approval or exemption

(1) An application for— (a) the PRA’s approval for the purposes of section 192P(1)(a); or (b) confirmation of exemption from the requirement for approval, must…

Grant of approval

(1) When the PRA receives an application from a company under section 192Q, it must decide whether— (a) to approve the company, (b) to confirm that the company…

Regulator’s duty to monitor

(1) The PRA must monitor whether— (a) a company approved under section 192R continues to satisfy the conditions in section 192R(3) to (6); and (b) a company…

Measures

(1) Where the PRA determines that the conditions in section 192R are not met, or have ceased to be met, by a company which is subject to the requirement for…

Directions: procedure

(1) If the PRA proposes to give a direction under section 192T, or gives such a direction with immediate effect, it must give written notice to— (a) the…

Consultation between regulators

The PRA must consult the FCA before— (a) approving an application under section 192Q; or (b) giving a notice under section 192U(1) or (8)(b) to the financial…

References to Tribunal

(1) A reference may be made to the Tribunal by— (a) a company which is aggrieved by the decision of the PRA under section 192R to refuse approval, or to reject…

Rules applying to holding companies

(1) The PRA may make rules described in subsection (2) applying to financial holding companies and mixed financial holding companies that are— (a) approved…

Procedural provision

(1) For provision about the making of section 192XA rules that are CRR rules, see Part 9D. (2) The following provisions of Part 9D apply in relation to section…

Disapplication or modification of rules in individual cases

(1) This section applies to a section 192XA rule if, or to the extent that, section 192XA rules provide for it to apply to the rule. (2) The PRA may, on the…

Power to impose penalty or issue censure

(1) This section applies if the PRA is satisfied that a company which is or has been a financial holding company or a mixed financial holding company (“the…

Procedure and right to refer to Tribunal

(1) If a regulator proposes to take action against a person under section 192Y, it must give the person a warning notice. (2) A warning notice about a proposal…

Duty on publication of statement

After a statement under section 192Y(3) is published, the regulator must send a copy of the statement to— (a) the person in respect of whom it is made; and (b)…

Directions and penalties: statement of policy

(1) The PRA must prepare and issue a statement of policy with respect to— (a) the taking of measures, including directions, under section 192T; (b) the…

Statement of policy relating to directions: procedure

(1) Before issuing a statement of policy under section 192Z2, the PRA must— (a) consult the FCA; and (b) publish a draft of the proposed statement in the way…

Exercise of power in support of overseas regulator

(1) … (2) … (2A) … (3) “An overseas regulator” means an authority in a country or territory outside the United Kingdom— (a) which is a home state regulator; or…

Meaning of “relevant requirement” and “appropriate regulator”

(1) The following definitions apply for the purposes of this Part. (2) “Relevant requirement” means a requirement imposed— (a) by or under this Act, ... (aa)…

Public censure

(1) If the appropriate regulator considers that an authorised person has contravened a relevant requirement imposed on the person, it may publish a statement…

Financial penalties

(1) If the appropriate regulator considers that an authorised person has contravened a relevant requirement imposed on the person, it may impose on him a…

Suspending permission to carry on regulated activities etc

(1) If the appropriate regulator considers that an authorised person has contravened a relevant requirement imposed on the person, it may— (a) suspend, for…

Prohibition or restriction on carrying on of relevant designated activities

(1) If the FCA considers that a person carrying on a relevant designated activity has contravened a relevant Part 5A requirement imposed on the person in…

Proposal to take disciplinary measures

(1) If a regulator proposes— (a) to publish a statement in respect of an authorised person (under section 205(1)), ... (b) to impose a penalty on an authorised…

Decision notice

(1) If a regulator decides— (a) to publish a statement under section 205(1) (whether or not in the terms proposed), … (b) to impose a penalty under section…

Applications under section 206B(4): procedure and right to refer to Tribunal

(1) This section applies to an application under subsection (4) of section 206B for the variation or withdrawal of a prohibition or restriction imposed under…

Publication

(1) After a statement under section 205(1) is published, the regulator concerned must send a copy of it to the authorised person and to any person on whom a…

Statements of policy

(1) Each regulator must prepare and issue a statement of its policy with respect to— (a) the imposition of penalties, suspensions, prohibitions or restrictions…

Statements of policy: procedure

(1) Before a regulator issues a statement under section 210, the regulator must publish a draft of the proposed statement in the way appearing to the regulator…

The scheme manager

— s. 212 — The scheme manager (1) The scheme manager” means the body corporate established by the Financial Services Authority under this section as originally…

The compensation scheme

(1) The regulators must by rules made in accordance with an order under subsection (1A) establish a scheme for compensating persons in cases where— (a)…

General

(1) The compensation scheme may, in particular, make provision— (a) as to the circumstances in which a relevant person or relevant exchange is to be taken (for…

Contingency funding Prospective

(1) The Treasury may make regulations (“contingency fund regulations”) permitting the scheme manager to impose levies under section 213 for the purpose of…

Contribution to costs of special resolution regime

(1) This section applies if— (a) a stabilisation power under Part 1 of the Banking Act 2009 has been exercised in respect of a bank, building society, credit…

Limit on amount of special resolution regime payments

(1) The total amount of special resolution regime payments required to be made in respect of a person (“the institution”) may not exceed— (a) notional net…

Contributions under section 214B: supplementary

(1) This section supplements sections 214B and 214C. (2) The scheme manager must determine— (a) the amounts of expenses (other than interest) that would have…

Recapitalisation payments

(1) The Bank of England may require the scheme manager to make a recapitalisation payment to the Bank or another person where the Bank has exercised or decided…

Recapitalisation payment: report

(1) This section applies where the Bank of England requires the scheme manager to make a recapitalisation payment under section 214E. (2) The Bank must report…

Notification to Parliamentary Committees

(1) Where the Bank of England requires the scheme manager to make a recapitalisation payment under section 214E, the Bank must, as soon as reasonably…

Reimbursement in respect of a recapitalisation payment

(1) The Bank must reimburse the scheme manager for any recapitalisation payment, or any part of a recapitalisation payment, relating to a financial…

Rights of the scheme in insolvency

(1) The compensation scheme may make provision— (a) about the effect of a payment of compensation under the scheme on rights or obligations arising out of…

Continuity etc. of funeral plan contracts

(1) The compensation scheme may, in particular, include provision requiring or enabling the scheme manager to make arrangements for securing continuity of…

Scheme manager’s power to require assistance from liquidator etc. in relation to funeral plan contracts

(1) This section applies in relation to the administration or winding up of a relevant funeral plan provider. (2) The administrator or liquidator of the…

