# Financial Services and Markets Act 2000 URL: https://consilena.com/coverage/laws/stat_uk_ukpga_2000_8 - Jurisdiction: United Kingdom - Type: Act - Identifier: ukpga/2000/8 - Current as of: 15 July 2026 - Provisions: 1,467 - Official text: https://www.legislation.gov.uk/ukpga/2000/8 - Licence: [Open Government Licence v3.0](https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/) - Attribution: Contains public sector information licensed under the Open Government Licence v3.0. > The library is a research copy. Check the official source before relying on a provision: the text published there, not the copy in Consilena, is the law. ## Provisions ### PART 1A – The Regulators - **s. 1A 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… - **s. 1B 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… - **s. 1C 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… - **s. 1D 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)… - **s. 1E 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)… - **s. 1EB Competitiveness and growth objective**: The competitiveness and growth objective is: facilitating, subject to aligning with relevant international standards— (a) the international competitiveness of… - **s. 1F 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… - **s. 1G 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… - **s. 1H 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… - **s. 1I 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)… - **s. 1IA 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)… - **s. 1J 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… - **s. 1JA 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… - **s. 1K 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… - **s. 1L 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… - **s. 1M 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… - **s. 1MA 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… - **s. 1N 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… - **s. 1O 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… - **s. 1P 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… - **s. 1Q 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… - **s. 1QA 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”)… - **s. 1R 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… - **s. 1RA 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… - **s. 1RB 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… - **s. 1S 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… - **s. 1T 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… - **s. 2A 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… - **s. 2AB 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… - **s. 2B 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… - **s. 2C 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… - **s. 2D 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… - **s. 2E 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… - **s. 2F 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… - **s. 2G 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. - **s. 2H 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… - **s. 2I 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… - **s. 2J 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… - **s. 2K Arrangements for supervision of PRA-authorised persons**: The PRA must maintain arrangements for supervising PRA-authorised persons. - **s. 2L 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… - **s. 2LA 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… - **s. 2M 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… - **s. 2MA 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… - **s. 2N 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… - **s. 2NA 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… - **s. 2NB 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… - **s. 3A 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… - **s. 3B 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… - **s. 3C 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… - **s. 3D 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… - **s. 3E 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… - **s. 3F 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… - **s. 3G 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… - **s. 3H 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)… - **s. 3I 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… - **s. 3J 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… - **s. 3K 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… - **s. 3L 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… - **s. 3M 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… - **s. 3N 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… - **s. 3O 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… - **s. 3P 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… - **s. 3Q 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… - **s. 3R 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… - **s. 3RA 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)… - **s. 3RB 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… - **s. 3RC 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)… - **s. 3RD 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… - **s. 3RE 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… - **s. 3T Interpretation**: — s. 3T — Interpretation In this Part “enactment” includes— (a) an enactment contained in subordinate legislation within the meaning of the Interpretation Act… ### Part II – Regulated And Prohibited Activities - **s. 19 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… - **s. 20 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… - **s. 21 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… - **s. 22 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… - **s. 22A 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… - **s. 22B 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—… - **s. 23 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… - **s. 23A 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… - **s. 24 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)… - **s. 25 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… - **s. 26 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… - **s. 26A 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… - **s. 27 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… - **s. 28 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… - **s. 28A 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… - **s. 28B 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… - **s. 29 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… - **s. 30 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… ### Part III – Authorisation and Exemption - **s. 31 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… - **s. 32 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… - **s. 33 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… - **s. 36 Authorised open-ended investment companies**: Schedule 5 makes provision about authorised open-ended investment companies. - **s. 38 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… - **s. 39 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… - **s. 39A 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… ### PART 4A – Permission to carry on regulated activities - **s. 55A 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… - **s. 55B 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… - **s. 55C 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… - **s. 55D 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… - **s. 55E 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… - **s. 55F 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… - **s. 55G 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… - **s. 55H 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)… - **s. 55I 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… - **s. 55J 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… - **s. 55JA 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… - **s. 55K 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… - **s. 55L 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… - **s. 55M 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… - **s. 55N 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… - **s. 55NA 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… - **s. 55NB 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… - **s. 55O 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… - **s. 55P 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… - **s. 55PB 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… - **s. 55Q 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… - **s. 55R 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… - **s. 55T 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… - **s. 55U 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… - **s. 55V 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… - **s. 55W 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… - **s. 55X 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… - **s. 55XA 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… - **s. 55Y 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… - **s. 55Z 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… - **s. 55Z3 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… - **s. 55Z4 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… ### Part V – Performance of Regulated Activities - **s. 56 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… - **s. 57 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… - **s. 58 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… - **s. 59 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… - **s. 59ZA 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… - **s. 59ZB 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… - **s. 59A 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… - **s. 59AB 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… - **s. 59B 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… - **s. 60 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… - **s. 60A 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… - **s. 61 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… - **s. 62 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… - **s. 62A 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… - **s. 63 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… - **s. 63ZA 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… - **s. 63ZB 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… - **s. 63ZC 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)… - **s. 63ZD 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… - **s. 63ZE 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… - **s. 63A 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… - **s. 63B 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… - **s. 63C 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… - **s. 63D 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… - **s. 63E 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… - **s. 63F 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… - **s. 64A 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… - **s. 64B 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… - **s. 64C 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… - **s. 66 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… - **s. 66A 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)… - **s. 66B 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)… - **s. 67 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… - **s. 68 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… - **s. 69 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… - **s. 70 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… - **s. 71 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… - **s. 71B 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… - **s. 71C 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… - **s. 71D 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… - **s. 71E 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… - **s. 71F 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… - **s. 71G 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… - **s. 71H 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… - **s. 71I 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… ### PART 5A – Designated activities - **s. 71K 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… - **s. 71L 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)… - **s. 71M 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… - **s. 71N 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… - **s. 71O 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… - **s. 71P 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… - **s. 71Q Designated activities: enforcement**: (1) Designated activity regulations may make provision about enforcement in connection with this Part. (2) Provision about enforcement includes (among other… - **s. 71R 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… - **s. 71S 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… - **s. 71T 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… - **s. 71U 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… - **s. 71V 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… - **s. 71W 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… - **s. 71X 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… - **s. 71Y 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 VI – Official Listing - **s. 73A 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… - **s. 74 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… - **s. 75 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… - **s. 76 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… - **s. 77 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… - **s. 78 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… - **s. 78A 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… - **s. 79 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… - **s. 80 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… - **s. 81 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… - **s. 82 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… - **s. 85 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… - **s. 88 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… - **s. 88A 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… - **s. 88B 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… - **s. 88C 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… - **s. 88D 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… - **s. 88E 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… - **s. 88F 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… - **s. 89A 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… - **s. 89B 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)… - **s. 89C 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… - **s. 89D 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… - **s. 89F 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… - **s. 89G 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… - **s. 89H 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… - **s. 89I 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… - **s. 89J 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… - **s. 89K 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… - **s. 89L 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… - **s. 89M 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… - **s. 89N 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… - **s. 89NA 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… - **s. 89O 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… - **s. 89P 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… - **s. 89Q 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… - **s. 89R 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… - **s. 89S 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… - **s. 89T 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… - **s. 89U 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… - **s. 89V 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… - **s. 89W 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… - **s. 90 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… - **s. 90ZA 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… - **s. 90A 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… - **s. 90B 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… - **s. 91 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… - **s. 92 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… - **s. 93 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… - **s. 94 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… - **s. 96 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… - **s. 97 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… - **s. 101 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… - **s. 102A 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… - **s. 103 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”… ### Part VII – Control of Business Transfers - **s. 103A 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)… - **s. 104 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). - **s. 105 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… - **s. 106 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… - **s. 106A 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… - **s. 106B 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… - **s. 107 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… - **s. 108 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… - **s. 109 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… - **s. 109A 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… - **s. 110 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… - **s. 111 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… - **s. 112 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… - **s. 112ZA 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… - **s. 112A 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… - **s. 113 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… - **s. 115 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… - **s. 117 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… ### Part 7A – Unilateral changes to pension schemes - **s. 117A 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… - **s. 117B 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… - **s. 117C 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… - **s. 117D 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… - **s. 117E 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… - **s. 117F 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… - **s. 117G 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… - **s. 117H 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… - **s. 117I 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… ### Part VIII – Provisions relating to market abuse - **s. 122A 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… - **s. 122B 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… - **s. 122C 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)… - **s. 122D 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… - **s. 122E 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… - **s. 122F 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… - **s. 122G 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… - **s. 122H 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… - **s. 122HA 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… - **s. 122I 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… - **s. 122IA 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… - **s. 123 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… - **s. 123A 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… - **s. 123B 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… - **s. 123C 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. - **s. 124 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… - **s. 125 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… - **s. 126 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… - **s. 127 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… - **s. 127A 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)… - **s. 128 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… - **s. 129 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… - **s. 130 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… - **s. 131 Effect on transactions**: The imposition of a penalty under this Part does not make any transaction void or unenforceable. - **s. 131A 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… - **s. 131AA 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… - **s. 131AB 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… - **s. 131AC 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… - **s. 131AD 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… - **s. 131AE 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… ### PART 8B – Cash access services - **s. 131M 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… - **s. 131N 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… - **s. 131O 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… - **s. 131P 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… - **s. 131Q 