ARRANGEMENT OF SECTIONS

Go to Preamble

1. Part I

   The Regulator

   1. 1. The Financial Services Authority.

   2. The Authority’s general duties

      1. 2. The Authority’s general duties.

   3. The regulatory objectives

      1. 3. Market confidence.

      2. 4. Public awareness.

      3. 5. The protection of consumers.

      4. 6. The reduction of financial crime.

   4. Corporate governance

      1. 7. Duty of Authority to follow principles of good governance.

   5. Arrangements for consulting practitioners and consumers

      1. 8. The Authority’s general duty to consult.

      2. 9. The Practitioner Panel.

      3. 10. The Consumer Panel.

      4. 11. Duty to consider representations by the Panels.

   6. Reviews

      1. 12. Reviews.

      2. 13. Right to obtain documents and information.

   7. Inquiries

      1. 14. Cases in which the Treasury may arrange independent inquiries.

      2. 15. Power to appoint person to hold an inquiry.

      3. 16. Powers of appointed person and procedure.

      4. 17. Conclusion of inquiry.

      5. 18. Obstruction and contempt.

2. Part II

   Regulated And Prohibited Activities

   1. The general prohibition

      1. 19. The general prohibition.

   2. Requirement for permission

      1. 20. Authorised persons acting without permission.

   3. Financial promotion

      1. 21. Restrictions on financial promotion.

   4. Regulated activities

      1. 22. The classes of activity and categories of investment.

   5. Offences

      1. 23. Contravention of the general prohibition.

      2. 24. False claims to be authorised or exempt.

      3. 25. Contravention of section 21.

   6. Enforceability of agreements

      1. 26. Agreements made by unauthorised persons.

      2. 27. Agreements made through unauthorised persons.

      3. 28. Agreements made unenforceable by section 26 or 27.

      4. 29. Accepting deposits in breach of general prohibition.

      5. 30. Enforceability of agreements resulting from unlawful communications.

3. Part III

   Authorisation and Exemption

   1. Authorisation

      1. 31. Authorised persons.

      2. 32. Partnerships and unincorporated associations.

   2. Ending of authorisation

      1. 33. Withdrawal of authorisation by the Authority.

      2. 34. EEA firms.

      3. 35. Treaty firms.

      4. 36. Persons authorised as a result of paragraph 1(1) of Schedule 5.

   3. Exercise of EEA rights by UK firms

      1. 37. Exercise of EEA rights by UK firms.

   4. Exemption

      1. 38. Exemption orders.

      2. 39. Exemption of appointed representatives.

4. Part IV

   Permission to Carry on Regulated Activities

   1. Application for permission

      1. 40. Application for permission.

      2. 41. The threshold conditions.

   2. Permission

      1. 42. Giving permission.

      2. 43. Imposition of requirements.

   3. Variation and cancellation of Part IV permission

      1. 44. Variation etc. at request of authorised person.

      2. 45. Variation etc. on the Authority’s own initiative.

      3. 46. Variation of permission on acquisition of control.

      4. 47. Exercise of power in support of overseas regulator.

      5. 48. Prohibitions and restrictions.

   4. Connected persons

      1. 49. Persons connected with an applicant.

   5. Additional permissions

      1. 50. Authority’s duty to consider other permissions etc.

   6. Procedure

      1. 51. Applications under this Part.

      2. 52. Determination of applications.

      3. 53. Exercise of own-initiative power: procedure.

      4. 54. Cancellation of Part IV permission: procedure.

   7. References to the Tribunal

      1. 55. Right to refer matters to the Tribunal.

5. Part V

   Performance of Regulated Activities

   1. Prohibition orders

      1. 56. Prohibition orders.

      2. 57. Prohibition orders: procedure and right to refer to Tribunal.

      3. 58. Applications relating to prohibitions: procedure and right to refer to Tribunal.

   2. Approval

      1. 59. Approval for particular arrangements.

      2. 60. Applications for approval.

      3. 61. Determination of applications.

      4. 62. Applications for approval: procedure and right to refer to Tribunal.

