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Financial Services and Markets Act 2000 (c. 8) (FSMA 2000)Introductory TextPart I The Regulator (ss. 1-18) [Substituted with new Part IA]1. The Financial Services Authority [Substituted with new Part IA]The Authority's general duties (s. 2) [Substituted with new Part IA]2. The Authority's general duties [Substituted with new Part IA]The regulatory objectives (ss. 3-6) [Substituted with new Part IA]3. Market confidence [Substituted with new Part IA]3A. Financial stability [Substituted with new Part IA]4. Public awareness5. The protection of consumers [Substituted with new Part IA]6. The reduction of financial crime [Substituted with new Part IA]Enhancing public understanding of financial matters etc (s. 6A) [Substituted with new Part IA]6A. Enhancing public understanding of financial matters etc [Substituted with new Part IA]Corporate governance (s. 7) [Substituted with new Part IA]7. Duty of Authority to follow principles of good governance [Substituted with new Part IA]Arrangements for consulting practitioners and consumers (ss. 8-11) [Substituted with new Part IA]8. The Authority's general duty to consult [Substituted with new Part IA]9. The Practitioner Panel [Substituted with new Part IA]10. The Consumer Panel [Substituted with new Part IA]11. Duty to consider representations by the Panels [Substituted with new Part IA]Reviews (ss. 12-13) [Substituted with new Part IA]12. Reviews [Substituted with new Part IA]13. Right to obtain documents and information [Substituted with new Part IA]Inquiries (ss. 14-18) [Substituted with new Part IA]14. Cases in which the Treasury may arrange independent inquiries [Substituted with new Part IA]15. Power to appoint person to hold an inquiry [Substituted with new Part IA]16. Powers of appointed person and procedure [Substituted with new Part IA]17. Conclusion of inquiry [Substituted with new Part IA]18. Obstruction and contempt [Substituted with new Part IA]Part IA The Regulators (ss. 1A-3T)Chapter 1 The Financial Conduct Authority (ss. 1A-1T)The Financial Conduct Authority (s. 1A)1A. The Financial Conduct AuthorityThe FCA's general duties (ss. 1B-1E)1B. The FCA's general duties1C. The consumer protection objective1D. The integrity objective1E. The competition objective1EB. Competitiveness and growth objectiveInterpretation of terms used in relation to FCA's general duties (ss. 1F-1I)1F. Meaning of "relevant markets" in strategic objective1G. Meaning of "consumer"1H. Further interpretative provisions for sections 1B to 1G1I. Meaning of "the UK financial system"Modifications applying if core activity not regulated by PRA (s. 1IA)1IA. Modifications applying if core activity not regulated by PRAPower to amend objectives (s. 1J)1J. Power to amend objectivesRecommendations (ss. 1JA)1JA. Recommendations by Treasury in connection with general dutiesGuidance about objectives (s. 1K)1K. Guidance about objectivesSupervision, monitoring and enforcement (s. 1L)1L. Supervision, monitoring and enforcementArrangements for consulting practitioners and consumers (ss. 1M-1RA)1M. The FCA's general duty to consult1MA. Composition of Panels1N. The FCA Practitioner Panel1O. The Smaller Business Practitioner Panel1P. The Markets Practitioner Panel1Q. The Consumer Panel1QA. The Listing Authority Advisory Panel1R. Duty to consider representations made by the Panels1RA. Statement of policy on panel appointmentsRequirements for public consultation (s. 1RB)1RB. Requirements in connection with public consultationsReviews (ss. 1S-1T)1S. Reviews1T. Right to obtain documents and informationChapter 2 The Prudential Regulation Authority (ss. 2A-2P)The Prudential Regulation Authority (s. 2A-2AB)2A. The Prudential Regulation Authority2AB. Functions of the PRAThe PRA's general duties (ss. 2B-2J)2B. The PRA's general objective2C. Insurance objective2D. Power to provide for additional objectives2E. Strategy2F. Interpretation of references to objectives2G. Limit on effect of sections 2B to 2D2H. Secondary objectives and duty to have regard to regulatory principles2I. Guidance about objectives2J. Interpretation of Chapter 2Supervision (s. 2K)2K. Arrangements for supervision of PRA-authorised personsArrangements for consulting practitioners (ss. 2L-2NA)2L. The PRA's general duty to consult2LA. Composition of Panels2M. The PRA Practitioner Panel2MA. The Insurance Practitioner Panel2N. Duty to consider representations2NA. Statement of policy on panel appointmentsRequirements for public consultation (s. 2NB)2NB. Requirements in connection with public consultationsReviews (ss. 2O-2P)2O. Reviews2P. Right to obtain documents and informationChapter 3 Further provisions relating to FCA and PRA (ss. 3A-3T)Introductory (s. 3A)3A. Meaning of "regulator"Regulatory principles (s. 3B)3B. Regulatory principles to be applied by both regulatorsCorporate governance (s. 3C)3C. Duty to follow principles of good governanceRelationship between FCA and PRA (ss. 3D-3H)3D. Duty of FCA and PRA to ensure co-ordinated exercise of functions3E. Memorandum of understanding3F. With-profits insurance policies3G. Power to establish boundary between FCA and PRA responsibilities3H. Parliamentary control of orders under section 3GPower of PRA to restrain proposed action by FCA (ss. 3I-3L)3I. Power of PRA to require FCA to refrain from specified action3J. Power of PRA in relation to with-profits policies3K. Revocation of directions under section 3I or 3J3L. Further provisions about directions under section 3I or 3JDirections relating to consolidated supervision (ss. 3M-3P)3M. Directions relating to consolidated supervision of groups3N. Revocation of directions under section 3M3O. Further provisions about directions under section 3M3P. Consultation by regulator complying with directionCo-operation with Bank of England (s. 3Q)3Q. Co-operation by FCA with Bank of EnglandArrangements for provision of services (s. 3R)3R. Arrangements for provision of servicesRules (ss. 3RA-3RE)3RA. Duty of FCA and PRA to review rules3RB. Statement of policy relating to review of rules3RC. Requirement to review specified rules3RD. Report on certain reviews3RE. Power of Treasury to require making of rules by regulationsEnhancing public understanding of financial matters etc. (s. 3S)3S. The consumer financial education bodyInterpretation (s. 3T)3T. InterpretationPart II Regulated and Prohibited Activities (ss. 19-30)The general prohibition (s. 19)19. The general prohibitionRequirement for permission (s. 20)20. Authorised persons acting without permissionFinancial promotion (s. 21)21. Restrictions on financial promotionRegulated activities (ss. 22-22B)22. Regulated activities22A. Designation of activities requiring prudential regulation by PRA22B. Parliamentary control in relation to certain orders under section 22AOffences (ss. 23-25)23. Contravention of the general prohibition or section 20(1) or (1A)23A. Parliamentary control in relation to certain orders under section 2324. False claims to be authorised or exempt25. Contravention of section 21Enforceability of agreements (ss. 26-30)26. Agreements made by unauthorised persons26A. Agreements relating to credit27. Agreements made through unauthorised persons28. Agreements made unenforceable by section 26 or 27: general cases28A. Credit-related agreements made unenforceable by section 26, 26A or 2728B. Decisions under section 28A: procedure29. Accepting deposits in breach of general prohibition30. Enforceability of agreements resulting from unlawful communicationsPart III Authorisation and Exemption (ss. 31-39A)Authorisation (ss. 31-32A)31. Authorised persons32. Partnerships and unincorporated associations32A. Gibraltar-based personsEnding of authorisation (ss. 33-36)33. Withdrawal of authorisation34. EEA firms35. Treaty firms36. Authorised open-ended investment companiesUK-based persons carrying on activities in Gibraltar (s. 36A)36A. UK-based persons carrying on activities in GibraltarExercise of EEA rights by UK firms (s. 37)37. Exercise of EEA rights by UK firmsExemption (ss. 38-39A)38. Exemption orders39. Exemption of appointed representatives39A. Certain tied agents operating outside United KingdomPart IV Permission to Carry on Regulated Activities (ss. 40-55) [Substituted with new Part IVA]Application for permission (ss. 40-41) [Substituted with new Part IVA]40. Application for permission [Substituted with new Part IVA]41. The threshold conditions [Substituted with new Part IVA]Permission (ss. 42-43) [Substituted with new Part IVA]42. Giving permission [Substituted with new Part IVA]43. Imposition of requirements [Substituted with new Part IVA]Variation and cancellation of Part IV permission (ss. 44-48) [Substituted with new Part IVA]44. Variation etc. at request of authorised person [Substituted with new Part IVA]45. Variation etc. on the Authority's own initiative [Substituted with new Part IVA]46. Variation of permission on acquisition of control [Substituted with new Part IVA]47. Exercise of power in support of overseas regulator [Substituted with new Part IVA]48. Prohibitions and restrictions [Substituted with new Part IVA]Connected persons (s. 49) [Substituted with new Part IVA]49. Persons connected with an applicant [Substituted with new Part IVA]Additional permissions (s. 50) [Substituted with new Part IVA]50. Authority's duty to consider other permissions etc. [Substituted with new Part IVA]Procedure (ss. 51-54) [Substituted with new Part IVA]51. Applications under this Part [Substituted with new Part IVA]52. Determination of applications [Substituted with new Part IVA]53. Exercise of own-initiative power: procedure [Substituted with new Part IVA]54. Cancellation of Part IV permission: procedure [Substituted with new Part IVA]Notification (ss. 54A-54B) [Substituted with new Part IVA]54A. Notification of ESMA [Substituted with new Part IVA]54B. Notification of EBA [Substituted with new Part IVA]References to the Tribunal (s. 55) [Substituted with new Part IVA]55. Right to refer matters to the Tribunal [Substituted with new Part IVA]Part IVA Permission to Carry on Regulated Activities (ss. 55A-55Z4)Application for permission (ss. 55A-55G)55A. Application for permission55B. The threshold conditions55C. Power to amend Schedule 655D. Firms based outside the United Kingdom55E. Giving permission: the FCA55F. Giving permission: the PRA55G. Giving permission: special casesVariation and cancellation of Part 4A permission (ss. 55H-55KA)55H. Variation by FCA at request of authorised person55I. Variation by PRA at request of authorised person55J. Variation or cancellation on initiative of regulator55JA. Variation or cancellation on initiative of FCA: additional power55K. Investment firms: particular conditions that enable cancellation55KA. Insurance undertakings, reinsurance undertakings and third-country insurance undertakings: particular conditions that enable cancellationImposition and variation of requirements (ss. 55L-55PB)55L. Imposition of requirements by FCA55M. Imposition of requirements by PRA55N. Requirements under section 55L or 55M: further provisions55NA. General requirement relating to financial promotion approval55NB. Section 55NA: power to provide for exemptions55O. Imposition of requirements on acquisition of control55P. Prohibitions and restrictions55PA. Assets requirements imposed on insurance undertakings or reinsurance undertakings55PB. Requirements relating to general meetingsExercise of power in support of overseas regulator (s. 55Q)55Q. Exercise of power in support of overseas regulatorConnected persons (s. 55R)55R. Persons connected with an applicantAdditional permissions (s. 55S)55S. Duty of FCA or PRA to consider other permissionsPersons whose interests are protected (s. 55T)55T. Persons whose interests are protectedProcedure (ss. 55U-55Z)55U. Applications under this Part55V. Determination of applications55W. Applications under this Part: communications between regulators55X. Determination of applications: warning notices and decision notices55XA. Applications relating to administering a benchmark55Y. Exercise of own-initiative power: procedure55Z. Cancellation of Part 4A permission or permission under section 55NA: procedureNotification (ss. 55Z1-55Z2A)55Z1. Notification of ESMA55Z2. Notification of EBA55Z2A. Notification of the European bodiesReferences to the Tribunal (s. 55Z3)55Z3. Right to refer matters to the TribunalInterpretation (s. 55Z4)55Z4. Interpretation of Part 4APart V Performance of Regulated Activities (ss. 56-71I)Prohibition orders (ss. 56-58)56. Prohibition orders57. Prohibition orders: procedure and right to refer to Tribunal58. Applications relating to prohibitions: procedure and right to refer