http://www.legislation.gov.uk/ukpga/2000/8/contentsFinancial Services and Markets Act 2000An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.2000-06-15texttext/xmlenStatute Law Database2011-12-122011-07-31 Pt. 9Sch. 3 para. 2Financial Services and Markets Act 2000The Electronic Money Regulations 2011Pt. 11Sch. 3 para. 3Financial Services and Markets Act 2000The Electronic Money Regulations 2011Pt. 12Sch. 3 para. 4Financial Services and Markets Act 2000The Electronic Money Regulations 2011Pt. 16reg. 76(2)Financial Services and Markets Act 2000The Electronic Money Regulations 2011Pt. 22Sch. 3 para. 5Financial Services and Markets Act 2000The Electronic Money Regulations 2011Pt. 26Sch. 3 para. 8Financial Services and Markets Act 2000The Electronic Money Regulations 2011Pt. 17 Ch. 5Areg. 2(26)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 66(2)(b)reg. 2(2)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 66-70Sch. 3 para. 1Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 86(1)(b)reg. 1(2)Financial Services and Markets Act 2000The Prospectus Regulations 2011s. 90ZAreg. 2(3)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 140(3)(b)reg. 2(4)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 145(3B)(b)(i)reg. 2(5)(a)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 145(3B)(b)(ii)reg. 2(5)(b)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 145(3B)(b)(iii)reg. 2(5)(c)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 184(7)reg. 2(6)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 193(1)(aa)reg. 2(7)(a)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 193(1A)reg. 2(7)(b)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 193(2)reg. 2(7)(c)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 195Areg. 2(8)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 199(2)(a)reg. 2(9)(a)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 199(3A)reg. 2(9)(b)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 199(3B)reg. 2(9)(c)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 199(10)reg. 2(9)(d)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 199Areg. 2(10)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 203reg. 31(1)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 204reg. 31(1)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 205reg. 2(11)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 206(1)reg. 2(11)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 206A(2)Sch. 4 para. 2(2)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 206A(2)reg. 2(12)(a)Financial Services and Markets Act 2000The Undertakings for Collective Investment in Transferable Securities Regulations 2011s. 206A(2)(c)(d)Sch. 4 para. 2(2)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 210reg. 53(6)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 211reg. 53(6)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 226(2)(b)Sch. 4 para. 2(3)(a)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 234(1)Sch. 4 para. 2(3)(b)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 348Sch. 3 para. 6Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 349Sch. 3 para. 6Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 351Sch. 3 para. 6Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 352Sch. 3 para. 6Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 359Sch. 3 para. 7Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 367Sch. 3 para. 7Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 368Sch. 3 para. 7Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 404(2)Sch. 4 para. 2(4)(a)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 404(2)(c) and wordSch. 4 para. 2(4)(a)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 404E(2)Sch. 4 para. 2(4)(b)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 404E(2)(g) and wordSch. 4 para. 2(4)(b)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 404E(6)Sch. 4 para. 2(4)(b)(ii)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 404F(6A)Sch. 4 para. 2(5)(i)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 404F(8)(a)Sch. 4 para. 2(5)(ii)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 404F(8)(c) and wordSch. 4 para. 2(5)(ii)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 413Sch. 3 para. 9Financial Services and Markets Act 2000The Electronic Money Regulations 2011Sch. 1 para. 17reg. 59Financial Services and Markets Act 2000The Electronic Money Regulations 2011Sch. 1 para. 19reg. 61Financial Services and Markets Act 2000The Electronic Money Regulations 2011Sch. 1A para. 12 cross-headingSch. 4 para. 2(6)(a)Financial Services and Markets Act 2000The Electronic Money Regulations 2011Sch. 1A para. 12(1)(a)Sch. 4 para. 2(6)(b)Financial Services and Markets Act 2000The Electronic Money Regulations 2011Sch. 1A para. 12(1)(b)Sch. 4 para. 2(6)(c)Financial Services and Markets Act 2000The Electronic Money Regulations 2011Sch. 1A para. 12(4A)Sch. 4 para. 2(6)(d)Financial Services and Markets Act 2000The Electronic Money Regulations 2011Sch. 3 para. 2reg. 78(1)Financial Services and Markets Act 2000The Electronic Money Regulations 2011Sch. 11A para. 8(6)Sch. 4 para. 2(7)Financial Services and Markets Act 2000The Electronic Money Regulations 2011Sch. 16reg. 31(1)Financial Services and Markets Act 2000The Electronic Money Regulations 2011Sch. 17reg. 76(2)Financial Services and Markets Act 2000The Electronic Money Regulations 2011Sch. 17 para. 13(4)Sch. 4 para. 2(8)Financial Services and Markets Act 2000The Electronic Money Regulations 2011s. 49(2A)art. 20(3)Financial Services and Markets Act 2000The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003Sch. 19 Pt. 1 TableSch. 2 para. 24Financial Services and Markets Act 2000Railways and Transport Safety Act 2003s. 427A(3)s. 248 Sch. 17 para. 59Financial Services and Markets Act 2000Enterprise Act 2002Sch. 11 para. 16(2)Sch. 27 para. 166Financial Services and Markets Act 2000Civil Partnership Act 2004 Financial Services and Markets Act 2000Part I The Regulator1 The Financial Services Authority. The Authority’s general duties2 The Authority’s general duties. The regulatory objectives3 Market confidence.3AFinancial stability4 Public awareness.5 The protection of consumers.6 The reduction of financial crime.Enhancing public understanding of financial matters etc6AEnhancing public understanding of financial matters etc Corporate governance7 Duty of Authority to follow principles of good governance. Arrangements for consulting practitioners and consumers8 The Authority’s general duty to consult.9 The Practitioner Panel.10 The Consumer Panel.11 Duty to consider representations by the Panels. Reviews12 Reviews.13 Right to obtain documents and information. Inquiries14 Cases in which the Treasury may arrange independent inquiries.15 Power to appoint person to hold an inquiry.16 Powers of appointed person and procedure.17 Conclusion of inquiry.18 Obstruction and contempt.Part II Regulated And Prohibited Activities The general prohibition19 The general prohibition. Requirement for permission20 Authorised persons acting without permission. Financial promotion21 Restrictions on financial promotion. Regulated activities22 The classes of activity and categories of investment. Offences23 Contravention of the general prohibition.24 False claims to be authorised or exempt.25 Contravention of section 21. Enforceability of agreements26 Agreements made by unauthorised persons.27 Agreements made through unauthorised persons.28 Agreements made unenforceable by section 26 or 27.29 Accepting deposits in breach of general prohibition.30 Enforceability of agreements resulting from unlawful communications.Part III Authorisation and Exemption Authorisation31 Authorised persons.32 Partnerships and unincorporated associations. Ending of authorisation33 Withdrawal of authorisation by the Authority.34 EEA firms.35 Treaty firms.36 Persons authorised as a result of paragraph 1(1) of Schedule 5. Exercise of EEA rights by UK firms37 Exercise of EEA