Financial Services and Markets Act 2023
Financial Services and Markets Act 2023 (2023 c. 29)
- Financial Services and Markets Act 2023 (2023 c. 29)
- PART 1 Regulatory framework
- CHAPTER 1 Revocation of assimilated law
- 1 Revocation of assimilated law relating to financial services and markets
- 2 Transitional amendments
- 3 Power to make further transitional amendments
- 4 Power to restate and modify saved legislation
- 5 Power to replace references to EU directives
- 6 Restatement in rules: exemption from consultation requirements etc
- 7 Interpretation of Chapter
- CHAPTER 2 New regulatory powers
- Designated activities regime
- 8 Designated activities
- Financial market infrastructure: general rules and requirements
- 9 Rules relating to central counterparties and central securities depositories
- 10 Central counterparties and central securities depositories: other requirements
- 11 Rules relating to investment exchanges and data reporting service providers
- 12 Treasury directions to Bank of England: restrictions
- Financial market infrastructure: piloting powers
- 13 Testing of FMI technologies or practices
- 14 Reports on FMI sandboxes
- 15 Permanent implementation of arrangements tested under an FMI sandbox
- 16 Regulations
- 17 Interpretation
- Powers in relation to critical third parties
- 18 Critical third parties: designation and powers
- 19 Critical third parties: related amendments
- Financial promotion
- 20 Financial promotion
- Sustainability disclosure requirements
- 21 Sustainability disclosure requirements
- Digital settlement assets
- 22 Digital settlement assets
- 23 Digital settlement assets: power to make regulations
- Mutual recognition
- 24 Implementation of mutual recognition agreements
- CHAPTER 3 Accountability of regulators
- FCA and PRA objectives and regulatory principles
- 25 Competitiveness and growth objective
- 26 Competitiveness and growth objective: reporting requirements
- 27 Regulatory principles
- 28 Sections 25 and 27: consequential amendments
- FCA and PRA powers to make rules etc
- 29 Review of rules
- 30 Treasury power in relation to rules
- 31 Matters to consider when making rules
- 32 Effect of rules etc on deference decisions
- 33 Effect of rules etc on international trade obligations
- 34 Power to disapply or modify rules
- FCA and PRA engagement
- 35 Responses to recommendations of the Treasury
- 36 Public consultation requirements
- 37 Engagement with statutory panels
- 38 Engagement with Parliamentary Committees
- 39 Reporting requirements
- Co-operation of FCA and others
- 40 Duty to co-operate and consult in exercising functions
- Panels and policy statements
- 41 Listing Authority Advisory Panel
- 42 Insurance Practitioner Panel
- 43 Cost Benefit Analysis Panels
- 44 Statement of policy on cost benefit analyses
- 45 Statement of policy on panel appointments
- 46 Composition of panels
- 47 Panel reports
- Bank of England regulatory powers
- 48 Exercise of FMI regulatory powers
- 49 Bank of England: rule-making powers
- 50 Application of FSMA 2000 to FMI functions
- Payment Systems Regulator
- 51 Payment Systems Regulator
- 52 Chair of the Payment Systems Regulator as member of FCA Board
- Consultation on rules
- 53 Consultation on rules
- PART 2 Access to cash
- 54 Cash access services
- 55 Wholesale cash distribution
- PART 3 Performance of functions relating to financial market infrastructure
- 56 Recognised bodies: senior managers and certification
- PART 4 Central counterparties in financial difficulties
- 57 Central counterparties in financial difficulties
- PART 5 Insurers in financial difficulties
- 58 Insurers in financial difficulties
- PART 6 Miscellaneous
- Amendments to FSMA 2000
- 59 Application of provisions to regulatory functions under this Act
- 60 Formerly authorised persons
- 61 Control over authorised persons
- 62 Financial services compensation scheme
- 63 The Ombudsman scheme
- 64 Unauthorised co-ownership AIFs
- 65 Power to amend enactments in consequence of rules
- 66 Ambulatory references
- 67 Power to amend or repeal certain provisions of FSMA 2000
- 68 Power under FSMA 2000 to make transitional provisions
- 69 Cryptoassets
- Bank of England levy
- 70 Bank of England levy
- 71 Bank of England levy: consequential amendments
- Other miscellaneous provisions
- 72 Liability of payment service providers for fraudulent transactions
- 73 Credit unions
- 74 Reinsurance for acts of terrorism
- 75 Banking Act 2009: miscellaneous amendments
- 76 Arrangements for the investigation of complaints
- 77 Politically exposed persons: money laundering and terrorist financing
- 78 Politically exposed persons: review of guidance
- 79 Forest risk commodities: review
- PART 7 General
- 80 Interpretation
- 81 Pre-commencement consultation
- 82 Financial provision
- 83 Power to make consequential provision
- 84 Regulations
- 85 Extent
- 86 Commencement
