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FSMA 2023 — Financial Services and Markets Act 2023

law · United Kingdom · ukpga/2023/29

3467 provisions

Defined terms · All instruments

1 Revocation of assimilated law relating to financial services and markets
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2 Transitional amendments
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3 Power to make further transitional amendments
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4 Power to restate and modify saved legislation
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5 Power to replace references to EU directives
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6 Restatement in rules: exemption from consultation requirements etc
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7 Interpretation of Chapter
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8 Designated activities
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9 Rules relating to central counterparties and central securities depositories
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10 Central counterparties and central securities depositories: other requirements
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11 Rules relating to investment exchanges and data reporting service providers
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12 Treasury directions to Bank of England: restrictions
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13 Testing of FMI technologies or practices
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14 Reports on FMI sandboxes
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15 Permanent implementation of arrangements tested under an FMI sandbox
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16 Regulations
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17 Interpretation
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18 Critical third parties: designation and powers
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19 Critical third parties: related amendments
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20 Financial promotion
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21 Sustainability disclosure requirements
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22 Digital settlement assets
23 Digital settlement assets: power to make regulations
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24 Implementation of mutual recognition agreements
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71K Designated activities
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71L Restrictions on carrying on of designated activities
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71M Designated activity regulations: general
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71N Designated activities: rules
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71O Designated activities: directions
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71P Designated activities: liability
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71Q Designated activities: enforcement
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71R Designated activities and rules: connected amendments
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71S Designated activities regulations: Parliamentary control
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312L Critical third parties
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312M Power to make rules
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312N Power of direction
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312O Directions: procedure
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312P Information gathering and investigations
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312Q Power of censure
312R Disciplinary measures
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312S Procedure and right to refer to Tribunal
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312T Statement of policy relating to disciplinary measures
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312U Duty to ensure co-ordinated exercise of functions etc
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312V Memorandum of understanding
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312W Application of provisions of this Act to this Chapter
25 Competitiveness and growth objective
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26 Competitiveness and growth objective: reporting requirements
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27 Regulatory principles
28 Sections 25 and 27: consequential amendments
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29 Review of rules
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30 Treasury power in relation to rules
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31 Matters to consider when making rules
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32 Effect of rules etc on deference decisions
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33 Effect of rules etc on international trade obligations
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34 Power to disapply or modify rules
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35 Responses to recommendations of the Treasury
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36 Public consultation requirements
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37 Engagement with statutory panels
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38 Engagement with Parliamentary Committees
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40 Duty to co-operate and consult in exercising functions
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41 Listing Authority Advisory Panel
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42 Insurance Practitioner Panel
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43 Cost Benefit Analysis Panels
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44 Statement of policy on cost benefit analyses
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45 Statement of policy on panel appointments
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46 Composition of panels
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47 Panel reports
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48 Exercise of FMI regulatory powers
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49 Bank of England: rule-making powers
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50 Application of FSMA 2000 to FMI functions
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51 Payment Systems Regulator
52 Chair of the Payment Systems Regulator as member of FCA Board
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53 Consultation on rules
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39 Reporting requirements
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30D Exercise of functions relating to CCPs and CSDs
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30E Regulatory principles
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30F Financial Market Infrastructure Committee
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30G Functions of the Financial Market Infrastructure Committee
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30H Information
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30I Recommendations by Treasury
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54 Cash access services
55 Wholesale cash distribution
56 Recognised bodies: senior managers and certification
57 Central counterparties in financial difficulties
58 Insurers in financial difficulties
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59 Application of provisions to regulatory functions under this Act
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60 Formerly authorised persons
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61 Control over authorised persons
62 Financial services compensation scheme
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63 The Ombudsman scheme
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64 Unauthorised co-ownership AIFs
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65 Power to amend enactments in consequence of rules
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66 Ambulatory references
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67 Power to amend or repeal certain provisions of FSMA 2000
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68 Power under FSMA 2000 to make transitional provisions
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69 Cryptoassets
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70 Bank of England levy
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71 Bank of England levy: consequential amendments
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72 Liability of payment service providers for fraudulent transactions
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73 Credit unions
74 Reinsurance for acts of terrorism
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75 Banking Act 2009: miscellaneous amendments
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76 Arrangements for the investigation of complaints
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77 Politically exposed persons: money laundering and terrorist financing
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78 Politically exposed persons: review of guidance
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79 Forest risk commodities: review
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261Z6 Power to make provision about unauthorised co-ownership AIFs
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80 Interpretation
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81 Pre-commencement consultation
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82 Financial provision
83 Power to make consequential provision
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84 Regulations
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85 Extent
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86 Commencement
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87 Short title
1 “The levy”
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2 “Eligible institutions”
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3 “Levy year”
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4 “Anticipated levy requirement”
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5 Liability to pay the levy
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6 Payment of the levy
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7 Recovery of the levy
8 Interest
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9 Power to obtain information
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10 Regulations
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1 Introductory
2 Transparency requirements for equities
7 Transparency requirements for fixed income instruments and derivatives etc
8 Systematic internalisers and other investment firms
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12A
12 Systematic internalisers and other investment firms
13 Share trading obligation
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14 Share trading obligation
15 Derivatives trading obligation
19 Consequential amendments relating to this Part
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27
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31 Introductory
32 STS equivalent non-UK securitisations
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33 STS equivalent non-UK securitisations
34 Minor and consequential amendments
35 Minor and consequential amendments
36 Minor and consequential amendments
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37 Minor and consequential amendments
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38 Minor and consequential amendments
39 Minor and consequential amendments
40 Minor and consequential amendments
41 Minor and consequential amendments
42 Minor and consequential amendments
43 Minor and consequential amendments
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>10.