to TribunalApproval (ss. 59-63ZE)59. Approval for particular arrangements59ZA. Senior management functions59ZB. Designated senior management functions59A. Specifying functions as controlled functions: supplementary59AB. Specifying functions as controlled functions: transitional provision59B. Role of FCA in relation to PRA decisions60. Applications for approval60A. Vetting of candidates by authorised persons61. Determination of applications62. Applications for approval: procedure and right to refer to Tribunal62A. Changes in responsibilities of senior managers63. Withdrawal of approval63ZA. Variation of senior manager's approval at request of authorised person63ZB. Variation of senior manager's approval on initiative of regulator63ZC. Exercise of power under section 63ZB: procedure63ZD. Statement of policy relating to conditional approval and variation63ZE. Statement of policy: procedurePerformance of controlled functions without approval (ss. 63A-63D)63A. Power to impose penalties63B. Procedure and right to refer to Tribunal63C. Statement of policy63D. Statement of policy: procedureCertification of employees (ss. 63E-63F)63E. Certification of employees by authorised persons63F. Issuing of certificatesConduct of approved persons (ss. 64-65)64. Conduct: statements and codes65. Statements and codes: procedureConduct of approved persons and others (ss. 64A-70)64A. Rules of conduct64B. Rules of conduct: responsibilities of authorised persons64C. Requirement for authorised persons to notify regulator of disciplinary action66. Disciplinary powers66A. Misconduct: action by the FCA66B. Misconduct: action by the PRA67. Disciplinary measures: procedure and right to refer to Tribunal68. Publication69. Statement of policy70. Statements of policy: procedureBreach of statutory duty (s. 71)71. Actions for damagesRelevant authorised person (s. 71A)71A. Meaning of "relevant authorised person"Removal of directors and senior executives and appointment of temporary manager (ss. 71B-71I)71B. Removal of directors and senior executives71C. Temporary manager71D. Sections 71B and 71C: conditions71E. Temporary manager: further provisions in relation to the appointment71F. Temporary manager: instrument of appointment71G. Right to refer matters to the Tribunal71H. Removal of directors and senior executives and appointment of temporary manager: procedure71I. Sections 71B to 71H: interpretationApplication of this Part to Gibraltar-based persons (s. 71J)71J. Application of this Part to Gibraltar-based personsPart VA Designated activities (ss. 71K-71Y)Chapter 1 General Provisions (ss. 71K-71S)71K Designated activities71L Restrictions on carrying on of designated activities71M Designated activity regulations: general71N Designated activities: rules71O Designated activities: directions71P Designated activities: liability71Q Designated activities: enforcement71R Designated activities and rules: connected amendments71S Designated activities regulations: Parliamentary controlChapter 2 Provisions relating to particular designated activities (ss. 71T-71Y)"Relevant designated activity" and "relevant Part 5A requirement" (s. 71T)71T. Meaning of "relevant designated activity" and "relevant Part 5A requirement"Procedure relating to relevant Part 5A directions (ss. 71U-71Y)71U. Meaning of "relevant Part 5A direction" for purposes of this Chapter71V. Procedure for giving, varying or revoking relevant Part 5A direction71W. Application for variation or revocation of relevant Part 5A direction71X. Determination of application under section 71W71Y. Relevant Part 5A direction: right to refer to TribunalPart VI Official Listing (ss. 72-103)The competent authority (ss. 72-73)72. The competent authority73. General duty of the competent authorityRules (s. 73A)73A. Part 6 RulesThe official list (s. 74)74. The official listListing (ss. 75-78A)75. Applications for listing76. Decision on application77. Discontinuance and suspension of listing78. Discontinuance or suspension: procedure78A. Discontinuance or suspension at the request of the issuer: procedureListing particulars (ss. 79-83)79. Listing particulars and other documents80. General duty of disclosure in listing particulars81. Supplementary listing particulars82. Exemptions from disclosure83. Registration of listing particularsContravention of prohibition relating to public offer of securities (ss. 84-87)84. Matters which may be dealt with by prospectus rules85. Contravention of prohibition relating to public offer of securities86. Exempt offers to the public and admissions to trading87. Election to have prospectusApproval of prospectus (ss. 87A-87D)87A. Criteria for approval of prospectus by FCA87B. Exemptions from disclosure87C. Consideration of application for approval87D. Procedure for decision to refuse an application for approvalTransfer of application for approval of a prospectus (ss. 87E-87F)87E. Transfer by FCA of application for approval87F. Transfer to FCA of application for approvalFinal terms (ss. 87FA-87FB)87FA. Final terms87FB. Communication of final terms by FCASupplementary prospectus (s. 87G)87G. Supplementary prospectusPassporting (ss. 87H-87I)87H. Prospectus approved in another EEA State87I. Provision of information to host Member StateTransferable securities: powers of FCA (ss. 87J-87P)87J. Requirements imposed as condition of approval87JA. Power to suspend scrutiny of prospectus87JB. Power to refuse approval of a prospectus87K. Power to suspend, restrict or prohibit offer to the public87L. Power to suspend, restrict or prohibit admission to trading on a regulated market87LA. Power of FCA to suspend or prohibit trading on a trading facility87M. Public censure of issuer87N. Right to refer matters to the Tribunal87O. Procedure under sections 87JA, 87K, 87L and 87LA87P. Exercise of powers at request of competent authority of another EEA StateRights of investors (s. 87Q)87Q. Right of investor to withdrawRegistered investors (s. 87R)87R. Register of investorsSponsors (ss. 88-89)88. Sponsors88A. Disciplinary powers: contravention of s.88(3)(c) or (e)88B. Action under s.88A: procedure and right to refer to Tribunal88C. Action under s.88A: statement of policy88D. Statement of policy under s.88C: procedure88E. Powers exercisable to advance operational objectives88F. Action under s.88E: procedure89. Public censure of sponsorTransparency obligations (ss. 89A-98G)89A. Transparency rules89B. Provision of voteholder information89C. Provision of information by issuers of transferable securities89D. Notification of voting rights held by issuer89E. Notification of proposed amendment of issuer's constitution89F. Transparency rules: interpretation etc89G. Transparency rules: other supplementary provisionsPower of FCA to call for information (ss. 89H-89J)89H. FCA's power to call for information89I. Requirements in connection with call for information89J. Power to call for information: supplementary provisionsPowers exercisable in case of infringement of transparency obligation (ss. 89K-89NA)89K. Public censure of issuer89L. Power to suspend or prohibit trading of securities89M. Procedure under section 89L89N. Right to refer matters to the Tribunal89NA. Voting rights suspension ordersCorporate governance (s. 89O)89O. Corporate governance rulesPrimary information providers (ss. 89P-89W)89P. Primary information providers89Q. Disciplinary powers: contravention of s.89P(4) (b) or (d)89R. Action under s.89Q: procedure and right to refer to Tribunal89S. Action under s.89Q: statement of policy89T. Statement of policy under s.89S: procedure89U. Powers exercisable to advance operational objectives89V. Action under s.89U: procedure89W. Storage of regulated informationCompensation for false or misleading statements etc. (ss. 90-90B)90. Compensation for statements in listing particulars90ZA. Liability for key investor information90A. Liability of issuers in connection with published information90B. Power to make further provision about liability for published informationPenalties (ss. 91-94)91. Penalties for breach of Part 6 rules92. Procedure93. Statement of policy94. Statements of policy: procedureCompetition (s. 95)95. Competition scrutinyMiscellaneous (ss. 96-102)96. Obligations of issuers of listed securities96A. Disclosure of information requirements96B. Disclosure rules: persons responsible for compliance96C. Suspension of trading97. Appointment by FCA of persons to carry out investigations97A. Reporting of infringements98. Advertisements etc. in connection with listing applications99. Fees100. Penalties100A. Exercise of powers where UK is host member state101. Listing rules: general provisions102. Exemption from liability in damagesInterpretative provisions (ss. 102A-103)102A. Meaning of "securities" etc.102B. Meaning of "offer of transferable securities to the public" etc.102C. Meaning of "home State" in relation to transferable securities103. Interpretation of this PartPart VII Control of Business Transfers (ss. 103A-117)103A. Meaning of "the appropriate regulator"104. Control of business transfers105. Insurance business transfer schemes106. Banking business transfer schemes106A. Reclaim fund business transfer scheme106B. Ring-fencing transfer scheme107. Application for order sanctioning transfer scheme108. Requirements on applicants109. Scheme reports: insurance business transfer schemes109A. Scheme reports: ring-fencing transfer schemes110. Right to participate in proceedings111. Sanction of the court for business transfer schemes112. Effect of order sanctioning business transfer scheme112ZA. Duty of regulator to provide copy of order112A. Rights to terminate etc.113. Appointment of actuary in relation to reduction of benefits114. Rights of certain policyholders114A. Notice of transfer of reinsurance contractsBusiness transfers outside the United Kingdom (ss. 115-116)115. Certificates for purposes of insurance business transfers overseas116. Effect of insurance business transfers authorised in other EEA StatesModifications (s. 117)117. Power to modify this PartDraft Part 7A Unilateral changes to pension schemes (ss. 117A-117I)Draft 117A. Pension schemes to which this Part appliesDraft 117B. Unilateral changesDraft 117C. Effect of transfer of pension pot on membership of scheme etcDraft 117D. Best interests testDraft 117E. Certification by independent personDraft 117F. Unilateral change noticeDraft 117G. Further duties to make FCA general rulesDraft 117H. Treasury regulationsDraft 117I. Interpretation of PartPart VIII Provisions relating to market abuse (ss. 118-131AE)Market abuse (ss. 118-118C)118. Market abuse118A. Supplementary provision about certain behaviour118B. Insiders118C. Inside informationThe code (ss. 119-122)119. The code120. Provisions included in the FCA's code by reference to the City Code121. Codes: procedure122. Effect of the codePowers to require information and supplemental provisions (ss. 122A-122F)122A. Power to require information from issuers122B. General power to require information122C. Power to require information: supplementary122D. Entry of premises under warrant122E. Retention of documents taken under section 122D122F. OffencesOther administrative powers (ss. 122G-122IA)122G. Publication of information and corrective statements by issuers122H. Publication of corrective statements generally122HA. Publication of corrective statements relating to benchmarks122I. Power to suspend trading in financial instruments122IA. Power to suspend auctioning of auctioned products on a recognised auction platformAdministrative sanctions (ss. 123-123C)123. Power to impose penalties or issue censure123A. Power to prohibit individuals from managing or dealing123B. Suspending permission to carry on regulated activities etc123C. Exercise of administrative sanctionsStatement of policy (ss. 124-125)124. Statement of policy125. Statement of policy: procedureProcedure (ss. 126-127A)126. Warning notices127. Decision notices and right to refer to Tribunal127A. Consultation with the PRA in relation to administrative sanctionsMiscellaneous (ss. 128-131AE)128. Suspension of investigations129. Power of court to impose administrative sanctions in cases of market abuse130. Guidance130A. Interpretation and supplementary provision131. Effect on transactions131A. Protected Disclosures131AA. Reporting of infringements131AB. Interpretation131AC. Meaning of "persons closely associated" in the market abuse regulation131AD. Individual liability in respect of legal persons under Articles 8 and 12 of the market abuse regulation131AE. Liability for contraventions of Article 14 or 15 of the market abuse regulationPart VIIIA Short selling (ss. 131B-131L)Short selling rules (ss. 131B-131D)131B. Short