Continuity of long-term insurance policies

(1) The compensation scheme may, in particular, include provision requiring the scheme manager to make arrangements for securing continuity of insurance for…

Insurers in financial difficulties

(1) The compensation scheme may, in particular, include provision for the scheme manager to have power to take measures for safeguarding policyholders, or…

Insurers subject to write-down orders

(1) The compensation scheme must include provision requiring the scheme manager to take specified measures for safeguarding policyholders affected by…

Recovery of financial assistance under section 217ZA

(1) The compensation scheme may make provision giving the scheme manager a right of recovery in respect of financial assistance given to an insurer by virtue…

Co-operation

(1) Each regulator and the scheme manager must take such steps as they consider appropriate to co-operate with each other in the exercise of their functions…

Annual plan

and report — s. 217B — Annual plan (1) The scheme manager must in respect of each of its financial years prepare an annual plan. (2) The plan must be prepared…

Annual report

(1) At least once a year, the scheme manager must make a report to the regulators on the discharge of its functions. (2) The report must— (a) include a…

Audit of accounts

(1) The scheme manager must send a copy of its annual accounts to the Comptroller and Auditor General and the Treasury as soon as is reasonably practicable…

Regulators' power to require information

(1) Each regulator may make rules enabling that regulator to require authorised persons or recognised investment exchanges carrying on a regulated activity…

Scheme manager’s power to require information

(1) The scheme manager may, by notice in writing require a person— (a) to provide specified information or information of a specified description; or (b) to…

Scheme manager’s power to inspect information held by liquidator etc

(1) For the purpose of assisting the scheme manager to discharge its functions in relation to a claim made in respect of an insolvent relevant person or…

Power to inspect information held by write-down manager

(1) For the purpose of assisting the scheme manager to discharge its functions under section 217ZA or 217ZB in relation to an insurer, a person to whom this…

Powers of court where information required

(1) If a person (“the defaulter”)— (a) fails to comply with a requirement imposed under section 219, or (b) fails to permit documents to be inspected under…

Delegation of functions

(1) The scheme manager may arrange for any of its functions to be discharged on its behalf by another person (a “scheme agent”). (2) Before entering into…

Statutory immunity

(1) Neither the scheme manager nor any person who is, or is acting as, its ... officer, scheme agent or member of staff is to be liable in damages for anything…

Management expenses

(1) The amount which the scheme manager may recover, from the sums levied under the scheme, as management expenses attributable to a particular period may not…

Investing in National Loans Fund Prospective

(1) Sums levied for the purpose of maintaining a contingency fund may be paid to the Treasury. (2) The Treasury may receive sums under subsection (1) and may…

Borrowing from National Loans Fund

(1) The scheme manager may request a loan from the National Loans Fund for the purpose of funding expenses incurred or expected to be incurred under the…

Payments in error

(1) Payments made by the scheme manager in error may be provided for in setting a levy by virtue of section 213, 214A, 214B, 214E or 223B. (2) This section…

Scheme manager’s power to inspect documents held by Official Receiver etc

(1) If, as a result of the insolvency or bankruptcy of a relevant person or relevant exchange, or a successor falling within section 213(1)(b), any documents…

Discharge of functions

(1) In discharging its functions the scheme manager must have regard to— (a) the need to ensure efficiency and effectiveness in the discharge of those…

Functions under the Banking Act 2009

(1) A reference in this Part to functions of the scheme manager (including a reference to functions conferred by or under this Part) includes a reference to…

Meaning of “relevant scheme” etc

(1) The following provisions apply for the purposes of this Part. (2) “Relevant scheme” means a scheme or arrangement (other than the FSCS) for the payment of…

Power to require FSCS manager to act on behalf of manager of relevant scheme

(1) This section applies if compensation is payable under a relevant scheme. (2) The Treasury may by notice require the FSCS manager to exercise (on behalf of…

Cases where FSCS manager may decline to act

(1) This section applies where a notice under section 224C(2) (a “section 224C notice”) has been given in respect of a relevant scheme. (2) The FSCS manager is…

Grounds for declining to act

(1) This section sets out the grounds referred to in section 224D(2) and (4). (2) The first ground is that the FSCS manager is not satisfied that it will be…

Rules about relevant schemes

(1) The regulators may by rules make provision in connection with the exercise by the FSCS manager of functions in respect of relevant schemes. (2) The…

The scheme and the scheme operator

(1) This Part provides for a scheme under which certain disputes may be resolved quickly and with minimum formality by an independent person. (2) The scheme is…

Compulsory jurisdiction

(1) A complaint which relates to an act or omission of a person (“the respondent”) in carrying on an activity to which compulsory jurisdiction rules apply is…

Voluntary jurisdiction

(1) A complaint which relates to an act or omission of a person (“the respondent”) in carrying on an activity to which voluntary jurisdiction rules apply is to…

Determination under the compulsory jurisdiction

(1) This section applies only in relation to the compulsory jurisdiction … (2) A complaint is to be determined by reference to what is, in the opinion of the…

Awards

(1) This section applies only in relation to the compulsory jurisdiction … (2) If a complaint which has been dealt with under the scheme is determined in…

Costs

(1) The scheme operator may by rules (“costs rules”) provide for an ombudsman to have power, on determining a complaint under the compulsory jurisdiction…

Reports of determinations

(1) The scheme operator must publish a report of any determination made under this Part. (2) But if the ombudsman who makes the determination informs the…

Ombudsman’s power to require information

(1) An ombudsman may, by notice in writing given to a party to a complaint, require that party— (a) to provide specified information or information of a…

Powers of court where information required

(1) If a person (“the defaulter”) fails to comply with a requirement imposed under section 231, the ombudsman may certify that fact in writing to the court and…

Scheme operator's duty to provide information to FCA

(1) If the scheme operator considers that it has information that, in its opinion, would or might be of assistance to the FCA in advancing one or more of the…

Data protection

In section 31 of the Data Protection Act 1998 (regulatory activity), after subsection (4), insert— (4A) Personal data processed for the purpose of discharging…

Industry funding

(1) For the purpose of funding— (a) the establishment of the ombudsman scheme (whenever any relevant expense is incurred), and (b) its operation in relation to…

Transfers of liability

(1) This section applies where a person (the “successor”) has assumed a liability (including a contingent one) of a person (the “predecessor”) who was, or…

Complaints by consumer bodies

(1) A designated consumer body may make a complaint to the FCA that a feature, or combination of features, of a market in the United Kingdom for financial…

Reference by scheme operator or regulated person

(1) A relevant person may make a reference to the FCA where it appears to that person that either the first set of conditions or the second set of conditions…