rights by UK firms. Exemption38 Exemption orders.39 Exemption of appointed representatives.39ACertain tied agents operating outside United KingdomPart IV Permission to Carry on Regulated Activities Application for permission40 Application for permission.41 The threshold conditions. Permission42 Giving permission.43 Imposition of requirements. Variation and cancellation of Part IV permission44 Variation etc. at request of authorised person.45 Variation etc. on the Authority’s own initiative.46 Variation of permission on acquisition of control.47 Exercise of power in support of overseas regulator.48 Prohibitions and restrictions. Connected persons49 Persons connected with an applicant. Additional permissions50 Authority’s duty to consider other permissions etc. Procedure51 Applications under this Part.52 Determination of applications.53 Exercise of own-initiative power: procedure.54 Cancellation of Part IV permission: procedure. References to the Tribunal55 Right to refer matters to the Tribunal.Part V Performance of Regulated Activities Prohibition orders56 Prohibition orders.57 Prohibition orders: procedure and right to refer to Tribunal.58 Applications relating to prohibitions: procedure and right to refer to Tribunal. Approval59 Approval for particular arrangements.60 Applications for approval.61 Determination of applications.62 Applications for approval: procedure and right to refer to Tribunal.63 Withdrawal of approval.Performance of controlled functions without approval63APower to impose penalties63BProcedure and right to refer to Tribunal63CStatement of policy63DStatement of policy: procedure Conduct of approved persons64 Conduct: statements and codes.65 Statements and codes: procedure.66 Disciplinary powers.67 Disciplinary measures: procedure and right to refer to Tribunal.68 Publication.69 Statement of policy.70 Statements of policy: procedure. Breach of statutory duty71 Actions for damages.Part VI Official Listing The competent authority72 The competent authority.73 General duty of the competent authority.73APart 6 Rules The official list74 The official list. Listing75 Applications for listing.76 Decision on application.77 Discontinuance and suspension of listing.78 Discontinuance or suspension: procedure.78ADiscontinuance or suspension at the request of the issuer: procedure Listing particulars79 Listing particulars and other documents.80 General duty of disclosure in listing particulars.81 Supplementary listing particulars.82 Exemptions from disclosure.83 Registration of listing particulars.Transferable securities: public offers and admission to trading84Matters which may be dealt with by prospectus rules85Prohibition of dealing etc. in transferable securities without approved prospectus86Exempt offers to the public87Election to have prospectusApproval of prospectus87ACriteria for approval of prospectus by competent authority87BExemptions from disclosure87CConsideration of application for approval87DProcedure for decision on application for approvalTransfer of application for approval of a prospectus87ETransfer by competent authority of application for approval87FTransfer to competent authority of application for approvalSupplementary prospectus87GSupplementary prospectusPassporting87HProspectus approved in another EEA State87IProvision of information to host Member StateTransferable securities: powers of competent authority87JRequirements imposed as condition of approval87KPower to suspend or prohibit offer to the public87LPower to suspend or prohibit admission to trading on a regulated market87MPublic censure of issuer87NRight to refer matters to the Tribunal87OProcedure under sections 87K and 87L87PExercise of powers at request of competent authority of another EEA StateRights of investors87QRight of investor to withdrawRegistered investors87RRegister of investors Sponsors88 Sponsors.89 Public censure of sponsor.Transparency obligations89ATransparency rules89BProvision of voteholder information89CProvision of information by issuers of transferable securities89DNotification of voting rights held by issuer89ENotification of proposed amendment of issuer's constitution89FTransparency rules: interpretation etc89GTransparency rules: other supplementary provisionsPower of competent authority to call for information89HCompetent authority's power to call for information89IRequirements in connection with call for information89JPower to call for information: supplementary provisionsPowers exercisable in case of infringement of transparency obligation89KPublic censure of issuer89LPower to suspend or prohibit trading of securities89MProcedure under section 89L89NRight to refer matters to the TribunalCorporate governance89OCorporate governance rulesCompensation for false or misleading statements etc90Compensation for statements in listing particulars or prospectus90ZALiability for key investor information90AAmendments to the Financial Services and Markets Act 200090BPower to make further provision about liability for published information Penalties91Penalties for breach of Part 6 rules92 Procedure.93 Statement of policy.94 Statements of policy: procedure. Competition95 Competition scrutiny. Miscellaneous96 Obligations of issuers of listed securities.96ADisclosure of information requirements96BDisclosure rules: persons responsible for compliance96CSuspension of trading97 Appointment by competent authority of persons to carry out investigations.98 Advertisements etc. in connection with listing applications.99 Fees.100 Penalties.100AExercise of powers where UK is host member state101 Listing rules: general provisions.102 Exemption from liability in damages.Interpretative provisions102AMeaning of “securities” etc.102BMeaning of “offer of transferable securities to the public” etc.102CMeaning of “home State” in relation to transferable securities103Interpretation of this PartPart VII Control of Business Transfers104 Control of business transfers.105 Insurance business transfer schemes.106 Banking business transfer schemes.106AReclaim fund business transfer scheme107 Application for order sanctioning transfer scheme.108 Requirements on applicants.109 Scheme reports.110 Right to participate in proceedings.111 Sanction of the court for business transfer schemes.112 Effect of order sanctioning business transfer scheme.112ARights to terminate etc.113 Appointment of actuary in relation to reduction of benefits.114 Rights of certain policyholders.114ANotice of transfer of reinsurance contracts Business transfers outside the United Kingdom115 Certificates for purposes of insurance business transfers overseas.116 Effect of insurance business transfers authorised in other EEA States. Modifications117 Power to modify this Part.Part VIII Penalties for Market Abuse Market abuse118 Market abuse.118ASupplementary provision about certain behaviour118BInsiders118CInside information The code119 The code.120 Provisions included in the Authority’s code by reference to the City Code.121 Codes: procedure.122 Effect of the code. Power to impose penalties123 Power to impose penalties in cases of market abuse. Statement of policy124 Statement of policy.125 Statement of policy: procedure. Procedure126 Warning notices.127 Decision notices and right to refer to Tribunal. Miscellaneous128 Suspension of investigations.129 Power of court to impose penalty in cases of market abuse.130 Guidance.130AInterpretation and supplementary provision131 Effect on transactions.131AProtected DisclosuresPart 8AShort sellingShort selling rules131BShort selling rules131CShort selling rules: definitions etc131DShort selling rules: procedure in urgent casesPower to require information131EPower to require information131FPower to require information: supplementaryBreach of short selling rules etc131GPower to impose penalty or issue censure131HProcedure and right to refer to Tribunal131IDuty on publication of statement131JImposition of penalties under section 131G: statement of policy131KStatement of policy: procedurePart