selling rules131C. Short selling rules: definitions etc131D. Short selling rules: procedure in urgent casesPower to require information (ss. 131E-131FC)131E. Power to require information131F. Power to require information: supplementary131FA. Investigations in support of overseas regulator131FB. Entry of premises under warrant131FC. Retention of documents taken under section 131FBBreach of short selling regulation etc (ss. 131G-131L)131G. Power to impose penalty or issue censure131H. Procedure and right to refer to Tribunal131I. Duty on publication of statement131J. Imposition of penalties under section 131G: statement of policy131K. Statement of policy: procedure131L. OffencesPart VIIIB Cash access services (ss. 131M-131Z2)Introductory (ss. 131M-131O)131M. Overview131N. Cash access services and coordination arrangements131O. Current accounts and relevant current account providersCash access policy statement (ss. 131P-131Q)131P. Cash access policy statement131Q. Provision of reports to assist the TreasuryDesignation (ss. 131R-131T)131R. Designation131S. Designation criteria131T. Cancellation or variation of a designation noticeSupervision of designated persons (ss. 131U-131Z2)131U. Purpose for which FCA must exercise functions under this Part131V. FCA rules131W. Power to direct designated persons131X. Procedure for directions131Y. Information gathering and investigations131Z. Disciplinary measures131Z1. Costs of supervision131Z2. Exclusion and modification of other FCA dutiesPart IX Hearings and Appeals (ss. 132-137)132. The Financial Services and Markets Tribunal133. Proceedings before Tribunal: general provision133A. Proceedings before Tribunal: decision and supervisory notices, etc.133B. OffencesLegal assistance before the Tribunal (ss. 134-136)134. Legal assistance scheme135. Provisions of the legal assistance scheme136. Funding of the legal assistance schemeAppeals (s. 137)137. Appeal on a point of lawPart IXA Rules and Guidance (ss. 137A-141B)Chapter 1 Rule-making powers (ss. 137A-137T)General rule-making powers of the FCA and the PRA (ss. 137A-137N)137A. The FCA's general rules137AA. The FCA's general rules: Gibraltar137B. FCA general rules: clients' money, right to rescind etc.137C. FCA general rules: cost of credit and duration of credit agreements137D. FCA general rules: product intervention137E. Orders under s.137D(1)(b)137F. Rules requiring participation in benchmark137FA. FCA general rules: disclosure of information about pension scheme transaction costs etc137FAA. FCA general rules: pensions dashboards137FAB. Pensions dashboards: further provision137FAC. Sections 137FAA and 137FAB: supplementary137FB. FCA general rules: disclosure of information about the availability of pensions guidance137FBA. FCA general rules: advice about transferring or otherwise dealing with annuity payments137FBB. FCA general rules: early exit pension chargesDraft 137FBC. FCA general rules: regulation of consolidator pension schemesDraft 137FBD. FCA general rules: guided retirement137FC. FCA rules: disclosure of information about the availability of financial guidance137FD. FCA general rules: charges for claims management services137G. The PRA's general rules137GA. The PRA's general rules: Gibraltar137H. General rules about remuneration137I. Remuneration policies: Treasury direction to consider compliance137J. Rules about recovery plans: duty to consult137K. Rules about resolution packs: duty to consult137L. Interpretation of sections 137J and 137K137M. Special provision relating to adequacy of resolution plans137N. Recovery plans and resolution packs: restriction on duty of confidenceSpecific rule-making powers (ss. 137O-137SB)137O. Threshold condition code137P. Control of information rules137Q. Price stabilising rules137R. Financial promotion rules137S. Financial promotion rules: directions given by FCA137SA Rules to recover expenses relating to the Money and Pensions Service137SB Rules to recover debt advice expenses incurred by the devolved authoritiesSupplementary powers (s. 137T)137T. General supplementary powersChapter 2 Rules: modification, waiver, contravention and procedural provisions (ss. 138A-138O)Modification or waiver of rules (ss. 138A-138BA)138A. Modification or waiver of rules138B. Publication of directions under section 138A138BA. Disapplication or modification of rules in individual casesContravention of rules (ss. 138C-138E)138C. Evidential provisions138D. Actions for damages138E. Limits on effect of contravening rulesProcedural provisions (ss. 138EA-138O)138EA. Matters to consider when making rules138F. Notification of rules138G. Rule-making instruments138H. Verification of rules138I. Consultation by the FCA138IA. FCA Cost Benefit Analysis Panel138IB. Statement of policy in relation to cost benefit analyses138J. Consultation by the PRA138JA. PRA Cost Benefit Analysis Panel138JB. Statement of policy in relation to cost benefit analyses138K. Consultation: mutual societies138L. Consultation: general exemptions138M. Consultation: exemptions for temporary product intervention rules138N. Temporary product intervention rules: statement of policy138O. Statement of policy under section 138N: procedureChapter 2A Technical standards (ss. 138P-138S)138P. Technical standards138Q. Standards instruments138R. Treasury approval138S. Application of Chapters 1 and 2Chapter 3 Guidance (ss. 139A-139B)139A. Power of the FCA to give guidance139B. Notification of FCA guidance to the TreasuryChapter 4 Competition scrutiny (ss. 140A-140H)140A. Interpretation140B. Advice about effect of regulating provision or practice140C. Consultation with regulator140D. Investigation powers of CMA140E. Publication by CMA of section 140B advice140F. Duty of CMA to send report to regulator140G. Duty of regulator to publish response140H. Role of the TreasuryChapter 5 Power to make consequential amendments (ss. 141A-141B)141A. Power to make consequential amendments of references to rules etc.141B. Power to consequentially amend enactmentsPart IXB Ring-fencing (ss. 142A-142Z1)Introductory (ss. 142A-142F)142A. "Ring-fenced body"142B. Core activities142C. Core services142D. Excluded activities142E. Power of Treasury to impose prohibitions142F. Orders under section 142A, 142B, 142D or 142ERing-fenced bodies not to carry on excluded activities or contravene prohibitions (s. 142G)142G. Ring-fenced bodies not to carry on excluded activities or contravene prohibitionsRing-fencing rules (ss. 142H-142J)142H. Ring-fencing rules142I. Powers of Treasury in relation to ring-fencing rules142J. Review of ring-fencing rules etcGroup restructuring powers (ss. 142K-142R)142K. Cases in which group restructuring powers become exercisable142L. Group restructuring powers142M. Procedure: preliminary notices142N. Procedure: warning notice and decision notice142O. References to Tribunal142P. Subsequent variation of requirement or direction142Q. Consultation etc. between regulators142R. Relationship with regulators' powers under Parts 4A and 12AFailure of parent undertaking to comply with direction (ss. 142S-142V)142S. Power to impose penalty or issue censure142T. Procedure and right to refer to Tribunal142U. Duty on publication of statement142V. Imposition of penalties under section 142S: statement of policyPension liabilities (ss. 142W-142X)142W. Pension liabilities142X. Further interpretative provisions for section 142WLoss-absorbency requirements (s. 142Y)142Y. Power of Treasury in relation to loss-absorbency requirementsGeneral (ss. 142Z-142Z1)142Z. Affirmative procedure in relation to certain orders under Part 9B142Z1. Interpretation of Part 9BPart IXC Prudential regulation of FCA investment firms (ss. 143A-143Z)Interpretation (ss. 143A-143B)143A. FCA investment firms143B. Other terms used in this PartRules (s. 143C-143I)143C. Duty to make rules applying to FCA investment firms143D. Duty to make rules applying to parent undertakings143E. Powers to make rules applying to parent undertakings143F. Part 9C rules143G. Matters to consider when making Part 9C rules143H. Explanation to accompany consultation on rules143I. Exceptions from sections 143G and 143HRequirement to have UK parent undertaking (s. 143J)143J. Requirement to have UK parent undertakingImposition of requirements on non-authorised parent undertakings (ss. 143K-143Q)143K. Imposition of requirements on non-authorised parent undertakings143L. Applications under section 143K143M. Determination of applications under section 143K143N. Refusal of applications under section 143K143O. Exercise of own-initiative power under section 143K143P. Right to refer matters to the Tribunal143Q. Assets requirementsControl of managers etc of non-authorised parent undertakings (ss. 143R-143V)143R. Managers of non-authorised parent undertakings143S. Part 9C prohibition orders143T. Procedure for making a Part 9C prohibition order143U. Varying and withdrawing a Part 9C prohibition order143V. Offence of breaching a Part 9C prohibition orderDisciplinary measures for non-authorised parent undertakings (ss. 143W-143Z)143W. Disciplinary measures143X. Procedure for disciplinary measures143Y. Statement of policy for penalties under section 143W143Z. Procedure for statement of policyPart IXD Prudential regulation of credit institutions etc (ss. 144A-144H)Interpretation (ss. 144A-144B)144A. CRR rules144B. Terms used in this PartMaking CRR rules (ss. 144C-144F)144C. Matters to consider when making CRR rules144D. Explanation to accompany consultation on CRR rules144E. Exceptions from sections 144C and 144D etc144F. Power to consequentially amend enactmentsContent of CRR rules (ss. 144G-144H)144G. Disapplication or modification of CRR rules in individual cases144H. Relationship with the capital requirements regulationPart X Rules and Guidance (ss. 138-164) [Substituted with new Part IXA]Chapter I Rule-making Powers (ss. 138-156) [Substituted with new Part IXA]138. General rule-making power [Substituted with new Part IXA]139. Miscellaneous ancillary matters [Substituted with new Part IXA]139A. General rules about remuneration [Substituted with new Part IXA]139B. Rules about recovery plans [Substituted with new Part IXA]139C. Rules about resolution plans [Substituted with new Part IXA]139D. Sections 139B and 139C: interpretation [Substituted with new Part IXA]139E. Rules about recovery and resolution plans: supplementary provision [Substituted with new Part IXA]139F. Special provision in relation to resolution plans [Substituted with new Part IXA]140. Restriction on managers of certain collective investment schemes [Substituted with new Part IXA]141. Insurance business rules [Substituted with new Part IXA]142. Insurance business: regulations supplementing Authority's rules [Substituted with new Part IXA]143. Endorsement of codes etc.Specific rules (ss. 144-147) [Substituted with new Part IXA]144. Price stabilising rules [Substituted with new Part IXA]145. Financial promotion rules [Substituted with new Part IXA]146. Money laundering rules [Substituted with new Part IXA]147. Control of information rules [Substituted with new Part IXA]Modification or waiver (s. 148) [Substituted with new Part IXA]148. Modification or waiver of rules [Substituted with new Part IXA]Contravention of rules (ss. 149-151) [Substituted with new Part IXA]149. Evidential provisions [Substituted with new Part IXA]150. Actions for damages [Substituted with new Part IXA]151. Limits on effect of contravening rules [Substituted with new Part IXA]Procedural provisions (ss. 152-156) [Substituted with new Part IXA]152. Notification of rules to the Treasury [Substituted with new Part IXA]153. Rule-making instruments [Substituted with new Part IXA]154. Verification of rules [Substituted with new Part IXA]155. Consultation [Substituted with new Part IXA]156. General supplementary powers [Substituted with new Part IXA]Chapter II Guidance (ss. 157-158A) [Substituted with new Part IXA]157. Guidance [Substituted with new Part IXA]158. Notification of guidance to the Treasury [Substituted with new Part IXA]158A. Guidance on outsourcing by investment firms and credit institutions [Substituted with new Part IXA]Chapter III Competition scrutiny (ss. 159-164) [Substituted with new Part IXA]159. Interpretation [Substituted with new Part IXA]160. Reports by OFT [Substituted with new Part IXA]161. Power of OFT to request information [Substituted with new Part IXA]162. Consideration by Competition Commission [Substituted with new Part IXA]163. Role of the Treasury [Substituted with new Part IXA]164. The Competition Act 1998 [Substituted with new Part IXA]Part XI Information Gathering and Investigations (ss. 165-177A)Powers to gather information (ss. 165-166A)165. Regulators' power