      5. 63. Withdrawal of approval.

   3. Conduct

      1. 64. Conduct: statements and codes.

      2. 65. Statements and codes: procedure.

      3. 66. Disciplinary powers.

      4. 67. Disciplinary measures: procedure and right to refer to Tribunal.

      5. 68. Publication.

      6. 69. Statement of policy.

      7. 70. Statements of policy: procedure.

   4. Breach of statutory duty

      1. 71. Actions for damages.

6. Part VI

   Official Listing

   1. The competent authority

      1. 72. The competent authority.

      2. 73. General duty of the competent authority.

   2. The official list

      1. 74. The official list.

   3. Listing

      1. 75. Applications for listing.

      2. 76. Decision on application.

      3. 77. Discontinuance and suspension of listing.

      4. 78. Discontinuance or suspension: procedure.

   4. Listing particulars

      1. 79. Listing particulars and other documents.

      2. 80. General duty of disclosure in listing particulars.

      3. 81. Supplementary listing particulars.

      4. 82. Exemptions from disclosure.

      5. 83. Registration of listing particulars.

   5. Prospectuses

      1. 84. Prospectuses.

      2. 85. Publication of prospectus.

      3. 86. Application of this Part to prospectuses.

      4. 87. Approval of prospectus where no application for listing.

   6. Sponsors

      1. 88. Sponsors.

      2. 89. Public censure of sponsor.

   7. Compensation

      1. 90. Compensation for false or misleading particulars.

   8. Penalties

      1. 91. Penalties for breach of listing rules.

      2. 92. Procedure.

      3. 93. Statement of policy.

      4. 94. Statements of policy: procedure.

   9. Competition

      1. 95. Competition scrutiny.

   10. Miscellaneous

       1. 96. Obligations of issuers of listed securities.

       2. 97. Appointment by competent authority of persons to carry out investigations.

       3. 98. Advertisements etc. in connection with listing applications.

       4. 99. Fees.

       5. 100. Penalties.

       6. 101. Listing rules: general provisions.

       7. 102. Exemption from liability in damages.

       8. 103. Interpretation of this Part.

7. Part VII

   Control of Business Transfers

   1. 104. Control of business transfers.

   2. 105. Insurance business transfer schemes.

   3. 106. Banking business transfer schemes.

   4. 107. Application for order sanctioning transfer scheme.

   5. 108. Requirements on applicants.

   6. 109. Scheme reports.

   7. 110. Right to participate in proceedings.

   8. 111. Sanction of the court for business transfer schemes.

   9. 112. Effect of order sanctioning business transfer scheme.

   10. 113. Appointment of actuary in relation to reduction of benefits.

   11. 114. Rights of certain policyholders.

   12. Business transfers outside the United Kingdom

       1. 115. Certificates for purposes of insurance business transfers overseas.

       2. 116. Effect of insurance business transfers authorised in other EEA States.

   13. Modifications

       1. 117. Power to modify this Part.

8. Part VIII

   Penalties for Market Abuse

   1. Market abuse

      1. 118. Market abuse.

   2. The code

      1. 119. The Code.

      2. 120. Provisions included in the Authority’s code by reference to the City Code.

      3. 121. Codes: procedure.

      4. 122. Effect of the code.

   3. Power to impose penalties

      1. 123. Power to impose penalties in cases of market abuse.

   4. Statement of policy

      1. 124. Statement of policy.

      2. 125. Statement of policy: procedure.

   5. Procedure

      1. 126. Warning notices.

      2. 127. Decision notices and right to refer to Tribunal.

   6. Miscellaneous

      1. 128. Suspension of investigations.

      2. 129. Power of court to impose penalty in cases of market abuse.

      3. 130. Guidance.

      4. 131. Effect on transactions.

9. Part IX

   Hearings and Appeals

   1. 132. The Financial Services and Markets Tribunal.

   2. 133. Proceedings: general provision.

   3. Legal assistance before the Tribunal

      1. 134. Legal assistance scheme.