IX Hearings and Appeals132 The Financial Services and Markets Tribunal.133 Proceedings before Tribunal: general provision133A Proceedings before Tribunal: decision and supervisory notices, etc.133B Offences Legal assistance before the Tribunal134 Legal assistance scheme.135 Provisions of the legal assistance scheme.136 Funding of the legal assistance scheme.. . . . . . . . . ....137 Appeal on a point of law.Part X Rules and GuidanceChapter I Rule-making Powers138 General rule-making power.139 Miscellaneous ancillary matters.139AGeneral rules about remuneration139BRules about recovery plans139CRules about resolution plans139DSections 139B and 139C: interpretation139ERules about recovery and resolution plans: supplementary provision139FSpecial provision in relation to resolution plans140 Restriction on managers of certain collective investment schemes.141 Insurance business rules.142 Insurance business: regulations supplementing Authority’s rules.143 Endorsement of codes etc. Specific rules144 Price stabilising rules.145 Financial promotion rules.146 Money laundering rules.147 Control of information rules. Modification or waiver148 Modification or waiver of rules. Contravention of rules149 Evidential provisions.150 Actions for damages.151 Limits on effect of contravening rules. Procedural provisions152 Notification of rules to the Treasury.153 Rule-making instruments.154 Verification of rules.155 Consultation.156 General supplementary powers.Chapter II Guidance157 Guidance.158 Notification of guidance to the Treasury.158AGuidance on outsourcing by investment firms and credit institutionsChapter III Competition Scrutiny159 Interpretation.160 Reports by OFT.161 Power of OFT to request information.162 Consideration by Competition Commission.163 Role of the Treasury.164 The Competition Act 1998.Part XI Information Gathering and Investigations Powers to gather information165 Authority’s power to require information : authorised persons etc.165AAuthority's power to require information: financial stability165BSafeguards etc in relation to exercise of power under section 165A165COrders under section 165A(2)(d)166 Reports by skilled persons. Appointment of investigators167 Appointment of persons to carry out general investigations.168 Appointment of persons to carry out investigations in particular cases. Assistance to overseas regulators169 Investigations etc. in support of overseas regulator.169ASupport of overseas regulator with respect to financial stability Conduct of investigations170 Investigations: general.171 Powers of persons appointed under section 167.172 Additional power of persons appointed as a result of section 168(1) or (4).173 Powers of persons appointed as a result of section 168(2).174 Admissibility of statements made to investigators.175 Information and documents: supplemental provisions.176 Entry of premises under warrant. Offences177 Offences.Part XII Control Over Authorised PersonsNotices of acquisitions of control over UK authorised persons178Obligation to notify the Authority: acquisitions of control179Requirements for section 178 notices180Acknowledgment of receiptAcquiring control and other changes of holding181Acquiring control182Increasing control183Reducing or ceasing to have control184Disregarded holdingsAssessment procedure185Assessment: general186Assessment criteria187Approval with conditions188Assessment: consultation with EC competent authorities189Assessment: Procedure190Requests for further information191Duration of approvalEnforcement procedures191AObjection by the Authority191BRestriction notices191COrders for sale of sharesNotice of reductions of control of UK authorised persons191DObligation to notify the Authority: dispositions of control191ERequirements for notices under section 191DOffences191FOffences under this PartInterpretation191GInterpretation Miscellaneous192 Power to change definitions of control etc.Part XIII Incoming Firms: Intervention by Authority Interpretation193 Interpretation of this Part.194 General grounds on which power of intervention is exercisable.194AContravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive: Authority primarily responsible for securing compliance195 Exercise of power in support of overseas regulator.195AContravention by relevant EEA firm or EEA UCITS of directive requirements: home state regulator primarily responsible for securing compliance196 The power of intervention. Exercise of power of intervention197 Procedure on exercise of power of intervention.198 Power to apply to court for injunction in respect of certain overseas insurance companies.199 Additional procedure for EEA firms in certain cases.199AManagement companies: loss of authorisation Supplemental200 Rescission and variation of requirements.201 Effect of certain requirements on other persons.202 Contravention of requirement imposed under this Part. Powers of Office of Fair Trading 203 Power to prohibit the carrying on of Consumer Credit Act business.204 Power to restrict the carrying on of Consumer Credit Act business.Part XIV Disciplinary Measures205 Public censure.206 Financial penalties.206ASuspending permission to carry on regulated activities etc207 Proposal to take disciplinary measures.208 Decision notice.209 Publication.210 Statements of policy.211 Statements of policy: procedure.Part XV The Financial Services Compensation Scheme The scheme manager212 The scheme manager. The scheme213 The compensation scheme. Provisions of the scheme214 General.214AContingency funding214BContribution to costs of special resolution regime214CLimit on amount of special resolution regime payments214DContributions under section 214B: supplementary215Rights of the scheme in insolvency216 Continuity of long-term insurance policies.217 Insurers in financial difficulties. Annual report218 Annual report. Information and documents218AAuthority's power to require information219 Scheme manager’s power to require information.220 Scheme manager’s power to inspect information held by liquidator etc.221 Powers of court where information required. Miscellaneous221ADelegation of functions222 Statutory immunity.223 Management expenses.223AInvesting in National Loans Fund223BBorrowing from National Loans Fund223CPayments in error224 Scheme manager’s power to inspect documents held by Official Receiver etc.224AFunctions under the Banking Act 2009Part 15APower to require FSCS manager to act in relation to other schemesIntroduction224BMeaning of “relevant scheme” etcPower to require FSCS manager to act224CPower to require FSCS manager to act on behalf of manager of relevant scheme224DCases where FSCS manager may decline to act224EGrounds for declining to actRules224FRules about relevant schemesPart XVI The Ombudsman Scheme The scheme225 The scheme and the scheme operator.226 Compulsory jurisdiction.226AConsumer credit jurisdiction227 Voluntary jurisdiction. Determination of complaints228 Determination under the compulsory jurisdiction.229 Awards.230 Costs. Information231 Ombudsman’s power to require information.232 Powers of court where information required.233 Data protection. Funding234 Industry funding.234AFunding by consumer credit licensees etc.Part XVII Collective Investment SchemesChapter I Interpretation235 Collective investment schemes.236 Open-ended investment companies.237 Other definitions.Chapter II Restrictions on Promotion238 Restrictions on promotion.239 Single property schemes.240 Restriction on approval of promotion.241 Actions for damages.Chapter III Authorised Unit Trust Schemes Applications for authorisation242 Applications for authorisation of unit trust schemes.243 Authorisation orders.244 Determination of applications. Applications refused245 Procedure when refusing an application. Certificates246 Certificates. Rules247 Trust scheme rules.248 Scheme particulars rules.249 Disqualification of auditor for breach of trust scheme rules.250 Modification or waiver of rules. Alterations251 Alteration of schemes and changes