to require information: authorised persons etc165A. PRA's power to require information: financial stability165B. Safeguards etc in relation to exercise of power under section 165A165C. Orders under section 165A(2)(d)166. Reports by skilled persons166A. Appointment of skilled person to collect and update informationAppointment of investigators (ss. 167-168)167. Appointment of persons to carry out general investigations168. Appointment of persons to carry out investigations in particular casesAssistance to overseas regulators (ss. 169-169A)169. Investigations etc. in support of overseas regulator169A. Support of overseas regulator with respect to financial stabilityConduct of investigations (ss. 170-176A)170. Investigations: general171. Powers of persons appointed under section 167172. Additional power of persons appointed as a result of section 168(1), (4) or (4B)173. Powers of persons appointed as a result of section 168(2)174. Admissibility of statements made to investigators175. Information and documents: supplemental provisions176. Entry of premises under warrant176A. Retention of documents taken under section 176Offences (s. 177)177. OffencesInterpretation (s. 177A)177A. Interpretation of Part 11Part XII Control Over Authorised Persons (ss. 178-192)Notices of acquisitions of control over UK authorised persons (ss. 178-180)178. Obligation to notify the appropriate regulator: acquisitions of control179. Requirements for section 178 notices180. Acknowledgment of receiptAcquiring control and other changes of holding (ss. 181-184)181. Acquiring control182. Increasing control183. Reducing or ceasing to have control184. Disregarded holdingsAssessment procedure (ss. 185-191)185. Assessment: general186. Assessment criteria187. Approval with conditions187A. Assessment: consultation by PRA with FCA187B. Assessment: consultation by FCA with PRA187C. Variation etc of conditions188. Assessment: consultation with EC competent authorities189. Assessment: Procedure190. Requests for further information190A. Assessment and resolution191. Duration of approvalEnforcement procedures (ss. 191A-191C)191A. Objection by the appropriate regulator191B. Restriction notices191C. Orders for sale of sharesNotice of reductions of control of UK authorised persons (ss. 191D-191E)191D. Obligation to notify the appropriate regulator: dispositions of control191E. Requirements for notices under section 191DOffences (s. 191F)191F. Offences under this PartInterpretation (s. 191G)191G. InterpretationMiscellaneous (s. 192)192. Power to change definitions of control etc.Part XIIA Powers Exercisable in Relation to Parent Undertakings (ss. 192A-192N)Introductory (ss. 192A-192B)192A. Meaning of "qualifying authorised person"192B. Meaning of "qualifying parent undertaking"Power of direction (ss. 192C-192I)192C. Power to direct qualifying parent undertaking192D. Requirements that may be imposed192E. Direction: procedure192F. Consultation between regulators192G. References to Tribunal192H. Statement of policy: directions under section 192C192I. Statement of policy relating to directions: procedureRules requiring provision of information by parent undertakings (s. 192J)192J. Rules requiring provision of information by parent undertakingsRules applying to parent undertakings of ring-fenced bodies (s. 192JA)192JA. Rules applying to parent undertakings of ring-fenced bodiesRules requiring parent undertakings to facilitate resolution (s. 192JB)192JB. Rules requiring parent undertakings to facilitate resolutionFailure to comply with direction or breach of rules (ss. 192K-192N)192K. Power to impose penalty or issue censure192L. Procedure and right to refer to Tribunal192M. Duty on publication of statement192N. Imposition of penalties under section 192K: statement of policyPart XIIB Approval of certain holding companies (ss. 192O-192Z3)Interpretation (s. 192O)192O. InterpretationApproval (ss. 192P-192X)192P. Requirement for approval192Q. Application for approval or exemption192R. Grant of approval192S. Regulator's duty to monitor192T. Measures192U.Directions: procedure192V. Rules imposing consolidated or sub-consolidated requirements192W. Consultation between regulators192X. References to TribunalRules (ss. 192XA-192XC)192XA. Rules applying to holding companies192XB. Procedural provision192XC. Disapplication or modification of rules in individual casesDisciplinary measures (ss. 192Y-192Z3)192Y. Power to impose penalty or issue censure192Z. Procedure and right to refer to Tribunal192Z1. Duty on publication of statement192Z2. Directions and penalties: statement of policy192Z3. Statement of policy relating to directions: procedurePart XIII Incoming Firms: Intervention by FCA or PRA (ss. 193-204)Interpretation (ss. 193-196)193. Interpretation of this Part194. General grounds on which power of intervention is exercisable194A. Contravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive: appropriate regulator primarily responsible for securing compliance194B. Contravention by relevant EEA firm of requirement in capital requirements directive or capital requirements regulation194C. Contravention by relevant EEA firm with UK branch of requirement in mortgages directive: appropriate regulator primarily responsible for securing compliance194D. Contravention by relevant EEA firm of requirement in insurance distribution directive: appropriate regulator primarily responsible for securing compliance195. Exercise of power in support of overseas regulator195A. Contravention by relevant EEA firm, EEA UCITS or EEA AIFM of directive requirements: home state regulator primarily responsible for securing compliance195B. Contravention by relevant EEA firm of requirement in mortgages directive: home state regulator primarily responsible for securing compliance195C. Contravention by relevant EEA firm of requirement in insurance distribution directive: home state regulator primarily responsible for securing compliance196. The power of interventionExercise of power of intervention (ss. 197-199A)197. Procedure on exercise of power of intervention198. Power to apply to court for injunction in respect of certain overseas insurance companies199. Additional procedure for EEA firms in certain cases199A. Management companies: loss of authorisationSupplemental (ss. 200-202)200. Rescission and variation of requirements201. Effect of certain requirements on other persons202. Contravention of requirement imposed under this PartPowers of Office of Fair Trading (ss. 203-204)203. Power to prohibit the carrying on of Consumer Credit Act business204. Power to restrict the carrying on of Consumer Credit Act businessPart XIIIA Enhanced supervision of firms exercising rights under the Insurance Distribution Directive (ss. 203A-203D)203A. Insurance distribution directive: enhanced supervision of EEA firms by UK regulators203B. Insurance distribution directive: enhanced supervision of UK firms by an EEA regulator203C. Modification or waiver of rules where firm subject to enhanced supervision203D. Publication of directions under section 203CPart XIV Disciplinary Measures (ss. 204A-211)204A. Meaning of "relevant requirement" and "appropriate regulator205. Public censure206. Financial penalties206A. Suspending permission to carry on regulated activities etc206B. Prohibition or restriction on carrying on of relevant designated activities207. Proposal to take disciplinary measures208. Decision notice208A. Applications under section 206B(4): procedure and right to refer to Tribunal209. Publication210. Statements of policy211. Statements of policy: procedurePart XV The Financial Services Compensation Scheme (ss. 212-224A)The scheme manager (s. 212)212. The scheme managerThe scheme (s. 213)213. The compensation schemeProvisions of the scheme (ss. 214-217ZB)214. General214A. Contingency funding214B. Contribution to costs of special resolution regime214C. Limit on amount of special resolution regime payments214D. Contributions under section 214B: supplementary214E. Recapitalisation payments214F. Recapitalisation payment: report214G. Notification to Parliamentary Committees214H. Reimbursement in respect of a recapitalisation payment215. Rights of the scheme in insolvency215A. Continuity etc. of funeral plan contracts215B. Scheme manager's power to require assistance from liquidator etc. in relation to funeral plan contracts216. Continuity of long-term insurance policies217. Insurers in financial difficulties217ZA. Insurers subject to write-down orders217ZB. Recovery of financial assistance under section 217ZARelationship with the regulators (s. 217A)217A. Co-operationAnnual plan and report (ss. 217B-218ZA)217B. Annual plan218. Annual report218ZA. Audit of accountsInformation and documents (ss. 218A-221)218A. Regulators' power to require information218B. Treasury's power to require information from scheme manager219. Scheme manager's power to require information220. Scheme manager's power to inspect information held by liquidator etc.220A. Power to inspect information held by write-down manager221. Powers of court where information requiredMiscellaneous (ss. 221A-224A)221A. Delegation of functions222. Statutory immunity223. Management expenses223A. Investing in National Loans Fund223B. Borrowing from National Loans Fund223C. Payments in error224. Scheme manager's power to inspect documents held by Official Receiver etc.224ZA. Discharge of functions224A. Functions under the Banking Act 2009Part XVA Power to require FSCS manager to act in relation to other schemes (ss. 224B-224F)Introduction (s. 224B)224B. Meaning of "relevant scheme" etcPower to require FSCS manager to act (ss. 224C-224E)224C. Power to require FSCS manager to act on behalf of manager of relevant scheme224D. Cases where FSCS manager may decline to act224E. Grounds for declining to actRules (s. 224F)224F. Rules about relevant schemesPart XVI The Ombudsman Scheme (ss. 225-234B)The scheme (ss. 225-227)225. The scheme and the scheme operator226. Compulsory jurisdiction226A. Consumer credit jurisdiction227. Voluntary jurisdictionDetermination of complaints (ss. 228-230A)228. Determination under the compulsory jurisdiction229. Awards230. Costs230A. Reports of determinationsInformation (ss. 231-233)231. Ombudsman's power to require information232. Powers of court where information required232A. Scheme operator's duty to provide information to FCA233. Data protectionFunding (ss. 234-234A)234. Industry funding234A. Funding by consumer credit licensees etc.Successors to businesses (s. 234B)234B. Transfers of liabilityPart XVIA Consumer protection and competition (ss. 234C-234O)Super-complaints and references to FCA (ss. 234C-234G)234C. Complaints by consumer bodies234D. Reference by scheme operator or regulated person234E. Response by FCA234F. Section 234E: exceptions234G. GuidanceCompetition (ss. 234H-234O)234H. Power of FCA to make request to Competition and Markets Authority234I. The FCA's functions under Part 4 of the Enterprise Act 2002234J. The FCA's functions under the Competition Act 1998234K. Duty to consider exercise of powers under Competition Act 1998234L. Provision of information and assistance to a CMA group234M. Function of keeping market under review234N. Exclusion of general duties234O. Supplementary provisionPart XVII Collective Investment Schemes (ss. 235-284)Chapter I Interpretation (ss. 235-237)235. Collective investment schemes235A. Contractual schemes236. Open-ended investment companies236A. Meaning of "UCITS"237. Other definitionsChapter II Restrictions on Promotion (ss. 238-241)238. Restrictions on promotion239. Single property schemes240. Restriction on approval of promotion241. Actions for damagesChapter IIA Prohibition on issue of bearer units (s. 241A)241A. Bearer units no longer to be issued Chapter III Authorised Unit Trust Schemes (ss. 242-261)Applications for authorisation (ss. 242-244)242. Applications for authorisation of unit trust schemes243. Authorisation orders: authorised unit trust schemes243A. Authorisation orders: authorised money market funds244. Determination of applicationsApplications refused (s. 245)245. Procedure when refusing an applicationCertificates (s. 246)246. CertificatesRules (ss. 247-250)247. Trust scheme rules248. Scheme particulars rules249. Disciplinary measures250. Modification or waiver of rulesAlterations (ss. 251-252A)251. Alteration of schemes and changes of manager or trustee252. Procedure when refusing approval of a proposal under section 251252A. Proposal to convert to a non-feeder UCITSExclusion clauses (s. 253)253. Avoidance of exclusion clausesEnding of authorisation (ss. 254-256)254. Revocation of authorisation order otherwise than by consent255. Procedure256. Requests