Financial Services Act 1986 (repealed)
Financial Services Act 1986 (repealed) (1986 c. 60)
- Financial Services Act 1986 (repealed) (1986 c. 60)
- Part I Regulation of Investment Business
- Chapter I Preliminary
- 1 Investments and investment business.
- 2 Power to extend or restrict scope of Act.
- Chapter II Restriction on Carrying on Business
- 3 Persons entitled to carry on investment business.
- 4 Offences.
- 5 Agreements made by or through unauthorised persons.
- 6 Injunctions and restitution orders.
- Chapter III Authorised Persons
- Members of recognised self-regulating organisations
- 7 Authorisation by membership of recognised self-regulating organisation.
- 8 Self-regulating organisations.
- 9 Applications for recognition.
- 10 Grant and refusal of recognition.
- 11 Revocation of recognition.
- 12 Compliance orders.
- 13 Alteration of rules for protection of investors.
- 14 Notification requirements.
- Persons authorised by recognised professional bodies
- 15 Authorisation by certification by recognised professional body.
- 16 Professional bodies.
- 17 Applications for recognition.
- 18 Grant and refusal of recognition.
- 19 Revocation of recognition.
- 20 Compliance orders.
- 21 Notification requirements.
- Insurance companies
- 22 Authorised insurers.
- Friendly societies
- 23 Friendly societies.
- Collective investment schemes
- 24 Operators and trustees of recognised schemes.
- Investment companies with variable capital
- 24A Investment companies with variable capital
- Persons authorised by the Secretary of State
- 25 Authorisation by Secretary of State.
- 26 Applications for authorisation.
- 27 Grant and refusal of authorisation.
- 28 Withdrawal and suspension of authorisation.
- 29 Notice of proposed refusal, withdrawal or suspension.
- 30 Withdrawal of applications and authorisations by consent.
- Persons authorised in other member States
- 31 Authorisation in other member State.
- 32 Notice of commencement of business.
- 33 Termination and suspension of authorisation.
- 34 Notice of proposed termination or suspension.
- Chapter IV Exempted Persons
- The Bank of England
- 35 The Bank of England.
- Recognised investment exchanges and clearing houses
- 36 Investment exchanges.
- 37 Grant and revocation of recognition.
- 38 Clearing houses.
- 39 Grant and revocation of recognition.
- 40 Overseas investment exchanges and clearing houses.
- 41 Notification requirements.
- Other exemptions
- 42 Lloyd’s.
- 43 Listed money market institutions.
- 44 Appointed representatives.
- 45 Miscellaneous exemptions.
- Supplemental
- 46 Power to extend or restrict exemptions.
- Chapter V Conduct of Investment Business
- 47 Misleading statements and practices.
- 47A Statements of principle.
- 47B Modification or waiver of statements of principle in particular cases.
- 48 Conduct of business rules.
- 49 Financial resources rules.
- 50 Modification of conduct of business and financial resources rules for particular cases.
- 51 Cancellation rules.
- 52 Notification regulations.
- 53 Indemnity rules.
- 54 Compensation fund.
- 55 Clients’ money.
- 56 Unsolicited calls.
- 57 Restrictions on advertising.
- 58 Exceptions from restrictions on advertising.
- 59 Employment of prohibited persons.
- 60 Public statement as to person’s misconduct.
- 61 Injunctions and restitution orders.
- 62 Actions for damages.
- 62A Restriction of right of action.
- 63 Gaming contracts.
- 63A Application of designated rules and regulations to members of self-regulating organisations.
- 63B Modification or waiver of designated rules and regulations.
- 63C Codes of practice.
- Chapter VI Powers of Intervention
- 64 Scope of powers.
- 65 Restriction of business.
- 66 Restriction on dealing with assets.
- 67 Vesting of assets in trustee.
- 68 Maintenance of assets in United Kingdom.
- 69 Rescission and variation.
- 70 Notices.
- 71 Breach of prohibition or requirement.
- Chapter VII Winding up and Administration Orders
- 72 Winding up orders.
- 73 Winding up orders: Northern Ireland.
- 74 Administration orders.