of manager or trustee.252 Procedure when refusing approval of a proposal under section 251.252AProposal to convert to a non-feeder UCITS Exclusion clauses253 Avoidance of exclusion clauses. Ending of authorisation254 Revocation of authorisation order otherwise than by consent.255 Procedure.256 Requests for revocation of authorisation order. Powers of intervention257 Directions.258 Applications to the court.258AWinding up or merger of master UCITS259 Procedure on giving directions under section 257 or 258A and varying them on Authority’s own initiative.260 Procedure: refusal to revoke or vary direction.261 Procedure: revocation of direction and grant of request for variation.261AInformation for home state regulator261BInformation for feeder UCITSChapter IV Open-ended Investment Companies262 Open-ended investment companies.263 Amendment of section 716 Companies Act 1985.Chapter V Recognised Overseas Schemes Schemes constituted in other EEA States264 Schemes constituted in other EEA States.265 Representations and references to the Tribunal.266 Disapplication of rules.267 Power of Authority to suspend promotion of scheme.268 Procedure on giving directions under section 267 and varying them on Authority’s own initiative.269 Procedure on application for variation or revocation of direction. Schemes authorised in designated countries or territories270 Schemes authorised in designated countries or territories.271 Procedure. Individually recognised overseas schemes272 Individually recognised overseas schemes.273 Matters that may be taken into account.274 Applications for recognition of individual schemes.275 Determination of applications.276 Procedure when refusing an application.277 Alteration of schemes and changes of operator, trustee or depositary. Schemes recognised under sections 270 and 272278 Rules as to scheme particulars.279 Revocation of recognition.280 Procedure.281 Directions.282 Procedure on giving directions under section 281 and varying them otherwise than as requested. Facilities and information in UK283 Facilities and information in UK.CHAPTER 5AMASTER-FEEDER STRUCTURES283AMaster-feeder structures283BReports on derivative instrumentsChapter VI Investigations284 Power to investigate.Part XVIII Recognised Investment Exchanges and Clearing HousesChapter I Exemption General285 Exemption for recognised investment exchanges and clearing houses.286 Qualification for recognition. Applications for recognition287 Application by an investment exchange.288 Application by a clearing house.289 Applications: supplementary.290 Recognition orders.290ARefusal of recognition on ground of excessive regulatory provision291 Liability in relation to recognised body’s regulatory functions.292 Overseas investment exchanges and overseas clearing houses.Publication of information by recognised investment exchange292APublication of information by recognised investment exchange Supervision293 Notification requirements.293AInformation: compliance of recognised investment exchanges with directly applicable Community regulations294 Modification or waiver of rules.295 Notification: overseas investment exchanges and overseas clearing houses.296 Authority’s power to give directions.297 Revoking recognition.298 Directions and revocation: procedure.299 Complaints about recognised bodies.300 Extension of functions of Tribunal.Power to disallow excessive regulatory provision300APower of Authority to disallow excessive regulatory provision300BDuty to notify proposal to make regulatory provision300CRestriction on making provision before Authority decides whether to act300DConsideration by Authority whether to disallow proposed provision300EPower to disallow excessive regulatory provision: supplementary Other matters301 Supervision of certain contracts.CHAPTER 1ACONTROL OVER RECOGNISED INVESTMENT EXCHANGENotices of acquisitions of control over recognised investment exchanges301AObligation to notify the Authority: acquisitions of control301BRequirements for section 301A notices301CAcknowledgment of receiptAcquiring and increasing control301DAcquiring and increasing control301EDisregarded holdingsAssessment procedure301FAssessment: general301GAssessment: Procedure301HDuration of approvalEnforcement procedures301IObjections by the Authority301JRestriction notices301KOrders for sale of sharesOffences301LOffences under this ChapterInterpretation301MInterpretationChapter II Competition Scrutiny302 Interpretation. Role of Office of Fair Trading 303 Initial report by OFT.304 Further reports by OFT.305 Investigations by OFT. Role of Competition Commission306 Consideration by Competition Commission. Role of the Treasury307 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 III Exclusion from the Competition Act 1998311 The Chapter I prohibition.312 The Chapter II prohibition.CHAPTER 3APASSPORT RIGHTSEEA market operators in United Kingdom312AExercise of passport rights by EEA market operator312BRemoval of passport rights from EEA market operatorRecognised investment exchanges operating in EEA States (other than the United Kingdom)312CExercise of passport rights by recognised investment exchangeInterpretation312DInterpretation of Chapter 3AChapter IV Interpretation313 Interpretation of Part XVIII.Part 18ASUSPENSION AND REMOVAL OF FINANCIAL INSTRUMENTS FROM TRADING313AAuthority's power to require suspension or removal of financial instruments from trading313BSuspension or removal of financial instruments from trading: procedure313BAProcedure following consideration of representations313BBRevocation of requirements: applications by institutions313BCDecisions on applications for revocation by institutions313BDRevocation of requirements: applications by issuers313BEDecisions on applications for revocation by issuers313CNotification in relation to suspension or removal of a financial instrument from trading313DInterpretation of Part 18APart XIX Lloyd’s General314 Authority’s general duty. The Society315 The Society: authorisation and permission. Power to apply Act to Lloyd’s underwriting316 Direction by Authority.317 The core provisions.318 Exercise of powers through Council.319 Consultation. Former underwriting members320 Former underwriting members.321 Requirements imposed under section 320.322 Rules applicable to former underwriting members. Transfers of business done at Lloyd’s323 Transfer schemes. Supplemental324 Interpretation of this Part.Part XX Provision of Financial Services by Members of the Professions325 Authority’s general duty.326 Designation of professional bodies.327 Exemption from the general prohibition.328 Directions in relation to the general prohibition.329 Orders in relation to the general prohibition.330 Consultation.331 Procedure on making or varying orders under section 329.332 Rules in relation to persons to whom the general prohibition does not apply.333 False claims to be a person to whom the general prohibition does not apply.Part XXI Mutual Societies Friendly societies334 The Friendly Societies Commission.335 The Registry of Friendly Societies. Building societies336 The Building Societies Commission.337 The Building Societies Investor Protection Board. Industrial and provident societies and credit unions338 Industrial and provident societies and credit unions. Supplemental339 Supplemental provisions.Part XXII Auditors and Actuaries Appointment340 Appointment. Information341 Access to books etc.342 Information given by auditor or actuary to the Authority.343 Information given by auditor or actuary to the Authority: persons with close links.344 Duty of auditor or actuary resigning etc. to give notice. Disqualification345 Disqualification. Offence346 Provision of false or misleading information to auditor or actuary.Part XXIII Public Record, Disclosure of Information and Co-operation The public record347 The record of authorised persons etc. Disclosure of information348 Restrictions on disclosure of confidential information by Authority etc.349 Exceptions from section 348.350 