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… - **s. 131R 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)… - **s. 131S 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… - **s. 131T 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… - **s. 131U 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… - **s. 131V 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)… - **s. 131W 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… - **s. 131X 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… - **s. 131Y 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… - **s. 131Z 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… - **s. 131Z1 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… - **s. 131Z2 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… ### Part IX – Hearings and Appeals - **s. 133 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… - **s. 133A 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… - **s. 133B 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… - **s. 134 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… - **s. 135 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… - **s. 136 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… ### PART 9A – Rules and Guidance - **s. 137A 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… - **s. 137AA 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… - **s. 137B 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… - **s. 137C 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… - **s. 137D 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… - **s. 137E 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… - **s. 137F 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… - **s. 137FA 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… - **s. 137FAA 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)… - **s. 137FAB 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… - **s. 137FAC 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… - **s. 137FB 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… - **s. 137FBA 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… - **s. 137FBB 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… - **s. 137FBC 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… - **s. 137FC 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… - **s. 137FD 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… - **s. 137G 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… - **s. 137GA 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… - **s. 137H 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… - **s. 137I 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… - **s. 137J 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… - **s. 137K 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… - **s. 137L 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… - **s. 137N 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… - **s. 137O 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… - **s. 137P 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)… - **s. 137Q 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… - **s. 137R 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… - **s. 137S 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… - **s. 137SA 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… - **s. 137SB 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… - **s. 137T 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… - **s. 138A 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… - **s. 138B 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… - **s. 138BA 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… - **s. 138C 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… - **s. 138D 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… - **s. 138E 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… - **s. 138EA 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… - **s. 138F 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… - **s. 138G 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… - **s. 138H 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… - **s. 138I 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… - **s. 138IA 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… - **s. 138IB 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… - **s. 138J 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… - **s. 138JA 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… - **s. 138JB 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… - **s. 138K 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… - **s. 138L 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… - **s. 138M 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… - **s. 138N 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… - **s. 138O 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… - **s. 138P 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… - **s. 138Q 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… - **s. 138R 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… - **s. 138S 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… - **s. 139A 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… - **s. 139B 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… - **s. 140A 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… - **s. 140B 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… - **s. 140C Consultation with regulator**: Before giving section 140B advice, the CMA must consult the regulator to which the advice is to be given. - **s. 140D 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… - **s. 140E 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… - **s. 140F 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… - **s. 140G 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… - **s. 140H 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… - **s. 141A 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… - **s. 141B 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… ### PART 9B – Ring-fencing - **s. 142A “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… - **s. 142B 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… - **s. 142C 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… - **s. 142D 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… - **s. 142E 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… - **s. 142F 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… - **s. 142G 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… - **s. 142H 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… - **s. 142I 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… - **s. 142J 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… - **s. 142K 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… - **s. 142L 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… - **s. 142M 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… - **s. 142N 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… - **s. 142O 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)… - **s. 142P 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… - **s. 142Q 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… - **s. 142R 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… - **s. 142S 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… - **s. 142T 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… - **s. 142U 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)… - **s. 142V 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… - **s. 142W 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… - **s. 142X 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… - **s. 142Y 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)… - **s. 142Z 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)… - **s. 142Z1 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… ### PART 9C – Prudential regulation of FCA investment firms - **s. 143A 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… - **s. 143B 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… - **s. 143C 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… - **s. 143D 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… - **s. 143E 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… - **s. 143F 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… - **s. 143G 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… - **s. 143H 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… - **s. 143I 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… - **s. 143J 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… - **s. 143K 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… - **s. 143L 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)… - **s. 143M 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… - **s. 143N 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… - **s. 143O 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)… - **s. 143P 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… - **s. 143Q 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)… - **s. 143R 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… - **s. 143S 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… - **s. 143T 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… - **s. 143U 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… - **s. 143V 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… - **s. 143W 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… - **s. 143X 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… - **s. 143Y 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… - **s. 143Z 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… ### PART 9D – Prudential regulation of credit institutions etc - **s. 144A 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… - **s. 144B 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… - **s. 144C 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… - **s. 144D 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… - **s. 144E 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… - **s. 144G 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… - **s. 144H 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… ### Part XI – Information Gathering and Investigations - **s. 165 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… - **s. 165A 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… - **s. 165B 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… - **s. 165C 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… - **s. 166 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… - **s. 166A 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… - **s. 167 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… - **s. 168 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… - **s. 169 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… - **s. 169A 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… - **s. 170 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… - **s. 171 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… - **s. 172 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… - **s. 173 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… - **s. 174 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… - **s. 175 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… - **s. 176 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… - **s. 176A 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… - **s. 177 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… - **s. 177A 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… ### Part XII – Control Over Authorised Persons - **s. 178 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… - **s. 179 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… - **s. 180 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… - **s. 181 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”)… - **s. 182 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… - **s. 183 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… - **s. 184 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”)… - **s. 185 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… - **s. 186 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… - **s. 187 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… - **s. 187A 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… - **s. 187B 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… - **s. 187C 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… - **s. 189 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… - **s. 190 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… - **s. 190A 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… - **s. 191 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… - **s. 191A 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… - **s. 191B 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—… - **s. 191C 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… - **s. 191D 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… - **s. 191E 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… - **s. 191F 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… - **s. 191G 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… - **s. 192 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… ### PART 12A – Powers exercisable in relation to parent undertakings - **s. 192A 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… - **s. 192B 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… - **s. 192C 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… - **s. 192D 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… - **s. 192E 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… - **s. 192F 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)… - **s. 192G 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… - **s. 192H 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… - **s. 192I 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… - **s. 192J 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… - **s. 192JA 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… - **s. 192JB 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… - **s. 192K 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… - **s. 192L 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… - **s. 192M 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)… - **s. 192N 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… ### PART12B – Approval of certain holding companies - **s. 192O Interpretation**: — s. 192O — Interpretation (1) In this Part— ... “on a consolidated basis” means on the basis of the consolidated situation; “consolidated situation” means the… - **s. 192P 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… - **s. 192Q 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… - **s. 192R 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… - **s. 192S 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… - **s. 192T 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… - **s. 192U 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… - **s. 192W 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… - **s. 192X 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… - **s. 192XA 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… - **s. 192XB 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… - **s. 192XC 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… - **s. 192Y 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… - **s. 192Z 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… - **s. 192Z1 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)… - **s. 192Z2 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… - **s. 192Z3 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… ### Part XIII – Incoming Firms: Intervention by FCA or PRA - **s. 195 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… ### Part XIV – Disciplinary Measures - **s. 204A 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)… - **s. 205 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… - **s. 206 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… - **s. 206A 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… - **s. 206B 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… - **s. 207 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… - **s. 208 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… - **s. 208A 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… - **s. 209 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… - **s. 210 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… - **s. 211 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… ### Part XV – The Financial Services Compensation Scheme - **s. 212 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… - **s. 213 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)… - **s. 214 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… - **s. 214A 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… - **s. 214B 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… - **s. 214C 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… - **s. 214D 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… - **s. 214E 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… - **s. 214F 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… - **s. 214G 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… - **s. 214H 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… - **s. 215 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… - **s. 215A 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… - **s. 215B 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… - **s. 216 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… - **s. 217 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… - **s. 217ZA 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… - **s. 217ZB 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… - **s. 217A 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… - **s. 217B 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… - **s. 218 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… - **s. 218ZA 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… - **s. 218A 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… - **s. 219 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… - **s. 220 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… - **s. 220A 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… - **s. 221 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… - **s. 221A 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… - **s. 222 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… - **s. 223 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… - **s. 223A 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… - **s. 223B 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… - **s. 223C 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… - **s. 224 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… - **s. 224ZA 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… - **s. 224A 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… ### Part 15A – Power to require FSCS manager to act in relation to other schemes - **s. 224B 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… - **s. 224C 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… - **s. 224D 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… - **s. 224E 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… - **s. 224F 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… ### Part XVI – The Ombudsman Scheme - **s. 225 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… - **s. 226 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… - **s. 227 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… - **s. 228 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… - **s. 229 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… - **s. 230 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… - **s. 230A 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… - **s. 231 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… - **s. 232 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… - **s. 232A 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… - **s. 233 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… - **s. 234 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… - **s. 234B 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… ### PART 16A – Consumer protection and competition - **s. 234C 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… - **s. 234D 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… - **s. 234E 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… - **s. 234F 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… - **s. 234G 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… - **s. 234I 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… - **s. 234J 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… - **s. 234K 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… - **s. 234L 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… - **s. 234M 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… - **s. 234N 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… - **s. 234O 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… ### Part XVII – Collective Investment Schemes - **s. 235 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… - **s. 235A 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… - **s. 236 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… - **s. 236A 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… - **s. 237 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… - **s. 238 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… - **s. 