Response by FCA

(1) The FCA must within 90 days after the day on which it receives a complaint under section 234C or a reference under section 234D publish a response stating…

Section 234E: exceptions

(1) This section applies where the FCA has received a reference under section 234D from a person who is a relevant person as a result of subsection (2)(b) of…

Guidance

(1) The guidance given by the FCA under section 139A— (a) must include guidance about the presentation of a reasoned case for a complaint under section 234C or…

The FCA's functions under Part 4 of the Enterprise Act 2002

(1) The functions to which this subsection applies (“the concurrent functions”) are to be concurrent functions of the FCA and the Competition and Markets…

The FCA's functions under the Competition Act 1998

(1) The functions to which this subsection applies are to be concurrent functions of the FCA and the CMA. (2) Subsection (1) applies to the functions of the…

Duty to consider exercise of powers under Competition Act 1998

(1) Before exercising a power listed in subsection (3), the FCA must consider whether it would be more appropriate to proceed under the Competition Act 1998…

Provision of information and assistance to a CMA group

(1) For the purpose of assisting a CMA group in carrying out a relevant investigation, the FCA must give the CMA group— (a) any relevant information which the…

Function of keeping market under review

(1) For the purpose of the functions conferred on it by sections 234I to 234L the FCA is to have the function of keeping under review the market for financial…

Exclusion of general duties

(1) Section 1B (the FCA's general duties) does not apply in relation to anything done by the FCA in the carrying out of its functions by virtue of sections…

Supplementary provision

(1) If any question arises as to whether, by virtue of section 234I or 234J, any functions fall to be, or are capable of being, carried out by the FCA in…

Collective investment schemes

(1) In this Part “collective investment scheme” means any arrangements with respect to property of any description, including money, the purpose or effect of…

Contractual schemes

(1) In this Part “contractual scheme” means— (a) a co-ownership scheme; or (b) a partnership scheme. (2) In this Part “co-ownership scheme” means a collective…

Open-ended investment companies

(1) In this Part “an open-ended investment company” means a collective investment scheme which satisfies both the property condition and the investment…

Meaning of “UCITS”

(1) For the purposes of this Act, and subject to subsection (4), “UCITS” means an undertaking established in the United Kingdom or an EEA State— (a) with the…

Other definitions

(1) In this Part “unit trust scheme” means a collective investment scheme under which the property is held on trust for the participants, except that it does…

Restrictions on promotion

(1) An authorised person must not communicate an invitation or inducement to participate in a collective investment scheme. (2) But that is subject to the…

Single property schemes

(1) The Treasury may by regulations make provision for exempting single property schemes from section 238(1). (2) For the purposes of subsection (1) a single…

Restriction on approval of promotion

(1) An authorised person may not approve for the purposes of section 21 the content of a communication relating to a collective investment scheme if he would…

Actions for damages

If an authorised person contravenes a requirement imposed on him by section 238 or 240, section 138D applies to the contravention as it applies to a…

Bearer units no longer to be issued

(1) No bearer units in a collective investment scheme may be issued, converted or cancelled after 1 January 2021. (2) Subsection (1) applies in relation to a…

Applications for authorisation of unit trust schemes

(1) The manager and trustee, or proposed manager and trustee, of a unit trust scheme may apply to the FCA for— (a) an order declaring the scheme to be an…

Authorisation orders: authorised unit trust schemes

(1) If, on an application under section 242(1)(a) in respect of a unit trust scheme, the FCA— (a) is satisfied that the scheme complies with the requirements…

Authorisation orders: authorised money market funds

(1) If, on an application under section 242(1)(b) in respect of a unit trust scheme, conditions A and B are met the FCA may make an order declaring the scheme…

Determination of applications

(1) Subject to subsection (1A), An application under section 242(1)(a) must be determined by the FCA before the end of the period of six months beginning with…

Procedure when refusing an application

(1) If the FCA proposes to refuse an application made under section 242 it must give each of the applicants a warning notice. (2) If the FCA decides to refuse…

Certificates

— s. 246 — Certificates (1) If the manager or trustee of a unit trust scheme which complies with the conditions necessary for it to be a UK UCITS so requests…

Trust scheme rules

(1) The FCA may make rules (“trust scheme rules”) as to— (a) the constitution, management and operation of authorised unit trust schemes; (b) the powers…

Scheme particulars rules

(1) The FCA may make rules (“scheme particulars rules”) requiring the manager of an authorised unit trust scheme— (a) to submit scheme particulars to the FCA…

Disciplinary measures

(1) If it appears to the FCA that an auditor has failed to comply with a duty imposed on him by trust scheme rules, it may do one or more of the following— (a)…

Modification or waiver of rules

(1) In this section “rules” means— (a) trust scheme rules; or (b) scheme particulars rules. (2) The FCA may, on the application or with the consent of any…

Alteration of schemes and changes of manager or trustee

(A1) This section applies where the manager of an authorised unit trust scheme proposes— (a) to make an alteration to the scheme, other than an alteration— (i)…

Procedure when refusing approval of a proposal under section 251

(1) If the FCA proposes to refuse approval of a proposal under section 251 to replace the trustee or manager of an authorised unit trust scheme, it must give a…

Proposal to convert to a non-feeder UCITS

(1) This section applies where the manager of an authorised unit trust scheme which is a feeder UCITS proposes to make an alteration to the scheme which— (a)…

Avoidance of exclusion clauses

Any provision of the trust deed of an authorised unit trust scheme is void in so far as it would have the effect of exempting the manager or trustee from…

Revocation of authorisation order otherwise than by consent

(1) An authorisation order may be revoked by an order made by the FCA if it appears to the FCA that— (a) one or more of the requirements for the making of the…

Procedure

(1) If the FCA proposes to make an order under section 254 revoking an authorisation order (“a revoking order”), it must give separate warning notices to the…

Requests for revocation of authorisation order

(1) An authorisation order may be revoked by an order made by the FCA at the request of the manager or trustee of the scheme concerned. (2) If the FCA makes an…

Directions

(1) The FCA may give a direction under this section if it appears to the FCA that— (a) one or more of the requirements for the making of an authorisation order…

Applications to the court

(1) If the FCA could give a direction under section 257, it may also apply to the court for an order— (a) removing the manager or the trustee, or both the…

Winding up or merger of master UCITS

(1) Subsection (2) applies if a master UCITS which has one or more feeder UCITS which are authorised unit trust schemes is wound up, whether as a result of a…

Procedure on giving directions under section 257 or 258A and varying them on FCA's own initiative