Disclosure of information by the Inland Revenue.351 Competition information.351ADisclosure under the UCITS directive352 Offences.353 Removal of other restrictions on disclosure. Co-operation354 Authority’s duty to co-operate with others.Part XXIV Insolvency Interpretation355 Interpretation of this Part. Voluntary arrangements356 Authority’s powers to participate in proceedings: company voluntary arrangements.357 Authority’s powers to participate in proceedings: individual voluntary arrangements.358 Authority’s powers to participate in proceedings: trust deeds for creditors in Scotland. Administration orders359 Administration order360 Insurers.361Administrator’s duty to report to Authority362 Authority’s powers to participate in proceedings.362A Administrator appointed by company or directors Receivership363 Authority’s powers to participate in proceedings.364 Receiver’s duty to report to Authority. Voluntary winding up365 Authority’s powers to participate in proceedings.366 Insurers effecting or carrying out long-term contracts or insurance. Winding up by the court367 Winding-up petitions.368 Winding-up petitions: EEA and Treaty firms.369 Insurers: service of petition etc. on Authority.369AReclaim funds: service of petition etc on Authority370 Liquidator’s duty to report to Authority.371 Authority’s powers to participate in proceedings. Bankruptcy372 Petitions.373 Insolvency practitioner’s duty to report to Authority.374 Authority’s powers to participate in proceedings. Provisions against debt avoidance375 Authority’s right to apply for an order. Supplemental provisions concerning insurers376 Continuation of contracts of long-term insurance where insurer in liquidation.377 Reducing the value of contracts instead of winding up.378 Treatment of assets on winding up.379 Winding-up rules.Part XXV Injunctions and Restitution Injunctions380 Injunctions.381 Injunctions in cases of market abuse. Restitution orders382 Restitution orders.383 Restitution orders in cases of market abuse. Restitution required by Authority384 Power of Authority to require restitution.385 Warning notices.386 Decision notices.Part XXVI Notices Warning notices387 Warning notices. Decision notices388 Decision notices. Conclusion of proceedings389 Notices of discontinuance.390 Final notices. Publication391 Publication. Third party rights and access to evidence392 Application of sections 393 and 394.393 Third party rights.394 Access to Authority material. The Authority’s procedures395 The Authority’s procedures.396 Statements under section 395: consultation.Part XXVII Offences Miscellaneous offences397 Misleading statements and practices.398 Misleading the Authority: residual cases.399 Misleading the OFT. Bodies corporate and partnerships400 Offences by bodies corporate etc. Institution of proceedings401 Proceedings for offences.402 Power of the Authority to institute proceedings for certain other offences.403 Jurisdiction and procedure in respect of offences.Part XXVIII MiscellaneousConsumer redress schemes404 Consumer redress schemes404ARules under s.404: supplementary404BComplaints to the ombudsman scheme404CEnforcement404DApplications to Tribunal to quash rules or provision of rules404EMeaning of “consumers”404FOther definitions etc404GPower to widen the scope of consumer redress schemes Third countries405 Directions.406 Interpretation of section 405.407 Consequences of a direction under section 405.408 EFTA firms.409 Gibraltar. International obligations410 International obligations. Tax treatment of levies and repayments411 Tax treatment of levies and repayments. Gaming contracts412 Gaming contracts.Trade-matching and reporting systems412AApproval and monitoring of trade-matching and reporting systems412BProcedure for approval and suspension or withdrawal of approval Limitation on powers to require documents413 Protected items. Service of notices414 Service of notices. Jurisdiction415 Jurisdiction in civil proceedings.Powers of the Authority415APowers of the Authority Removal of certain unnecessary provisions416 Provisions relating to industrial assurance and certain other enactments.Part XXIX Interpretation417 Definitions.418 Carrying on regulated activities in the United Kingdom.419 Carrying on regulated activities by way of business.420 Parent and subsidiary undertaking.421 Group.421AMeaning of “participating interest”422 Controller.422ADisregarded holdings423 Manager.424 Insurance.424AInvestment firm425 Expressions relating to authorisation elsewhere in the single market.425AConsumers: regulated activities etc carried on by authorised persons425BConsumers: regulated activities carried on by othersPart XXX Supplemental426 Consequential and supplementary provision.427 Transitional provisions.428 Regulations and orders.429 Parliamentary control of statutory instruments.430 Extent.431 Commencement.432 Minor and consequential amendments, transitional provisions and repeals.433 Short title. SCHEDULESSCHEDULE 1 The Financial Services AuthorityPart I General Interpretation1(1) In this Schedule— . . . . . .... Constitution2(1) The constitution of the Authority must continue to provide... Non-executive members of the governing body3(1) The Authority must secure— (a) that the majority of... Functions of the non-executive committee4(1) In this paragraph “the committee” means the non-executive committee.... Arrangements for discharging functions5(1) The Authority may make arrangements for any of its... Monitoring and enforcement6(1) The Authority must maintain arrangements designed to enable it... Arrangements for the investigation of complaints7(1) The Authority must— (a) make arrangements (“the complaints scheme”)... Investigation of complaints8(1) The Authority is not obliged to investigate a complaint... Records9The Authority must maintain satisfactory arrangements for— Annual report10(1) At least once a year the Authority must make... Annual public meeting11(1) Not later than three months after making a report... Report of annual meeting12Not later than one month after its annual meeting, the...Part II Status13In relation to any of its functions— Exemption from requirement of “limited” in Authority’s name14The Authority is to continue to be exempt from the...15If the Secretary of State is satisfied that any action...Part III Penalties and Fees Penalties16(1) In determining its policy with respect to the amounts... Fees17(1) The Authority may make rules providing for the payment... Services for which fees may not be charged18The power conferred by paragraph 17 may not be used...Part IV Miscellaneous Exemption from liability in damages19(1) Neither the Authority nor any person who is, or...19AFor the purposes of this Act anything done by an...Amounts required by rules to be paid to the Authority19BAny amount (other than a fee) which is required by... Disqualification for membership of House of Commons20In Part III of Schedule 1 to the House of... Disqualification for membership of Northern Ireland Assembly21In Part III of Schedule 1 to the Northern Ireland...SCHEDULE 1AFurther provision about the consumer financial education bodyPart 1GeneralEnsuring exercise of consumer financial education function etc1(1) The Authority must take such steps as are necessary...Constitution2(1) The constitution of the consumer financial education body must...Status3(1) The consumer financial education body is not to be...Discharge of function by others4(1) The consumer financial education body may discharge the consumer...5(1) This paragraph applies if the consumer financial education body...Market confidence and financial stability6In discharging the consumer financial education function, the consumer financial...Budget7(1) The consumer financial education body must adopt an annual...Annual plan8(1) The consumer financial education body must in respect of...Annual reports9(1) At least once a year, the consumer financial education...Exemption from consumer credit rules10(1) A licence is not required under Part 