for revocation of authorisation orderPowers of intervention (ss. 257-261B)257. Directions258. Applications to the court258A. Winding up or merger of master UCITS259. Procedure on giving directions under section 257 or 258A and varying them on FCA's own initiative260. Procedure: refusal to revoke or vary direction261. Procedure: revocation of direction and grant of request for variation261A. Information for home state regulator261B. Information for feeder UCITSChapter IIIA Authorised Contractual Schemes (ss. 261C-261Z5)Applications for authorisation (ss. 261C -261F)261C. Applications for authorisation of contractual schemes261D. Authorisation orders: authorised contractual schemes261E. Authorised contractual schemes: holding of units261EA. Authorisation orders: authorised money market funds261F. Determination of applicationsApplications refused (s. 261G)261G. Procedure when refusing an applicationCertificates (s. 261H)261H. CertificatesRules (ss. 261I-261L)261I. Contractual scheme rules261J. Contractual scheme particulars rules261K. Disciplinary measures261L. Modification or waiver of rulesCo-ownership schemes: rights and liabilities of participants (ss. 261M-261P)261M. Contracts261N. Effect of becoming or ceasing to be a participant261O. Limited liability261P. Segregated liability in relation to umbrella co-ownership schemesAlterations (ss. 261Q-261S)261Q. Alteration of contractual schemes and changes of operator or depositary261R. Procedure when refusing approval of a proposal under section 261Q261S. Proposal to convert to a non-feeder UCITSExclusion clauses (s. 261T)261T. Avoidance of exclusion clausesEnding of authorisation (ss. 261U-261W)261U. Revocation of authorisation order otherwise than by consent261V. Procedure for revoking authorisation order261W. Requests for revocation of authorisation orderPowers of intervention (ss. 261X-261Z5)261X. Directions261Y. Applications to the court261Z. Winding up or merger of master UCITS261Z1. Procedure on giving directions under section 261X or 261Z and varying them on FCA's own initiative261Z2. Procedure: refusal to revoke or vary direction261Z3. Procedure: revocation of direction and grant of request for variation261Z4. Information for home state regulator261Z5. Information for feeder UCITSChapter 3B Unauthorised Co-Ownership AIFS (s. 261Z6)261Z6. Power to make provision about unauthorised co-ownership AIFsChapter IV Open-ended Investment Companies (ss. 262-263)262. Open-ended investment companies263. Amendment of section 716 Companies Act 1985Chapter V Recognised Overseas Schemes (ss. 264-283)Schemes constituted in other EEA States (ss. 264-269)264. Schemes constituted in other EEA States265. Representations and references to the Tribunal266. Disapplication of rules267. Power of FCA to suspend promotion of scheme268. Procedure on giving directions under section 267 and varying them on FCA's own initiative269. Procedure on application for variation or revocation of directionSchemes authorised in designated countries or territories (ss. 270-271)270. Schemes authorised in designated countries or territories271. ProcedureSchemes authorised in approved countries (ss. 271A-271S)271A. Schemes authorised in approved countries271B. Approval of country: equivalent protection afforded to participants271C. Approval of country: regulatory co-operation271D. Report by the FCA in relation to approval271E. Power to impose requirements on schemes271F. Application for recognition to the FCA271G. Determination of applications271H. Procedure when determining an application271I. Obligations on operator of a section 271A scheme271J. Provision of information to the FCA271K. Rules as to scheme particulars271L. Suspension of recognition271M. Procedure when suspending recognition271N. Revocation of recognition on the FCA's initiative271O. Requests for revocation of recognition271P. Obligations on operator where recognition is revoked or suspended271Q. Effect of variation or revocation of Treasury regulations271R. Public censure271S. Recognition of parts of schemes under section 271AIndividually recognised overseas schemes (ss. 272-282C)272. Individually recognised overseas schemes273. Matters that may be taken into account274. Applications for recognition of individual schemes275. Determination of applications276. Procedure when refusing an application277. Alteration of schemes and changes of operator, trustee or depositary277A. Regular provision of information relating to compliance with requirements for recognition278. Rules as to scheme particulars279. Revocation of recognition280. Procedure281. Directions282. Procedure on giving directions under section 281 and varying them otherwise than as requested282A Obligations on operator where recognition is revoked or suspended282B Public censure282C Recognition of parts of schemes under section 272Facilities and information in UK (s. 283)283. Facilities and information in UKChapter VA Master-Feeder Structures (ss. 283A-283B)283A. Master-feeder structures283B. Reports on derivative instrumentsChapter VI Investigations (s. 284)284. Power to investigatePart XVIIA Transformer vehicles (s. 284A)284A. Transformer vehiclesPart XVIII Recognised investment exchanges, clearing houses, CSDs and other parties (ss. 285-313)Chapter I Exemption (ss. 285-301 and draft s. 301ZA.)General (285-286)285. Exemption for recognised bodies etc.Draft 285ZA. Clearing services not to be provided by central counterparties without recognition285A. Powers exercisable in relation to recognised bodies etc286. Qualification for recognitionApplications for recognition (ss. 287-292)287. Application by an investment exchange287A. Application by an investment exchange: persons connected with an applicant288. Application by a clearing house289. Applications: supplementary288A. Application by a central securities depository290. Recognition orders290A. Refusal of recognition on ground of excessive regulatory provision290ZA. Variation of central counterparty recognition orderDraft 290ZAA. Statement of policy in relation to applications under section 290ZA(1)290ZB. Variation of CSD recognition order291. Liability in relation to recognised body's regulatory functions292. Overseas investment exchanges and overseas clearing housesPublication of information by recognised investment exchange (s. 292A)292A. Publication of information by recognised investment exchangeSupervision (ss. 293-300)293. Notification requirements293A. Information: compliance with specified requirements294. Modification or waiver of rulesDraft 294A. Arrangements for supervision of recognised central counterparties295. Notification: overseas investment exchanges and overseas clearing houses295A. On-site inspection of United Kingdom branches of third country CSDs296. Appropriate regulator's power to give directions296A. Additional power to direct recognised central counterpartiesDraft 296B. Changes to models and parameters297. Revoking recognition298. Directions and revocation: procedure299. Complaints about recognised bodies300. Extension of functions of TribunalPower to disallow excessive regulatory provision (ss. 300A-300H)300A. Power of appropriate regulator to disallow excessive regulatory provision300B. Duty to notify proposal to make regulatory provision300C. Restriction on making provision before appropriate regulator decides whether to act300D. Consideration by appropriate regulator whether to disallow proposed provision300E. Power to disallow excessive regulatory provision: supplementaryDraft Overseas central counterparties (drafts ss. 300EA-300EL)Draft 300EA. Overseas central counterpartiesDraft 300EB. Designation of overseas jurisdiction for purposes of section 300EADraft 300EC. Co-operation arrangementsDraft 300ED. Application under section 300EA(1): procedureDraft 300EE. Variation of recognition decisionDraft 300EF. Systemic overseas counterpartiesDraft 300EG. Location regulationsDraft 300EH. Review of decisions as to recognition and systemic importanceDraft 300EI. Publication of list of overseas central counterpartiesDraft 300EJ. Supervision of systemic overseas central counterpartiesDraft 300EK. Withdrawal of recognitionDraft 300EL. Interpretation of sections 300EA to 300ELGeneral rule-making powers (ss. 300F-300H)300F. Rules relating to central counterparties and central securities depositories300G. Section 300F: rules in relation to overseas FMI entities300H. Rules relating to investment exchanges and data reporting service providersBank of England rules (ss. 300I-300M)300I. Duty of Bank of England to review rules300J. Statement of policy relating to review of rules300K. Requirement to review specified rules300L. Report on certain reviews300M. Power of Treasury to require making of rules by regulationsOther matters (s. 301 and draft s. 301ZA)301. Supervision of certain contractsDraft 301ZA. Information about clearing member in financial difficultyChapter IA Control Over Recognised Investment Exchange (ss. 301A-301M)Notices of acquisitions of control over recognised investment exchanges (ss. 301A-301C)301A. Obligation to notify the FCA: acquisitions of control301B. Requirements for section 301A notices301C. Acknowledgment of receiptAcquiring and increasing control (ss. 301D-301E)301D. Acquiring and increasing control301E. Disregarded holdingsAssessment procedure (ss. 301F-301H)301F. Assessment: general301G. Assessment: Procedure301H. Duration of approvalEnforcement procedures (ss. 301I-301K)301I. Objections by the FCA301J. Restriction notices301K. Orders for sale of sharesOffences (s. 301L)301L. Offences under this ChapterInterpretation (s. 301M)301M. InterpretationDraft Chapter 1B Control over recognised central counterparty (draft ss. 301N-301Z10)Draft Notices of acquisition of control over recognised central counterparty (draft ss. 301N-301Q)Draft 301N. Obligation to notify Bank of England: acquisitions of controlDraft 301P. Requirements for section 301N noticesDraft 301Q. Acknowledgement of receiptDraft Acquiring control and other changes of holding (draft ss. 301R-301U)Draft 301R. Acquiring controlDraft 301S. Increasing controlDraft 301T. Reducing or ceasing to have controlDraft 301U. Disregarded holdingsDraft Assessment procedure (draft ss. 301V-301Z3)Draft 301V. Assessment: generalDraft 301W. Assessment criteriaDraft 301X. Approval with conditionsDraft 301Y. Assessment: co-operation with PRA and FCADraft 301Z. Assessment: procedureDraft 301Z1. Requests for further informationDraft 301Z2. Assessment and resolutionDraft 301Z3. Duration of approvalDraft Enforcement procedures (draft ss. 301Z4-301Z6)Draft 301Z4. Objection by the Bank of EnglandDraft 301Z5. Restriction noticeDraft 301Z6. Orders for sale of sharesDraft Notice of reductions of control of recognised central counterparties (draft ss. 301Z7-301Z8)Draft 301Z7. Obligation to notify the Bank of England: dispositions of controlDraft 301Z8. Requirements for notices under section 301Z7Draft Offences (draft ss. 301Z9-301Z10)Draft 301Z9. Offences under this ChapterDraft 301Z10. InterpretationChapter II Competition Scrutiny (ss. 302-310)302. InterpretationRole of Office of Fair Trading (ss. 303-305)303. Initial report by OFT304. Further reports by OFT305. Investigations by OFTRole of Competition Commission (s. 306)306. Consideration by Competition CommissionRole of the Treasury (ss. 307-310)307. Recognition orders: role of the Treasury308. Directions by the Treasury309. Statements by the Treasury310. Procedure on exercise of certain powers by the TreasuryChapter IIA Performance of Functions of Recognised Bodies (ss. 309A-309Z8)Relevant recognised bodies (s. 309A)309A. Recognised bodies to which this Chapter appliesProhibition (ss. 309B-309F)309B. Part 18 prohibition orders309C. Procedure for making Part 18 prohibition orders309D. Varying and withdrawing Part 18 prohibition orders309E. Offence of breaching prohibition309F. Duty in relation to prohibited individualsApproval (s. 309G-309X)309G. Requirement for approval309H. Rules under section 309G(3): transitional provision309I. Applications for approval309J. Vetting by relevant recognised bodies309K. Determining applications: power to grant approval309L. Determining applications: period for approval309M. Determining applications: further procedure309N. Changes in responsibilities309O. Withdrawing approval309P. Procedure for withdrawing approval309Q. Varying approval at request of relevant recognised body309R. Varying approval on the appropriate regulator's initiative309S. Statement of policy on approval309T. Breach of statutory duty by relevant recognised bodies309U. Power to impose penalties309V. Procedure for imposing penalties309W. Statement of policy