(1) A direction under section 257 or 258A takes effect— (a) immediately, if the notice given under subsection (3) states that that is the case; (b) on such…

Procedure: refusal to revoke or vary direction

(1) If on an application under section 257(6) for a direction to be revoked or varied the FCA proposes— (a) to vary the direction otherwise than in accordance…

Procedure: revocation of direction and grant of request for variation

(1) If the FCA decides on its own initiative to revoke a direction under section 257 it must give separate written notices of its decision to the manager and…

Information for feeder UCITS

(1) The FCA must immediately inform the operator of any authorised unit trust scheme which is a feeder UCITS of an authorised unit trust scheme, an authorised…

Applications for authorisation of contractual schemes

(1) The operator and depositary, or proposed operator and depositary, of a contractual scheme may apply to the FCA for— (a) an order declaring the scheme to be…

Authorisation orders: authorised contractual schemes

(1) If, on an application under section 261C(1)(a) in respect of a contractual scheme, the FCA— (a) is satisfied that the scheme complies with the requirements…

Authorised contractual schemes: holding of units

(A1) This section sets out requirements for the purposes of section 261D(1)(a) (authorisation orders). (1) The participants in the scheme must be entitled to…

Authorisation orders: authorised money market funds

(1) If, on an application under section 261C(1)(b) in respect of a contractual scheme, conditions A and B are met the FCA may make an order declaring the…

Determination of applications

(1) Subject to subsection (2), an application under section 261C(1)(a) must be determined by the FCA before the end of the period of six months beginning with…

Procedure when refusing an application

(1) If the FCA proposes to refuse an application made under section 261C, it must give each of the applicants a warning notice. (2) If the FCA decides to…

Certificates

— s. 261H — Certificates (1) If the operator of a contractual scheme which complies with the conditions necessary for it to be a UK UCITS so requests, the FCA…

Contractual scheme rules

(1) The FCA may by rules (“contractual scheme rules”) make in relation to authorised contractual schemes provision corresponding to that which may be made…

Contractual scheme particulars rules

(1) The FCA may by rules (“contractual scheme particulars rules”) make in relation to authorised contractual schemes provision corresponding to that which may…

Disciplinary measures

(1) If it appears to the FCA that an auditor has failed to comply with a duty imposed on the auditor by contractual scheme rules, it may do one or more of the…

Modification or waiver of rules

(1) In this section “rules” means— (a) contractual scheme rules; or (b) contractual scheme particulars rules. (2) The FCA may, on the application or with the…

Contracts

(1) In this section “authorised contract” means a contract which the operator of a co-ownership scheme is authorised to enter into on behalf of the relevant…

Effect of becoming or ceasing to be a participant

(1) A person who at any time becomes a participant in a relevant scheme acquires the rights and becomes subject to the liabilities to which the other…

Limited liability

(1) The debts of a relevant scheme are to be paid by the operator out of the property subject to the relevant scheme. (2) The participants in a relevant scheme…

Segregated liability in relation to umbrella co-ownership schemes

(1) The property subject to a sub-scheme of an umbrella co-ownership scheme must not be used to discharge any liabilities of, or meet any claims against, any…

Alteration of contractual schemes and changes of operator or depositary

(1) This section applies where the operator of an authorised contractual scheme proposes to make an alteration to the scheme, other than an alteration— (a) to…

Procedure when refusing approval of a proposal under section 261Q

(1) If the FCA proposes to refuse approval of a proposal under section 261Q to replace the depositary or operator of an authorised contractual scheme, it must…

Proposal to convert to a non-feeder UCITS

(1) This section applies where the operator of an authorised contractual scheme which is a feeder UCITS proposes to make an alteration to the scheme which— (a)…

Avoidance of exclusion clauses

Any provision— (a) of the contractual scheme deed of an authorised contractual scheme, or (b) in the case of an authorised contractual scheme which is a…

Revocation of authorisation order otherwise than by consent

(1) An authorisation order may be revoked by an order made by the FCA if it appears to the FCA that— (a) one or more of the requirements for the making of the…

Procedure for revoking authorisation order

(1) If the FCA proposes to make an order under section 261U revoking an authorisation order (“a revoking order”), it must give separate warning notices to the…

Requests for revocation of authorisation order

(1) An authorisation order may be revoked by an order made by the FCA at the request of the operator or depositary of the scheme concerned. (2) If the FCA…

Directions

(1) The FCA may give a direction under this section if it appears to the FCA that— (a) one or more of the requirements for the making of an authorisation order…

Applications to the court

(1) If the FCA could give a direction under section 261X, it may also apply to the court for an order— (a) removing the operator or the depositary, or both the…

Winding up or merger of master UCITS

(1) Subsection (2) applies if a master UCITS which has one or more feeder UCITS which are authorised contractual schemes is wound up, whether as a result of a…

Procedure on giving directions under section 261X or 261Z and varying them on FCA’s own initiative

(1) A direction under section 261X or 261Z takes effect— (a) immediately, if the notice given under subsection (3) states that that is the case; (b) on such…

Procedure: refusal to revoke or vary direction

(1) If on an application under section 261X(6) for a direction to be revoked or varied the FCA proposes— (a) to vary the direction otherwise than in accordance…

Procedure: revocation of direction and grant of request for variation

(1) If the FCA decides on its own initiative to revoke a direction under section 261X it must give separate written notice of its decision to the operator and…

Information for feeder UCITS

(1) The FCA must immediately inform the operator of any authorised contractual scheme which is a feeder UCITS of an authorised unit trust scheme, an authorised…

Power to make provision about unauthorised co-ownership AIFs

(1) The Treasury may by regulations make provision about unauthorised co-ownership AIFs that corresponds or is similar to, or applies with modifications, any…

Open-ended investment companies

(1) The Treasury may by regulations make provision for— (a) facilitating the carrying on of collective investment by means of open-ended investment companies…

Amendment of section 716 Companies Act 1985

In section 716(1) of the Companies Act 1985 (prohibition on formation of companies with more than 20 members unless registered under the Act etc.), after “this…

Schemes authorised in approved countries

— s. 271A — Schemes authorised in approved countries (1) A collective investment scheme which is authorised under the law of a country or territory outside the…

Approval of country: equivalent protection afforded to participants

(1) The Treasury may not make regulations under section 271A approving a country or territory and specifying a description of collective investment scheme…

Approval of country: regulatory co-operation

(1) The Treasury may not make regulations under section 271A approving a country or territory and specifying a description of collective investment scheme…

Report by the FCA in relation to approval

(1) When considering whether to make, vary or revoke regulations under section 271A approving a country or territory and specifying a description of collective…