      2. 135. Provisions of the legal assistance scheme.

      3. 136. Funding of the legal assistance scheme.

   4. Appeals

      1. 137. Appeal on a point of law.

10. Part X

    Rules and Guidance

    1. Chapter I

       Rule-making Powers

       1. 138. General rule-making power.

       2. 139. Miscellaneous ancillary matters.

       3. 140. Restriction on managers of authorised unit trust schemes.

       4. 141. Insurance business rules.

       5. 142. Insurance business: regulations supplementing Authority’s rules.

       6. 143. Endorsement of codes etc.

       7. Specific rules

          1. 144. Price stabilising rules.

          2. 145. Financial promotion rules.

          3. 146. Money laundering rules.

          4. 147. Control of information rules.

       8. Modification or waiver

          1. 148. Modification or waiver of rules.

       9. Contravention of rules

          1. 149. Evidential provisions.

          2. 150. Actions for damages.

          3. 151. Limits on effect of contravening rules.

       10. Procedural provisions

           1. 152. Notification of rules to the Treasury.

           2. 153. Rule-making instruments.

           3. 154. Verification of rules.

           4. 155. Consultation.

           5. 156. General supplementary powers.

    2. Chapter II

       Guidance

       1. 157. Guidance.

       2. 158. Notification of guidance to the Treasury.

    3. Chapter III

       Competition Scrutiny

       1. 159. Interpretation.

       2. 160. Reports by Director General of Fair Trading.

       3. 161. Power of Director to request information.

       4. 162. Consideration by Competition Commission.

       5. 163. Role of the Treasury.

       6. 164. The Competition Act 1998.

11. Part XI

    Information Gathering and Investigations

    1. Powers to gather information

       1. 165. Authority’s power to require information.

       2. 166. Reports by skilled persons.

    2. Appointment of investigators

       1. 167. Appointment of persons to carry out general investigations.

       2. 168. Appointment of persons to carry out investigations in particular cases.

    3. Assistance to overseas regulators

       1. 169. Investigations etc. in support of overseas regulator.

    4. Conduct of investigations

       1. 170. Investigations: general.

       2. 171. Powers of persons appointed under section 167.

       3. 172. Additional power of persons appointed as a result of section 168(1) or (4).

       4. 173. Powers of persons appointed as a result of section 168(2).

       5. 174. Admissibility of statements made to investigators.

       6. 175. Information and documents: supplemental provisions.

       7. 176. Entry of premises under warrant.

    5. Offences

       1. 177. Offences.

12. Part XII

    Control Over Authorised Persons

    1. Notice of control

       1. 178. Obligation to notify the Authority.

    2. Acquiring, increasing and reducing control

       1. 179. Acquiring control.

       2. 180. Increasing control.

       3. 181. Reducing control.

    3. Acquiring or increasing control: procedure

       1. 182. Notification.

       2. 183. Duty of Authority in relation to notice of control.

       3. 184. Approval of acquisition of control.

       4. 185. Conditions attached to approval.

       5. 186. Objection to acquisition of control.

       6. 187. Objection to existing control.

       7. 188. Notices of objection under section 187: procedure.

    4. Improperly acquired shares

       1. 189. Improperly acquired shares.

    5. Reducing control: procedure

       1. 190. Notification.

    6. Offences

       1. 191. Offences under this Part.

    7. Miscellaneous

       1. 192. Power to change definitions of control etc.

13. Part XIII

    Incoming Firms: Intervention by Authority

    1. Interpretation

       1. 193. Interpretation of this Part.

       2. 194. General grounds on which power of intervention is exercisable.

       3. 195. Exercise of power in support of overseas regulator.

       4. 196. The power of intervention.

    2. Exercise of power of intervention

       1. 197. Procedure on exercise of power of intervention.

       2. 198. Power to apply to court for injunction in respect of certain overseas insurance companies.

       3. 199. Additional procedure for EEA firms in certain cases.

    3. Supplemental

       1. 200. Rescission and variation of requirements.

       2. 201. Effect of certain requirements on other persons.