on penalties309X. Procedure for statement of policy on penaltiesCertification of employees (ss. 309Y-309Z)309Y. Certification of employees by relevant recognised bodies309Z. Issuing certificatesRules of conduct (s. 309Z1)309Z1. Rules of conductDisciplinary action by appropriate regulator (ss. 309Z2--309Z6)309Z2. Power to take disciplinary action for misconduct309Z3. Meaning of "misconduct"309Z4. Procedure for disciplinary action309Z5. Statement of policy about disciplinary action309Z6. Procedure for statement of policy about disciplinary actionInterpretation (s. 309Z7)309Z7. Interpretation of Chapter 2AApplication of this Chapter to credit rating agencies  (s. 309Z8)309Z8. Power to apply this Chapter to credit rating agenciesChapter III Exclusion from the Competition Act 1998 (ss. 311-312)311. The Chapter I prohibition312. The Chapter II prohibitionChapter IIIA Passport Rights (ss. 312A-312D)EEA market operators in United Kingdom (ss. 312A-312B)312A. Exercise of passport rights by EEA market operator312B. Removal of passport rights from EEA market operatorRecognised investment exchanges operating in EEA States (other than the United Kingdom) (s. 312C)312C. Exercise of passport rights by recognised investment exchangeInterpretation (s. 312D)312D. Interpretation of Chapter IIIAChapter IIIB Disciplinary measures in respect of recognised bodies (ss. 312E-312K)312E. Public censure312F. Financial penalties312FA. Central securities depositories: further disciplinary measures312G. Proposal to take disciplinary measures312H. Decision notice312I. Publication312J. Statement of policy312K. Statement of policy: procedureChapter IIIC Critical third parties (ss. 312L-312W)312L. Critical third parties312M. Power to make rules312N. Power of direction312O. Directions: procedure312P. Information gathering and investigations312Q. Power of censure312R. Disciplinary measures312S. Procedure and right to refer to Tribunal312T. Statement of policy relating to disciplinary measures312U. Duty to ensure co-ordinated exercise of functions etc312V. Memorandum of understanding312W. Application of provisions of this Act to this ChapterChapter IV (s. 313)Interpretation (s. 313)313. Interpretation of Part XVIIIPart XVIIIA Suspension and Removal of Financial Instruments From Trading (ss. 313A-313D)313A. FCA's power to require suspension or removal of financial instruments from trading313B. Suspension or removal of financial instruments from trading: procedure313BA. Procedure following consideration of representations313BB. Revocation of requirements: applications by institutions313BC. Decisions on applications for revocation by institutions313BD. Revocation of requirements: applications by issuers313BE. Decisions on applications for revocation by issuers313C. Notification in relation to suspension or removal of a financial instrument from trading313CA. Suspension or removal of financial instruments from trading: notification and trading on other venues313CB. Suspension or removal of a financial instrument from a trading by a trading venue: FCA duties313CBA. Significant damage to investors' interests or orderly functioning of market313CC. Suspension or removal of a financial instrument from trading in another EEA state: FCA duties313D. Interpretation of Part 18APart XIX Lloyd's (ss. 314-324)General (ss. 314-314A)314. Regulators' general duty314A. The PRA's objectives in relation to Lloyd's etcThe Society (s. 315)315. The Society: regulated activitiesPower to apply Act to Lloyd's underwriting (ss. 316-319)316. Direction by a regulator317. The core provisions318. Exercise of powers through Council319. ConsultationFormer underwriting members (ss. 320-322)320. Former underwriting members321. Requirements imposed under section 320322. Rules applicable to former underwriting membersTransfers of business done at Lloyd's (s. 323)323. Transfer schemesSupplemental (s. 324)324. Interpretation of this PartPart XX Provision of Financial Services by Members of the Professions (ss. 325-333)325. FCA's general duty326. Designation of professional bodies327. Exemption from the general prohibition328. Directions in relation to the general prohibition329. Orders in relation to the general prohibition330. Consultation331. Procedure on making or varying orders under section 329332. Rules in relation to persons to whom the general prohibition does not apply333. False claims to be a person to whom the general prohibition does not applyPart XXA Pensions Guidance (ss. 333A-333R)333A. Introduction and definitionsGiving of pensions guidance (ss. 333B-333D)333B. Secretary of State's role in relation to pensions guidance333C. Giving of pensions guidance333D. Financial assistance to bodies involved in giving pensions guidanceDesignation of guidance providers (s. 333E)333E. Designation of providers of pensions guidanceCo-operation and information sharing (s. 333F)333F. Co-operation and information sharingFalse claims when giving pensions guidance (s. 333G)333G. Offence of falsely claiming to be giving pensions guidance under arrangements made with Secretary of StateStandards for giving of pensions guidance by designated guidance providers (ss. 333H-333N)333H. Standards for giving of pensions guidance by designated guidance providers333I. Monitoring of compliance with standards by designated guidance providers333J. Failure by designated guidance providers to comply with standards: FCA recommendations333K. FCA policy on making recommendations under section 333J333L. FCA policy on making recommendations under section 333J: procedure333M. Failure by designated guidance providers to comply with standards: directions333N. Directions to designated guidance providers under section 333M: relationship with power to revoke a designationFCA's duties and power to give guidance (ss. 333O-333P)333O. FCA's duties333P. Power of the FCA to give guidanceFunding of pensions guidance (ss. 333Q-333R)333Q. Funding of FCA's pensions guidance costs333R. Funding of Secretary of State's pensions guidance costsPart XXB Illegal money lending (ss. 333S-333T)333S. Financial assistance for action against illegal money lending333T. Funding of action against illegal money lendingPart XXC Politically exposed persons: money laundering and terrorist financing (s. 333U)333U. Money laundering and terrorist financing: guidancePart XXI Mutual Societies (ss. 334-339)Friendly societies (ss. 334-335)334. The Friendly Societies Commission335. The Registry of Friendly SocietiesBuilding societies (ss. 336-337)336. The Building Societies Commission337. The Building Societies Investor Protection BoardIndustrial and provident societies and credit unions (s. 338)338. Industrial and provident societies and credit unionsSupplemental (ss. 339)339. Supplemental provisionsPart XXII Auditors and Actuaries (ss. 339A-346)General duties of regulator (ss. 339A-339C)339A. General duties of PRA in relation to auditors339B. Duty to meet auditors of certain institutions339C. PRA-authorised persons to which this section appliesAppointment (s. 340)340. AppointmentInformation (ss. 341-344)341. Access to books etc.342. Information given by auditor or actuary to a regulator343. Information given by auditor or actuary to a regulator: persons with close links344. Duty of auditor or actuary resigning etc. to give noticeDisciplinary measures (ss. 345-345E)345. Disciplinary measures: FCA345A. Disciplinary measures: PRA345B. Procedure and right to refer to Tribunal345C. Duty on publication of statement345D. Imposition of penalties on auditors or actuaries: statement of policy345E. Statements of policy: procedureOffence (s. 346)346. Provision of false or misleading information to auditor or actuaryPart XXIII Public Record, Disclosure of Information and Co-operation (ss. 347-354H)The public record (ss. 347-347A)347. The record of authorised persons etc.347A. Duty of PRA to disclose information relevant to the recordDisclosure of information (ss. 348-353)348. Restrictions on disclosure of confidential information by FCA, PRA etc.349. Exceptions from section 348350. Disclosure of information by the Inland Revenue351. Competition information351A. Disclosure under the UCITS directive352. Offences353. Removal of other restrictions on disclosureInformation received from Bank of England (s. 353A)353A. Information received from Bank of EnglandCo-operation (ss. 354A-354C)354. Authority's duty to co-operate with others [Substituted with ss. 354A-354C]354A. FCA's duty to co-operate with others354B. PRA's duty to co-operate with others354C. PRA's duty to provide information to Bank of EnglandProvision of information to ESMA, the Commission and other EEA States (ss. 354D-354H)354D. Information under the markets in financial instruments directive354E. Competent authorities under the markets in financial instruments directive: designation and co-operation354F. Information under the transparency obligations directive354G. Information under the UCITS directive354H. Information under the Insurance Distribution DirectivePart XXIV Insolvency (ss. 355-379A)Interpretation (s. 355)355. Interpretation of this PartArrangements and reconstructions: companies in financial difficulty (ss. 355A-355B)355A. Powers of FCA and PRA to participate in proceedings355B. Enforcement of requirements imposed by section 355AVoluntary arrangements (ss. 356-358)356. Powers of FCA and PRA to participate in proceedings: company voluntary arrangements357. Powers of FCA and PRA to participate in proceedings: individual voluntary arrangements358. Powers of FCA and PRA to participate in proceedings: trust deeds for creditors in ScotlandAdministration orders (ss. 359-362A)359. Administration order360. Insurers361. Administrator's duty to report to FCA and PRA362. Powers of FCA and PRA to participate in proceedings362A. Administrator appointed by company or directorsReceivership (ss. 363-364)363. Powers of FCA and PRA to participate in proceedings364. Receiver's duty to report to FCA and PRAVoluntary winding up (ss. 365-366)365. Powers of FCA and PRA to participate in proceedings366. Insurers effecting or carrying out long-term contracts or insuranceWinding up by the court (ss. 367-371)367. Winding-up petitions367A. Winding-up petitions: Gibraltar-based persons368. Winding-up petitions: EEA and Treaty firms369. Insurers: service of petition etc. on FCA and PRA369A. Reclaim funds: service of petition etc on FCA and PRA370. Liquidator's duty to report to FCA and PRA371. Powers of FCA and PRA to participate in proceedingsBankruptcy (ss. 372-374)372. Petitions373. Insolvency practitioner's duty to report to FCA and PRA374. Powers of FCA or PRA to participate in proceedingsProvisions against debt avoidance (s. 375)375. Right of FCA and PRA to apply for an orderSupplemental provisions concerning insurers (ss. 376-379)376. Continuation of contracts of long-term insurance where insurer in liquidation377. Reducing the value of contracts instead of winding up377A. Write-down orders377B. Excluded liabilities377C. Application for a write-down order377D. Powers of the FCA and PRA to participate in proceedings377E. Powers of the court377F. Duty to notify creditors377G. The manager377H. Write-down order ceasing to have effect377I. Variation or revocation of a write-down order377J. Further provision about write-down orders377K. Insurers in financial difficulties: enforcement of contracts378. Treatment of assets on winding up379. Winding-up rulesSettlement finality (s. 379A)379A. Power to apply settlement finality regime to payment institutionsPart XXV Injunctions and Restitution (ss. 380-386)Injunctions (ss. 380-381)380. Injunctions381. Injunctions in cases of market abuseRestitution orders (ss. 382-383)382. Restitution orders383. Restitution orders in cases of market abuseRestitution required by FCA or PRA (ss. 384-386)384. Power of FCA or PRA to require restitution385. Warning notices386. Decision noticesPart XXVI Notices (ss. 387-396)Warning notices (s. 387)387. Warning noticesDecision notices (s. 388)388. Decision noticesConclusion of proceedings (ss. 389-390)389. Notices of discontinuance390. Final noticesPublication (ss. 391-391F)391. Publication391A. Publication: special provisions relating to capital requirements391B. Publication: special provisions relating to transparency obligations391C. Publication: special provisions relating to UCITS391D. Publication: special provisions relating to markets in financial instruments391E. Publication: special provisions relating to insurance distribution391F. Publication: special provisions relating to the prospectus regulationThird party rights and access to evidence (ss. 392-394)392. Application of sections 393 and 394393. Third party rights394. Access