Power to impose requirements on schemes

(1) The Treasury may by regulations— (a) provide that a section 271A scheme of a description specified in the regulations must comply with requirements…

Application for recognition to the FCA

(1) An application for recognition of a collective investment scheme under section 271A— (a) must be made in such manner as the FCA may direct, (b) must…

Determination of applications

(1) The FCA— (a) may only make an order under section 271A granting an application under that section if it is satisfied that the conditions in subsection (2)…

Procedure when determining an application

(1) If the FCA decides to make an order under section 271A granting an application under that section, it must give written notice of its decision to the…

Obligations on operator of a section 271A scheme

(1) The operator of a section 271A scheme must notify the FCA if the operator becomes aware that it has contravened, or expects to contravene, a requirement…

Provision of information to the FCA

(1) The operator of a section 271A scheme must provide to the FCA such information as the FCA may direct, at such times as the FCA may direct, for the purpose…

Rules as to scheme particulars

(1) The FCA may make rules in relation to section 271A schemes for purposes corresponding to those for which rules may be made under section 248 in relation to…

Suspension of recognition

(1) The FCA may direct that a section 271A scheme is not to be a recognised scheme— (a) for a specified period, (b) until the occurrence of a specified event…

Procedure when suspending recognition

(1) A direction under section 271L takes effect— (a) immediately, if the notice given under subsection (3) states that to be the case, (b) on a day specified…

Revocation of recognition on the FCA's initiative

(1) The FCA may revoke an order made under section 271A in relation to a collective investment scheme if— (a) the FCA is no longer satisfied that the…

Requests for revocation of recognition

(1) The FCA may revoke an order made under section 271A in relation to a collective investment scheme at the request of the scheme's operator. (2) If the FCA…

Obligations on operator where recognition is revoked or suspended

(1) This section applies where— (a) the FCA gives a decision notice under section 271N(3), or a written notice under section 271O(2), in relation to a section…

Effect of variation or revocation of Treasury regulations

(1) This section applies, in relation to a section 271A scheme, where the Treasury vary or revoke regulations under section 271A and, as a result, the scheme…

Public censure

(1) This section applies where the FCA considers that— (a) a requirement imposed by regulations under section 271E has been contravened, (b) rules made under…

Recognition of parts of schemes under section 271A

(1) Section 271A(1) applies in relation to a part of a collective investment scheme as it applies in relation to such a scheme. (2) Accordingly, the following…

Individually recognised overseas schemes

— s. 272 — Individually recognised overseas schemes (1) The FCA may, on the application of the operator of a collective investment scheme which— (a) is managed…

Matters that may be taken into account

For the purposes of subsections (8)(b) and (9)(b) of section 272, the FCA may take into account any matter relating to— (a) any person who is or will be…

Applications for recognition of individual schemes

(1) An application under section 272 for an order declaring a scheme to be a recognised scheme must be made to the FCA by the operator of the scheme. (2) The…

Determination of applications

(1) An application under section 272 must be determined by the FCA before the end of the period of six months beginning with the date on which it receives the…

Procedure when refusing an application

(1) If the FCA proposes to refuse an application made under section 272 it must give the applicant a warning notice. (2) If the FCA decides to refuse the…

Alteration of schemes and changes of operator, trustee or depositary

(1) The operator of a scheme recognised by virtue of section 272 must give written notice to the FCA of any proposed alteration to the scheme which, if made…

Regular provision of information relating to compliance with requirements for recognition

(1) The operator of a scheme recognised by virtue of section 272 must provide to the FCA such information as the FCA may direct, at such times as the FCA may…

Rules as to scheme particulars

The FCA may make rules imposing duties or liabilities on the operator of a scheme recognised under section ... 272 for purposes corresponding to those for…

Revocation of recognition

The FCA may ... revoke an order under section 272 if it appears to the FCA— (a) that the operator, trustee or depositary of the scheme has contravened a…

Procedure

(1) If the FCA proposes to make an order under section 279 revoking a recognition order, it must give a warning notice to the operator and (if any) the trustee…

Directions

(1) In this section a “relevant recognised scheme” means a scheme recognised under section ... 272. (2) If it appears to the FCA that— (a) the operator…

Procedure on giving directions under section 281 and varying them otherwise than as requested

(1) A direction takes effect— (a) immediately, if the notice given under subsection (3) states that that is the case; (b) on such date as may be specified in…

Obligations on operator where recognition is revoked or suspended

(1) This section applies where— (a) the FCA gives a decision notice under section 280(2) in relation to a scheme recognised under section 272, or (b) a…

Public censure

(1) This section applies where the FCA considers that— (a) rules made under section 278 have been contravened, (b) the operator of a scheme recognised under…

Recognition of parts of schemes under section 272

(1) Section 272(1) applies in relation to a part of a collective investment scheme as it applies in relation to such a scheme. (2) Accordingly, the following…

Facilities and information in UK

— s. 283 — Facilities and information in UK (1) The FCA may make rules requiring operators of recognised schemes to maintain in the United Kingdom, or in such…

Master-feeder structures

(1) The operator of a UKUCITS may not invest a higher proportion of the property which is subject to the collective investment scheme constituted by that UCITS…

Reports on derivative instruments

(1) An authorised person who is the management company in relation to a UK UCITS must report to the FCA at specified intervals of not more than 12 months about…

Power to investigate

(1) An investigating authority may appoint one or more competent persons to investigate on its behalf— (a) the affairs of, or of the manager or trustee of, any…

Transformer vehicles

(1) In this section “transformer vehicle” means an undertaking (“A”) which— (a) is established for the purposes of carrying on the activities mentioned in…

Exemption for recognised bodies etc

(1) In this Act— (a) “recognised investment exchange” means an investment exchange in relation to which a recognition order is in force; (b) “recognised…

Powers exercisable in relation to recognised bodies etc

(1) For the purposes of this Part, the FCA is “the appropriate regulator” in relation to recognised investment exchanges. (2) For the purposes of this Part…

Qualification for recognition

(1) The Treasury may make regulations setting out the requirements— (a) which must be satisfied by an investment exchange, clearing house or central securities…

Application by an investment exchange

(1) Any body corporate or unincorporated association may apply to the FCA for an order declaring it to be a recognised investment exchange for the purposes of…

Application by a clearing house

(A1) This section applies only in relation to an application by a clearing house. (1) A body corporate or unincorporated association which is established in…

Application by a central securities depository

Where a legal person which is established in the United Kingdom intends— (a) to operate a securities settlement system referred to in point (3) of Section A of…

Applications: supplementary

(1) At any time after receiving an application and before determining it, the appropriate regulator may require the applicant to provide such further…