- 87 Short title
- SCHEDULES
- SCHEDULE 1 Revocation of assimilated law relating to financial services
- PART 1 Assimilated direct principal legislation
- PART 2 Subordinate legislation
- PART 3 EU tertiary legislation etc
- PART 4 Primary legislation
- PART 5 Other EU-derived legislation
- SCHEDULE 2 Transitional amendments
- PART 1 Amendments to the Markets in Financial Instruments Regulation
- Introductory
- Transparency requirements for equities
- Transparency requirements for fixed income instruments and derivatives etc
- Systematic internalisers and other investment firms
- Systematic internalisers and other investment firms
- Share trading obligation
- Derivatives trading obligation
- Consequential amendments relating to this Part
- PART 2 Amendments to the European Market Infrastructure Regulation
- PART 3 Amendments to the EU Securitisation Regulation
- Introductory
- STS equivalent non-UK securitisations
- Minor and consequential amendments
- PART 4 Amendments to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017
- Introductory
- Position limits for commodity derivatives
- Consequential revocations relating to this Part
- PART 5 Amendments to the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018
- PART 6 Amendments relating to critical third parties
- SCHEDULE 3 New Schedule 6B to FSMA 2000
- SCHEDULE 4 FMI Sandboxes
- Participation
- Technology
- Practices
- Financial instruments
- Settlement of payments
- Requirements
- Cooperation
- Transparency and reporting
- Enforcement
- SCHEDULE 5 Financial promotion: related amendments
- SCHEDULE 6 Digital settlement assets
- PART 1 Amendments to the Banking Act 2009
- PART 2 Amendments to the Financial Services (Banking Reform) Act 2013
- SCHEDULE 7 Accountability of the Payment Systems Regulator
- SCHEDULE 8 Cash access services
- PART 1 New Part 8B of FSMA 2000
- PART 2 Consequential amendments to FSMA 2000
- SCHEDULE 9 Wholesale cash distribution
- PART 1 New Part 5A of the Banking Act 2009
- PART 2 Amendments to Part 6 of the Financial Services (Banking Reform) Act 2013
- PART 3 Consequential amendments
- Banking Act 2009
- Financial Services Act 2012
- Financial Services (Banking Reform) Act 2013
- SCHEDULE 10 Performance of functions relating to financial market infrastructure
- PART 1 New Chapter 2A of Part 18 of FSMA 2000
- PART 2 Related amendments
- Amendments to FSMA 2000
- Financial Services Act 2012
- SCHEDULE 11 Central counterparties
- PART 1 Introductory
- Overview
- PART 2 Pre-resolution powers of the Bank of England
- Removal of impediments to the exercise of stabilisation powers etc
- Safeguards relating to directions under paragraph 2
- PART 3 Resolution plans
- Resolution plans
- PART 4 Removal of directors and senior managers
- Removal of directors and senior managers
- Temporary manager
- Paragraphs 5 and 6: conditions
- Temporary manager: further provisions in relation to the appointment
- Temporary manager: instrument of appointment
- Right to refer matters to the Tribunal
- Removal of directors and senior managers and appointment of temporary manager: procedure
- Removal of directors and senior managers and appointment of temporary manager: notice requirements
- Temporary restriction on remuneration
- Restriction on remuneration: review and revocation
- PART 5 Special resolution action
- Special resolution objectives
- Code of Practice
- General conditions
- Effect on other group members
- Specific conditions: financial assistance cases
- Resolution liaison panel
- Restrictions on use of certain resolution powers
- Pre-resolution valuation
- Replacement of Bank’s provisional valuation
- Independent valuer: valuation under paragraph 22 or 23
- Independent valuer: supplemental
- Consequences of a replacement valuation
- Private sector purchaser
- Private sector purchaser: marketing
- Bridge central counterparty
- Transfer of ownership
- Tear-up power
- Cash call power
- Power to reduce variation margin payments
- Write-down power
- Powers in relation to securities
- Report on provisions in write-down instrument
- Priority between creditors
- Power to take control
- Shadow directors etc
- Interpretation: “securities”
- Share transfer instrument
- Effect
- Continuity
- Conversion and delisting
- Directors and senior managers
- Ancillary instruments: production, registration, etc
- Incidental provision
- Procedure: instruments
- Supplemental instruments
- Onward transfer
- Reverse share transfer
- Bridge central counterparties: share transfers
- Bridge central counterparties: reverse share transfer
- Property transfer instrument
- Effect
- Transferable property
- Continuity
- Directors and senior managers
- Recognised central counterparty rules
- Recognised central counterparty membership
- Licences
- Foreign property
- Incidental provision
- Procedure
- Property transfer instrument: delisting