44 Introductory
45 Position limits for commodity derivatives
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50 Consequential revocations relating to this Part
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1A
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1A
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1 Introductory
2 Derivatives
3 Derivatives
4 Short selling
5 Securitisation
6 Securitisation
7 Financial markets
8 Financial markets
9 Using a benchmark
10 Using a benchmark
11 Using a benchmark
12 Contributing to a benchmark
13 Contributing to a benchmark
1 Participation
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2 Technology
3 Practices
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4 Financial instruments
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5 Settlement of payments
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6 Requirements
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7 Cooperation
8 Transparency and reporting
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9 Enforcement
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3A
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2A
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11A
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12A
12B
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131M Overview
131N Cash access services and coordination arrangements
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131O Current accounts and relevant current account providers
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131P Cash access policy statement
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131Q Provision of reports to assist the Treasury
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131R Designation
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131S Designation criteria
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131T Cancellation or variation of a designation notice
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131U Purpose for which FCA must exercise functions under this Part
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131V FCA rules
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131W Power to direct designated persons
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131X Procedure for directions
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131Y Information gathering and investigations
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131Z Disciplinary measures
131Z1 Costs of supervision
131Z2 Exclusion and modification of other FCA duties
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206C Overview and purpose
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206D Policy statement
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206E Interpretation: “wholesale cash distribution”
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206F Interpretation: other terms
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206G Wholesale cash oversight orders
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206H “Market significance” and “systemic significance”
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206I Procedure
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206J Amendment or revocation of a wholesale cash oversight order
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206K Principles
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206L Codes of practice
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206M Directions
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206N Role of the FCA, PRA and Payment Systems Regulator
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206O Inspection
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206P Inspection: warrant
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206Q Independent report
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206R Compliance failure
206S Publication
206T Penalty
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206U Closure
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206V Management disqualification
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206W Warning
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206X Appeal
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206Y Injunctions
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206Z Fees
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206Z1 Records
206Z2 Annual report
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206Z3 Requirement to provide information
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206Z4 Disclosure of information
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206Z5 Saving for informal oversight
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206Z6 Power to disapply regulation and enforcement provisions
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1B
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10 Banking Act 2009
11 Banking Act 2009
12 Banking Act 2009
13 Financial Services Act 2012
14 Financial Services Act 2012
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15 Financial Services Act 2012
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16 Financial Services (Banking Reform) Act 2013
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309A Recognised bodies to which this Chapter applies
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309B Part 18 prohibition orders
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309C Procedure for making Part 18 prohibition orders
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309D Varying and withdrawing Part 18 prohibition orders
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309E Offence of breaching prohibition
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309F Duty in relation to prohibited individuals
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309G Requirement for approval
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309H Rules under section 309G(3): transitional provision
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309I Applications for approval
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309J Vetting by relevant recognised bodies
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309K Determining applications: power to grant approval
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309L Determining applications: period for approval
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309M Determining applications: further procedure
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309N Changes in responsibilities
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309O Withdrawing approval
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309P Procedure for withdrawing approval
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309Q Varying approval at request of relevant recognised body
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309R Varying approval on the appropriate regulator’s initiative
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309S Statement of policy on approval
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309T Breach of statutory duty by relevant recognised bodies
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309U Power to impose penalties
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309V Procedure for imposing penalties
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309W Statement of policy on penalties
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309X Procedure for statement of policy on penalties
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309Y Certification of employees by relevant recognised bodies
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309Z Issuing certificates
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309Z1 Rules of conduct
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309Z2 Power to take disciplinary action for misconduct
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309Z3 Meaning of “misconduct”
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309Z4 Procedure for disciplinary action
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309Z5 Statement of policy about disciplinary action
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309Z6 Procedure for statement of policy about disciplinary action
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309Z7 Interpretation of Chapter 2A
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2
309Z8 Power to apply this Chapter to credit rating agencies
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5
2 Amendments to FSMA 2000
3 Amendments to FSMA 2000
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3
4 Amendments to FSMA 2000
1
2
5 Amendments to FSMA 2000
6 Amendments to FSMA 2000
7 Amendments to FSMA 2000
8 Amendments to FSMA 2000
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9 Amendments to FSMA 2000