Recognition orders

(1) If it appears to the appropriate regulator that the applicant satisfies the recognition requirements applicable in its case, the regulator may— (a) where…

Variation of central counterparty recognition order

(1) On an application made to it in accordance with Article 15 of the EMIR regulation, the Bank of England may in accordance with Article 17 of that regulation…

Variation of CSD recognition order

(1) Where the Bank of England— (a) grants an authorisation in accordance with Article 19(1), 54 or 56 of the CSD regulation, (b) receives a notification under…

Refusal of recognition on ground of excessive regulatory provision

(1) The appropriate regulator must not make a recognition order if it appears to it that an existing or proposed regulatory provision of the applicant in…

Liability in relation to recognised body’s regulatory functions

(1) A recognised body and its officers and staff are not to be liable in damages for anything done or omitted in the discharge of the recognised body’s…

Overseas investment exchanges and overseas clearing houses

(1) An application under section 287 or 288(1A) by an overseas applicant must contain the address of a place in the United Kingdom for the service on the…

Publication of information by recognised investment exchange

— s. 292A — Publication of information by recognised investment exchange (1) A recognised investment exchange must as soon as practicable after a recognition…

Notification requirements

(1) The appropriate regulator may make rules requiring a recognised body to give it— (a) notice of such events relating to the body as may be specified; and…

Information: compliance with specified requirements

(1) The appropriate regulator may require a recognised body to give the appropriate regulator such information as the appropriate regulator reasonably requires…

Modification or waiver of rules

(1) The appropriate regulator may, on the application or with the consent of a recognised body, direct that rules made under section 293 or 295— (a) are not to…

Notification: overseas investment exchanges and overseas clearing houses

(1) At least once a year, every overseas investment exchange and overseas clearing house must provide the appropriate regulator with a report. (2) The report…

On-site inspection of United Kingdom branches of third country CSDs

(1) For the purposes of Article 25(11) of the CSD regulation, the Bank of England may, on giving reasonable notice and at any reasonable time, carry out an…

Appropriate regulator's power to give directions

(1) This section applies if it appears to the appropriate regulator that a recognised body— (a) has failed, or is likely to fail, to satisfy the recognition…

Additional power to direct recognised central counterparties

(1) The Bank of England may direct a recognised central counterparty to take, or refrain from taking, specified action if the Bank is satisfied that it is…

Revoking recognition

(1) A recognition order in respect of a recognised investment exchange or in respect of a recognised clearing house which is not a recognised central…

Directions and revocation: procedure

(1) Before giving a direction under section 296 or 296A, or making a revocation order under section 297(1B), (2), (2A) or (2D), the appropriate regulator must—…

Complaints about recognised bodies

(1) The appropriate regulator must make arrangements for the investigation of any relevant complaint about a recognised body. (2) “Relevant complaint” means a…

Extension of functions of Tribunal

(1) If the Treasury are satisfied that the condition mentioned in subsection (2) is satisfied, they may by order confer functions on the Tribunal with respect…

Power of appropriate regulator to disallow excessive regulatory provision

(1) This section applies where a recognised body proposes to make any regulatory provision in connection with— (a) its business as an investment exchange, (b)…

Duty to notify proposal to make regulatory provision

(1) A recognised body that proposes to make any regulatory provision must give written notice of the proposal to the appropriate regulator without delay. (2)…

Restriction on making provision before appropriate regulator decides whether to act

(1) Where notice of a proposal to make regulatory provision is required to be given to the appropriate regulator under section 300B, the provision must not be…

Consideration by appropriate regulator whether to disallow proposed provision

(1) This section applies where the appropriate regulator notifies a recognised body that it is calling in a proposal to make regulatory provision. (2) The…

Power to disallow excessive regulatory provision: supplementary

(1) In sections 300A to 300D— (a) “regulatory provision” means any rule, guidance, arrangements, policy or practice, and (b) references to making provision…

Rules relating to central counterparties and central securities depositories

(1) The Bank of England may make such rules applying to FMI entities— (a) with respect to the carrying on by them of relevant regulated activities, or (b) with…

Section 300F: rules in relation to overseas FMI entities

(1) The power to make rules under section 300F, so far as applying to an FMI entity of the kind mentioned in subsection (2)(c) or (d) of that section (an…

Rules relating to investment exchanges and data reporting service providers

(1) The FCA may make such rules applying to recognised UK investment exchanges or data reporting service providers— (a) with respect to the carrying on by them…

Duty of Bank of England to review rules

(1) The Bank of England must keep under review generally any rules made by the Bank under this Act. (2) Subsection (1) does not apply to rules made for the…

Statement of policy relating to review of rules

(1) The Bank of England must prepare and publish a statement of policy with respect to its review of rules under section 300I. (2) The statement must provide…

Requirement to review specified rules

(1) The Treasury may by direction require the Bank of England to carry out a review of specified rules made by the Bank under this Act if— (a) the rules have…

Report on certain reviews

(1) This section applies where the Treasury have given a direction to the Bank of England under section 300K to carry out a review. (2) The Bank must make a…

Power of Treasury to require making of rules by regulations

(1) The Treasury may by regulations require the Bank of England to exercise a power under this Act to make rules in relation to a specified activity or a…

Supervision of certain contracts

(1) The Secretary of State and the Treasury, acting jointly, may by regulations provide for— (a) Part VII of the Companies Act 1989 (financial markets and…

Obligation to notify the FCA: acquisitions of control

(1) A person who decides to acquire or increase control over a recognised investment exchange must give the FCA notice in writing before making the…

Requirements for section 301A notices

(1) A section 301A notice must be in such form, include such information and be accompanied by such documents as the FCA may reasonably require. (2) The FCA…

Acknowledgment of receipt

(1) The FCA must acknowledge receipt of a section 301A notice in writing before the end of the second working day following receipt. (2) If the FCA receives an…

Acquiring and increasing control

— s. 301D — Acquiring and increasing control (1) For the purposes of this Chapter, a person (“A”) acquires control over a recognised investment exchange (“B”)…

Disregarded holdings

(1) For the purpose of section 301D, shares and voting power that a person holds in a recognised investment exchange (“B”) or in a parent undertaking of B…

Assessment: general

(1) Where the FCA receives a section 301A notice, it must— (a) determine whether to approve the acquisition to which it relates; or (b) propose to object to…

Assessment: Procedure

(1) The FCA must act under section 301F within a period three months from the date the FCA receives the completed section 301A notice (“the assessment…

Duration of approval

(1) Approval of an acquisition is effective for such period as the FCA may specify in writing. (2) Where the FCA has specified a period under subsection (1)…