239 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… - **s. 240 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… - **s. 241 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… - **s. 241A 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… - **s. 242 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… - **s. 243 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… - **s. 243A 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… - **s. 244 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… - **s. 245 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… - **s. 246 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… - **s. 247 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… - **s. 248 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… - **s. 249 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)… - **s. 250 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… - **s. 251 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)… - **s. 252 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… - **s. 252A 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)… - **s. 253 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… - **s. 254 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… - **s. 255 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… - **s. 256 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… - **s. 257 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… - **s. 258 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… - **s. 258A 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… - **s. 259 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… - **s. 260 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… - **s. 261 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… - **s. 261B 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… - **s. 261C 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… - **s. 261D 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… - **s. 261E 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… - **s. 261EA 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… - **s. 261F 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… - **s. 261G 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… - **s. 261H 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… - **s. 261I 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… - **s. 261J 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… - **s. 261K 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… - **s. 261L 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… - **s. 261M 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… - **s. 261N 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… - **s. 261O 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… - **s. 261P 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… - **s. 261Q 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… - **s. 261R 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… - **s. 261S 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)… - **s. 261T 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… - **s. 261U 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… - **s. 261V 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… - **s. 261W 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… - **s. 261X 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… - **s. 261Y 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… - **s. 261Z 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… - **s. 261Z1 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… - **s. 261Z2 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… - **s. 261Z3 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… - **s. 261Z5 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… - **s. 261Z6 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… - **s. 262 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… - **s. 263 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… - **s. 271A 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… - **s. 271B 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… - **s. 271C 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… - **s. 271D 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… - **s. 271E 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… - **s. 271F 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… - **s. 271G 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)… - **s. 271H 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… - **s. 271I 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… - **s. 271J 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… - **s. 271K 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… - **s. 271L 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… - **s. 271M 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… - **s. 271N 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… - **s. 271O 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… - **s. 271P 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… - **s. 271Q 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… - **s. 271R 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… - **s. 271S 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… - **s. 272 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… - **s. 273 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… - **s. 274 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… - **s. 275 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… - **s. 276 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… - **s. 277 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… - **s. 277A 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… - **s. 278 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… - **s. 279 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… - **s. 280 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… - **s. 281 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… - **s. 282 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… - **s. 282A 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… - **s. 282B 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… - **s. 282C 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… - **s. 283 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… - **s. 283A 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… - **s. 283B 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… - **s. 284 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… ### PART 17A – Transformer Vehicles - **s. 284A 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… ### Part XVIII – Recognised investment exchanges, clearing houses, CSDs and other parties - **s. 285 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… - **s. 285A 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… - **s. 286 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… - **s. 287 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… - **s. 288 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… - **s. 288A 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… - **s. 289 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… - **s. 290 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… - **s. 290ZA 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… - **s. 290ZB 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… - **s. 290A 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… - **s. 291 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… - **s. 292 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… - **s. 292A 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… - **s. 293 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… - **s. 293A 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… - **s. 294 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… - **s. 295 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… - **s. 295A 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… - **s. 296 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… - **s. 296A 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… - **s. 297 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… - **s. 298 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—… - **s. 299 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… - **s. 300 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… - **s. 300A 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)… - **s. 300B 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)… - **s. 300C 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… - **s. 300D 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… - **s. 300E 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… - **s. 300F 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… - **s. 300G 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… - **s. 300H 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… - **s. 300I 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… - **s. 300J 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… - **s. 300K 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… - **s. 300L 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… - **s. 300M 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… - **s. 301 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… - **s. 301A 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… - **s. 301B 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… - **s. 301C 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… - **s. 301D 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”)… - **s. 301E 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… - **s. 301F 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… - **s. 301G 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… - **s. 301H 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)… - **s. 301I 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… - **s. 301J 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… - **s. 301K 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… - **s. 301L 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… - **s. 301M Interpretation**: — s. 301M — Interpretation (1) In this Chapter— “acquisition” means the acquisition of control or of an increase in control over a recognised investment… - **s. 309A 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… - **s. 309B 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… - **s. 309C 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… - **s. 309D 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… - **s. 309E 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… - **s. 309F 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… - **s. 309G 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… - **s. 309H 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… - **s. 309I 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… - **s. 309J 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… - **s. 309K 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—… - **s. 309L 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… - **s. 309M 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… - **s. 309N 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… - **s. 309O 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… - **s. 309P 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… - **s. 309Q 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… - **s. 309R 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… - **s. 309S 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… - **s. 309T 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… - **s. 309U 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… - **s. 309V 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… - **s. 309W 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… - **s. 309X 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… - **s. 309Y 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… - **s. 309Z 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… - **s. 309Z1 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… - **s. 309Z2 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… - **s. 309Z3 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… - **s. 309Z4 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… - **s. 309Z5 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… - **s. 309Z6 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… - **s. 309Z7 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… - **s. 309Z8 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)… - **s. 312E 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… - **s. 312F 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… - **s. 312FA 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… - **s. 312G 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)… - **s. 312H 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)… - **s. 312I 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… - **s. 312J 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… - **s. 312K 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… - **s. 312L 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… - **s. 312M 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… - **s. 312N 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… - **s. 312O 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… - **s. 312P 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… - **s. 312Q 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… - **s. 312R 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… - **s. 312S 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… - **s. 312T 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… - **s. 312U 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… - **s. 312V 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… - **s. 312W 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… - **s. 313 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… ### Part 18A – SUSPENSION AND REMOVAL OF FINANCIAL INSTRUMENTS FROM TRADING - **s. 313A 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… - **s. 313B 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… - **s. 313BA 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… - **s. 313BB 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… - **s. 313BC 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… - **s. 313BD 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… - **s. 313BE 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… - **s. 313CA 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… - **s. 313CB 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… - **s. 313CBA 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… - **s. 313D 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… ### Part XIX – Lloyd’s - **s. 314 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)… - **s. 314A 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… - **s. 315 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… - **s. 316 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… - **s. 317 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… - **s. 318 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… - **s. 319 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… - **s. 320 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… - **s. 321 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… - **s. 322 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… - **s. 323 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… - **s. 324 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… ### Part XX – Provision of Financial Services by Members of the Professions - **s. 325 FCA's general duty**: (1) The FCA must keep itself informed about— (a) the way in which designated professional bodies supervise and regulate the carrying on of exempt regulated… - **s. 326 Designation of professional bodies**: (1) The Treasury may by order designate bodies for the purposes of this Part. (2) A body designated under subsection (1) is referred to in this Part as a… - **s. 327 Exemption from the general prohibition**: (1) The general prohibition does not apply to the carrying on of a regulated activity by a person (“P”) if— (a) the conditions set out in subsections (2) to… - **s. 328 Directions in relation to the general prohibition**: (1) The FCA may direct that section 327(1) is not to apply to the extent specified in the direction. (2) A direction under subsection (1)— (a) must be in… - **s. 329 Orders in relation to the general prohibition**: (1) Subsection (2) applies if it appears to the FCA that a person to whom, as a result of section 327(1), the general prohibition does not apply is not a fit… - **s. 330 Consultation**: (1) Before giving a direction under section 328(1), the FCA must publish a draft of the proposed direction. (2) The draft must be accompanied by— (a) a cost… - **s. 331 Procedure on making or varying orders under section 329**: (1) If the FCA proposes to make an order under section 329, it must give the person concerned a warning notice. (2) The warning notice must set out the terms… - **s. 332 Rules in relation to persons to whom the general prohibition does not apply**: (1) The FCA may make rules applicable to persons to whom, as a result of section 327(1), the general prohibition does not apply. (2) The power conferred by… - **s. 333 False claims to be a person to whom the general prohibition does not apply**: (1) A person who— (a) describes himself (in whatever terms) as a person to whom the general prohibition does not apply, in relation to a particular regulated… ### PART 20B – Illegal Money Lending - **s. 333S Financial assistance for action against illegal money lending**: (1) The Treasury may make grants or loans, or give any other form of financial assistance, to any person for the purpose of taking action against illegal money… - **s. 333T Funding of action against illegal money lending**: (1) The Treasury must, from time to time, notify the FCA of the amount of the Treasury's illegal money lending costs. (2) The FCA must make rules requiring… ### Part XXI – Mutual Societies - **s. 334 The Friendly Societies Commission**: (1) … (2) … (3) The enactments relating to friendly societies which are mentioned in Part I of Schedule 18 are amended as set out in that Part. (4) Part II of… ### Part XXII – Auditors and Actuaries - **s. 339A General duties of PRA in relation to auditors**: (1) The arrangements maintained by the PRA under section 2K (supervision of PRA-authorised persons) must include arrangements for— (a) the sharing with… - **s. 339B Duty to meet auditors of certain institutions**: (1) The FCA must make arrangements for meetings to take place at least once a year between— (a) the FCA, and (b) the auditor of any PRA-authorised person to… - **s. 339C PRA-authorised persons to which this section applies**: (1) This section applies to a PRA-authorised person which— (a) is a UK institution, (b) meets condition A or B, (c) is not an insurer or a credit union, and… - **s. 340 Appointment**: — s. 340 — Appointment (1) The appropriate regulator may make rules requiring an authorised person, or an authorised person falling within a specified class—… - **s. 341 Access to books etc**: (1) An appointed auditor of, or an appointed actuary acting for, an authorised person— (a) has a right of access at all times to the authorised person’s books… - **s. 342 Information given by auditor or actuary to a regulator**: (1) This section applies to a person who is, or has been, an auditor of an authorised person or recognised investment exchange, appointed under or as a result… - **s. 343 Information given by auditor or actuary to a regulator: persons with close links**: (1) This section applies to a person who— (a) is, or has been, an auditor of an authorised person or recognised investment exchange, appointed under or as a… - **s. 344 Duty of auditor or actuary resigning etc. to give notice**: (1) This section applies to an auditor or actuary to whom section 342 applies. (2) He must without delay notify the appropriate regulator if he— (a) is removed… - **s. 345 Disciplinary measures: FCA**: (1) Subsection (2) applies if it appears to the FCA that an auditor or actuary to whom section 342 applies— (a) has failed to comply with a duty imposed on the… - **s. 345A Disciplinary measures: PRA**: (1) The following provisions of this section have effect only if the Treasury, by order made after consultation with the PRA, so provide. (2) Subsection (3)… - **s. 345B Procedure and right to refer to Tribunal**: (1) If the FCA proposes to act under section 345(2) or the PRA proposes to act under section 345A(3), it must give the auditor or actuary to whom the action… - **s. 345C Duty on publication of statement**: After a statement under section 345(2)(c) or 345A(4)(b) is published, the regulator that published it must send a copy of the statement to— (a) the auditor or… - **s. 345D Imposition of penalties on auditors or actuaries: statement of policy**: (1) The FCA must prepare and issue a statement of its policy with respect to— (a) the imposition of penalties under section 345(2)(d), and (b) the amount of… - **s. 345E Statements of policy: procedure**: (1) Before a regulator issues a statement under section 345D, the regulator must publish a draft of the proposed statement in the way appearing to the… - **s. 346 Provision of false or misleading information to auditor or actuary**: (1) An authorised person who knowingly or recklessly gives an appointed auditor or actuary information which is false or misleading in a material particular is… ### Part XXIII – Public