3 of...Part 2FundingMeaning of “the relevant costs”11(1) In this Part of this Schedule “ the relevant...Funding of the relevant costs by authorised persons , payment service providers or electronic money issuers12(1) For the purpose of meeting a proportion of the...Funding of the relevant costs by consumer credit licensees etc13(1) For the purpose of meeting a proportion of the...Funding by grants or loans etc made by Treasury or Secretary of State14(1) The Treasury or the Secretary of State may— Part 3ReviewsReviews of economy etc of the consumer financial education body15(1) The Authority may appoint an independent person to conduct...Right to obtain documents and information16(1) A person conducting a review under paragraph 15— SCHEDULE 2 Regulated ActivitiesPart IRegulated activities: general General1The matters with respect to which provision may be made... Dealing in investments2(1) Buying, selling, subscribing for or underwriting investments or offering... Arranging deals in investments3Making, or offering or agreeing to make— Deposit taking4Accepting deposits. Safekeeping and administration of assets5(1) Safeguarding and administering assets belonging to another which consist... Managing investments6Managing, or offering or agreeing to manage, assets belonging to... Investment advice7Giving or offering or agreeing to give advice to persons... Establishing collective investment schemes8Establishing, operating or winding up a collective investment scheme, including... Using computer-based systems for giving investment instructions9(1) Sending on behalf of another person instructions relating to...Part 1ARegulated activities: reclaim funds9AActivities of reclaim fundsPart II Investments General10The matters with respect to which provision may be made... Securities11(1) Shares or stock in the share capital of a... Instruments creating or acknowledging indebtedness12Any of the following— (a) debentures; (b) debenture stock; Government and public securities13(1) Loan stock, bonds and other instruments— Instruments giving entitlement to investments14(1) Warrants or other instruments entitling the holder to subscribe... Certificates representing securities15Certificates or other instruments which confer contractual or property rights—... Units in collective investment schemes16(1) Shares in or securities of an open-ended investment company.... Options17Options to acquire or dispose of property. Futures18Rights under a contract for the sale of a commodity... Contracts for differences19Rights under— (a) a contract for differences; or Contracts of insurance20Rights under a contract of insurance, including rights under contracts... Participation in Lloyd’s syndicates21(1) The underwriting capacity of a Lloyd’s syndicate. Deposits22Rights under any contract under which a sum of money... Loans secured on land23(1) Rights under any contract under which— Other finance arrangements involving land23A(1) Rights under any arrangement for the provision of finance... Rights in investments24Any right or interest in anything which is an investment...Part III Supplemental Provisions The order-making power25(1) An order under section 22(1) may— Parliamentary control26(1) This paragraph applies to the first order made under... Interpretation27(1) In this Schedule— “buying” includes acquiring for valuable consideration;...SCHEDULE 3 EEA Passport RightsPart I Defined terms The single market directives1“The single market directives” means— (a) the banking consolidation directive;... The banking co-ordination directives2”The banking consolidation directive” means Directive 2006/48/EC of the European... The insurance directives3(1) “The insurance directives” means the first, second and third...The reinsurance directive3A“ The reinsurance directive ” means Directive 2005/68/EC of the... The investment services directive4“ The investment services directive ” means the Council Directive...The insurance mediation directive4A“ The insurance mediation directive ” means the European Parliament...The UCITS directive4B“ The UCITS directive ” means the Directive of the...The markets in financial instruments directive4C”The markets in financial instruments directive” means Directive 2004/39/EC of... EEA firm5“EEA firm” means any of the following if it does...5AIn paragraph 5, “ relevant office ” means— EEA authorisation6“ EEA authorisation ” means— (a) in relation to an... EEA right7“EEA right” means the entitlement of a person to establish...7AIn paragraph 7, “ relevant office ” means— EEA State8“ EEA State ” has the meaning given by Schedule... Home state regulator9“Home state regulator” means the competent authority (within the meaning... UK firm10“UK firm” means a person whose relevant office is in...10AIn paragraph 10, “ relevant office ” means— UK investment firm10B”UK investment firm” means a UK firm— Host state regulator11“Host state regulator” means the competent authority (within the meaning...Tied agent11A”Tied agent” has the meaning given in Article 4.1.25 of...11BManagement company11CUCITSPart II Exercise of Passport Rights by EEA Firms Firms qualifying for authorisation12(1) Once an EEA firm which is seeking to establish... Establishment13(1) If the firm falls within paragraph 5(a), (b), (c),... Services14(1) The service conditions are that— (a) the firm has... Grant of permission15(1) On qualifying for authorisation as a result of paragraph... Power to restrict permission of management companies15AApplication for approval to manage UCITS15BRepresentations and references to the Tribunal15CInformation to home state regulator Effect of carrying on regulated activity when not qualified for authorisation16(1) This paragraph applies to an EEA firm which is... Continuing regulation of EEA firms17Regulations may— (a) modify any provision of this Act which... Giving up right to authorisation18Regulations may provide that in prescribed circumstances an EEA firm...Part III Exercise of Passport Rights by UK Firms Establishment19(1) Subject to sub-paragraphs (5ZA) and (5A), a UK firm... Services20(1) Subject to sub-paragraph (4D), a UK firm may not...20ZAInformation for host state regulatorTied agents20A(1) If a UK investment firm is seeking to use...20BNotice of intention to market Offence relating to exercise of passport rights21(1) If a UK firm which is not an authorised... Continuing regulation of UK firms22(1) Regulations may make such provision as the Treasury consider...23(1) Sub-paragraphs (2) and (2A) apply if a UK firm—...24(1) Sub-paragraph (2) applies if a UK firm— Information to be included in the public record25The Authority must include in the record that it maintains...26UK management companies: delegation of functions27UK management companies: withdrawal of authorisation28Management companies: request for informationSCHEDULE 4 Treaty Rights Definitions1(1) In this Schedule— . . . . . .... Firms qualifying for authorisation2Once a Treaty firm which is seeking to carry on... Exercise of Treaty rights3(1) The conditions are that— (a) the firm has received... Permission4(1) On qualifying for authorisation under this Schedule, a Treaty... Notice to Authority5(1) Sub-paragraph (2) applies to a Treaty firm which— Offences6(1) A person who contravenes paragraph 5(2) is guilty of...SCHEDULE 5 Persons Concerned in Collective Investment Schemes Authorisation1(1) A person who for the time being is an... Permission2(1) A person authorised as a result of paragraph 1(1)...SCHEDULE 6 Threshold ConditionsPart I Part IV Permission Legal status1(1) If the regulated activity concerned is the effecting or... Location of offices2(1) Subject to sub-paragraphs (2A) and (3), if the person...2AAppointment of claims representatives Close links3(1) If the person concerned (“A”) has close links with... Adequate resources4(1) The resources of the person concerned must, in the... Suitability5The person concerned must satisfy the Authority that he is...Part II Authorisation Authorisation under Schedule 