       3. 202. Contravention of requirement imposed under this Part.

    4. Powers of Director General of Fair Trading

       1. 203. Power to prohibit the carrying on of Consumer Credit Act business.

       2. 204. Power to restrict the carrying on of Consumer Credit Act business.

14. Part XIV

    Disciplinary Measures

    1. 205. Public censure.

    2. 206. Financial penalties.

    3. 207. Proposal to take disciplinary measures.

    4. 208. Decision notice.

    5. 209. Publication.

    6. 210. Statements of policy.

    7. 211. Statements of policy: procedure.

15. Part XV

    The Financial Services Compensation Scheme

    1. The scheme manager

       1. 212. The scheme manager.

    2. The scheme

       1. 213. The compensation scheme.

    3. Provisions of the scheme

       1. 214. General.

       2. 215. Rights of the scheme in relevant person’s insolvency.

       3. 216. Continuity of long-term insurance policies.

       4. 217. Insurers in financial difficulties.

    4. Annual report

       1. 218. Annual report.

    5. Information and documents

       1. 219. Scheme manager’s power to require information.

       2. 220. Scheme manager’s power to inspect information held by liquidator etc.

       3. 221. Powers of court where information required.

    6. Miscellaneous

       1. 222. Statutory immunity.

       2. 223. Management expenses.

       3. 224. Scheme manager’s power to inspect documents held by Official Receiver etc.

16. Part XVI

    The Ombudsman Scheme

    1. The scheme

       1. 225. The scheme and the scheme operator.

       2. 226. Compulsory jurisdiction.

       3. 227. Voluntary jurisdiction.

    2. Determination of complaints

       1. 228. Determination under the compulsory jurisdiction.

       2. 229. Awards.

       3. 230. Costs.

    3. Information

       1. 231. Ombudsman’s power to require information.

       2. 232. Powers of court where information required.

       3. 233. Data protection.

    4. Funding

       1. 234. Industry funding.

17. Part XVII

    Collective Investment Schemes

    1. Chapter I

       Interpretation

       1. 235. Collective investment schemes.

       2. 236. Open-ended investment companies.

       3. 237. Other definitions.

    2. Chapter II

       Restrictions on Promotion

       1. 238. Restrictions on promotion.

       2. 239. Single property schemes.

       3. 240. Restriction on approval of promotion.

       4. 241. Actions for damages.

    3. Chapter III

       Authorised Unit Trust Schemes

       1. Applications for authorisation

          1. 242. Applications for authorisation of unit trust schemes.

          2. 243. Authorisation orders.

          3. 244. Determination of applications.

       2. Applications refused

          1. 245. Procedure when refusing an application.

       3. Certificates

          1. 246. Certificates.

       4. Rules

          1. 247. Trust scheme rules.

          2. 248. Scheme particulars rules.

          3. 249. Disqualification of auditor for breach of trust scheme rules.

          4. 250. Modification or waiver of rules.

       5. Alterations

          1. 251. Alteration of schemes and changes of manager or trustee.

          2. 252. Procedure when refusing approval of change of manager or trustee.

       6. Exclusion clauses

          1. 253. Avoidance of exclusion clauses.

       7. Ending of authorisation

          1. 254. Revocation of authorisation order otherwise than by consent.

          2. 255. Procedure.

          3. 256. Requests for revocation of authorisation order.

       8. Powers of intervention

          1. 257. Directions.

          2. 258. Applications to the court.

          3. 259. Procedure on giving directions under section 257 and varying them on Authority’s own initiative.

          4. 260. Procedure: refusal to revoke or vary direction.

          5. 261. Procedure: revocation of direction and grant of request for variation.

    4. Chapter IV

       Open-ended Investment Companies

       1. 262. Open-ended investment companies.

       2. 263. Amendment of section 716 Companies Act 1985.

    5. Chapter V

       Recognised Overseas Schemes

       1. Schemes constituted in other EEA States

          1. 264. Schemes constituted in other EEA States.

          2. 265. Representations and references to the Tribunal.