Record, Disclosure of Information and Co-operation - **s. 347 The record of authorised persons etc**: (1) The FCA must maintain a record of every— (a) person who appears to the FCA to be an authorised person; (b) authorised unit trust scheme; (ba) authorised… - **s. 347A Duty of PRA to disclose information relevant to the record**: (1) The PRA must, for the purpose of assisting the FCA to comply with its duty under section 347— (a) notify the FCA if the information included in the record… - **s. 348 Restrictions on disclosure of confidential information by FCA, PRA etc**: (1) Confidential information must not be disclosed by a primary recipient, or by any person obtaining the information directly or indirectly from a primary… - **s. 349 Exceptions from section 348**: (1) Section 348 does not prevent a disclosure of confidential information which is— (a) made for the purpose of facilitating the carrying out of a public… - **s. 350 Disclosure of information by the Inland Revenue**: (1) No obligation as to secrecy imposed by statute or otherwise prevents the disclosure of Revenue information to— (a) the FCA or the PRA, if the disclosure is… - **s. 351A Disclosure under the UCITS directive**: (1) This section applies in relation to a disclosure made by a person who falls within subsection (2) for the purpose of compliance with requirements set out… - **s. 352 Offences**: (1) A person who discloses information in contravention of section 348 or 350(5) is guilty of an offence. (2) A person guilty of an offence under subsection… - **s. 353 Removal of other restrictions on disclosure**: (1) The Treasury may make regulations permitting the disclosure of any information, or of information of a prescribed kind— (a) by prescribed persons for the… - **s. 353A Information received from Bank of England**: — s. 353A — Information received from Bank of England (1) The FCA must not disclose to any person specially protected information. (2) “Specially protected… - **s. 354A FCA's duty to co-operate with others**: (1) The FCA must take such steps as it considers appropriate to co-operate with other persons (whether in the United Kingdom or elsewhere) who have functions—… - **s. 354B PRA's duty to co-operate with others**: (1) The PRA must take such steps as it considers appropriate to co-operate with— (a) other persons (whether in the United Kingdom or elsewhere) who have… ### Part XXIV – Insolvency - **s. 355 Interpretation of this Part**: (1) In this Part— ... “the 1986 Act” means the Insolvency Act 1986; “the 1989 Order” means the Insolvency (Northern Ireland) Order 1989; “the 2016 Act” means… - **s. 355A Powers of FCA and PRA to participate in proceedings**: (1) This section applies where Part 26A of the Companies Act 2006 (“the 2006 Act”) (arrangements and reconstructions: companies in financial difficulty)… - **s. 355B Enforcement of requirements imposed by section 355A**: (1) For the purpose of enforcing a requirement imposed on a company by section 355A(2) or (3), the appropriate regulator may exercise any of the following… - **s. 356 Powers of FCA and PRA to participate in proceedings: company voluntary arrangements**: (1) Where a voluntary arrangement has effect under Part I of the 1986 Act in respect of a company or insolvent partnership which is an authorised person, or… - **s. 357 Powers of FCA and PRA to participate in proceedings: individual voluntary arrangements**: (1) The appropriate regulator is entitled to be heard on an application by an individual who is an authorised person under section 253 of the 1986 Act (or… - **s. 358 Powers of FCA and PRA to participate in proceedings: trust deeds for creditors in Scotland**: (1) This section applies where a trust deed has been granted by or on behalf of a debtor who is an authorised person or recognised investment exchange. (2) The… - **s. 359 Administration order**: (1) The FCA may make an administration application under Schedule B1 to the 1986 Act or Schedule B1 to the 1989 Order in relation to a company or insolvent… - **s. 360 Insurers**: (1) The Treasury may by order provide that such provisions of Part II of the 1986 Act (or Part III of the 1989 Order) as may be specified are to apply in… - **s. 361 Administrator’s duty to report to FCA and PRA**: (1) This section applies where a company or partnership is— (a) in administration within the meaning of Schedule B1 to the 1986 Act, or (b) in administration… - **s. 362 Powers of FCA and PRA to participate in proceedings**: (1) This section applies if a person ... makes an administration application under Schedule B1 to the 1986 Act or Schedule B1 to the 1989 Order in relation to… - **s. 362A Administrator appointed by company or directors**: (1) This section applies in relation to a company or partnership of a kind described in section 362(1)(a) to (c). (2) An administrator of the company or… - **s. 363 Powers of FCA and PRA to participate in proceedings**: (1) This section applies if a receiver has been appointed in relation to a company which— (a) is, or has been, an authorised person or recognised investment… - **s. 364 Receiver’s duty to report to FCA and PRA**: If— (a) a receiver has been appointed in relation to a company, and (b) it appears to the receiver that the company is carrying on, or has carried on, a… - **s. 365 Powers of FCA and PRA to participate in proceedings**: (1) This section applies in relation to a company which— (a) is being wound up voluntarily; (b) is an authorised person or recognised investment exchange; and… - **s. 366 Insurers effecting or carrying out long-term contracts or insurance**: (1) An insurer effecting or carrying out contracts of long-term insurance may not be wound up voluntarily without the consent of the PRA. (2) If notice of a… - **s. 367 Winding-up petitions**: (1) The FCA may present a petition to the court for the winding up of a body which— (a) is, or has been, an authorised person or recognised investment… - **s. 369 Insurers: service of petition etc. on FCA and PRA**: (1) If a person other than a regulator presents a petition for the winding up of an authorised person with permission to effect or carry out contracts of… - **s. 369A Reclaim funds: service of petition etc on FCA and PRA**: (1) If a person other than a regulator presents a petition for the winding up of an authorised reclaim fund, the petitioner must serve a copy of the petition… - **s. 370 Liquidator's duty to report to FCA and PRA**: (1) If— (a) a company is being wound up voluntarily or a body is being wound up on a petition presented by any person, and (b) it appears to the liquidator… - **s. 371 Powers of FCA and PRA to participate in proceedings**: (1) This section applies if a person ... presents a petition for the winding up of a body which— (a) is, or has been, an authorised person or recognised… - **s. 372 Petitions**: (1) The FCA may present a petition to the court— (a) under section 264 of the 1986 Act (or Article 238 of the 1989 Order) for a bankruptcy order to be made… - **s. 373 Insolvency practitioner’s duty to report to FCA and PRA**: (1) If— (a) a bankruptcy order or sequestration award is in force in relation to an individual ..., and (b) it appears to the insolvency practitioner that the… - **s. 374 Powers of FCA or PRA to participate in proceedings**: (1) This section applies if a person ... presents a petition to the court— (a) under section 264 of the 1986 Act (or Article 238 of the 1989 Order) for a… - **s. 375 Right of FCA and PRA to apply for an order**: (1) The FCA may apply for an order under section 423 of the 1986 Act (or Article 367 of the 1989 Order) in relation to a debtor if— (a) at the time the… - **s. 376 Continuation of contracts of long-term insurance where insurer in liquidation**: (1) This section applies in relation to the winding up of an insurer which effects or carries out contracts of long-term insurance. (2) Unless the court… - **s. 377A Write-down orders**: (1) A “write-down order” is an order of the court directing that the value of one or more of an insurer’s liabilities is reduced on such terms as may be… - **s. 377B Excluded liabilities**: (1) Each of the following is an “excluded liability”— (a) a liability with an original maturity of less than 7 days; (b) an amount payable in respect of goods… - **s. 377C Application for a write-down order**: (1) An application to the court for a write-down order in relation to an insurer may be made only by— (a) the Treasury; (b) the PRA; (c) the insurer; (d) a… - **s. 377D Powers of the FCA and PRA to participate in proceedings**: (1) This section applies if an application is made to the court for a write-down order. (2) The FCA and the PRA are entitled to be heard— (a) at any hearing… - **s. 377E Powers of the court**: On an application for a write-down order, the court may— (a) if, on hearing the application, it is satisfied of the matters in section 377A(2), make a… - **s. 377F Duty to notify creditors**: (1) This section applies where a write-down order is made in relation to an insurer. (2) As soon as reasonably practicable after the order is made, the insurer… - **s. 377G The manager**: (1) The court may by order appoint one or more eligible persons to act as the manager of a write-down order (“the manager”). (2) An order under subsection (1)… - **s. 377H Write-down order ceasing to have effect**: (1) A reduction in the value of a liability of an insurer under a write-down order ceases to have effect— (a) on such date as may be specified in the order… - **s. 377I Variation or revocation of a write-down order**: (1) The court may, by order— (a) revoke a write-down order, or (b) vary (or further vary) a write-down order. (2) Section 377A(2)(b) applies to the making of… - **s. 377J Further provision about write-down orders**: In Schedule 19B— (a) Part 1 makes provision about the enforcement of a liability of an insurer while a write-down order has effect; (b) Part 2 makes provision… - **s. 377K Insurers in financial difficulties: enforcement of contracts**: Schedule 19C makes provision about the enforcement of certain contracts to which an insurer is a party while the insurer is in financial difficulties (within… - **s. 378 Treatment of assets on winding up**: (1) The Treasury may by regulations provide for the treatment of the assets of an insurer on its winding up. (2) The regulations may, in particular, provide… - **s. 379 Winding-up rules**: (1) Winding-up rules may include provision— (a) for determining the amount of the liabilities of an insurer to policyholders of any class or description for… - **s. 379A Power to apply settlement finality regime to payment institutions**: (1) The Treasury may by regulations made by statutory instrument provide for the application to payment institutions, as participants in payment or securities… ### Part XXV – Injunctions and Restitution - **s. 380 Injunctions**: and Restitution — Injunctions — s. 380 — Injunctions (1) If, on the application of the appropriate regulator or the Secretary of State, the court is satisfied—… - **s. 381 Injunctions in cases of market abuse**: (1) If, on the application of the FCA, the court is satisfied— (a) that there is a reasonable likelihood that any person will contravene Article 14… - **s. 382 Restitution orders**: — s. 382 — Restitution orders (1) The court may, on the application of the appropriate regulator or the Secretary of State, make an order under subsection (2)… - **s. 383 Restitution orders in cases of market abuse**: (1) The court may, on the application of the FCA, make an order under subsection (4) if it is satisfied that— (a) a person (“the person concerned”) has… - **s. 384 Power of FCA or PRA to require restitution**: (1) The appropriate regulator may exercise the power in subsection (5) if it is satisfied that an authorised person or recognised investment exchange (“the… - **s. 385 Warning notices**: (1) If a regulator proposes to exercise the power under section 384(5) in relation to a person, it must give him a warning notice. (2) A warning notice under… - **s. 386 Decision notices**: (1) If the regulator decides to exercise the power under section 384(5), it must give a decision notice to the person in relation to whom the power is… ### Part XXVI – Notices - **s. 387 Warning notices**: — s. 387 — Warning notices (1) A warning notice must— (a) state the action which the regulator giving the notice (“the regulator concerned”) proposes to take… - **s. 388 Decision notices**: — s. 388 — Decision notices (1) A decision notice must— (a) be in writing; (b) give the reasons of the regulator giving the notice (“the regulator concerned”)… - **s. 389 Notices of discontinuance**: (1) If a regulator decides not to take— (a) the action proposed in a warning notice given by it, or (b) the action to which a decision notice given by it… - **s. 390 Final notices**: (1) If a regulator has given a person a decision notice and the matter was not referred to the Tribunal within the time required by Tribunal Procedure Rules… - **s. 391 Publication**: — s. 391 — Publication (1) In the case of a warning notice falling within subsection (1ZB)— (a) neither the regulator giving the notice nor a person to whom it… - **s. 391A Publication: special provisions relating to capital requirements**: (1) This section applies where a decision notice or final notice relates to the imposition of a penalty for breach of— (a) a provision made in or under this… - **s. 391B Publication: special provisions relating to transparency obligations**: (1) This section applies where a decision notice, final notice or notice under section 89M relates to the imposition of a sanction or measure for breach of a… - **s. 391C Publication: special provisions relating to UCITS**: (1) This section applies where a supervisory notice, decision notice or final notice relates to the imposition of a sanction or measure for breach of a… - **s. 391D Publication: special provisions relating to markets in financial instruments**: (1) This section applies where a supervisory notice, decision notice or final notice relates to the imposition of a sanction or measure for breach of— (a) a… - **s. 391E Publication: special provisions relating to insurance distribution**: (1) This section applies where a supervisory notice, decision notice or final notice relates to the imposition of a sanction or measure for breach of a… - **s. 392 Application of sections 393 and 394**: Sections 393 and 394 apply to— (a) a warning notice given in accordance with section 55Z(1), 57(1), 63(3), 63B(1), 67(1), 88(4)(b), section 88B(1), 92(1)… - **s. 393 Third party rights**: and access to evidence — s. 393 — Third party rights (1) If any of the reasons contained in a warning notice to which this section applies relates to a matter… - **s. 394 Access to FCA or PRA material**: (1) If a regulator gives a person (“A”) a notice to which this section applies, it must— (a) allow him access to the material on which it relied in taking the… - **s. 395 The FCA's and PRA's procedures**: — s. 395 — The FCA's and PRA's procedures (1) Each regulator must determine the procedure that it proposes to follow in relation to the following— (a) a… - **s. 396 Statements under section 395: consultation**: (1) Before issuing a statement of its procedure under section 395, the regulator must publish a draft of the proposed statement in the way appearing to it to… ### Part XXVII – Offences - **s. 398 Misleading FCA or PRA: residual cases**: (1) A person who, in purported compliance with any requirement falling within subsection (1A) knowingly or recklessly gives a regulator information which is… - **s. 399 Misleading the CMA**: Section 44 of the Competition Act 1998 (offences connected with the provision of false or misleading information) applies in relation to any function of the… - **s. 400 Offences by bodies corporate etc**: (1) If an offence under this Act committed by a body corporate is shown— (a) to have been committed with the consent or connivance of an officer, or (b) to be… - **s. 401 Proceedings for offences**: (1) In this section “offence” means— (a) an offence under this Act, (b) an offence under subordinate legislation made under this Act, or (c) an offence under… - **s. 402 Power of FCA to institute proceedings for certain other offences**: (1) Except in Scotland, the FCA may institute proceedings for an offence under— (a) Part V of the Criminal Justice Act 1993 (insider dealing); … (b) prescribed… - **s. 403 Jurisdiction and procedure in respect of offences**: (1) A fine imposed on an unincorporated association on its conviction of an offence is to be paid out of the funds of the association. (2) Proceedings for an… ### Part XXVIII – Miscellaneous - **s. 404 Consumer redress schemes**: — s. 404 — Consumer redress schemes (1) This section applies if— (a) it appears to the FCA that there may have been a widespread or regular failure by relevant… - **s. 404A Rules under s.404: supplementary**: (1) Rules under section 404 may make provision— (a) specifying the activities and requirements in relation to which relevant firms are to carry out… - **s. 404B Complaints to the ombudsman scheme**: (1) If— (a) a consumer makes a complaint under the ombudsman scheme in respect of an act or omission of a relevant firm, and (b) at the time the complaint is… - **s. 404C Enforcement**: The following provisions— (a) Part 14 (disciplinary measures), and (b) so much of this Act as relates to any provision of that Part, (which, subject to section… - **s. 404D Applications to Tribunal to quash rules or provision of rules**: (1) Any person may apply to the Tribunal for a review of any rules made under section 404. (2) The Tribunal may— (a) dismiss the application; or (b) make an… - **s. 404E Meaning of “consumers”**: (1) For the purposes of sections 404 to 404B “consumers” means persons who— (a) who have used, or may have contemplated using, any of the services within… - **s. 404F Other definitions etc**: (1) For the purposes of sections 404 to 404B— “redress” includes— interest; and a remedy or relief which could not be awarded in legal proceedings; “specified”… - **s. 404G Power to widen the scope of consumer redress schemes**: (1) The Treasury may by order amend the definition of “relevant firms” in section 404 or the definition of “consumers” in section 404E (or both). (2) An order… - **s. 409 Gibraltar**: (1) The Treasury may by order— (a) modify Schedule 3 so as to provide for Gibraltar firms of a specified description to qualify for authorisation under that… - **s. 409A Consultation in relation to deference decisions**: (1) This section applies where a regulator is proposing to take a relevant action. (2) The regulator— (a) must consider the effect of the relevant action on… - **s. 409B Notification in relation to international trade obligations**: (1) This section applies where it appears to a regulator that there is a material risk that a relevant action it proposes to take would be incompatible with an… - **s. 410 International obligations**: (1) If it appears to the Treasury that any action proposed to be taken by a relevant person would be incompatible with any international obligations of the… - **s. 410A Fees to meet certain expenses of the Treasury**: (1) The Treasury may by regulations— (a) enable the Treasury from time to time by direction to require the FCA, the PRA or the Bank of England (each a… - **s. 410B Directions in pursuance of section 410A**: (1) In this section “a fees direction” means a direction given by the Treasury as a result of regulations under section 410A. (2) Before giving a fees… - **s. 411 Tax treatment of levies and repayments**: — s. 411 — Tax treatment of levies and repayments (1) … (2) … - **s. 412 Gaming contracts**: — s. 412 — Gaming contracts (1) No contract to which this section applies is void or unenforceable because of— (a) … Article 170 of the Betting, Gaming… - **s. 413 Protected items**: (1) A person may not be required under this Act to produce, disclose or permit the inspection of protected items. (2) “Protected items” means— (a)… - **s. 414 Service of notices**: — s. 414 — Service of notices (1) The Treasury may by regulations make provision with respect to the procedure to be followed, or rules to be applied, when a… - **s. 415 Jurisdiction in civil proceedings**: (1) Proceedings arising out of any act or omission (or proposed act or omission) of— (a) the FCA, (aa) the PRA, (ab) the Bank of England, (b) … (c) the scheme… - **s. 415A Powers under the Act**: — s. 415A — Powers under the Act Any power which the FCA, the PRA or the Bank of England has under any provision of this Act is not limited in any way by any… - **s. 415AA Application of powers to formerly authorised persons**: (1) A power in the following provisions may be exercised in relation to persons who were at any time authorised persons (in addition to persons who are… - **s. 415B Consultation in relation to taking certain enforcement action**: (1) The FCA must consult the PRA before taking a qualifying step in relation to a person who— (a) is a PRA-authorised person, or (b) has a qualifying… - **s. 415C Co-operation and consultation in relation to exercise of functions**: (1) In exercising its functions under this Act a relevant organisation (“R”) must— (a) take such steps as R considers appropriate to co-operate with each of… - **s. 416 Provisions relating to industrial assurance and certain other enactments**: (1) The following enactments are to cease to have effect— (a) the Industrial Assurance Act 1923; (b) the Industrial Assurance and Friendly Societies Act 1948… - **s. 416A SDR policy statement**: (1) The Treasury may prepare an