Objections by the FCA

(1) The FCA may object to a person's control over a recognised investment exchange in any of the circumstances specified in subsection (2). (2) The…

Restriction notices

(1) The FCA may give notice in writing (a “restriction notice”) to a person in the following circumstances. (2) The circumstances are that— (a) the person has…

Orders for sale of shares

(1) The court may, on the application of the FCA, order the sale of shares or the disposition of voting power in the following circumstances. (2) The…

Offences under this Chapter

(1) A person who fails to comply with an obligation to notify the FCA under section 301A(1) or (2) is guilty of an offence. (2) A person who gives notice to…

Interpretation

— s. 301M — Interpretation (1) In this Chapter— “acquisition” means the acquisition of control or of an increase in control over a recognised investment…

Recognised bodies to which this Chapter applies

(1) The Treasury may by regulations specify as a “relevant recognised body” for the purposes of this Chapter a type of recognised body mentioned in subsection…

Part 18 prohibition orders

(1) This section applies if it appears to the appropriate regulator that an individual is not a fit and proper person to perform functions in relation to an…

Procedure for making Part 18 prohibition orders

(1) If the appropriate regulator proposes to make a Part 18 prohibition order it must— (a) comply with such consultation requirements as may be prescribed, and…

Varying and withdrawing Part 18 prohibition orders

(1) This section applies where the appropriate regulator has made a Part 18 prohibition order in relation to an individual. (2) The appropriate regulator may…

Offence of breaching prohibition

(1) An individual who performs a function, or agrees to perform a function, in breach of a Part 18 prohibition order is guilty of an offence. (2) An individual…

Duty in relation to prohibited individuals

(1) A person (“P”) falling within section 309B(4) must take reasonable care to ensure that no function in relation to the carrying on of P’s activities is…

Requirement for approval

(1) A relevant recognised body must take reasonable care to ensure that a person does not perform a designated senior management function in relation to the…

Rules under section 309G(3): transitional provision

(1) In relation to rules made by the Bank of England or the FCA under section 309G(3), the power conferred by section 137T(c) to make transitional provision…

Applications for approval

(1) A relevant recognised body may apply for approval from the appropriate regulator under section 309G for a person to perform a designated senior management…

Vetting by relevant recognised bodies

(1) Before making an application under section 309I for approval for a person to perform a designated senior management function, a relevant recognised body…

Determining applications: power to grant approval

(1) The appropriate regulator may grant an application under section 309I for approval for a person to perform a designated senior management function only if—…

Determining applications: period for approval

(1) The appropriate regulator must, before the end of the period for consideration, determine whether— (a) to grant an application under section 309I for…

Determining applications: further procedure

(1) If the appropriate regulator decides to grant an application under section 309I without imposing conditions or limiting the period for which approval is…

Changes in responsibilities

(1) This section applies where, on an application made by a relevant recognised body under section 309I, the appropriate regulator has given approval for a…

Withdrawing approval

(1) This section applies if an approval under section 309G has been given by the appropriate regulator in relation to the performance by a person of a…

Procedure for withdrawing approval

(1) If the appropriate regulator proposes to withdraw an approval given under section 309G, it must— (a) comply with such consultation requirements as may be…

Varying approval at request of relevant recognised body

(1) Where an approval under section 309G has effect subject to conditions, the relevant recognised body that applied for the approval may apply to the…

Varying approval on the appropriate regulator’s initiative

(1) The appropriate regulator may vary an approval under section 309G if it considers it desirable to do so in order to advance a relevant objective. (2) For…

Statement of policy on approval

(1) The appropriate regulator must prepare and issue a statement of its policy with respect to— (a) the giving of approval under section 309G subject to…

Breach of statutory duty by relevant recognised bodies

(1) A contravention of section 309G(1) is actionable at the suit of a private person who suffers loss as a result of the contravention, subject to the defences…

Power to impose penalties

(1) The appropriate regulator may impose a penalty on a person if it is satisfied that— (a) the person has at any time performed a designated senior management…

Procedure for imposing penalties

(1) If the appropriate regulator proposes to impose a penalty on a person under section 309U, it must give the person a warning notice. (2) A warning notice…

Statement of policy on penalties

(1) The appropriate regulator must prepare and issue a statement of its policy with respect to— (a) the imposition of penalties under section 309U, and (b) the…

Procedure for statement of policy on penalties

(1) Before the appropriate regulator issues a statement under section 309W(1) or (5), it must publish a draft of the proposed statement in the way appearing to…

Certification of employees by relevant recognised bodies

(1) A relevant recognised body must take reasonable care to ensure that none of its employees performs a specified function in relation to the carrying on of…

Issuing certificates

(1) A relevant recognised body may issue a certificate to a person under this section in relation to a function only if the body is satisfied that the person…

Rules of conduct

— s. 309Z1 — Rules of conduct (1) If it appears to the appropriate regulator to be necessary or expedient for the purposes of advancing a relevant objective…

Power to take disciplinary action for misconduct

(1) Subsection (2) applies if— (a) it appears to the appropriate regulator that a person is guilty of misconduct (see section 309Z3), and (b) the appropriate…

Meaning of “misconduct”

(1) For the purposes of section 309Z2, a person is guilty of misconduct if any of conditions A to C is met. (2) Condition A is that— (a) the person has at any…

Procedure for disciplinary action

(1) If the appropriate regulator proposes to take action against a person under section 309Z2, it must— (a) give the person a warning notice, and (b) in the…

Statement of policy about disciplinary action

(1) The appropriate regulator must prepare and issue a statement of its policy with respect to— (a) the imposition of penalties, suspensions, conditions or…

Procedure for statement of policy about disciplinary action

(1) Before the appropriate regulator issues a statement under section 309Z5(1) or (3), it must publish a draft of the proposed statement in the way appearing…

Interpretation of Chapter 2A

(1) In this Chapter— “director”, in relation to a relevant recognised body, means a member of the board of directors of the body or, if there is no such board…

Power to apply this Chapter to credit rating agencies

(1) The Treasury may by regulations provide for this Chapter, or any provision of this Chapter, to apply (with or without modifications) in relation to— (a)…

Public censure

(1) If the appropriate regulator considers that a recognised body or data reporting service provider has contravened a relevant requirement imposed on the body…

Financial penalties

(1) If the appropriate regulator considers that a recognised body or data reporting service provider has contravened a relevant requirement imposed on the body…

Central securities depositories: further disciplinary measures

(1) If the Bank of England considers that a contravention by a recognised CSD of a relevant requirement occurred with the consent or connivance of, or was…