- Chapter VIII Collective Investment Schemes
- Preliminary
- 75 Interpretation.
- Promotion of schemes
- 76 Restrictions on promotion.
- Authorised unit trust schemes
- 77 Applications for authorisation.
- 78 Authorisation orders.
- 79 Revocation of authorisation.
- 80 Representations against refusal or revocation.
- 81 Constitution and management.
- 82 Alteration of schemes and changes of manager or trustee.
- 83 Restrictions on activities of manager.
- 84 Avoidance of exclusion clauses.
- 85 Publication of scheme particulars.
- Recognition of overseas schemes
- 86 Schemes constituted in other member States.
- 87 Schemes authorised in designated countries or territories.
- 88 Other overseas schemes.
- 89 Refusal and revocation of recognition.
- 90 Facilities and information in the United Kingdom.
- Powers of intervention
- 91 Directions.
- 92 Notice of directions.
- 93 Applications to the court.
- Supplemental
- 94 Investigations.
- 95 Contraventions.
- Chapter IX The Tribunal
- 96 The Financial Services Tribunal.
- 97 References to the Tribunal.
- 98 Decisions on references by applicant or authorised person etc.
- 99 Decisions on references by third parties.
- 100 Withdrawal of reference.
- 101 Reports.
- Chapter X Information
- 102 Register of authorised persons and recognised organisations etc.
- 103 Inspection of register.
- 104 Power to call for information.
- 105 Investigation powers.
- 106 Exercise of investigation powers by officer etc.
- Chapter XI Auditors
- 107 Appointment of auditors.
- 107A Application of audit rules to members of self-regulating organisations.
- 108 Power to require second audit.
- 109 Communication by auditor with supervisory authorities.
- 110 Overseas business.
- 111 Offences and enforcement.
- Chapter XII Fees
- 112 Application fees.
- 113 Periodical fees.
- Chapter XIII Transfer of Functions to Designated Agency
- 114 Power to transfer functions to designated agency.
- 115 Resumption of transferred functions.
- 116 Status and exercise of transferred functions.
- 117 Reports and accounts.
- 118 Transitional and supplementary provisions.
- Chapter XIV Prevention of Restrictive Practices
- Examination of rules and practices
- 119 Recognised self-regulating organisations, investment exchanges and clearing houses.
- 120 Modification of s. 119 where recognition function is transferred.
- 121 Designated agencies.
- Consultation with Director General of Fair Trading
- 122 Reports by Director General of Fair Trading.
- 123 Investigations by Director General of Fair Trading.
- Consequential exemptions from competition law
- 124 The Fair Trading Act 1973.
- 125 The Competition Act 1998: Chapter I prohibition.
- 126 The Competition Act 1980.
- Recognised professional bodies
- 127 Application of Competition Act 1998 in relation to recognised professional bodies: Chapter 2001I prohibition.
- Supplemental
- 128 Supplementary provisions.
- Chapter XV Relations with other Regulatory Authorities
- 128A Relevance of other controls.
- 128B Relevance of information given and action taken by other regulatory authorities.
- 128C Enforcement in support of overseas regulatory authority.
- Part II Insurance Business
- 129 Application of investment business provisions to regulated insurance companies.
- 130 Restriction on promotion of contracts of insurance.
- 131 Contracts made after contravention of s. 130.
- 132 Insurance contracts effected in contravention of s. 2 of Insurance Companies Act 1982.
- 133 Misleading statements as to insurance contracts.
- 134 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 135 Communication by auditor with Secretary of State.
- 136 Arrangements to avoid unfairness between separate insurance funds etc.
- 137 Regulations in respect of linked long term policies.
- 138 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 139 Industrial assurance.
- Part III Friendly Societies
- 140 Friendly societies.
- 141 Indemnity schemes.
- Part IV Official Listing of Securities
- 142 Official listing.
- 143 Applications for listing.
- 144 Admission to list.
- 145 Discontinuance and suspension of listing.
- 146 General duty of disclosure in listing particulars.
- 147 Supplementary listing particulars.
- 148 Exemptions for disclosure.
- 149 Registration of listing particulars.
- 150 Compensation for false or misleading particulars.