36In relation to an EEA firm qualifying for authorisation under... Authorisation under Schedule 47In relation to a person who qualifies for authorisation under...Part III Additional Conditions8(1) If this paragraph applies to the person concerned, he...9The Treasury may by order— (a) vary or remove any...SCHEDULE 7The Authority as Competent Authority for Part VI General1This Act applies in relation to the Authority when it... The Authority’s general functions2In section 2— (a) subsection (4)(a) does not apply to... Duty to consult3Section 8 does not apply. Rules4(1) Sections 149, 153, 154 and 156 do not apply.... Statements of policy5(1) Paragraph 5 of Schedule 1 has effect as if... Penalties6Paragraph 16 of Schedule 1 does not apply in relation... Fees7Paragraph 17 of Schedule 1 does not apply in relation... Exemption from liability in damages8Schedule 1 has effect as if— (a) sub-paragraph (1) of...SCHEDULE 8Transfer of functions under Part VI The power to transfer1(1) The Treasury may by order provide for any function... Supplemental2(1) An order under this Schedule does not affect anything...3If the Treasury have made an order under paragraph 1...SCHEDULE 9 General application of Part VI1The provisions of Part VI apply in relation to a... References to listing particulars2(1) Any reference to listing particulars is to be read... General duty of disclosure3(1) In section 80(1), for “section 79” substitute “ section... Supplementary prospectuses4In section 81(1), for “section 79 and before the commencement... Exemption from liability for compensation5(1) In paragraphs 1(3) and 2(3) of Schedule 10, for... Advertisements6In section 98(1), for “If listing particulars are, or are... Fees7Listing rules made under section 99 may require the payment...SCHEDULE 10 Compensation: Exemptions Statements believed to be true1(1) In this paragraph “statement” means— (a) any untrue or... Statements by experts2(1) In this paragraph “statement” means a statement included in... Corrections of statements3(1) In this paragraph “statement” has the same meaning as... Corrections of statements by experts4(1) In this paragraph “statement” has the same meaning as... Official statements5A person does not incur any liability under section 90(1)... False or misleading information known about6A person does not incur any liability under section 90(1)... Belief that supplementary listing particulars not called for7A person does not incur any liability under section 90(4)... Meaning of “expert”8“Expert” includes any engineer, valuer, accountant or other person whose...SCHEDULE 10ALIABILITY OF ISSUERS IN CONNECTION WITH PUBLISHED INFORMATIONPART 1SCOPE OF THIS SCHEDULE1Securities to which this Schedule applies2Published information to which this Schedule appliesPART 2LIABILITY IN CONNECTION WITH PUBLISHED INFORMATION3Liability of issuer for misleading statement or dishonest omission4An issuer of securities to which this Schedule applies is...5Liability of issuer for dishonest delay in publishing information6Meaning of dishonesty7Exclusion of certain other liabilitiesPART 3SUPPLEMENTARY PROVISIONS8InterpretationSCHEDULE 11 The general rule1(1) A person offers securities to the public in the... Exempt offers2(1) For the purposes of this Schedule, an offer of... Offers for business purposes3The securities are offered to persons— (a) whose ordinary activities... Offers to limited numbers4(1) The securities are offered to no more than fifty... Clubs and associations5The securities are offered to the members of a club... Restricted circles6(1) The securities are offered to a restricted circle of... Underwriting agreements7The securities are offered in connection with a genuine invitation... Offers to public authorities8(1) The securities are offered to a public authority. Maximum consideration9(1) The total consideration payable for the securities cannot exceed... Minimum consideration10(1) The minimum consideration which may be paid by any... Securities denominated in euros11(1) The securities are denominated in amounts of at least... Takeovers12(1) The securities are offered in connection with a takeover... Mergers13The securities are offered in connection with a merger (within... Free shares14(1) The securities are shares and are offered free of... Exchange of shares15The securities— (a) are shares, or investments of a specified... Qualifying persons16(1) The securities are issued by a body corporate and... Convertible securities17(1) The securities result from the conversion of convertible securities... Charities18The securities are issued by— (a) a charity within the... Building societies etc.19The securities offered are shares which are issued by, or... Euro-securities20(1) The securities offered are Euro-securities and no advertisement relating... Same class securities21The securities are of the same class, and were issued... Short date securities22The securities are investments of a specified kind with a... Government and public securities23(1) The securities are investments of a specified kind creating... Non-transferable securities24The securities are not transferable. 24AUnits in a collective investment scheme General definitions25For the purposes of this Schedule— “shares” has such meaning...SCHEDULE 11ATRANSFERABLE SECURITIESPART 11Units (within the meaning in section 237(2)) in an open-ended...2Non-equity transferable securities issued by (a) the government of an...3Shares in the share capital of the central bank of...4Transferable securities unconditionally and irrevocably guaranteed by the government, or...5(1) Non-equity transferable securities, issued in a continuous or repeated...6Non-fungible shares of capital— (a) the main purpose of which...PART 27(1) Transferable securities issued by a body specified in sub-paragraph...8(1) Non-equity transferable securities, issued in a continuous or repeated...9(1) Transferable securities included in an offer where the total...SCHEDULE 11BCONNECTED PERSONSPART 1MEANING OF “CONNECTED PERSON”1Introduction2Meaning of “connected person”3Family members4Associated bodies corporate5Control of a body corporate6Supplementary provisionsPART 2CONNECTED PERSONS: REFERENCES TO AN INTEREST IN SHARES OR DEBENTURES7Introduction8General provisions9Rights to acquire shares10Right to exercise or control exercise of rights11Bodies corporate12TrustsSCHEDULE 12 Transfer schemes: certificatesPart I Insurance Business Transfer Schemes1(1) For the purposes of section 111(2) the appropriate certificates,... Certificates as to margin of solvency2(1) A certificate under this paragraph is to be given—... Certificates as to consent3A certificate under this paragraph is one given by the... Certificates as to long-term business4A certificate under this paragraph is one given by the... Certificates as to general business5A certificate under this paragraph is one given by the...Certificates as to legality and as to consent5A(1) The certificates under this paragraph are to be given—... Interpretation of Part I6(1) “State of the commitment”, in relation to a commitment...Part II Banking Business Transfer Schemes7(1) For the purposes of section 111(2) the appropriate certificates,... Certificates as to financial resources8(1) A certificate under this paragraph is one given by... Certificates as to consent of home state regulator9A certificate under this paragraph is one given by the...Part 2AReclaim fund business transfer schemes9ACertificate as to financial resourcesPart III Insurance business transfers effected outside the United Kingdom10(1) This paragraph applies to a proposal to execute under...SCHEDULE 13Part I General Interpretation1In this Schedule— “panel of chairmen” means the panel established...Part II The Tribunal President2(1) The Lord Chancellor must appoint one of the members... Panels3(1) The Lord Chancellor must appoint a panel of persons... Terms of office etc4(1) Subject to the provisions of this Schedule, each member... Remuneration and expenses5The Lord