Proposal to take disciplinary measures

(1) If the appropriate regulator proposes to impose a sanction— (a) on a recognised body or data reporting service provider under section 312E or 312F, or (b)…

Decision notice

(1) If the appropriate regulator decides to impose a sanction— (a) on a recognised body or data reporting service provider under section 312E or 312F, or (b)…

Publication

After an appropriate regulator publishes a statement under section 312E or 312FA, it must send a copy of the statement to— (a) the recognised body, data…

Statement of policy

(1) Each appropriate regulator must prepare and issue a statement of its policy with respect to— (a) the imposition of penalties under sections 312F and 312FA…

Statement of policy: procedure

(1) Before issuing a statement under section 312J, an appropriate regulator must publish a draft of the proposed statement in the way appearing to the…

Critical third parties

— s. 312L — Critical third parties (1) The Treasury may by regulations designate a person who provides services to one or more authorised persons, relevant…

Power to make rules

(1) A relevant regulator may make such rules imposing duties on critical third parties in connection with the provision of services to authorised persons…

Power of direction

(1) A relevant regulator may, if it appears to the regulator to be necessary or expedient for the purpose of advancing any of its objectives, direct a critical…

Directions: procedure

(1) If a relevant regulator proposes to give a direction under section 312N, or gives such a direction with immediate effect, it must give written notice to…

Information gathering and investigations

(1) The provisions of Part 11 (information gathering and investigations) mentioned in this section are to apply in relation to this Chapter in accordance with…

Power of censure

If a relevant regulator considers that a critical third party has contravened a requirement imposed by or under this Chapter the regulator may publish a…

Disciplinary measures

(1) This section applies if a relevant regulator considers that a critical third party has contravened a requirement imposed by or under this Chapter. (2) The…

Procedure and right to refer to Tribunal

(1) If a relevant regulator proposes to publish a statement or notice under section 312Q or 312R, it must give the critical third party, authorised persons…

Statement of policy relating to disciplinary measures

(1) The relevant regulators must prepare and publish a statement of policy with respect to the exercise of powers under section 312Q and section 312R. (2) The…

Duty to ensure co-ordinated exercise of functions etc

(1) The relevant regulators must co-ordinate the exercise of their respective functions conferred by or under this Chapter. (2) In complying with the duty in…

Memorandum of understanding

(1) The relevant regulators must prepare and maintain a memorandum which describes in general terms— (a) the role of the relevant regulators in relation to the…

Application of provisions of this Act to this Chapter

The following provisions do not apply for the purposes of this Chapter— (a) section 3D (duty to ensure co-ordinated exercise of functions); (b) section 3E…

Interpretation of Part XVIII

(1) In this Part— “application” means an application for a recognition order made under section 287, 288 or 288A; “applicant” means a person who has applied…

FCA's power to require suspension or removal of financial instruments from trading

(1) The FCA may, for the purpose of protecting— (a) the interests of investors, or (b) the orderly functioning of the financial markets, require an institution…

Suspension or removal of financial instruments from trading: procedure

(1) A requirement imposed on an institution under section 313A (a “relevant requirement”) takes effect— (a) immediately, if the notice given under subsection…

Procedure following consideration of representations

(1) This section applies where, within the period specified under section 313B(3), (3A) or (4), representations are made to the FCA in relation to a…

Revocation of requirements: applications by institutions

(1) This section applies where the FCA has imposed a requirement on an institution or a class of institutions under section 313A. (2) The institution or any of…

Decisions on applications for revocation by institutions

(1) This section applies where, having considered any representations made in response to a warning notice, the FCA has decided whether to grant an application…

Revocation of requirements: applications by issuers

(1) This section applies where the FCA has imposed a requirement on an institution or a class of institutions under section 313A. (2) The issuer of the…

Decisions on applications for revocation by issuers

(1) This section applies where, having considered any representations made in response to a warning notice, the FCA has decided whether to grant an application…

Suspension or removal of financial instruments from trading: notification and trading on other venues

(1) The FCA must take the steps in subsection (2) to (4) if it imposes a requirement on an institution under section 313A to— (a) suspend or remove a financial…

Suspension or removal of a financial instrument from a trading by a trading venue: FCA duties

(1) The FCA must take the steps in subsections (2), (4), and (5)if a person specified in subsection (6) operating a trading venue in the United Kingdom informs…

Significant damage to investors’ interests or orderly functioning of market

(1) This section applies for the purposes of sections 313CA(3) and 313CB(3). (2) The following are circumstances in which a suspension or removal from trading…

Interpretation of Part 18A

(1) In this Part— ... “derivative” means a derivative referred to in paragraphs 4 to 10 of Part 1 of Schedule 2 to the Financial Services and Markets Act 2000…

Regulators' general duty

(1) So far as it is appropriate to do so for the purpose of advancing one or more of its operational objectives, the FCA must keep itself informed about— (a)…

The PRA's objectives in relation to Lloyd's etc

(1) This section modifies— (a) the effect of sections 2B and 2C (the PRA's general objective and insurance objective), and (b) the effect of section 3I (power…

The Society: regulated activities

(1) This section applies if an activity carried on by the Society is of a kind specified in an order made under section 22 (regulated activities). (2) The…

Direction by a regulator

(1) The general prohibition or (if the general prohibition is not applied under this section) a core provision applies to the carrying on of an insurance…

The core provisions

(1) The core provisions are Parts V, 9A, XI, XII, XIV, XV, XVI, XXII and XXIV, sections 384 to 386 and Part XXVI. (2) References in an applied core provision…

Exercise of powers through Council

(1) A regulator may give a direction under this subsection to the Council or to the Society (acting through the Council) or to both. (2) A direction under…

Consultation

(1) Before a regulator gives a direction under section 316 or 318, it must— (a) in a case where section 316(1B) requires the regulator to obtain the consent of…

Former underwriting members

— s. 320 — Former underwriting members (1) A former underwriting member may carry out each contract of insurance that he has underwritten at Lloyd’s whether or…

Requirements imposed under section 320

(1) A requirement imposed under section 320 takes effect— (a) immediately, if the notice given under subsection (2) states that that is the case; (b) in any…

Rules applicable to former underwriting members

(1) The PRA may make rules imposing such requirements on persons to whom the rules apply as appear to it to be appropriate for protecting policyholders against…

Transfer schemes

The Treasury may by order provide for the application of any provision of Part VII (with or without modification) in relation to schemes for the transfer of…

Interpretation of this Part

(1) In this Part— “arranging deals”, in relation to the investments to which this Part applies, has the same meaning as in paragraph 3 of Schedule 2; “former…