- 151 Exemption from liability to pay compensation.
- 152 Persons responsible for particulars.
- 153 Obligations of issuers of listed securities.
- 154 Advertisements etc. in connection with listing applications.
- 154A Application of Part IV to prospectuses.
- 155 Fees.
- 156 Listing rules: general provisions.
- 156A Approval of prospectus where no application for listing.
- 156B Publication of prospectus.
- 157 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 158 Preliminary.
- 159 Offers of securities on admission to approved exchange.
- 160 Other offers of securities.
- 160A Exemptions.
- 161 Exceptions.
- 162 Form and content of prospectus.
- 163 General duty of disclosure in prospectus.
- 164 Supplementary prospectus.
- 165 Exemptions from disclosure.
- 166 Compensation for false or misleading prospectus.
- 167 Exemption from liability to pay compensation.
- 168 Persons responsible for prospectus.
- 169 Terms and implementation of offer.
- 170 Advertisements by private companies and old public companies.
- 171 Contraventions.
- Part VI Takeover Offers
- 172 Takeover offers.
- Part VII Insider Dealing
- 173 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 175 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 176 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 177 Investigations into insider dealing.
- 178 Penalties for failure to co-operate with s. 177 investigations.
- Part VIII Restrictions on Disclosure of Information
- 179 Restrictions on disclosure of information.
- 180 Exceptions from restrictions on disclosure.
- 181 Directions restricting disclosure of information overseas.
- 182 Disclosure of information under enactments relating to fair trading, banking, insurance and companies.
- Part IX Reciprocity
- 183 Reciprocal facilities for financial business.
- 184 Investment and insurance business.
- 185 Banking business.
- 186 Variation and revocation of notices.
- Part X Miscellaneous and Supplementary
- 187 Exemption from liability for damages.
- 188 Jurisdiction of High Court and Court of Session.
- 189 Restriction of Rehabilitation of Offenders Act 1974.
- 190 Data protection.
- 191 Occupational pension schemes.
- 193 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 194 Transfers to or from recognised clearing houses.
- 195 Offers of short-dated debentures.
- 196 Financial assistance for employees’ share schemes.
- 197 Disclosure of interests in shares: interest held by market maker.
- 198 Power to petition for winding up etc. on information obtained under Act.
- 199 Powers of entry.
- 200 False and misleading statements.
- 201 Prosecutions.
- 202 Offences by bodies corporate, partnerships and unincorporated associations.
- 203 Jurisdiction and procedure in respect of offences.
- 204 Service of notices.
- 205 General power to make regulations.
- [205A Supplementary provisions with respect to subordinate legislation.
- 206 Publication of information and advice.
- 207 Interpretation.
- 208 Gibraltar.
- 209 Northern Ireland.
- 210 Expenses and receipts.
- 211 Commencement and transitional provisions.
- 212 Short title, consequential amendments and repeals.
- SCHEDULES
- SCHEDULE 1 Investments and Investment Business
- Part I Investments
- Shares etc.
- Debentures
- Government and public securities
- Instruments entitling to shares or securities
- Certificates representing securities
- Units in collective investment scheme
- Options
- Futures
- Contracts for differences etc.