SDR policy statement. (2) An “SDR policy statement” is a statement of the policies of His Majesty’s Government concerning… - **s. 416B FCA and PRA rules etc**: (1) When making rules or issuing guidance in connection with disclosure concerning matters relating to sustainability, a regulator must have regard to any SDR… ### Part XXIX – Interpretation - **s. 417 Definitions**: (1) In this Act and in any order or regulations made under this Act— “AIF” has the meaning given in regulation 3 of the Alternative Investment Fund Managers… - **s. 418 Carrying on regulated activities in the United Kingdom**: (1) In the cases described in this section, a person who— (a) is carrying on a regulated activity, but (b) would not otherwise be regarded as carrying it on in… - **s. 419 Carrying on regulated activities by way of business**: (1) The Treasury may by order make provision— (a) as to the circumstances in which a person who would otherwise not be regarded as carrying on a regulated… - **s. 419A Claims management services**: (1) In this Act “claims management services” means advice or other services in relation to the making of a claim. (2) In subsection (1) “other services”… - **s. 419B Carrying on claims management activity in Great Britain**: (1) The Treasury may by order make provision as to the circumstances in which a person is, or is not, to be treated as carrying on— (a) a regulated claims… - **s. 420 Parent and subsidiary undertaking**: (1) In this Act, except in relation to an incorporated friendly society, “parent undertaking” and “subsidiary undertaking” have the same meaning as in the… - **s. 421 Group**: (1) In this Act “group”, in relation to a person (“A”), means A and any person who is— (a) a parent undertaking of A; (b) a subsidiary undertaking of A; (c) a… - **s. 421ZA Immediate group**: In this Act “immediate group”, in relation to a person (“A”), means— (a) A; (b) a parent undertaking of A; (c) a subsidiary undertaking of A; (d) a subsidiary… - **s. 421A Meaning of “participating interest”**: (1) In section 421 a “participating interest” means an interest held by an undertaking in the shares of another undertaking which it holds on a long-term basis… - **s. 422 Controller**: (1) In this Act “controller”, in relation to an undertaking (“B”), means a person (“A”) who falls within any of the cases in subsection (2). (2) The cases are… - **s. 422A Disregarded holdings**: (1) For the purposes of section 422, shares and voting power that a person holds in an undertaking (“B”) or in a parent undertaking of B (“P”) are disregarded… - **s. 423 Manager**: (1) In this Act, except in relation to a unit trust scheme or a registered friendly society, “manager” means an employee who— (a) under the immediate authority… - **s. 423A Mortgage agreements etc**: (1) In this Act— “mortgage agreement” means an agreement to which subsection (2) applies, but to which subsection (3) does not apply, under which a mortgage… - **s. 424 Insurance**: (1) In this Act, references to— (a) contracts of insurance, (b) reinsurance, (c) contracts of long-term insurance, (d) contracts of general insurance, are to… - **s. 424A Investment firm**: (1) In this Act (except as otherwise provided), “investment firm” has the meaning given in paragraph 2.1A of the markets in financial instruments regulation… - **s. 425 Expressions relating to authorisation ... in the single market**: (1) In this Act— (a) “alternative investment fund managers directive”, “capital requirements directive”, … “EEA firm”, “EEA right”, “EEA State”, “emission… - **s. 425A Consumers: regulated activities etc carried on by authorised persons**: (1) This section has effect for the purposes of the provisions of this Act which apply this section. (2) “Consumers” means persons who— (a) who use, have used… - **s. 425B Consumers: regulated activities carried on by others**: (1) This section has effect for the purposes of the provisions of this Act which apply this section. (2) “ Consumers ” means persons who, in relation to… - **s. 425C “Qualifying provision”**: (1) In this Act “qualifying provision” means a provision of any of the following— (a) assimilated direct legislation; (b) technical standards made in… ### Part XXX – Supplemental - **s. 426 Consequential and supplementary provision**: (1) A Minister of the Crown may by order make such incidental, consequential, transitional or supplemental provision as he considers necessary or expedient for… - **s. 427 Transitional provisions**: (1) Subsections (2) and (3) apply to an order under section 426 which makes transitional provisions or savings. (2) The order may, in particular— (a) if it… - **s. 428 Regulations and orders**: (1) Any power to make an order which is conferred on a Minister of the Crown by this Act and any power to make regulations which is conferred by this Act is… - **s. 429 Parliamentary control of statutory instruments**: (1) No order is to be made under— (a) section 1J, 3B(4), 3F(6), 55C, ... 138K(6)(c), 144(4), 192(b) or (e), 192B(6), 204A(7), 213(1A), 236(5), 285(4), 380(12)… - **s. 430 Extent**: (1) This Act, except Chapter IV of Part XVII, extends to Northern Ireland. (2) Except where Her Majesty by Order in Council provides otherwise, the extent of… - **s. 431 Commencement**: (1) The following provisions come into force on the passing of this Act— (a) this section; (b) sections 428, 430 and 433; (c) paragraphs 1 and 2 of Schedule… - **s. 432 Minor and consequential amendments, transitional provisions and repeals**: (1) Schedule 20 makes minor and consequential amendments. (2) Schedule 21 makes transitional provisions. (3) The enactments set out in Schedule 22 are repealed. - **s. 433 Short title**: This Act may be cited as the Financial Services and Markets Act 2000. ### SCHEDULE 1ZA - **Sch. 1ZA para. 1**: In this Schedule— “the Bank” means the Bank of England; “functions”, in relation to the FCA, means functions conferred on the FCA by or under any provision of… - **Sch. 1ZA para. 2**: (1) The constitution of the FCA must provide for the FCA to have a governing body. (2) The governing body must consist of— (a) a chair appointed by the… - **Sch. 1ZA para. 2A**: (1) The term of office of a person appointed as chief executive under paragraph 2(2)(b) must not begin before— (a) the person has, in connection with the… - **Sch. 1ZA para. 2B**: (1) A person may not be appointed as chief executive under paragraph 2(2)(b) more than twice. (2) For this purpose an appointment as chief executive on an… - **Sch. 1ZA para. 3**: (1) The terms of service of the appointed members are to be determined by the Treasury. (2) In the case of a member appointed under paragraph 2(2)(d), the… - **Sch. 1ZA para. 4**: (1) The Treasury may remove an appointed member from office— (a) on the grounds of incapacity or serious misconduct, or (b) on the grounds that in all the… - **Sch. 1ZA para. 5**: The validity of any act of the FCA is not affected— (a) by any vacancy in any of the offices mentioned in paragraph 2(2)(a), (b), (c) or (ca), or (b) by a… - **Sch. 1ZA para. 6**: The Bank's Deputy Governor for prudential regulation must not take part in any discussion by or decision of the FCA which relates to— (a) the exercise of the… - **Sch. 1ZA para. 6A**: (1) The Chair of the Payment Systems Regulator must not take part in any discussion by or decision of the FCA which relates to— (a) the exercise of the FCA’s… - **Sch. 1ZA para. 7**: The FCA must pay to the appointed members such remuneration as may be determined— (a) in the case of the non-executive members, by the Treasury; (b) in the… - **Sch. 1ZA para. 8**: (1) The FCA may make arrangements for any of its functions to be discharged by a committee, sub-committee, officer or member of staff of the FCA, but subject… - **Sch. 1ZA para. 9**: The FCA must maintain satisfactory arrangements for— (a) recording decisions made in the exercise of its functions, and (b) the safe-keeping of those records… - **Sch. 1ZA para. 10**: (1) The FCA must publish a record of each meeting of its governing body— (a) before the end of the period of 6 weeks beginning with the day of the meeting, or… - **Sch. 1ZA para. 11**: (1) At least once a year the FCA must make a report to the Treasury on— (a) the discharge of its functions, (b) the extent to which, in its opinion, its… - **Sch. 1ZA para. 11A**: (1) The Treasury may (subject to this paragraph) at any time by direction require the FCA to publish a report containing information about— (a) any of the… - **Sch. 1ZA para. 12**: (1) Not later than 3 months after making a report under paragraph 11, the FCA must hold a public meeting (“the annual meeting”) for the purposes of enabling… - **Sch. 1ZA para. 13**: Not later than one month after its annual meeting, the FCA must publish a report of the proceedings of the meeting. - **Sch. 1ZA para. 14**: (1) The Treasury may— (a) require the FCA to comply with any provisions of the Companies Act 2006 about accounts and their audit which would not otherwise… - **Sch. 1ZA para. 15**: (1) The FCA must send a copy of its annual accounts to the Comptroller and Auditor General as soon as is reasonably practicable. (2) The Comptroller and… - **Sch. 1ZA para. 16**: In relation to any of its functions— (a) the FCA is not to be regarded as acting on behalf of the Crown, and (b) its members, officers and staff are not to be… - **Sch. 1ZA para. 17**: The FCA is to continue to be exempt from the requirements of the Companies Act 2006 relating to the use of “limited” as part of its name. - **Sch. 1ZA para. 18**: If the Secretary of State is satisfied that any action taken by the FCA makes it inappropriate for the exemption given by paragraph 17 to continue, the… - **Sch. 1ZA para. 19**: In determining its policy with respect to the amounts of penalties to be imposed by it under this Act, the FCA must take no account of the expenses which it… - **Sch. 1ZA para. 20**: (1) The FCA must in respect of each of its financial years pay to the Treasury its penalty receipts after deducting its enforcement costs. (2) The FCA's… - **Sch. 1ZA para. 21**: (1) The FCA must prepare and operate a scheme (“the financial penalty scheme”) for ensuring that the amounts that, as a result of the deduction for which… - **Sch. 1ZA para. 22**: (1) The scheme details must be published by the FCA in the way appearing to it to be best calculated to bring them to the attention of the public. (2) Before… - **Sch. 1ZA para. 23**: (1) The FCA may make rules providing for the payment to it of such fees, in connection with the discharge of any of its qualifying functions, as it considers… - **Sch. 1ZA para. 24**: The power conferred by paragraph 23 may not be used to require— (a) … (b) a fee to be paid by any person whose application for approval under section 59 has… - **Sch. 1ZA para. 25**: (1) None of the following is to be liable in damages for anything done or omitted in the discharge, or purported discharge, of the FCA's functions— (a) the… - **Sch. 1ZA para. 26**: For the purposes of this Act anything done by an accredited financial investigator within the meaning of the Proceeds of Crime Act 2002 who— (a) is, or is… - **Sch. 1ZA para. 27**: Any amount (other than a fee) which is required by rules to be paid to the FCA may be recovered as a debt due to the FCA. - **Sch. 1ZA para. 28**: (1) This paragraph applies where the FCA issues a relevant consultation. (2) For the purposes of this paragraph the FCA issues a relevant consultation if it—… - **Sch. 1ZA para. 29**: (1) This paragraph applies where— (a) the FCA issues a public consultation, and (b) a Committee of the House of Commons or the House of Lords, or a joint… ### SCHEDULE 1ZB - **Sch. 1ZB para. 1**: In this Schedule— ... “functions”, in relation to the PRA, means functions conferred on the PRA by or under any provision of this Act (see section 2AB(3) which… - **Sch. 1ZB para. 17**: The PRA must maintain satisfactory arrangements for— (a) recording decisions made in the exercise of its functions, and (b) the safe-keeping of those records… - **Sch. 1ZB para. 19**: (1) At least once a year the PRA must make a report to the Chancellor of the Exchequer on— (a) the discharge of its functions, (b) the extent to which, in its… - **Sch. 1ZB para. 20**: (1) In relation to each report made under paragraph 19, the PRA must publish at the same time as the report an invitation to members of the public to make… - **Sch. 1ZB para. 21**: (1) The PRA must publish a report about its consultation in accordance with paragraph 20. (2) The report must contain an account, in general terms, of any… - **Sch. 1ZB para. 21A**: (1) The Treasury may (subject to this paragraph) at any time by direction require the PRA to publish a report containing information about— (a) any of the… - **Sch. 1ZB para. 27**: In determining its policy with respect to the amounts of penalties to be imposed by it under this Act, the PRA must take no account of the expenses which it… - **Sch. 1ZB para. 28**: (1) The PRA must in respect of each of its financial years pay to the Treasury its penalty receipts after deducting its enforcement costs. (2) The PRA's… - **Sch. 1ZB para. 29**: (1) The PRA must prepare and operate a scheme (“the financial penalty scheme”) for ensuring that the amounts that, as a result of the deduction for which… - **Sch. 1ZB para. 30**: (1) The scheme details must be published by the PRA in the way appearing to it to be best calculated to bring them to the attention of the public. (2) Before… - **Sch. 1ZB para. 31**: (1) The PRA may make rules providing for the payment to it of such fees, in connection with the discharge of any of its qualifying functions, as it considers… - **Sch. 1ZB para. 32**: The power conferred by paragraph 31 may not be used to require— (a) … (b) a fee to be paid by any person whose application for approval under section 59 has… - **Sch. 1ZB para. 33**: (1) None of the following is to be liable in damages for anything done or omitted in the discharge, or purported discharge, of the PRA's functions— (a) the… - **Sch. 1ZB para. 34**: For the purposes of this Act anything done by an accredited financial investigator within the meaning of the Proceeds of Crime Act 2002 who— (a) is, or is… - **Sch. 1ZB para. 35**: Any amount (other than a fee) which is required by rules to be paid to the PRA may be recovered as a debt due to the PRA. - **Sch. 1ZB para. 36**: (1) This paragraph applies where the PRA issues a relevant consultation. (2) For the purposes of this paragraph the PRA issues a relevant consultation if it—… - **Sch. 1ZB para. 37**: (1) This paragraph applies where— (a) the PRA issues a public consultation, and (b) a Committee of the House of Commons or the House of Lords, or a joint… ### SCHEDULE 2 - **Sch. 2 para. 1**: The matters with respect to which provision may be made under section 22(1) in respect of activities include, in particular, those described in general terms… - **Sch. 2 para. 2**: (1) Buying, selling, subscribing for or underwriting investments or offering or agreeing to do so, either as a principal or as an agent. (2) In the case of an… - **Sch. 2 para. 3**: Making, or offering or agreeing to make— (a) arrangements with a view to another person buying, selling, subscribing for or underwriting a particular… - **Sch. 2 para. 4**: Accepting deposits. - **Sch. 2 para. 5**: (1) Safeguarding and administering assets belonging to another which consist of or include investments or offering or agreeing to do so. (2) Arranging for the… - **Sch. 2 para. 6**: Managing, or offering or agreeing to manage, assets belonging to another person where— (a) the assets consist of or include investments; or (b) the… - **Sch. 2 para. 7**: Giving or offering or agreeing to give advice to persons on— (a) buying, selling, subscribing for or underwriting an investment; or (b) exercising any right… - **Sch. 2 para. 8**: Establishing, operating or winding up a collective investment scheme, including acting as— (a) trustee of a unit trust scheme; (b) depositary of a collective… - **Sch. 2 para. 9**: (1) Sending on behalf of another person instructions relating to an investment by means of a computer-based system which enables investments to be transferred… - **Sch. 2 para. 9A Activities of reclaim funds**: (1) The matters with respect to which provision may be made under section 22(1) in respect of activities include, in particular, any of the activities of a… - **Sch. 2 para. 10**: The matters with respect to which provision may be made under section 22(1) in respect of investments include, in particular, those described in general terms… - **Sch. 2 para. 11**: (1) Shares or stock in the share capital of a company. (2) “Company” includes— (a) any body corporate (wherever incorporated), and (b) any unincorporated body… - **Sch. 2 para. 12**: Any of the following— (a) debentures; (b) debenture stock; (c) loan stock; (d) bonds; (e) certificates of deposit; (f) any other instruments creating or… - **Sch. 2 para. 13**: (1) Loan stock, bonds and other instruments— (a) creating or acknowledging indebtedness; and (b) issued by or on behalf of a government, local authority or… - **Sch. 2 para. 14**: (1) Warrants or other instruments entitling the holder to subscribe for any investment. (2) It is immaterial whether the investment is in existence or… - **Sch. 2 para. 15**: Certificates or other instruments which confer contractual or property rights— (a) in respect of any investment held by someone other than the person on whom… - **Sch. 2 para. 16**: (1) Shares in or securities of an open-ended investment company. (2) Any right to participate in a collective investment scheme. - **Sch. 2 para. 17**: Options to acquire or dispose of property. - **Sch. 2 para. 18**: Rights under a contract for the sale of a commodity or property of any other description under which delivery is to be made at a future date. - **Sch. 2 para. 19**: Rights under— (a) a contract for differences; or (b) any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss by… - **Sch. 2 para. 20**: Rights under a contract of insurance, including rights under contracts falling within head C of Schedule 2 to the Friendly Societies Act 1992. - **Sch. 2 para. 21**: (1) The underwriting capacity of a Lloyd’s syndicate. (2) A person’s membership (or prospective membership) of a Lloyd’s syndicate. - **Sch. 2 para. 22**: Rights under any contract under which a sum of money (whether or not denominated in a currency) is paid on terms under which it will be repaid, with or without… - **Sch. 2 para. 23**: (1) Rights under any contract under which one person provides another with credit. (2) “Credit” includes any cash loan or other financial accommodation. (3)… - **Sch. 2 para. 23A**: (1) Rights under any arrangement for the provision of finance under which the person providing the finance either— (a) acquires a major interest in land from… - **Sch. 2 para. 23B**: (1) Rights under a contract for the bailment or (in Scotland) hiring of goods to a person other than a body corporate. (2) “Goods” has the meaning given in… - **Sch. 2 para. 24**: Any right or interest in anything which is an investment as a result of any other provision made under section 22(1). - **Sch. 2 para. 24A General**: The matters with respect to which provision may be made under section 22(1A)(a) include, in particular, those described in general terms in this Part of this… - **Sch. 2 para. 24B Providing credit reference services**: Furnishing persons with information that— (a) is relevant to the financial standing of persons other than bodies corporate, and (b) is collected for that… - **Sch. 2 para. 24C Providing credit information services**: (1) Taking steps on behalf of a person other than a body corporate in connection with information relevant to that person's financial standing that is or may… - **Sch. 2 para. 24D Providing credit information services**: Giving advice to a person other than a body corporate in relation to the taking of any steps of the kind mentioned in paragraph 24C(1). - **Sch. 2 para. 25**: (1) An order under section 22(1) or (1A) to (1B) may— (a) provide for exemptions; (b) confer powers on the Treasury or either regulator; (c) authorise the… - **Sch. 2 para. 26**: (1) This paragraph applies to any order made under section 22(1) or (1A) to (1B) which contains a statement by the Treasury that, in their opinion, the effect… - **Sch. 2 para. 27**: (1) In this Schedule— “buying” includes acquiring for valuable consideration; “offering” includes inviting to treat; “property” includes currency of the United… ### SCHEDULE 2A - **Sch. 2A para. 1**: (1) In this Act, “Gibraltar-based person” means a person listed in sub-paragraph (2) which has its head office and, if it has one, its registered office in… - **Sch. 2A para. 2**: (1) In this Schedule— “the Gibraltar regulator” means the Gibraltar Financial Services Commission; “UK regulator” means the FCA or the PRA. (2) The Treasury… - **Sch. 2A para. 3**: (1) In this Schedule, “approved activity” means a regulated activity for the time being approved by regulations under paragraph 5. (2) For the purposes of this… - **Sch. 2A para. 4**: For the purposes of any provision of this Schedule which refers to the FCA's operational objectives or the PRA's objectives, in relation to the exercise of a… - **Sch. 2A para. 5**: (1) The Treasury may by regulations approve a regulated activity for the purposes of this Schedule. (2) The power under this paragraph includes power to… - **Sch. 2A para. 6**: (1) The Treasury must by regulations make provision about how each approved activity corresponds to activities which the Gibraltar regulator has authorised, or… - **Sch. 