to FCA or PRA materialThe FCA's and PRA's procedures (ss. 395-396)395. The FCA's and PRA's procedures396. Statements under section 395: consultationPart XXVII Offences (ss. 397-403)Miscellaneous offences (s. 397-399)397. Misleading statements and practices398. Misleading FCA or PRA: residual cases399. Misleading the CMABodies corporate and partnerships (s. 400)400. Offences by bodies corporate etc.Institution of proceedings (ss. 401-403)401. Proceedings for offences402. Power of FCA to institute proceedings for certain other offences403. Jurisdiction and procedure in respect of offencesPart XXVIII Miscellaneous (ss. 404-416B)Consumer redress schemes (ss. 404-404G)404. Consumer redress schemes404A. Rules under s.404: supplementary404B. Complaints to the ombudsman scheme404C. Enforcement404D. Applications to Tribunal to quash rules or provision of rules404E. Meaning of "consumers"404F. Other definitions etc404G. Power to widen the scope of consumer redress schemesThird countries (ss. 405-409)405. Directions406. Interpretation of section 405407. Consequences of a direction under section 405408. EFTA firms409. GibraltarInternational powers and obligations (ss. 409A-410)409A. Consultation in relation to deference decisions409B. Notification in relation to international trade obligations410. International obligationsFees to meet Treasury expenses (ss. 410A-410B)410A. Fees to meet certain expenses of the Treasury410B. Directions in pursuance of section 410ATax treatment of levies and repayments (s. 411)411. Tax treatment of levies and repaymentsGaming contracts (ss. 412)412. Gaming contractsTrade-matching and reporting systems (ss. 412A-412B)412A. Approval and monitoring of trade-matching and reporting systems412B. Procedure for approval and suspension or withdrawal of approvalLimitation on powers to require documents (s. 413)413. Protected itemsService of notices (s. 414)414. Service of noticesJurisdiction (s. 415)415. Jurisdiction in civil proceedingsPowers under the Act (ss. 415A-415AA)415A. Powers under the Act415AA Application of powers to formerly authorised personsConsultation and co-operation (ss. 415B-415C)415B. Consultation in relation to taking certain enforcement action415C. Co-operation and consultation in relation to exercise of functionsRemoval of certain unnecessary provisions (s. 416)416. Provisions relating to industrial assurance and certain other enactmentsSustainability disclosure requirements (ss. 416A-416B)416A. SDR policy statement416B. FCA and PRA rules etcPart XXIX Interpretation (ss. 417-425C)417. Definitions418. Carrying on regulated activities in the United Kingdom419. Carrying on regulated activities by way of business419A. Claims management services419B. Carrying on claims management activity in Great Britain420. Parent and subsidiary undertaking421. Group421ZA. Immediate group421A. Meaning of "participating interest"422. Controller422A. Disregarded holdings423. Manager423A. Mortgage agreements etc424. Insurance424A. Investment firm425. Expressions relating to authorisation in the single market425A. Consumers: regulated activities etc carried on by authorised persons425B. Consumers: regulated activities carried on by others425C. Qualifying provisionPart XXX Supplemental (ss. 426-433)426. Consequential and supplementary provision427. Transitional provisions428. Regulations and orders429. Parliamentary control of statutory instruments430. Extent431. Commencement432. Minor and consequential amendments, transitional provisions and repeals433. Short titleFSMA 2000 SchedulesSchedule 1 The Financial Services Authority [Substituted with new Schedule 1ZA and Schedule 1ZB]Schedule 1, Part I General (paras. 1-12) [Substituted with new Schedule 1ZA and Schedule 1ZB]Schedule 1, Part II Status (paras. 13-15) [Substituted with new Schedule 1ZA and Schedule 1ZB]Schedule 1, Part III Penalties and Fees (paras. 16-18) [Substituted with new Schedule 1ZA and Schedule 1ZB]Schedule 1, Part IV Miscellaneous (paras. 19-21) [Substituted with new Schedule 1ZA and Schedule 1ZB]Schedule 1ZA The Financial Conduct AuthoritySchedule 1ZA, Part 1 General (paras. 1-15)Schedule 1ZA, Part 2 Status (paras. 16-18)Schedule 1ZA, Part 3 Penalties and fees (paras. 19-24)Schedule 1ZA, Part 4 Miscellaneous (paras. 25-29)Schedule 1ZB The Prudential Regulation AuthoritySchedule 1ZB, Part 1 General (paras. 1-23)Schedule 1ZB, Part 2 Status (paras. 24-26)Schedule 1ZB, Part 3 Penalties and fees (paras. 27-32)Schedule 1ZB, Part 4 Miscellaneous (paras. 33-37)Schedule 1A Further provision about the consumer financial education bodySchedule 1A, Part I General (paras. 1-10)Schedule 1A, Part II Funding (paras. 11-14)Schedule 1A, Part III Reviews (paras. 15-16)Schedule 2 Regulated ActivitiesSchedule 2, Part I Regulated activities: general (paras. 1-9)Schedule 2, Part IA Regulated activities: reclaim funds (para. 9A)Schedule 2, Part II Investments (paras. 10-24)Schedule 2, Part IIA Regulated activities relating to information about persons' financial standing (paras. 24A-24D)Schedule 2, Part IIB Regulated activities relating to the setting of benchmarks (paras. 24E-24H)Schedule 2, Part III Supplemental Provisions (paras. 25-27)Schedule 2A Gibraltar-based persons carrying on activities in the UKSchedule 2A, Part 1 Interpretation etc (paras. 1-4)Schedule 2A, Part 2 Approved Activities (paras. 5-11)Schedule 2A, Part 3 Permission to carry on an Approved Activity (paras. 12-20)Schedule 2A, Part 4 Variation of Permission (paras. 21-30)Schedule 2A, Part 5 Cancellation of Permission (paras. 31-39)Schedule 2A, Part 6 Requirements (paras. 40-55)Schedule 2A, Part 7 Changes (para. 56)Schedule 2A, Part 8 UK Regulators' Directions About Information (para. 57)Schedule 2A, Part 9 Transition on withdrawal of approval of regulated activity etc (paras. 58-63)Schedule 2A, Part 10 Transition on Cancellation of UK or Gibraltar Permission (paras. 64-70)Schedule 2A, Part 11 Policy statements (paras. 71-72)Schedule 2A, Part 12 Consultation etc by UK Regulators (paras. 73-79)Schedule 2A, Part 13 Co-Operation and Assistance (paras. 80-82)Schedule 2A, Part 14 Special Cases (para. 83)Schedule 2B UK-Based Persons Carrying on Activities in GibraltarSchedule 2B, Part 1 Interpretation (paras. 1-5)Schedule 2B, Part 2 Permission Required to Carry on Activities in Gibraltar (paras. 6-11)Schedule 2B, Part 3 Variation of Permission (paras. 12-19)Schedule 2B, Part 4 Cancellation of Permission (para. 20)Schedule 2B, Part 5 Public Record, Consultation and Consent (paras. 21-23)Schedule 2B, Part 6 Special Cases (para. 24)Schedule 3 EEA Passport RightsSchedule 3, Part I Defined terms (paras. 1-11D)Schedule 3, Part II Exercise of Passport Rights by EEA Firms (paras. 12-18)Schedule 3, Part III Exercise of Passport Rights by UK Firms (paras. 18A-29)Schedule 4 Treaty RightsSchedule 5 Persons Concerned in Collective Investment SchemesSchedule 6 Threshold ConditionsSchedule 6, Part I Part IV Permission [Substituted with new Parts 1-1G]Schedule 6, Part 1 Introduction (para. 1A)Schedule 6, Part 1B Part 4A permission: authorised persons who are not PRA-authorised persons (paras. 2A-2G)Schedule 6, Part 1C Part 4A permission: conditions for which FCA is responsible in relation to PRA-authorised persons (paras. 3A-3E)Schedule 6, Part 1D Part 4A permission: conditions for which the PRA is responsible in relation to insurers etc. (paras. 4A-4F)Schedule 6, Part 1E Part 4A permission: conditions for which the PRA is responsible in relation to other PRA-authorised persons (paras. 5A-5F)Schedule 6, Part 1F Authorisation under Schedule 3 (para. 6A)Schedule 6, Part 1G Authorisation under Schedule 4 (para. 7A)Schedule 6, Part II Authorisation [Substituted with new Parts 1-1G]Schedule 6, Part III Additional Conditions (paras. 8-9)Schedule 6A Variation or cancellation of Part 4A permission on initiative of FCA: additional powerSchedule 6B Designated activitiesSchedule 6C Listed Designated Activity Regulations and Requirements for Purposes of Certain ProvisionsSchedule 6C, Part 1 Provisions Designating Relevant Designated ActivitiesSchedule 6C, Part 2 Relevant Part 5A Requiremets for Purposes of Specified ProvisionsSchedule 6C, Part 3 Relevant Part 5A Directions for Purposes of Chapter 2 of Part 5ASchedule 7 The Authority as Competent Authority for Part VISchedule 8 Transfer of functions under Part VISchedule 9 Non-listing ProspectusesSchedule 10 Compensation: ExemptionsSchedule 10A Liability of issuers in connection with published informationSchedule 10A, Part 1 Scope of this Schedule (paras. 1-2)Schedule 10A, Part 2 Liability in connection with published information (paras. 3-7)Schedule 10A, Part 3 Supplementary provisions (para. 8)Schedule 11 Offers of SecuritiesSchedule 11A Transferable SecuritiesSchedule 11A, Part 1 (paras. 1-6)Schedule 11A, Part 2 (paras. 7-9)Schedule 11B Connected PersonsSchedule 11B, Part 1 Meaning of "Connected Person" (paras. 1-6)Schedule 11B, Part 2 Connected Persons: References to an Interest in Shares or Debentures (paras. 7-12)Schedule 12 Transfer Schemes: CertificatesSchedule 12, Part I Insurance Business Transfer Schemes (paras. 1-6)Schedule 12, Part II Banking Business Transfer Schemes (paras. 7-9)Schedule 12, Part IIA Reclaim fund business transfer schemes (para. 9A)Schedule 12, Part IIB Ring-fencing transfer schemes (paras. 9B-9D)Schedule 12, Part III Insurance Business Transfers Effected Outside the United Kingdom (para. 10)Schedule 13 The Financial Services and Markets TribunalSchedule 13, Part I General (para. 1)Schedule 13, Part II The Tribunal (paras. 2-6)Schedule 13, Part III Constitution of Tribunal (para. 7)Schedule 13, Part IV Tribunal Procedure (paras. 8-13)Schedule 14 Role of the Competition CommissionSchedule 15 Information and Investigations: Connected PersonsSchedule 15, Part I Rules for Specific Bodies (paras. 1-7)Schedule 15, Part II Additional Rules (para. 8)Schedule 16 Prohibitions and Restrictions Imposed by Office of Fair TradingSchedule 17 The Ombudsman SchemeSchedule 17, Part I General (para. 1)Schedule 17, Part II The Scheme Operator (paras. 2-11)Schedule 17, Part III The Compulsory Jurisdiction (paras. 12-16)Schedule 17, Part IIIA The consumer credit jurisdiction (paras. 16A-16G)Schedule 17, Part IV The Voluntary Jurisdiction (paras. 17-22)Schedule 17A Further provision in relation to exercise of Part 18 functions, or other FMI functions, by Bank of EnglandSchedule 17A, Part 1 Co-operation between appropriate regulators (paras. 1-8)Schedule 17A, Part 2 Application of provisions of this Act in relation to Bank of England (paras. 9-33B)Schedule 17A, Part 3 Winding up, Administration or Insolvency of recognised clearing houses (paras. 34-35)Schedule 17A, Part 4 Fees (paras. 36-37)Schedule 18 MutualsSchedule 18, Part I Friendly Societies (paras. 1-8)Schedule 18, Part II Friendly Societies: Subsidiaries and Controlled Bodies (paras. 9-16)Schedule 18, Part III Building Societies (paras. 17-18)Schedule 18, Part IV Industrial and Provident Societies (paras. 19-20)Schedule 18, Part V Credit Unions (paras. 21-26)Schedule 19 Competition InformationSchedule 19, Part I Persons and functions for the purposes of section 351 (para. 1)Schedule 19, Part II The Enactments (paras. 1-19)Schedule 19A The manager of a write-down orderSchedule 19B Further provision about write-down ordersSchedule 19B, Part 1 Restrictions on enforcement (paras. 1-3)Schedule 19B, Part 2 Dealing with assets etc (paras. 4-7)Schedule 19B, Part 3 Treatment of written-down liabilities for certain purposes (paras. 8-10)Schedule 19B, Part 4 Interest (para. 11)Schedule 19C Insurers in financial difficulties: enforcement of contractsSchedule 19C, Part 1 Introductory (paras. 1-2)Schedule 19C, Part 2 Policyholder surrender rights (paras. 3-5)Schedule 19C, Part 3 Termination etc of relevant contracts (paras. 6-8)Schedule 19C, Part 4 Exclusions and disapplication of this schedule (paras. 9-11)Schedule 19C, Part 5 Powers to amend this schedule (para. 12)Draft Schedule 19D Activities of financial institutionsSchedule 20 Minor and Consequential AmendmentsSchedule 21 Transitional Provisions and SavingsSchedule 22 Repeals
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AI Summary of Part XVIII Recognised investment exchanges, clearing houses, CSDs and other parties (ss. 285-313)

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Version status: | Document consolidation status: Updated to reflect all known changes
Version date: 14 June 2000 - onwards

Part XVIII Recognised investment exchanges, clearing houses, CSDs and other parties (ss. 285-313)

Future version Amendment requiring commencement Draft proposed change
Chapter I Exemption (ss. 285-301 and draft s. 301ZA.)