- Long term insurance contracts
- Rights and interests in investments
- Part II Activities Constituting Investment Business
- Dealing in investments
- Arranging deals in investments
- Custody of Investments
- Managing investments
- Investment advice
- Establishing etc. collective investment schemes
- Sending dematerialised instructions etc
- Part III Excluded Activities
- Dealings as principal
- Groups and joint enterprises
- Sale of goods and supply of services
- Employees’ share schemes
- Sale of body corporate
- Trustees and personal representatives
- Dealings in course of non-investment business
- Advice given or arrangements made in course of profession or non-investment business
- Custody of group pension funds by certain insurance companies
- Newspapers
- Advice given in sound, television or cable programmes
- Advice given in television, sound or teletext services
- International Securities Self-regulating organisations
- Part IV Additional Exclusions for Persons Without Permanent Place of Business in United Kingdom
- Transactions with or through authorised or exempted persons
- Unsolicited or legitimately solicited transactions etc. with or for other persons
- Part V Interpretation
- SCHEDULE 2 Requirements for Recognition of Self-regulating Organisation
- Members to be fit and proper persons
- Admission, expulsion and discipline
- Safeguards for investors
- Taking account of costs of compliance
- Monitoring and enforcement
- The governing body
- Investigation of complaints
- Promotion and maintenance of standards
- SCHEDULE 3 Requirements for recognition of professional body
- Statutory status
- Certification
- Safeguards for investors
- Taking account of costs of compliance
- Monitoring and enforcement
- Investigation of complaints
- Promotion and maintenance of standards
- SCHEDULE 4 Requirements for Recognition of Investment Exchange
- Financial resources
- Safeguards for investors
- Monitoring and enforcement
- Investigation of complaints
- Promotion and maintenance of standards
- Supplementary
- SCHEDULE 5 Listed Money Market Institutions
- Part I Transactions not Subject to Monetary Limit
- Part II Transactions Subject to Monetary Limit
- Part III Transactions arranged by Listed Institutions
- SCHEDULE 6 The Financial Services Tribunal
- Term of office of members
- Expenses
- Staff
- Procedure
- Evidence
- Appeals and supervision by Council on Tribunals
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- Parliamentary disqualification
- SCHEDULE 7 Qualifications of Designated Agency
- Constitution
- Arrangements for discharge of functions
- Taking account of costs of compliance
- Monitoring and enforcement
- Investigation of complaints
- Promotion and maintenance of standards
- Records
- SCHEDULE 8 Principles applicable to Designated Agency’s Legislative Provisions
- Introduction
- Standards
- Disclosure
- Protection
- Records
- Classes of investors
- SCHEDULE 9 Designated Agencies: Status and Exercise of Transferred Functions
- Status
- Exemption from requirement of “limited" in name of designated agency
- The Tribunal
- Legislative functions
- Fees
- Consultation
- Exchange of information
- SCHEDULE 10 Regulated Insurance Companies
- Preliminary
- Authorisations for investment business and insurance business
- Recognition of self-regulating organisation with insurance company members
- Modification of provisions as to conduct of investment business
- Restriction of provisions as to conduct of insurance business
- Exercise of powers of intervention etc.
- Withdrawal of insurance business authorisation
- Termination of investment business authorisation of insurer established in other member State
- Powers of Tribunal
- Consultation with designated agencies
- SCHEDULE 11 Friendly Societies
- Part I Preliminary
- Part II Self-Regulating Organisations for Friendly Societies
- Recognition
- Revocation of recognition
- Compliance orders
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- Prevention of restrictive practices
- Fees
- Application of provisions of this Act
- Part III Registrar’s Powers in Relation to Regulated Friendly Societies
- Special provisions for regulated friendly societies
- Conduct of investment business
- Intervention, information and investigations
- Exercise of powers under enactments relating to friendly societies
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- Part IV Transfer of Registrar’s Functions
- Part V Miscellaneous and Supplemental
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- SCHEDULE 11A OFFERS OF SECURITIES TO THE PUBLIC IN THE UNITED KINGDOM
- SCHEDULE 12 Takeover Offers: Provisions Substituted for Sections 428, 429 and 430 of Companies Act 1985
- SCHEDULE 13 Disclosure of Information
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- SCHEDULE 14 Restriction of Rehabilitation of Offenders Act 1974
- Part I Exempted Proceedings
- Part II Exempted Questions
- Part III Exempted Actions
- Part IV Supplemental
- SCHEDULE 15 Transitional Provisions
- Interim authorisation
- Return of fees on pending applications
- Deposits and undertakings
- Interim recognition of professional bodies
- Interim authorisation by recognised professional bodies
- Power of recognised professional body to make rules required by this Act.
- Notice of commencement of business
- Advertisements
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- Authorised unit trust schemes
- Recognised collective investment schemes
- Delegation orders
- Disclosure of information
- Temporary exemptions for friendly societies
- Dealings in course of non-investment business
- Northern Ireland
- SCHEDULE 16 Consequential Amendments
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- SCHEDULE 17 Repeals and Revocations
- Part I Enactments
- Part II Instruments
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