2A para. 7**: (1) The Treasury may not make regulations under paragraph 5 or 6 unless they are satisfied that doing so is compatible with each of the following objectives—… - **Sch. 2A para. 8**: (1) The Treasury may not approve a regulated activity under paragraph 5, or identify an activity as corresponding to an approved activity under paragraph 6… - **Sch. 2A para. 9**: (1) The Treasury may not approve a regulated activity under paragraph 5 unless they are satisfied that, having regard to the objectives in paragraph 7(1)… - **Sch. 2A para. 10**: Before making regulations under paragraph 5 or 6, the Treasury must consult— (a) the government of Gibraltar, (b) the FCA, and (c) if the regulations relate to… - **Sch. 2A para. 11**: (1) The restrictions in paragraphs 7, 8 and 9 do not apply in relation to regulations under paragraph 5 to the extent that the regulations— (a) revoke other… - **Sch. 2A para. 12**: (1) If the appropriate UK regulator receives a notification from the Gibraltar regulator that a Gibraltar-based person wants to be able to carry on an approved… - **Sch. 2A para. 13**: (1) A Schedule 2A permission for a person to carry on an activity is a permission to do so only if and to the extent that— (a) the person is a Gibraltar-based… - **Sch. 2A para. 14**: In relation to a notification, “the appropriate UK regulator” means— (a) the PRA, in a case where the approved activities to which the notification relates… - **Sch. 2A para. 15**: (1) A notification must— (a) name the Gibraltar-based person, (b) state the address of the person's head office in Gibraltar, (c) specify the approved activity… - **Sch. 2A para. 16**: (1) Where the appropriate UK regulator receives a notification, it must acknowledge receipt in writing without delay. (2) The period for considering a… - **Sch. 2A para. 17**: (1) The appropriate UK regulator may not reject a notification unless— (a) it is required to do so under paragraph 18, or (b) it has power to do under… - **Sch. 2A para. 18**: (1) The appropriate UK regulator must reject a notification if satisfied that the notification does not satisfy one or more of the requirements in paragraph… - **Sch. 2A para. 19**: (1) The appropriate UK regulator may reject a notification, so far as it relates to an approved activity, if satisfied that a person with responsibility for… - **Sch. 2A para. 20**: (1) The appropriate UK regulator may reject a notification if satisfied that the Gibraltar-based person— (a) lost a relevant access right at any time, and (b)… - **Sch. 2A para. 21**: (1) A Schedule 2A permission may be varied in accordance with this Part of this Schedule— (a) on the initiative of the Gibraltar regulator (see paragraphs 22… - **Sch. 2A para. 22**: (1) If the appropriate UK regulator receives a notification from the Gibraltar regulator requesting the variation of a Gibraltar-based person's Schedule 2A… - **Sch. 2A para. 23**: In relation to a notification, “the appropriate UK regulator” means— (a) the PRA, in a case where the approved activities to which the notification relates… - **Sch. 2A para. 24**: (1) A notification must— (a) state the desired variation, (b) specify the approved activity or approved activities which the Gibraltar-based person wants to… - **Sch. 2A para. 25**: (1) Where the appropriate UK regulator receives a notification, it must acknowledge receipt in writing without delay. (2) The period for considering a… - **Sch. 2A para. 26**: (1) The appropriate UK regulator may not reject a notification unless— (a) it is required to do so under sub-paragraph (3) or (4), or (b) it has power to do… - **Sch. 2A para. 27**: (1) A UK regulator may exercise a power under this paragraph in relation to a Gibraltar-based person with a Schedule 2A permission where one of the… - **Sch. 2A para. 28**: (1) For the purposes of this Schedule, “the own-initiative conditions” are— (a) in relation to the exercise of a power by the FCA, conditions A to C, and (b)… - **Sch. 2A para. 29**: (1) The variation of a Schedule 2A permission under paragraph 27 takes effect— (a) immediately, if the notice given under sub-paragraph (3) states that is the… - **Sch. 2A para. 30**: A Gibraltar-based person who is aggrieved by the exercise by a UK regulator of a power under paragraph 27 in relation to the person may refer the matter to the… - **Sch. 2A para. 31**: A Schedule 2A permission may be cancelled in accordance with this Part of this Schedule— (a) on the initiative of the Gibraltar regulator (see paragraphs 32 to… - **Sch. 2A para. 32**: (1) If the appropriate UK regulator receives a notification from the Gibraltar regulator requesting the cancellation of a Gibraltar-based person's Schedule 2A… - **Sch. 2A para. 33**: In relation to a notification, “the appropriate UK regulator” means— (a) the PRA, in a case where the Gibraltar-based person is a PRA-authorised person, and… - **Sch. 2A para. 34**: A notification must— (a) state the reason for requesting the cancellation of the permission, (b) state that the Gibraltar regulator consents to the… - **Sch. 2A para. 35**: (1) Where the appropriate UK regulator receives a notification, it must acknowledge receipt in writing without delay. (2) The period for considering a… - **Sch. 2A para. 36**: (1) The appropriate UK regulator may not reject a notification unless— (a) it is required to do so under sub-paragraph (3), or (b) it has power to do under… - **Sch. 2A para. 37**: (1) The FCA may cancel a Schedule 2A permission where one of the own-initiative conditions is satisfied (see paragraph 28). (2) The PRA may cancel a… - **Sch. 2A para. 38**: (1) If a UK regulator proposes to cancel a Gibraltar-based person's Schedule 2A permission under paragraph 37, it must give the person a warning notice. (2) If… - **Sch. 2A para. 39**: If a UK regulator gives a Gibraltar-based person a decision notice under paragraph 38, the person may refer the matter to the Tribunal. - **Sch. 2A para. 40**: (1) A requirement may be imposed on a Gibraltar-based person in accordance with this Part of this Schedule— (a) by a UK regulator as part of the process of… - **Sch. 2A para. 41**: (1) This paragraph applies where a UK regulator has received— (a) a notification for the purposes of paragraph 12 in respect of the carrying on of an activity… - **Sch. 2A para. 42**: (1) If a UK regulator proposes to impose a requirement on a Gibraltar-based person under paragraph 41, it must— (a) give the person a warning notice, (b) give… - **Sch. 2A para. 43**: If a UK regulator gives a Gibraltar-based person a decision notice under paragraph 42, the person may refer the matter to the Tribunal. - **Sch. 2A para. 44**: (1) If the appropriate UK regulator receives a notification from the Gibraltar regulator (see paragraph 46)— (a) asking for a requirement to be imposed on a… - **Sch. 2A para. 45**: In relation to a notification, “the appropriate UK regulator” means— (a) the PRA, in a case where the approved activities to which the notification relates… - **Sch. 2A para. 46**: A notification must— (a) state the requirement to be imposed or the desired variation or cancellation (as appropriate), (b) state the reason for asking for the… - **Sch. 2A para. 47**: (1) Where the appropriate UK regulator receives a notification, it must acknowledge receipt in writing without delay. (2) The period for considering a… - **Sch. 2A para. 48**: (1) The appropriate UK regulator may not reject a notification so far as it relates to a requirement unless— (a) it is required to do so under sub-paragraph… - **Sch. 2A para. 49**: (1) A UK regulator may exercise the powers under this paragraph in relation to a Gibraltar-based person only where one of the own-initiative conditions is… - **Sch. 2A para. 50**: (1) The imposition or variation of a requirement under paragraph 49 takes effect— (a) immediately, if the notice given under sub-paragraph (3) states that is… - **Sch. 2A para. 51**: (1) If a UK regulator proposes to exercise a power under paragraph 49 to cancel a requirement imposed on a Gibraltar-based person, it must give the person a… - **Sch. 2A para. 52**: A Gibraltar-based person who is aggrieved by the exercise by a UK regulator of a power under paragraph 49 to impose a requirement on the person, or vary a… - **Sch. 2A para. 53**: (1) This paragraph makes provision about a requirement imposed on a Gibraltar-based person (“G”) by a UK regulator under this Part of this Schedule— (a)… - **Sch. 2A para. 54**: (1) A requirement imposed on a Gibraltar-based person under this Part of this Schedule may, among other things, be imposed so as to require the person— (a) to… - **Sch. 2A para. 55**: (1) Contravention of a requirement imposed under this Part of this Schedule does not— (a) make a person guilty of an offence, (b) make a transaction void or… - **Sch. 2A para. 56**: (1) A UK regulator may direct that a change relating to a Gibraltar-based person with a Schedule 2A permission is subject to the requirements in this… - **Sch. 2A para. 57**: (1) A UK regulator may direct that a notification for the purposes of paragraph 12, 22, 32 or 44 in relation to which it is the appropriate UK regulator must… - **Sch. 2A para. 58**: (1) Sub-paragraph (2) applies where— (a) the Treasury withdraw their approval of a regulated activity for the purposes of this Schedule (by revoking or… - **Sch. 2A para. 59**: (1) Sub-paragraph (2) applies where— (a) the Treasury provide that an activity which the Gibraltar regulator has authorised, or may authorise, a person to… - **Sch. 2A para. 60**: (1) Sub-paragraph (2) applies where— (a) by virtue of paragraph 58(1), a regulated activity is treated as approved under this Schedule so far as carried on by… - **Sch. 2A para. 61**: (1) A UK regulator may direct that a contract specified or described in the direction is a protected contract for the purposes of this Part of this Schedule… - **Sch. 2A para. 62**: Where a person in respect of whom a decision under paragraph 60(2) is made is aggrieved by the decision, the person may refer the matter to the Tribunal. - **Sch. 2A para. 63**: (1) The Treasury may by regulations extend the period under section 55V(1) or (2) for determining an application which— (a) is for a Part 4A permission or a… - **Sch. 2A para. 64**: (1) Sub-paragraphs (2), (4) and (5) apply where— (a) a person's Schedule 2A permission is cancelled under Part 5 of this Schedule, or (b) a person's Schedule… - **Sch. 2A para. 65**: (1) Sub-paragraphs (2) and (4) apply where the Gibraltar regulator— (a) cancels a Gibraltar-based person's permission to carry on in Gibraltar an activity in… - **Sch. 2A para. 66**: (1) In this Part of this Schedule, “the appropriate UK regulator” means— (a) the PRA, in a case in which the Gibraltar-based person is a PRA-authorised person… - **Sch. 2A para. 67**: (1) A UK regulator may direct that a contract specified or described in the direction is a protected contract for the purposes of paragraph 64 or 65 (or both)… - **Sch. 2A para. 68**: (1) A Gibraltar-based person ceases to be treated as having a permission by virtue of paragraph 64 or 65— (a) when an event listed in sub-paragraph (2) first… - **Sch. 2A para. 69**: (1) If a UK regulator proposes to specify or vary a date in relation to a person under paragraph 68(1)(b) or (3), it must give the person a warning notice. (2)… - **Sch. 2A para. 70**: If a UK regulator gives a Gibraltar-based person a decision notice under paragraph 69, the person may refer the matter to the Tribunal. - **Sch. 2A para. 71**: (1) Each UK regulator must prepare and issue a statement of its policy with respect to— (a) its powers to vary or cancel a Schedule 2A permission under Part 4… - **Sch. 2A para. 72**: (1) Before issuing a statement under paragraph 71(1) or (2), a UK regulator must— (a) publish a draft of the proposed statement in the way appearing to it to… - **Sch. 2A para. 73**: (1) The FCA must consult the PRA before— (a) rejecting a notification under paragraph 19 in a case in which the person with responsibility for managing an… - **Sch. 2A para. 74**: (1) The FCA must obtain the PRA's consent before exercising its power under paragraph 27 in relation to a PRA-authorised person so as to— (a) add an activity… - **Sch. 2A para. 75**: (1) The FCA must inform the PRA in writing without delay after rejecting a notification under— (a) paragraph 18(2) or (3), 19 or 20; (b) paragraph 26(4) or… - **Sch. 2A para. 76**: (1) The PRA must consult the FCA before— (a) giving a confirmation notice under paragraph 16; (b) rejecting a notification under paragraph 19 or 20; (c) giving… - **Sch. 2A para. 77**: (1) The PRA must obtain the FCA's consent before exercising its power under paragraph 27 so as to— (a) add an activity to those to which a Schedule 2A… - **Sch. 2A para. 78**: (1) When the PRA receives a notification for the purposes of a provision listed in the first column of the following table, it must give a copy to the FCA… - **Sch. 2A para. 79**: (1) A UK regulator must inform the Gibraltar regulator in writing before giving a confirmation notice under— (a) paragraph 16, (b) paragraph 25, (c) paragraph… - **Sch. 2A para. 80**: (1) Each of the FCA, the PRA and the scheme manager must take such steps as they consider appropriate, for the purposes in sub-paragraph (2), to co-operate—… - **Sch. 2A para. 81**: (1) Each of the FCA, the PRA and the scheme manager must— (a) ensure that a copy of each memorandum describing how it intends to comply with paragraph 80(1)… - **Sch. 2A para. 82**: (1) A UK regulator or the scheme manager must, on a request from the Treasury, prepare and send to the Treasury a report on a matter specified in the request… - **Sch. 2A para. 83**: (1) For the purposes of paragraph 1, an individual without a head office in Gibraltar is to be treated as having a head office there if the individual— (a) is… ### SCHEDULE 3 - **Sch. 3 para. 1**: “The single market directives” means— (a) the capital requirements directive; (c) … (ca) … (d) the markets in financial instruments directive; ... (e) the… - **Sch. 3 para. 4A**: “The insurance distribution directive” means Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution… - **Sch. 3 para. 4B**: “The UCITS directive ” means the Directive of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and… - **Sch. 3 para. 4C**: “The markets in financial instruments directive” means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in… - **Sch. 3 para. 4D The emission allowance auctioning regulation**: “The emission allowance auctioning regulation” means Commission Regulation (EU) No 1031/2010 of 12 November 2010 on the timing, administration and other… - **Sch. 3 para. 4E**: “The alternative investment fund managers directive” means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative… - **Sch. 3 para. 4F**: “The mortgages directive” means Directive 2014/17/EU of the European Parliament and of the Council of 4th February 2014 on credit agreements for consumers… - **Sch. 3 para. 5**: “EEA firm” means any of the following if it does not have its relevant office in the United Kingdom— (a) an investment firm (as defined in Article 4.1.1 of the… - **Sch. 3 para. 5A**: In paragraph 5, “relevant office” means— (a) in relation to a firm falling within sub-paragraph (e) or (i) of that paragraph which has a registered office, its… - **Sch. 3 para. 7**: “EEA right” means the entitlement of a person to establish a branch, or provide services, in an EEA State other than that in which he has his relevant office—… - **Sch. 3 para. 7A**: In paragraph 7, “relevant office” means— (a) in relation to a person who has a registered office and whose entitlement is subject to the conditions of the… - **Sch. 3 para. 8**: “EEA State ” has the meaning given by Schedule 1 to the Interpretation Act 1978. - **Sch. 3 para. 9**: “Home state regulator” means the competent authority (within the meaning of the relevant single market directive or, as the case may be, the emission allowance… - **Sch. 3 para. 10**: “UK firm” means a person whose relevant office is in the UK and who has an EEA right to carry on activity in an EEA State other than the United Kingdom. - **Sch. 3 para. 10A**: In paragraph 10, “relevant office” means— (a) in relation to a firm whose EEA right derives from the insurance distribution directive and which has a… - **Sch. 3 para. 10B**: ”UK investment firm” means a UK firm— (a) which is an investment firm, and (b) whose EEA right derives from the markets in financial instruments directive. - **Sch. 3 para. 11**: “Host state regulator” means the competent authority (within the meaning of the relevant single market directive or, as the case may be, the emission allowance… - **Sch. 3 para. 11A**: ”Tied agent” has the meaning given in Article 4.1.29 of the markets in financial instruments directive. - **Sch. 3 para. 11B**: “Management company” has the meaning given in Article 2.1(b) of the UCITS directive. ### SCHEDULE 5 - **Sch. 5 para. 1**: (1) … (2) … (3) An authorised open-ended investment company is an authorised person. (4) A body— (a) incorporated by virtue of regulations made under section 1… - **Sch. 5 para. 2**: (1) … (2) A person authorised as a result of paragraph 1(3) or (4) has permission to carry on, so far as it is a regulated activity other than the activity of… ### SCHEDULE 6 - **Sch. 6 para. 1A**: (1) In this Schedule— “assets” includes contingent assets; “consolidated supervision” has the same meaning as in section 3M; “consumers” has the meaning given… - **Sch. 6 para. 2A Introduction**: If the person concerned (“A”) carries on, or is seeking to carry on, regulated activities which do not consist of or include a PRA-regulated activity, the… - **Sch. 6 para. 2B Location of offices**: (1) Unless sub-paragraph (3), (4)(a) or (7) applies, if A is a body corporate incorporated in the United Kingdom— (a) A’s head office, and (b) if A has a… - **Sch. 6 para. 2C Effective supervision**: (1) A must be capable of being effectively supervised by the FCA having regard to all the circumstances including— (a) the nature (including the complexity) of… - **Sch. 6 para. 2D Appropriate resources**: (1) The resources of A must be appropriate in relation to the regulated activities that A carries on or seeks to carry on. (2) The matters which are relevant… - **Sch. 6 para. 2E Suitability**: A must be a fit and proper person having regard to all the circumstances, including— (a) A’s connection with any person; (b) the nature (including the… - **Sch. 6 para. 2F Business model**: (1) A’s business model (that is, A’s strategy for doing business) must be suitable for a person carrying on the regulated activities that A carries on or seeks… - **Sch. 6 para. 2G Interpretation**: (1) In this Part of this Schedule, each of the following is a “relevant credit activity”— (a) an activity of the kind specified by article 36A of the Regulated… - **Sch. 6 para. 3A Introduction**: If the person concerned (“B”) carries on, or is seeking to carry on, regulated activities which consist of or include a PRA-regulated activity, the threshold… - **Sch. 6 para. 3B Effective supervision**: (1) B must be capable of being effectively supervised by the FCA having regard to all the circumstances including— (a) the nature (including the complexity) of… - **Sch. 6 para. 3C Appropriate non-financial resources**: (1) The non-financial resources of B must be appropriate in relation to the regulated activities that B carries on or seeks to carry on, having regard to the… - **Sch. 6 para. 3D Suitability**: (1) B must be a fit and proper person, having regard to the operational objectives of the FCA. (2) The matters which are relevant in determining whether B… - **Sch. 6 para. 3E Business model**: B’s business model (that is, B’s strategy for doing business) must be suitable for a person carrying on the regulated activities that B carries on or seeks to… - **Sch. 6 para. 4A Introduction**: (1) If the person concerned (“C”) carries on, or is seeking to carry on, regulated activities which consist of or include a PRA-regulated activity relating to… - **Sch. 6 para. 4B Legal status**: C must be— (a) a body corporate (other than a limited liability partnership), (b) a registered friendly society, or (c) a member of Lloyd’s. - **Sch. 6 para. 4C Location of offices**: (1) If C is a body corporate incorporated in the United Kingdom— (a) C’s head office, and (b) if C has a registered office, that office, must be in the United… - **Sch. 6 para. 4D Business to be conducted in a prudent manner**: (1) The business of C must be conducted in a prudent manner. (2) To satisfy the condition in sub-paragraph (1), C must in particular have appropriate financial… - **Sch. 6 para. 4E Suitability**: (1) C must be a fit and proper person, having regard to the PRA’s objectives. (2) The matters which are relevant in determining whether C satisfies the… - **Sch. 6 para. 4F Effective supervision**: (1) C must be capable of being effectively supervised by the PRA. (2) The matters which are relevant in determining whether C satisfies the condition in… - **Sch. 6 para. 5A Introduction**: If the person concerned (“D”) carries on, or is seeking to carry on, PRA-regulated activities which do not consist of or include a regulated activity relating… - **Sch. 6 para. 5B Legal status**: If D carries on or is seeking to carry on a regulated activity which consists of or includes accepting deposits or issuing electronic money, D must be— (a) a… - **Sch. 6 para. 5C Location of offices**: (1) If D is a body corporate incorporated in the United Kingdom— (a) D’s head office, and (b) if D has a registered office, that office, must be in the United… - **Sch. 