10 Amendments to FSMA 2000
11 Amendments to FSMA 2000
12 Amendments to FSMA 2000
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13 Amendments to FSMA 2000
14 Amendments to FSMA 2000
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3
15 Amendments to FSMA 2000
16 Amendments to FSMA 2000
1
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3
17 Amendments to FSMA 2000
18 Amendments to FSMA 2000
1
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3
19 Amendments to FSMA 2000
20 Amendments to FSMA 2000
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7
21 Financial Services Act 2012
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1 Overview
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2 Removal of impediments to the exercise of stabilisation powers etc
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3 Safeguards relating to directions under paragraph 2
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4 Resolution plans
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5 Removal of directors and senior managers
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6 Temporary manager
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7 Paragraphs 5 and 6: conditions
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8 Temporary manager: further provisions in relation to the appointment
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9 Temporary manager: instrument of appointment
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10 Right to refer matters to the Tribunal
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11 Removal of directors and senior managers and appointment of temporary manager: procedure
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12 Removal of directors and senior managers and appointment of temporary manager: notice requirements
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13 Temporary restriction on remuneration
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14 Restriction on remuneration: review and revocation
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15 Special resolution objectives
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16 Code of Practice
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17 General conditions
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18 Effect on other group members
19 Specific conditions: financial assistance cases
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20 Resolution liaison panel
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21 Restrictions on use of certain resolution powers
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22 Pre-resolution valuation
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23 Replacement of Bank’s provisional valuation
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24 Independent valuer: valuation under paragraph 22 or 23
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25 Independent valuer: supplemental
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26 Consequences of a replacement valuation
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2
27 Private sector purchaser
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28 Private sector purchaser: marketing
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29 Bridge central counterparty
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30 Transfer of ownership
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31 Tear-up power
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32 Cash call power
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33 Power to reduce variation margin payments
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34 Write-down power
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35 Powers in relation to securities
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36 Report on provisions in write-down instrument
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37 Priority between creditors
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38 Power to take control
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39 Shadow directors etc
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40 Interpretation: “securities”
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41 Share transfer instrument
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42 Effect
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43 Continuity
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44 Conversion and delisting
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45 Directors and senior managers
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46 Ancillary instruments: production, registration, etc
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47 Incidental provision
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48 Procedure: instruments
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49 Supplemental instruments
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50 Onward transfer
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51 Reverse share transfer
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52 Bridge central counterparties: share transfers
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53 Bridge central counterparties: reverse share transfer
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54 Property transfer instrument
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55 Effect
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56 Transferable property
57 Continuity
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58 Directors and senior managers
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59 Recognised central counterparty rules
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60 Recognised central counterparty membership
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61 Licences
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62 Foreign property
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63 Incidental provision
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2
64 Procedure
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65 Property transfer instrument: delisting
1
2
66 Transfer of property subsequent to resolution instrument
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67 Supplemental instruments
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68 Private sector purchaser: reverse property transfer
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69 Onward transfer
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70 Bridge central counterparties: reverse property transfer
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71 Transfer of ownership and private sector purchaser: property transfer
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72 Transfer of ownership: reverse property transfer
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73 Bridge central counterparty: supplemental property transfer powers
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74 Bridge central counterparty: supplemental reverse property transfer powers
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75 Restriction of partial transfers
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5
76 Power to protect certain interests
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77 Creation of liabilities
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2
78 Regulations for safeguarding certain financial arrangements: write-down instruments
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79 Resolution instruments: effect and supplementary matters
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80 Write-down instruments: supplementary
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81 Resolution instruments: procedure
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82 Supplemental resolution instruments
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83 Directors and senior managers
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84 Termination rights etc
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85 Deferment
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86 Recovery of expenses
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87 Compensation scheme
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88 Instruments: notification of members and creditors
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89 General continuity obligation: property transfers
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90 Special continuity obligations: property transfers
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91 Continuity obligations: onward property transfers
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92 General continuity obligation: share transfers
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93 Special continuity obligations: share transfers