- Transfer of property subsequent to resolution instrument
- Supplemental instruments
- Private sector purchaser: reverse property transfer
- Onward transfer
- Bridge central counterparties: reverse property transfer
- Transfer of ownership and private sector purchaser: property transfer
- Transfer of ownership: reverse property transfer
- Bridge central counterparty: supplemental property transfer powers
- Bridge central counterparty: supplemental reverse property transfer powers
- Restriction of partial transfers
- Power to protect certain interests
- Creation of liabilities
- Regulations for safeguarding certain financial arrangements: write-down instruments
- Resolution instruments: effect and supplementary matters
- Write-down instruments: supplementary
- Resolution instruments: procedure
- Supplemental resolution instruments
- Directors and senior managers
- Termination rights etc
- Deferment
- Recovery of expenses
- Compensation scheme
- Instruments: notification of members and creditors
- General continuity obligation: property transfers
- Special continuity obligations: property transfers
- Continuity obligations: onward property transfers
- General continuity obligation: share transfers
- Special continuity obligations: share transfers
- Continuity obligations: onward share transfers
- Continuity obligations: consideration and terms
- Continuity obligations: termination
- Suspension of obligations
- Restriction of security interests
- Suspension of termination rights
- Suspension: general provision
- Stay on terminating membership
- Restriction on remuneration
- Pensions
- Disputes
- Tax
- Stay or sist of legal proceedings
- Insolvency proceedings
- Recognition of transferee company
- International obligation notice: general
- International obligation notice: bridge central counterparty
- Public funds: general
- Public funds: bridge central counterparty
- Private sector purchaser: report
- Bridge central counterparty: report
- Resolution instruments: report
- Transfer of ownership: report
- Sale to commercial purchaser, transfer to bridge central counterparty and transfer of ownership: conditions for group companies
- Paragraph 117: supplemental
- PART 6 Information, investigation and enforcement
- Information
- Reports by skilled persons
- Appointment of persons to carry out general investigations
- Appointment of person to carry out investigations in particular cases
- Investigations etc in support of foreign resolution authorities
- Investigations: general
- Powers of persons appointed under paragraph 121
- Powers of persons appointed as a result of paragraph 122
- Admissibility of statements made to investigators
- Information and documents: supplemental provision
- Protected items
- Entry of premises under warrant
- Retention of documents obtained under paragraph 130
- Offences etc
- Prosecution of offences under paragraph 132
- Offences under paragraph 132 by bodies corporate etc
- Injunctions to prevent failure to comply with relevant requirement
- Regulatory sanctions
- Determination of sanctions
- Procedure: warning notice
- Procedure: decision notice
- Procedure: general
- Appeals
- Injunctions: failure to comply with certain paragraph 136 sanctions
- Publication
- Co-operation
- PART 7 Third-country resolution actions
- Third-country resolution actions
- Effects of recognition on third-country resolution action
- Third-country instruments: supplementary provision
- PART 8 General
- Information
- Restrictions on disclosure of confidential information
- Remedies on judicial review
- Giving of notices, documents etc under this Schedule
- “Financial assistance”
- Modifications to the law
- Interpretation
- Recognised central counterparty
- Interpretation: “CCP group company”, etc
- PART 9 Treasury support for CCPs
- Consolidated Fund
- National Loans Fund
- PART 10 Consequential etc provision
- Bank of England Act 1998
- Financial Services and Markets Act 2000
- Companies Act 2006
- Banking Act 2009
- Financial Services Act 2012
- Financial Services (Banking Reform) Act 2013
- Modified application of corporate law to CCPs in resolution
- SCHEDULE 12 Write-down orders
- PART 1 Write-down orders: main provisions
- PART 2 The manager of a write-down order
- PART 3 Further provision about write-down orders
- PART 4 Write-down orders: financial services compensation scheme
- PART 5 Consequential amendments
- FSMA 2000
- Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
- SCHEDULE 13 Insurers in financial difficulties: enforcement of contracts
- PART 1 New Schedule 19C to FSMA 2000
- PART 2 Consequential amendments
- SCHEDULE 14 Credit unions
- Introductory
- Specified financial activities
- Shares
- Ancillary services
- Loans
- Conditional sale and hire purchase agreements
- Insurance distribution activities
- Minor and consequential amendments
- Transitional provision
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