6 para. 5D Business to be conducted in a prudent manner**: (1) The business of D must be conducted in a prudent manner. (2) To satisfy the condition in sub-paragraph (1), D must in particular have appropriate financial… - **Sch. 6 para. 5E Suitability**: (1) D must be a fit and proper person, having regard to the PRA’s objectives. (2) The matters which are relevant in determining whether D satisfies the… - **Sch. 6 para. 5F Effective supervision**: (1) D must be capable of being effectively supervised by the PRA. (2) The matters which are relevant in determining whether D satisfies the condition in… - **Sch. 6 para. 8**: (1) If this paragraph applies to the person concerned, he must, for the purposes of such provisions of this Act as may be specified, satisfy specified… ### SCHEDULE 6A - **Sch. 6A para. 1**: (1) If it appears to the FCA that an FCA-authorised person with a Part 4A permission is carrying on no regulated activity to which the permission relates, the… - **Sch. 6A para. 2**: (1) The FCA may exercise its power under paragraph 1 in relation to an authorised person with a Part 4A permission only if the following conditions are met… - **Sch. 6A para. 3**: (1) Where the FCA decides to vary or cancel an authorised person's Part 4A permission under paragraph 1, the FCA must give the person a notice in writing… - **Sch. 6A para. 4**: (1) This paragraph applies where the FCA decides to vary or cancel an authorised person's Part 4A permission under paragraph 1. (2) If the person is aggrieved… - **Sch. 6A para. 5**: (1) This paragraph applies where the FCA receives an application under paragraph 4 in relation to a decision to vary or cancel an authorised person's Part 4A… - **Sch. 6A para. 6**: (1) Where the FCA— (a) varies or cancels an authorised person's Part 4A permission under paragraph 1, but (b) that decision is subsequently annulled under… - **Sch. 6A para. 7**: (1) This paragraph applies where the FCA— (a) decides to vary or cancel an authorised person's Part 4A permission under paragraph 1, (b) receives an… - **Sch. 6A para. 8**: (1) Nothing in this Schedule affects the generality of any other provision made under or by virtue of this Act that confers power on the FCA to vary or cancel… ### SCHEDULE 6B - **Sch. 6B para. 1 Introductory**: The matters with respect to which provision may be made under section 71K in respect of activities include (but are not limited to) those described in general… - **Sch. 6B para. 2 Derivatives**: Activities related to entering into derivative contracts (including those contracts not cleared by a central counterparty). - **Sch. 6B para. 3 Derivatives**: Holding positions in commodity derivatives. - **Sch. 6B para. 4 Short selling**: Engaging in short selling in relation to specified financial instruments (“shorted instruments”) including where— (a) a person enters into a transaction which… - **Sch. 6B para. 5 Securitisation**: Acting as one of the following in a securitisation— (a) an originator, (b) a sponsor, (c) an original lender, or (d) a securitisation special purpose entity. - **Sch. 6B para. 6 Securitisation**: Selling a securitisation position to a retail client located in the United Kingdom. - **Sch. 6B para. 7 Financial markets**: Offering securities to the public. - **Sch. 6B para. 8 Financial markets**: Applying for, securing or maintaining the admission of securities to trading on a securities market. - **Sch. 6B para. 9 Using a benchmark**: Issuing an instrument which references a benchmark. - **Sch. 6B para. 10 Using a benchmark**: Determining the amount payable under an instrument or financial contract by reference to a benchmark or otherwise being a party to a financial contract which… - **Sch. 6B para. 11 Using a benchmark**: Measuring the performance of an investment fund through a benchmark. - **Sch. 6B para. 12 Contributing to a benchmark**: Acting as a “benchmark contributor” including persons in the United Kingdom or a third country. - **Sch. 6B para. 13 Contributing to a benchmark**: Contributing data to a regulated benchmark administrator for the purpose of the administrator determining a benchmark. ### SCHEDULE 9 - **Sch. 9 para. 1**: The provisions of Part VI apply in relation to a non-listing prospectus as they apply in relation to listing particulars but with the modifications made by… - **Sch. 9 para. 2**: (1) Any reference to listing particulars is to be read as a reference to a prospectus. (2) Any reference to supplementary listing particulars is to be read as… - **Sch. 9 para. 3**: (1) In section 80(1), for “section 79” substitute “ section 87 ”. (2) In section 80(2), omit “as a condition of the admission of the securities to the official… - **Sch. 9 para. 4**: In section 81(1), for “section 79 and before the commencement of dealings in the securities concerned following their admission to the official list”… - **Sch. 9 para. 5**: (1) In paragraphs 1(3) and 2(3) of Schedule 10, for paragraph (d) substitute— (d) the securities were acquired after such a lapse of time that he ought in the… - **Sch. 9 para. 6**: In section 98(1), for “If listing particulars are, or are to be, published in connection with an application for listing,” substitute “ If a prospectus is, or… - **Sch. 9 para. 7**: Listing rules made under section 99 may require the payment of fees to the competent authority in respect of a prospectus submitted for approval under section… ### SCHEDULE 10 - **Sch. 10 para. 1**: (1) In this paragraph “statement” means— (a) any untrue or misleading statement in listing particulars; or (b) the omission from listing particulars of any… - **Sch. 10 para. 2**: (1) In this paragraph “statement” means a statement included in listing particulars which— (a) purports to be made by, or on the authority of, another person… - **Sch. 10 para. 3**: (1) In this paragraph “statement” has the same meaning as in paragraph 1. (2) A person does not incur liability under section 90(1) for loss caused by a… - **Sch. 10 para. 4**: (1) In this paragraph “statement” has the same meaning as in paragraph 2. (2) A person does not incur liability under section 90(1) for loss caused by a… - **Sch. 10 para. 5**: A person does not incur any liability under section 90(1) for loss resulting from— (a) a statement made by an official person which is included in the listing… - **Sch. 10 para. 6**: A person does not incur any liability under section 90(1) or (4) if he satisfies the court that the person suffering the loss acquired the securities in… - **Sch. 10 para. 7**: A person does not incur any liability under section 90(4) if he satisfies the court that he reasonably believed that the change or new matter in question was… - **Sch. 10 para. 8**: “Expert” includes any engineer, valuer, accountant or other person whose profession, qualifications or experience give authority to a statement made by him. ### SCHEDULE 10A - **Sch. 10A para. 1 Securities to which this Schedule applies**: (1) This Schedule applies to securities that are, with the consent of the issuer, admitted to trading on a securities market, where— (a) the market is situated… - **Sch. 10A para. 2 Published information to which this Schedule applies**: (1) This Schedule applies to information published by the issuer of securities to which this Schedule applies— (a) by recognised means, or (b) by other means… - **Sch. 10A para. 3 Liability of issuer for misleading statement or dishonest omission**: (1) An issuer of securities to which this Schedule applies is liable to pay compensation to a person who— (a) acquires, continues to hold or disposes of the… - **Sch. 10A para. 4**: An issuer of securities to which this Schedule applies is not liable under paragraph 3 to pay compensation to a person for loss suffered as a result of an… - **Sch. 10A para. 5 Liability of issuer for dishonest delay in publishing information**: (1) An issuer of securities to which this Schedule applies is liable to pay compensation to a person who— (a) acquires, continues to hold or disposes of the… - **Sch. 10A para. 6 Meaning of dishonesty**: For the purposes of paragraphs 3(3) and 5(2) a person's conduct is regarded as dishonest if (and only if)— (a) it is regarded as dishonest by persons who… - **Sch. 10A para. 7 Exclusion of certain other liabilities**: (1) The issuer is not subject— (a) to any liability other than that provided for by paragraph 3 in respect of loss suffered as a result of reliance by any… - **Sch. 10A para. 8 Interpretation**: (1) In this Schedule— (a) “securities” means transferable securities as defined in Article 2(1)(24) of the markets in financial instruments regulation, other… ### SCHEDULE 11 - **Sch. 11 para. 1**: (1) A person offers securities to the public in the United Kingdom if— (a) to the extent that the offer is made to persons in the United Kingdom, it is made to… - **Sch. 11 para. 2**: (1) For the purposes of this Schedule, an offer of securities is an “exempt offer” if, to the extent that the offer is made to persons in the United Kingdom—… - **Sch. 11 para. 3**: The securities are offered to persons— (a) whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or… - **Sch. 11 para. 4**: (1) The securities are offered to no more than fifty persons. (2) In determining whether this condition is satisfied, the offer is to be taken together with… - **Sch. 11 para. 5**: The securities are offered to the members of a club or association (whether or not incorporated) and the members can reasonably be regarded as having a common… - **Sch. 11 para. 6**: (1) The securities are offered to a restricted circle of persons whom the offeror reasonably believes to be sufficiently knowledgeable to understand the risks… - **Sch. 11 para. 7**: The securities are offered in connection with a genuine invitation to enter into an underwriting agreement with respect to them. - **Sch. 11 para. 8**: (1) The securities are offered to a public authority. (2) “Public authority” means— (a) the government of the United Kingdom; (b) the government of any country… - **Sch. 11 para. 9**: (1) The total consideration payable for the securities cannot exceed 40,000 euros (or an equivalent amount). (2) In determining whether this condition is… - **Sch. 11 para. 10**: (1) The minimum consideration which may be paid by any person for securities acquired by him pursuant to the offer is at least 40,000 euros (or an equivalent… - **Sch. 11 para. 11**: (1) The securities are denominated in amounts of at least 40,000 euros (or an equivalent amount). (2) Paragraph 9(3) also applies for the purposes of this… - **Sch. 11 para. 12**: (1) The securities are offered in connection with a takeover offer. (2) “Takeover offer” means— (a) an offer to acquire shares in a body incorporated in the… - **Sch. 11 para. 13**: The securities are offered in connection with a merger (within the meaning of Council Directive No. 78/855/EEC). - **Sch. 11 para. 14**: (1) The securities are shares and are offered free of charge to any or all of the holders of shares in the issuer. (2) “Holders of shares” means the persons… - **Sch. 11 para. 15**: The securities— (a) are shares, or investments of a specified kind relating to shares, in a body corporate, and (b) are offered in exchange for shares in the… - **Sch. 11 para. 16**: (1) The securities are issued by a body corporate and are offered— (a) by the issuer, by a body corporate connected with the issuer or by a relevant trustee… - **Sch. 11 para. 17**: (1) The securities result from the conversion of convertible securities and listing particulars (or a prospectus) relating to the convertible securities were… - **Sch. 11 para. 18**: The securities are issued by— (a) a charity within the meaning of— (i) section 96(1) of the Charities Act 1993, or (ii) section 35 of the Charities Act… - **Sch. 11 para. 19**: The securities offered are shares which are issued by, or ownership of which entitles the holder to membership of or to obtain the benefit of services provided… - **Sch. 11 para. 20**: (1) The securities offered are Euro-securities and no advertisement relating to the offer is issued in the United Kingdom, or is caused to be so issued— (a) by… - **Sch. 11 para. 21**: The securities are of the same class, and were issued at the same time, as securities in respect of which a prospectus has been published under or by virtue… - **Sch. 11 para. 22**: The securities are investments of a specified kind with a maturity of less than one year from their date of issue. - **Sch. 11 para. 23**: (1) The securities are investments of a specified kind creating or acknowledging indebtedness issued by or on behalf of a public authority. (2) “Public… - **Sch. 11 para. 24**: The securities are not transferable. - **Sch. 11 para. 24A Units in a collective investment scheme**: The securities are units (as defined by section 237(2)) in a collective investment scheme. - **Sch. 11 para. 25**: For the purposes of this Schedule— “shares” has such meaning as may be specified; and “specified” means specified in an order made by the Treasury. ### SCHEDULE 12 - **Sch. 12 para. 1**: For the purposes of section 111(2) the appropriate certificate, in relation to an insurance business transfer scheme, is a certificate under paragraph 2. - **Sch. 12 para. 2**: (1) A certificate under this paragraph is to be given— (a) by the relevant authority; or (b) in a case in which there is no relevant authority, by the… - **Sch. 12 para. 7**: For the purposes of section 111(2) the appropriate certificate, in relation to a banking business transfer scheme, is a certificate under paragraph 8. - **Sch. 12 para. 8**: (1) A certificate under this paragraph is one given by the relevant authority and certifying that, taking the proposed transfer into account, the transferee… - **Sch. 12 para. 9A Certificate as to financial resources**: (1) For the purposes of section 111(2) the appropriate certificate, in relation to a reclaim fund business transfer scheme, is a certificate given by the… - **Sch. 12 para. 9B Appropriate certificates**: For the purposes of section 111(2) the appropriate certificates, in relation to a ring-fencing transfer scheme, are— (a) a certificate given by the PRA… - **Sch. 12 para. 9C Certificate as to financial resources**: (1) A certificate under this paragraph is one given by the relevant authority and certifying that, taking the proposed transfer into account, the transferee… - **Sch. 12 para. 10**: (1) This paragraph applies to a proposal to execute under provisions corresponding to Part VII in a country or territory other than the United Kingdom an… ### SCHEDULE 13 - **Sch. 13 para. 1**: In this Schedule— “panel of chairmen” means the panel established under paragraph 3(1); “lay panel” means the panel established under paragraph 3(4); “rules”… - **Sch. 13 para. 2**: (1) The Lord Chancellor must appoint one of the members of the panel of chairmen to preside over the discharge of the Tribunal’s functions. (2) The member so… - **Sch. 13 para. 3**: (1) The Lord Chancellor must appoint a panel of persons for the purposes of serving as chairmen of the Tribunal. (2) A person is qualified for membership of… - **Sch. 13 para. 4**: (1) Subject to the provisions of this Schedule, each member of the panel of chairmen and the lay panel is to hold and vacate office in accordance with the… - **Sch. 13 para. 5**: The Lord Chancellor may pay to any person, in respect of his service— (a) as a member of the Tribunal (including service as the President or Deputy President)… - **Sch. 13 para. 6**: (1) The Lord Chancellor may appoint such staff for the Tribunal as he may determine. (2) The remuneration of the Tribunal’s staff is to be defrayed by the Lord… - **Sch. 13 para. 7**: (1) On a reference to the Tribunal, the persons to act as members of the Tribunal for the purposes of the reference are to be selected from the panel of… - **Sch. 13 para. 8**: For the purpose of dealing with references, or any matter preliminary or incidental to a reference, the Tribunal must sit at such times and in such place or… - **Sch. 13 para. 9**: Rules made by the Lord Chancellor under section 132 may, in particular, include provision— (a) as to the manner in which references are to be instituted; (b)… - **Sch. 13 para. 10**: The President of the Tribunal may give directions as to the practice and procedure to be followed by the Tribunal in relation to references to it. - **Sch. 13 para. 11**: (1) The Tribunal may by summons require any person to attend, at such time and place as is specified in the summons, to give evidence or to produce any… - **Sch. 13 para. 12**: (1) A decision of the Tribunal may be taken by a majority. (2) The decision must— (a) state whether it was unanimous or taken by a majority; (b) be recorded in… - **Sch. 13 para. 13**: (1) If the Tribunal considers that a party to any proceedings on a reference has acted vexatiously, frivolously or unreasonably it may order that party to pay… ### SCHEDULE 15 - **Sch. 15 para. 1**: If the authorised person (“BC”) is a body corporate, a person who is or has been— (a) an officer or manager of BC or of a parent undertaking of BC; (b) an… - **Sch. 15 para. 2**: If the authorised person (“PP”) is a partnership, a person who is or has been a member, manager, employee or agent of PP. - **Sch. 15 para. 3**: If the authorised person (“UA”) is an unincorporated association of persons which is neither a partnership nor an unincorporated friendly society, a person who… - **Sch. 15 para. 4**: (1) If the authorised person (“FS”) is a friendly society, a person who is or has been an officer, manager or employee of FS. (2) In relation to FS, “officer”… - **Sch. 15 para. 5**: (1) If the authorised person (“BS”) is a building society, a person who is or has been an officer or employee of BS. (2) In relation to BS, “officer” has the… - **Sch. 15 para. 6**: If the authorised person (“IP”) is an individual, a person who is or has been an employee or agent of IP. - **Sch. 15 para. 7**: For the purposes of sections 171 and 172, if the person under investigation is not an authorised person the references in this Part of this Schedule to an… - **Sch. 15 para. 8**: A person who is, or at the relevant time was, the partner, manager, employee, agent, appointed representative, banker, auditor, actuary or solicitor of— (a)… ### SCHEDULE 17 - **Sch. 17 para. 1**: In this Schedule— ... ... “ombudsman” means a person who is a member of the panel; and “the panel” means the panel established under paragraph 4. - **Sch. 17 para. 2**: (1) The FCA must take such steps as are necessary to ensure that the body corporate established by the Financial Services Authority under this Schedule as… - **Sch. 17 para. 3**: (1) The constitution of the scheme operator must provide for it to have— (a) a chairman; and (b) a board (which must include the chairman) whose members are… - **Sch. 17 para. 3A**: (1) The scheme operator and the FCA must each take such steps as it considers appropriate to co-operate with the other in the exercise of their functions under… - **Sch. 17 para. 4**: (1) The scheme operator must appoint and maintain a panel of persons, appearing to it to have appropriate qualifications and experience, to act as ombudsmen… - **Sch. 17 para. 5**: (1) The scheme operator must appoint one member of the panel to act as Chief Ombudsman. (2) The Chief Ombudsman is to be appointed on such terms (including… - **Sch. 17 para. 6**: (1) The scheme operator is not to be regarded as exercising functions on behalf of the Crown. (2) The scheme operator’s ... officers and staff are not to be… - **Sch. 17 para. 7**: (1) At least once a year— (a) the scheme operator must make a report to the FCA on the discharge of its functions; and (b) the Chief Ombudsman must make a… - **Sch. 17 para. 7A**: (1) The scheme operator must send a copy of its annual accounts to the Comptroller and Auditor General as soon as is reasonably practicable. (2) The… - **Sch. 17 para. 8**: The scheme operator may publish such information, guidance or advice as it considers appropriate and may charge for it or distribute it free of charge. - **Sch. 17 para. 9**: (1) The scheme operator must, before the start of each of its financial years, adopt an annual budget which has been approved by the FCA. (2) The scheme… - **Sch. 17 para. 9A**: (1) The scheme operator must in respect of each of its financial years prepare an annual plan. (2) The plan must be prepared before the start of the financial… - **Sch. 17 para. 10**: (1) No person is to be liable in damages for anything done or omitted in the discharge, or purported discharge, of any functions under this Act in relation to… - **Sch. 17 para. 11**: For the purposes of the law relating to defamation, proceedings in relation to a complaint which is subject to the compulsory jurisdiction ... are to be… - **Sch. 17 para. 12**: This Part of this Schedule applies only in relation to the compulsory jurisdiction. - **Sch. 17 para. 13**: (1) The FCA must make rules providing that a complaint is not to be entertained unless — (a) the complainant has referred it under the ombudsman scheme before… - **Sch. 17 para. 14**: (1) The scheme operator must make rules, to be known as “scheme rules”, which are to set out the procedure for reference of complaints and for their… - **Sch. 17 para. 15**: (1) Scheme rules may require a respondent or other persons of a specified description to pay to the scheme operator such fees as may be specified in the rules… - **Sch. 17 para. 16**: A money award, including interest, which has been registered in accordance with scheme rules may— (a) if the county court so orders in England and Wales, be… - **Sch. 17 para. 17**: This Part of this Schedule