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94 Continuity obligations: onward share transfers
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95 Continuity obligations: consideration and terms
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96 Continuity obligations: termination
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97 Suspension of obligations
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98 Restriction of security interests
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99 Suspension of termination rights
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100 Suspension: general provision
101 Stay on terminating membership
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102 Restriction on remuneration
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103 Pensions
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104 Disputes
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105 Tax
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106 Stay or sist of legal proceedings
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107 Insolvency proceedings
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108 Recognition of transferee company
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109 International obligation notice: general
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110 International obligation notice: bridge central counterparty
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111 Public funds: general
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112 Public funds: bridge central counterparty
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113 Private sector purchaser: report
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114 Bridge central counterparty: report
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115 Resolution instruments: report
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116 Transfer of ownership: report
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117 Sale to commercial purchaser, transfer to bridge central counterparty and transfer of ownership: conditions for group companies
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118 Paragraph 117: supplemental
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119 Information
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120 Reports by skilled persons
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121 Appointment of persons to carry out general investigations
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122 Appointment of person to carry out investigations in particular cases
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123 Investigations etc in support of foreign resolution authorities
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124 Investigations: general
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125 Powers of persons appointed under paragraph 121
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126 Powers of persons appointed as a result of paragraph 122
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127 Admissibility of statements made to investigators
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128 Information and documents: supplemental provision
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129 Protected items
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130 Entry of premises under warrant
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131 Retention of documents obtained under paragraph 130
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132 Offences etc
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133 Prosecution of offences under paragraph 132
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134 Offences under paragraph 132 by bodies corporate etc
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135 Injunctions to prevent failure to comply with relevant requirement
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136 Regulatory sanctions
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137 Determination of sanctions
138 Procedure: warning notice
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139 Procedure: decision notice
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140 Procedure: general
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141 Appeals
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142 Injunctions: failure to comply with certain paragraph 136 sanctions
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143 Publication
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144 Co-operation
145 Third-country resolution actions
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146 Effects of recognition on third-country resolution action
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147 Third-country instruments: supplementary provision
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148 Information
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149 Restrictions on disclosure of confidential information
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150 Remedies on judicial review
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151 Giving of notices, documents etc under this Schedule
152 “Financial assistance”
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153 Modifications to the law
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154 Interpretation
155 Recognised central counterparty
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156 Interpretation: “CCP group company”, etc
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157 Consolidated Fund
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158 National Loans Fund
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159 Bank of England Act 1998
160 Financial Services and Markets Act 2000
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161 Companies Act 2006
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162 Banking Act 2009
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163 Financial Services Act 2012
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164 Financial Services (Banking Reform) Act 2013
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165 Modified application of corporate law to CCPs in resolution
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1 Application of this Part of this Schedule
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2 Moratorium on proceedings
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3 Exceptions
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5
4 Application of this Part of this Schedule
5 Dealing with assets
6 Paying variable remuneration
7 Distributions
8 Application of this Part of this Schedule
1
2
9 Relevant insolvency provisions
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3
10 Reinsurance contracts
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11
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5
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7
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7
1
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8 FSMA 2000
9 FSMA 2000
1
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3
10 FSMA 2000
11 FSMA 2000
12 Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
1
1
2
3
1 Application of this Schedule
2 “Financial difficulties”
1
2
3
3 Restriction on policyholder surrender rights
1
2
4 Switching rights
1
2
5 Consent to exceed surrender limit
1
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3
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5
6 Relevant contracts
1
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4
7 Restriction on termination etc
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3
8 Consent to terminate relevant contracts
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5
9 Exclusions
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2
10 Disapplication of this Schedule by the court
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5
11 Procedure
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12
2
1 Introductory
2 Specified financial activities
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5
3 Specified financial activities
1
2
1
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5
4 Specified financial activities
5 Shares
6 Ancillary services
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3
7 Loans
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4
8 Conditional sale and hire purchase agreements
1
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4
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6
7
1
2
9 Insurance distribution activities
10 Minor and consequential amendments
11 Minor and consequential amendments
12 Minor and consequential amendments
13 Minor and consequential amendments
1
2
3
4
14 Minor and consequential amendments
15 Transitional provision
16 Transitional provision