General (285-286)
285. Exemption for recognised bodies etc.
Draft 285ZA. Clearing services not to be provided by central counterparties without recognition
285A. Powers exercisable in relation to recognised bodies etc
286. Qualification for recognition
Applications for recognition (ss. 287-292)
287. Application by an investment exchange
287A. Application by an investment exchange: persons connected with an applicant
288. Application by a clearing house
289. Applications: supplementary
288A. Application by a central securities depository
290. Recognition orders
290A. Refusal of recognition on ground of excessive regulatory provision
290ZA. Variation of central counterparty recognition order
Draft 290ZAA. Statement of policy in relation to applications under section 290ZA(1)
290ZB. Variation of CSD recognition order
291. Liability in relation to recognised body's regulatory functions
292. Overseas investment exchanges and overseas clearing houses
Publication of information by recognised investment exchange (s. 292A)
292A. Publication of information by recognised investment exchange
Supervision (ss. 293-300)
293. Notification requirements
293A. Information: compliance with specified requirements
294. Modification or waiver of rules
Draft 294A. Arrangements for supervision of recognised central counterparties
295. Notification: overseas investment exchanges and overseas clearing houses
295A. On-site inspection of United Kingdom branches of third country CSDs
296. Appropriate regulator's power to give directions
296A. Additional power to direct recognised central counterparties
Draft 296B. Changes to models and parameters
297. Revoking recognition
298. Directions and revocation: procedure
299. Complaints about recognised bodies
300. Extension of functions of Tribunal
Power to disallow excessive regulatory provision (ss. 300A-300H)
300A. Power of appropriate regulator to disallow excessive regulatory provision
300B. Duty to notify proposal to make regulatory provision
300C. Restriction on making provision before appropriate regulator decides whether to act
300D. Consideration by appropriate regulator whether to disallow proposed provision
300E. Power to disallow excessive regulatory provision: supplementary
Draft Overseas central counterparties (drafts ss. 300EA-300EL)
Draft 300EA. Overseas central counterparties
Draft 300EB. Designation of overseas jurisdiction for purposes of section 300EA
Draft 300EC. Co-operation arrangements
Draft 300ED. Application under section 300EA(1): procedure
Draft 300EE. Variation of recognition decision
Draft 300EF. Systemic overseas counterparties
Draft 300EG. Location regulations
Draft 300EH. Review of decisions as to recognition and systemic importance
Draft 300EI. Publication of list of overseas central counterparties
Draft 300EJ. Supervision of systemic overseas central counterparties
Draft 300EK. Withdrawal of recognition
Draft 300EL. Interpretation of sections 300EA to 300EL
General rule-making powers (ss. 300F-300H)
300F. Rules relating to central counterparties and central securities depositories
300G. Section 300F: rules in relation to overseas FMI entities
300H. Rules relating to investment exchanges and data reporting service providers
Bank of England rules (ss. 300I-300M)
300I. Duty of Bank of England to review rules
300J. Statement of policy relating to review of rules
300K. Requirement to review specified rules
300L. Report on certain reviews
300M. Power of Treasury to require making of rules by regulations
Other matters (s. 301 and draft s. 301ZA)
301. Supervision of certain contracts
Draft 301ZA. Information about clearing member in financial difficulty
Chapter IA Control Over Recognised Investment Exchange (ss. 301A-301M)
Notices of acquisitions of control over recognised investment exchanges (ss. 301A-301C)
301A. Obligation to notify the FCA: acquisitions of control
301B. Requirements for section 301A notices
301C. Acknowledgment of receipt
Acquiring and increasing control (ss. 301D-301E)
301D. Acquiring and increasing control
301E. Disregarded holdings
Assessment procedure (ss. 301F-301H)
301F. Assessment: general
301G. Assessment: Procedure
301H. Duration of approval
Enforcement procedures (ss. 301I-301K)
301I. Objections by the FCA
301J. Restriction notices
301K. Orders for sale of shares
Offences (s. 301L)
301L. Offences under this Chapter
Interpretation (s. 301M)
301M. Interpretation
Draft Chapter 1B Control over recognised central counterparty (draft ss. 301N-301Z10)
Draft Notices of acquisition of control over recognised central counterparty (draft ss. 301N-301Q)
Draft 301N. Obligation to notify Bank of England: acquisitions of control
Draft 301P. Requirements for section 301N notices
Draft 301Q. Acknowledgement of receipt
Draft Acquiring control and other changes of holding (draft ss. 301R-301U)
Draft 301R. Acquiring control
Draft 301S. Increasing control
Draft 301T. Reducing or ceasing to have control
Draft 301U. Disregarded holdings
Draft Assessment procedure (draft ss. 301V-301Z3)
Draft 301V. Assessment: general
Draft 301W. Assessment criteria
Draft 301X. Approval with conditions
Draft 301Y. Assessment: co-operation with PRA and FCA
Draft 301Z. Assessment: procedure
Draft 301Z1. Requests for further information
Draft 301Z2. Assessment and resolution
Draft 301Z3. Duration of approval
Draft Enforcement procedures (draft ss. 301Z4-301Z6)
Draft 301Z4. Objection by the Bank of England
Draft 301Z5. Restriction notice
Draft 301Z6. Orders for sale of shares
Draft Notice of reductions of control of recognised central counterparties (draft ss. 301Z7-301Z8)
Draft 301Z7. Obligation to notify the Bank of England: dispositions of control
Draft 301Z8. Requirements for notices under section 301Z7
Draft Offences (draft ss. 301Z9-301Z10)
Draft 301Z9. Offences under this Chapter
Draft 301Z10. Interpretation
Chapter II Competition Scrutiny (ss. 302-310)
302. Interpretation
Role of Office of Fair Trading (ss. 303-305)
303. Initial report by OFT
304. Further reports by OFT
305. Investigations by OFT
Role of Competition Commission (s. 306)
306. Consideration by Competition Commission
Role of the Treasury (ss. 307-310)
307. Recognition orders: role of the Treasury
308. Directions by the Treasury
309. Statements by the Treasury
310. Procedure on exercise of certain powers by the Treasury
Chapter IIA Performance of Functions of Recognised Bodies (ss. 309A-309Z8)
Relevant recognised bodies (s. 309A)
309A. Recognised bodies to which this Chapter applies
Prohibition (ss. 309B-309F)
309B. Part 18 prohibition orders
309C. Procedure for making Part 18 prohibition orders
309D. Varying and withdrawing Part 18 prohibition orders
309E. Offence of breaching prohibition
309F. Duty in relation to prohibited individuals
Approval (s. 309G-309X)
309G. Requirement for approval
309H. Rules under section 309G(3): transitional provision
309I. Applications for approval
309J. Vetting by relevant recognised bodies
309K. Determining applications: power to grant approval
309L. Determining applications: period for approval
309M. Determining applications: further procedure
309N. Changes in responsibilities
309O. Withdrawing approval
309P. Procedure for withdrawing approval
309Q. Varying approval at request of relevant recognised body
309R. Varying approval on the appropriate regulator's initiative
309S. Statement of policy on approval
309T. Breach of statutory duty by relevant recognised bodies
309U. Power to impose penalties
309V. Procedure for imposing penalties
309W. Statement of policy on penalties
309X. Procedure for statement of policy on penalties
Certification of employees (ss. 309Y-309Z)
309Y. Certification of employees by relevant recognised bodies
309Z. Issuing certificates
Rules of conduct (s. 309Z1)
309Z1. Rules of conduct
Disciplinary action by appropriate regulator (ss. 309Z2--309Z6)
309Z2. Power to take disciplinary action for misconduct
309Z3. Meaning of "misconduct"
309Z4. Procedure for disciplinary action
309Z5. Statement of policy about disciplinary action
309Z6. Procedure for statement of policy about disciplinary action
Interpretation (s. 309Z7)
309Z7. Interpretation of Chapter 2A
Application of this Chapter to credit rating agencies  (s. 309Z8)
309Z8. Power to apply this Chapter to credit rating agencies
Chapter III Exclusion from the Competition Act 1998 (ss. 311-312)
311. The Chapter I prohibition
312. The Chapter II prohibition
Chapter IIIA Passport Rights (ss. 312A-312D)
EEA market operators in United Kingdom (ss. 312A-312B)
312A. Exercise of passport rights by EEA market operator
312B. Removal of passport rights from EEA market operator
Recognised investment exchanges operating in EEA States (other than the United Kingdom) (s. 312C)
312C. Exercise of passport rights by recognised investment exchange
Interpretation (s. 312D)
312D. Interpretation of Chapter IIIA
Chapter IIIB Disciplinary measures in respect of recognised bodies (ss. 312E-312K)
312E. Public censure
312F. Financial penalties
312FA. Central securities depositories: further disciplinary measures
312G. Proposal to take disciplinary measures
312H. Decision notice
312I. Publication
312J. Statement of policy
312K. Statement of policy: procedure
Chapter IIIC Critical third parties (ss. 312L-312W)
312L. Critical third parties
312M. Power to make rules
312N. Power of direction
312O. Directions: procedure
312P. Information gathering and investigations
312Q. Power of censure
312R. Disciplinary measures
312S. Procedure and right to refer to Tribunal
312T. Statement of policy relating to disciplinary measures
312U. Duty to ensure co-ordinated exercise of functions etc
312V. Memorandum of understanding
312W. Application of provisions of this Act to this Chapter
Chapter IV (s. 313)
Interpretation (s. 313)
313. Interpretation of Part XVIII
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