applies only in relation to the voluntary jurisdiction. - **Sch. 17 para. 18**: (1) Complaints are to be dealt with and determined under the voluntary jurisdiction on standard terms fixed by the scheme operator with the approval of the… - **Sch. 17 para. 19**: (1) The scheme operator may make arrangements with a relevant body— (a) for the exercise by that body of any part of the voluntary jurisdiction of the… - **Sch. 17 para. 20**: (1) If the scheme operator makes voluntary jurisdiction rules, it must give a copy to the FCA without delay. (2) If the scheme operator revokes any such rules… - **Sch. 17 para. 21**: (1) The production of a printed copy of voluntary jurisdiction rules purporting to be made by the scheme operator— (a) on which is endorsed a certificate… - **Sch. 17 para. 22**: (1) If the scheme operator proposes to make voluntary jurisdiction rules, it must publish a draft of the proposed rules in the way appearing to it to be best… ### SCHEDULE 17A - **Sch. 17A para. 1**: (1) The appropriate regulators must prepare and maintain a memorandum describing how they intend to work together in exercising their functions in relation to… - **Sch. 17A para. 2**: (1) The FCA and the PRA must prepare and maintain a memorandum describing how they intend to work together in exercising their functions in relation to persons… - **Sch. 17A para. 3**: The parties to a memorandum under paragraph 1 or 2 must review the memorandum at least once in each calendar year. - **Sch. 17A para. 4**: The parties to a memorandum under paragraph 1 or 2 must give the Treasury a copy of the memorandum and any revised memorandum. - **Sch. 17A para. 5**: The Treasury must lay before Parliament a copy of any document received by them under paragraph 4. - **Sch. 17A para. 6**: The parties to a memorandum under paragraph 1 or 2 must ensure that the memorandum as currently in force is published in the way appearing to them to be best… - **Sch. 17A para. 6A**: (1) If the Bank makes a Part 18 prohibition order relating to an individual, the Bank must— (a) provide the FCA with information falling within section… - **Sch. 17A para. 7**: The FCA must notify the Bank of England of any direction given by it under section 128 to a recognised clearing house or a recognised CSD (market abuse… - **Sch. 17A para. 8**: The FCA must notify the Bank of England of any requirement imposed by it under section 313A on a recognised clearing house (power to require suspension or… - **Sch. 17A para. 9**: (1) The provisions of this Act mentioned in this Part of this Schedule are to apply in relation to the Bank of England in accordance with the provision made by… - **Sch. 17A para. 9A**: (1) Section 1RB (requirements in connection with public consultations) applies in relation to the Bank but as if, in subsection (4), after “proposals” there… - **Sch. 17A para. 9B**: (1) The powers conferred by section 55L(3) (FCA own-initiative power to impose requirements on authorised persons) are exercisable by the Bank to impose… - **Sch. 17A para. 10**: (1) The following provisions of Part 9A of this Act are to apply in relation to rules made by the Bank under any provision made by or under this Act— (a)… - **Sch. 17A para. 10A**: The following provisions of Part 9A of this Act are to apply in relation to rules made by the Bank under section 312M, subject to the modifications specified… - **Sch. 17A para. 11**: (1) The powers conferred by section 165(1) and (3) (power to require information) are exercisable by the Bank or (as the case may be) its officers to impose… - **Sch. 17A para. 12**: The power conferred by section 166 (reports by skilled person) is exercisable by the Bank as if references in that section to an authorised person were to a… - **Sch. 17A para. 12A**: (1) Section 166A applies in relation to rules made by the Bank under section 300F. (2) For this purpose any reference in section 166A to an authorised person… - **Sch. 17A para. 13**: (1) The powers conferred by section 167 (appointment of persons to carry out general investigations) are exercisable by the Bank as if references in that… - **Sch. 17A para. 14**: (1) The power conferred by section 168(5) (appointment of persons to carry out investigations in particular cases) is exercisable by the Bank. (2) That power… - **Sch. 17A para. 15**: An overseas regulator may, in accordance with section 169, request the Bank to exercise the power conferred by section 165 (as applied by paragraph 11 of this… - **Sch. 17A para. 16**: The power to give information under section 176(1) (entry of premises under warrant) is exercisable by the Bank, or an investigator appointed by the Bank, as… - **Sch. 17A para. 17**: (1) The following provisions of Part 12A of this Act are to apply in relation to the Bank— (a) section 192C (power to direct qualifying parent undertaking)… - **Sch. 17A para. 18**: (1) Section 342 (information given by auditor to a regulator) applies in relation to a relevant auditor as if— (a) the references in that section to a… - **Sch. 17A para. 19**: (1) Section 343 (information given by auditor: person with close links) applies in relation to a relevant auditor as if— (a) the references in that section to… - **Sch. 17A para. 20**: Section 344 (duty of auditor resigning to give notice) applies to an auditor to whom section 342 applies (whether by virtue of paragraph 18 or otherwise) as… - **Sch. 17A para. 21**: Sections 345A to 345E apply to auditors to whom section 342 applies only by virtue of paragraph 18 as if— (a) the references in those sections to an auditor or… - **Sch. 17A para. 22**: Section 347 (record of authorised persons, recognised investment exchanges, etc),. (a) so far as it relates to recognised investment exchanges, applies in… - **Sch. 17A para. 23**: (1) Sections 348 to 350 and 353 (disclosure of information) apply in relation to information received by the Bank for the purposes of, or in the discharge of… - **Sch. 17A para. 23A**: Section 354B (co-operation) applies in relation to the Bank for the purposes of, or in the discharge of, any of its functions under— (a) the EMIR regulation… - **Sch. 17A para. 24**: (1) The following provisions of Part 24 of this Act are to apply in relation to the Bank— (za) sections 355A and 355B (powers to participate in proceedings… - **Sch. 17A para. 25**: (1) In the case of any regulated activity which is carried on for the purposes of, or in connection with, the provision of clearing services, the reference to… - **Sch. 17A para. 26**: (1) The power to make an application under section 380(1), (2) or (3) (injunctions) is exercisable by the Bank. (2) For the purposes of the application, any… - **Sch. 17A para. 27**: (1) The power to make an application under section 382(1) (restitution order) is exercisable by the Bank. (2) For the purposes of the application, any… - **Sch. 17A para. 28**: (1) The power conferred by section 384(5) (power of FCA to require restitution order) is exercisable by the Bank. (2) That power is exercisable if the Bank is… - **Sch. 17A para. 29**: The provisions of Part 26 of this Act (notices) apply, (a) in relation to a warning or decision notice given by the Bank under section 55X(2) or (4), 192L… - **Sch. 17A para. 30**: Section 398 (misleading the FCA: residual cases) applies to information given to the Bank in purported compliance with— (a) a requirement that is imposed by or… - **Sch. 17A para. 31**: (1) Section 401 (proceedings for an offence) applies to the Bank as if for the purposes of subsections (2)(a) and (3)(a) of that section the Bank were an… - **Sch. 17A para. 31A**: (1) The following provisions of Part 28 of this Act apply in relation to the exercise by the Bank of its FMI functions with the modifications in sub-paragraphs… - **Sch. 17A para. 31B**: Section 427 (transitional provisions), so far as it relates to an order under section 426 which makes provision in connection with this Part of this Act… - **Sch. 17A para. 32**: Paragraph 17 of Schedule 1ZB (records) applies in relation to the recording of decisions made by the Bank in the exercise of its functions relating to… - **Sch. 17A para. 33**: Paragraph 19 of Schedule 1ZB (annual report by PRA) applies in relation to the Bank, but— (a) as if for paragraphs (a) to (fb) of sub-paragraph (1) there were… - **Sch. 17A para. 33A**: Paragraph 21A of Schedule 1ZB (other reports by PRA) applies in relation to the Bank, but as if— (a) the reference in sub-paragraph (1)(a) to paragraphs (a) to… - **Sch. 17A para. 33B**: (1) Paragraph 36 of Schedule 1ZB (PRA engagement with Parliamentary Committees) applies in relation to the Bank, but as if— (a) in sub-paragraph (2)(a), the… - **Sch. 17A para. 34**: (1) An application for an administration order in respect of a recognised clearing house or a recognised CSD may not be determined unless the conditions below… - **Sch. 17A para. 35**: (1) This paragraph applies where a person has been appointed to act as an insolvency practitioner (within the meaning of section 388 of the Insolvency Act 1986… - **Sch. 17A para. 36**: (1) The Bank of England may, in connection with the discharge of any of its qualifying functions, require recognised clearing houses, ... third country central… - **Sch. 17A para. 37**: Any fee which is owed to the Bank under paragraph 36 may be recovered as a debt due to the Bank. ### SCHEDULE 18 - **Sch. 18 para. 1**: Omit sections 4 (provision for separate registration areas) and 10 (societies registered in one registration area carrying on business in another). - **Sch. 18 para. 2**: In section 7 (societies which may be registered), in subsection (2)(b), for “in the central registration area or in Scotland” substitute “ in the United… - **Sch. 18 para. 3**: In section 11 (additional registration requirements for societies with branches), omit “and where any such society has branches in more than one registration… - **Sch. 18 para. 4**: In section 99(4) (punishment of fraud etc and recovery of property misapplied), omit “in the central registration area”. - **Sch. 18 para. 5**: Omit sections 31 to 36A (authorisation of friendly societies business). - **Sch. 18 para. 6**: In section 37 (restrictions on combinations of business), omit subsections (1), (1A) and (7A) to (9). - **Sch. 18 para. 7**: Omit sections 38 to 43 (restrictions on business of certain authorised societies). - **Sch. 18 para. 8**: Omit sections 44 to 50 (regulation of friendly societies business). - **Sch. 18 para. 9**: In this Part of this Schedule— “the 1992 Act” means the Friendly Societies Act 1992; and “section 13” means section 13 of that Act. - **Sch. 18 para. 10**: (1) Subsections (2) to (5) of section 13 (incorporated friendly societies allowed to form or acquire control or joint control only of qualifying bodies) cease… - **Sch. 18 para. 11**: In section 13(9) (defined terms), after paragraph (a) insert— (aa) an incorporated friendly society also has control of a body corporate if the body corporate… - **Sch. 18 para. 12**: In section 13(9), after paragraph (c) insert— (cc) an incorporated friendly society also has joint control of a body corporate if— (i) a subsidiary of the… - **Sch. 18 para. 13**: In section 13(9), in the words following paragraph (d), after “paragraph (c)” insert “ or (cc) ”. - **Sch. 18 para. 14**: (1) Schedule 8 to the 1992 Act (provisions supplementing section 13) is amended as follows. (2) Omit paragraph 3(2). (3) After paragraph 3 insert— 3A (1) A… - **Sch. 18 para. 15**: (1) Section 52 of the 1992 Act is amended as follows. (2) In subsection (2), omit paragraph (d). (3) In subsection (3), for “(4) below” substitute “ (2) ”. (4)… - **Sch. 18 para. 16**: References in any provision of, or made under, any enactment to subsidiaries of, or bodies jointly controlled by, an incorporated friendly society are to be… - **Sch. 18 para. 17**: Omit section 9 (initial authorisation to raise funds and borrow money). - **Sch. 18 para. 18**: Omit Schedule 3 (supplementary provisions about authorisation). - **Sch. 18 para. 21**: In section 6 (minimum and maximum number of members), omit subsections (2) to (6). - **Sch. 18 para. 22**: In section 11 (loans), omit subsections (2) and (6). - **Sch. 18 para. 23**: Omit sections 11B (loans approved by credit unions), 11C (grant of certificates of approval) and 11D (withdrawal of certificates of approval). - **Sch. 18 para. 24**: In section 12, omit subsections (4) and (5). - **Sch. 18 para. 25**: In section 14, omit subsections (2), (3), (5) and (6). - **Sch. 18 para. 26**: In section 28 (offences), omit subsection (2). ### SCHEDULE 19 - **Sch. 19 Pt. I para. 1**: The Table set out after this paragraph has effect for the purposes of section 351(3)(b). Table Person Function 1. The Commission. Any function of the… - **Sch. 19 Pt. II para. 1**: The Fair Trading Act 1973 - **Sch. 19 para. 2**: The Consumer Credit Act 1974 - **Sch. 19 para. 3**: The Estate Agents Act 1979 - **Sch. 19 para. 4**: The Competition Act 1980 - **Sch. 19 para. 5**: The Telecommunications Act 1984 - **Sch. 19 para. 6**: The Airports Act 1986 - **Sch. 19 para. 7**: The Gas Act 1986 - **Sch. 19 para. 8**: The Control of Misleading Advertisements Regulations 1988 - **Sch. 19 para. 9**: The Electricity Act 1989 - **Sch. 19 para. 10**: The Broadcasting Act 1990 - **Sch. 19 para. 11**: The Water Industry Act 1991 - **Sch. 19 para. 12**: The Electricity (Northern Ireland) Order 1992 - **Sch. 19 para. 13**: The Railways Act 1993 - **Sch. 19 para. 14**: Part IV of the Airports (Northern Ireland) Order 1994 - **Sch. 19 para. 15**: The Gas (Northern Ireland) Order 1996 - **Sch. 19 para. 16**: The EC Competition (Articles 88 and 89) Enforcement Regulations 1996 - **Sch. 19 para. 17**: The Unfair Terms in Consumer Contracts Regulations 1999 - **Sch. 19 para. 18**: This Act. - **Sch. 19 para. 19**: An enactment specified for the purposes of this paragraph in an order made by the Treasury. ### SCHEDULE 19A - **Sch. 19A para. 1 Application of Schedule**: (1) This Schedule applies where— (a) a write-down order has been made under section 377A in relation to an insurer, and (b) one or more persons have been… - **Sch. 19A para. 2 Status of the manager**: The manager is an officer of the court. - **Sch. 19A para. 3 Monitoring the insurer’s affairs**: (1) The manager must monitor the insurer’s affairs for the purpose of forming a view as to whether— (a) it remains the case that the write-down order is… - **Sch. 19A para. 4 Application by manager to revoke or vary a write-down order**: (1) This paragraph applies if the manager forms the view that it is in the interests of the insurer’s policyholders and other creditors (taken as a whole) for… - **Sch. 19A para. 5 Provision of information and assistance to the manager**: (1) The manager may require a relevant person to provide such information or assistance as the manager may reasonably require for the purpose of carrying out… - **Sch. 19A para. 6 Application by manager for directions**: The manager may apply to the court for directions about the carrying out of the manager’s functions. - **Sch. 19A para. 7 Challenges to the manager’s actions**: (1) Any of the following persons may apply to the court on the ground that an act, omission or decision of the manager has unfairly harmed the interests of the… ### SCHEDULE 19B - **Sch. 19B para. 1 Application of this Part of this Schedule**: (1) This Part of this Schedule applies in relation to an insurer— (a) during the period— (i) beginning with the date on which an application is made for a… - **Sch. 19B para. 2 Moratorium on proceedings**: (1) Where this Part of this Schedule applies in relation to an insurer, except with the permission of the court— (a) no step may be taken to enforce security… - **Sch. 19B para. 3 Exceptions**: (1) This Part of this Schedule does not apply in relation to— (a) arrangements entered into after the date on which this Part of this Schedule first applied in… - **Sch. 19B para. 4 Application of this Part of this Schedule**: This Part of this Schedule applies while a write-down order has effect in relation to one or more liabilities of an insurer. - **Sch. 19B para. 5 Dealing with assets**: etc — Sch. 19B para. 5 — Dealing with assets The insurer may not dispose of, or otherwise deal with, any of its assets (whether in the United Kingdom or… - **Sch. 19B para. 6 Paying variable remuneration**: The insurer may not pay variable remuneration that is not regulated by a collective bargaining agreement, except with the consent of the PRA. - **Sch. 19B para. 7 Distributions**: The insurer may not make a distribution, within the meaning of Part 23 of the Companies Act 2006, except with the consent of the PRA. - **Sch. 19B para. 8 Application of this Part of this Schedule**: (1) This Part of this Schedule applies in relation to a liability of an insurer while the value of the liability is reduced under a write-down order. (2) Where… - **Sch. 19B para. 9 Relevant insolvency provisions**: (1) In determining the value of the liability for the purposes of a relevant insolvency provision, no account is to be taken of the contingent or prospective… - **Sch. 19B para. 10 Reinsurance contracts**: (1) This paragraph applies where— (a) the liability is a liability under a contract of insurance the insurer carries out as principal (“contract A”), and (b)… - **Sch. 19B para. 11**: (1) This Part of this Schedule applies where— (a) the value of a liability of an insurer is reduced under a write-down order, (b) while the write-down order… ### SCHEDULE 19C - **Sch. 19C para. 1 Application of this Schedule**: This Schedule applies in relation to an insurer while the insurer is in financial difficulties. - **Sch. 19C para. 2 “Financial difficulties”**: (1) An insurer is in “financial difficulties” for the purposes of this Schedule if— (a) Part 1 of Schedule 19B (write-down orders: restrictions on enforcement)… - **Sch. 19C para. 3 Restriction on policyholder surrender rights**: (1) Where this Schedule applies in relation to an insurer, the total value of a policyholder’s rights under a relevant contract of insurance which the… - **Sch. 19C para. 4 Switching rights**: (1) This paragraph applies where the value of a right under a relevant contract of insurance is wholly or partly determined by reference to property of any… - **Sch. 19C para. 5 Consent to exceed surrender limit**: (1) Paragraph 3(1) does not apply if, or to the extent that, consent for the surrender of an amount that would exceed the surrender limit for the relevant… - **Sch. 19C para. 6 Relevant contracts**: (1) For the purposes of this Part of this Schedule, a contract to which an insurer is a party is a “relevant contract” if it is— (a) a contract for the supply… - **Sch. 19C para. 7 Restriction on termination etc**: (1) Where this Schedule applies in relation to an insurer, a provision of a relevant contract, entered into by the insurer before the insurer first enters into… - **Sch. 19C para. 8 Consent to terminate relevant contracts**: (1) Sub-paragraph (2) applies where— (a) a provision of a relevant contract ceases to have effect under paragraph 7(1), or (b) an entitlement under a provision… - **Sch. 19C para. 9 Exclusions**: and disapplication of this Schedule — Sch. 19C para. 9 — Exclusions (1) Nothing in this Schedule affects the operation of— (a) Part 7 of the Companies Act 1989… - **Sch. 19C para. 10 Disapplication of this Schedule by the court**: (1) The court may order that this Schedule, or a specified provision of this Schedule— (a) does not apply (insofar as it would otherwise) in relation to one or… - **Sch. 19C para. 11 Procedure**: (1) An order under paragraph 10 may be made on the court’s own motion or on an application by— (a) where the insurer is in financial difficulties by virtue of… - **Sch. 19C para. 12**: The Treasury may by regulations amend this Schedule so as to— (a) vary or omit any of paragraphs (a), (b) and (c) of paragraph 2(1); (b) change the percentage… ### SCHEDULE 20 - **Sch. 20 para. 1**: In Part III of Schedule 1 to the House of Commons Disqualification Act 1975 (disqualifying offices)— (a) omit— Any member of the Financial Services Tribunal in… - **Sch. 20 para. 2**: In Part III of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (disqualifying offices)— (a) omit— Any member of the Financial Services… - **Sch. 20 para. 3**: In paragraph 10 of Schedule 5 to the Civil Jurisdiction and Judgments Act 1982 (proceedings excluded from the operation of Schedule 4 to that Act), for… - **Sch. 20 para. 4**: (1) The Income and Corporation Taxes Act 1988 is amended as follows. (2) In section 76 (expenses of management: insurance companies), in subsection (8), omit… - **Sch. 20 para. 5**: (1) The Finance Act 1991 is amended as follows. (2) In section 47 (investor protection schemes), omit subsections (1), (2) and (4). (3) In section 116… - **Sch. 20 para. 7**: (1) The Judicial Pensions and Retirement Act 1993 is amended as follows. (2) … (3) In Schedule 5 (relevant offices in relation to retirement provisions)— (a)… ### SCHEDULE 21 - **Sch. 21 para. 1**: (1) No new application under section 9 of the 1986 Act (application for recognition) may be entertained. (2) No outstanding application made under that section… - **Sch. 21 para. 2**: (1) No new application under paragraph 2 of Schedule 11 to the 1986 Act (application for recognition) may be entertained. (2) No outstanding application made… --- Consilena is a software provider, not a law firm. AI output is not legal advice: consult a licensed lawyer in the relevant jurisdiction. Page: https://consilena.com/coverage/laws/stat_uk_ukpga_2000_8. Index of every page: https://consilena.com/llms.txt.