Chancellor may pay to any person, in respect... Staff6(1) The Lord Chancellor may appoint such staff for the...Part III Constitution of Tribunal7(1) On a reference to the Tribunal, the persons to...Part IV Tribunal Procedure8For the purpose of dealing with references, or any matter...9Rules made by the Lord Chancellor under section 132 may,... Practice directions10The President of the Tribunal may give directions as to... Evidence11(1) The Tribunal may by summons require any person to... Decisions of Tribunal12(1) A decision of the Tribunal may be taken by... Costs13(1) If the Tribunal considers that a party to any...SCHEDULE 14 Role of the Competition Commission Provision of information by Treasury1(1) The Treasury’s powers under this paragraph are to be... Consideration of matters arising on a report2In considering any matter arising from a report made by...Investigations under section 162: application of Enterprise Act 2002 2A(1) The following sections of Part 3 of the Enterprise...Section 162: modification of Schedule 7 to the Competition Act...2BFor the purposes of its application in relation to the...Reports under section 162: further provision 2C(1) For the purposes of section 163 of this Act,... Applied provisions3(1) The provisions mentioned in sub-paragraph (2) are to apply... Publication of reports4(1) If the Commission makes a report under section 162,...SCHEDULE 15 Information and Investigations: Connected PersonsPart I Rules for Specific Bodies Corporate bodies1If the authorised person (“BC”) is a body corporate, a... Partnerships2If the authorised person (“PP”) is a partnership, a person... Unincorporated associations3If the authorised person (“UA”) is an unincorporated association of... Friendly societies4(1) If the authorised person (“FS”) is a friendly society,... Building societies5(1) If the authorised person (“BS”) is a building society,... Individuals6If the authorised person (“IP”) is an individual, a person... Application to sections 171 and 1727For the purposes of sections 171 and 172, if the...Part II Additional Rules8A person who is, or at the relevant time was,...SCHEDULE 16 Prohibitions and Restrictions imposed by OFFICE OF FAIR TRADING Preliminary1In this Schedule— “appeal period” has the same meaning as... Notice of prohibition or restriction2(1) This paragraph applies if the OFT proposes, in relation... Application to revoke prohibition or restriction3(1) This paragraph applies if the OFT proposes to refuse... Representations to OFT4(1) If this paragraph applies to an invitation to submit... Appeals5Section 41 of the Consumer Credit Act 1974 (appeals to...SCHEDULE 17 The Ombudsman SchemePart I General Interpretation1In this Schedule— “ombudsman” means a person who is a...Part II The Scheme Operator Establishment by the Authority2(1) The Authority must establish a body corporate to exercise... Constitution3(1) The constitution of the scheme operator must provide for... The panel of ombudsmen4(1) The scheme operator must appoint and maintain a panel... The Chief Ombudsman5(1) The scheme operator must appoint one member of the... Status6(1) The scheme operator is not to be regarded as... Annual reports7(1) At least once a year— (a) the scheme operator... Guidance8The scheme operator may publish guidance consisting of such information... Budget9(1) The scheme operator must, before the start of each... Exemption from liability in damages10(1) No person is to be liable in damages for... Privilege11For the purposes of the law relating to defamation, proceedings...Part III The Compulsory Jurisdiction Introduction12This Part of this Schedule applies only in relation to... Authority’s procedural rules13(1) The Authority must make rules providing that a complaint... The scheme operator’s rules14(1) The scheme operator must make rules, to be known... Fees15(1) Scheme rules may require a respondent to pay to... Enforcement of money awards16A money award, including interest, which has been registered in...Part 3AThe consumer credit jurisdictionIntroduction16AThis Part of this Schedule applies only in relation to...Procedure for complaints etc.16B(1) Consumer credit rules— (a) must provide that a complaint...Fees16C(1) Consumer credit rules may require a respondent to pay...Enforcement of money awards16DA money award, including interest, which has been registered in...Procedure for consumer credit rules16E(1) If the scheme operator makes any consumer credit rules,...Verification of consumer credit rules16F(1) The production of a printed copy of consumer credit...Consultation16G(1) If the scheme operator proposes to make consumer credit...Part IV The Voluntary Jurisdiction Introduction17This Part of this Schedule applies only in relation to... Terms of reference to the scheme18(1) Complaints are to be dealt with and determined under... Delegation by and to other schemes19(1) The scheme operator may make arrangements with a relevant... Voluntary jurisdiction rules: procedure20(1) If the scheme operator makes voluntary jurisdiction rules, it... Verification of the rules21(1) The production of a printed copy of voluntary jurisdiction... Consultation22(1) If the scheme operator proposes to make voluntary jurisdiction...SCHEDULE 18 MutualsPart I Friendly Societies The Friendly Societies Act 1974 (c.46)1Omit sections 4 (provision for separate registration areas) and 10...2In section 7 (societies which may be registered), in subsection...3In section 11 (additional registration requirements for societies with branches),...4In section 99(4) (punishment of fraud etc and recovery of... The Friendly Societies Act 1992 (c.40)5Omit sections 31 to 36A (authorisation of friendly societies business)....6In section 37 (restrictions on combinations of business), omit subsections...7Omit sections 38 to 43 (restrictions on business of certain...8Omit sections 44 to 50 (regulation of friendly societies business)....Part II Friendly Societies: Subsidiaries and Controlled Bodies Interpretation9In this Part of this Schedule— “the 1992 Act” means... Qualifying bodies10(1) Subsections (2) to (5) of section 13 (incorporated friendly... Bodies controlled by societies11In section 13(9) (defined terms), after paragraph (a) insert— Joint control by societies12In section 13(9), after paragraph (c) insert— Acquisition of joint control13In section 13(9), in the words following paragraph (d), after... Amendment of Schedule 8 to the 1992 Act14(1) Schedule 8 to the 1992 Act (provisions supplementing section... Consequential amendments15(1) Section 52 of the 1992 Act is amended as...References in other enactments16References in any provision of, or made under, any enactment...Part III Building Societies The Building Societies Act 1986 (c.53)17Omit section 9 (initial authorisation to raise funds and borrow...18Omit Schedule 3 (supplementary provisions about authorisation). Part IV Industrial and Provident Societies The Industrial and Provident Societies Act 1965 (c.12)19Omit section 8 (provision for separate registration areas for Scotland...20Omit section 70 (scale of fees to be paid in...Part V Credit Unions The Credit Unions Act 1979 (c.34)21In section 6 (minimum and maximum number of members), omit...22In section 11 (loans), omit subsections (2) and (6). 23Omit sections 11B (loans approved by credit unions), 11C (grant...24In section 12, omit subsections (4) and (5). 25In section 14, omit subsections (2), (3), (5) and (6)....26In section 28 (offences), omit subsection (2). SCHEDULE 19Part I Persons and functions for the purposes of section 3511The Table set out after this paragraph has effect for...Part II The enactments1The Fair Trading Act 1973 2The Consumer Credit Act 1974 3The Estate Agents Act 1979 4The Competition Act 1980 5The Telecommunications Act 1984 6The Airports Act 1986 7The Gas Act 1986 8The Control of Misleading Advertisements Regulations 1988 9The Electricity Act 1989 10The Broadcasting Act 1990 11The Water Industry Act 1991 12The Electricity (Northern Ireland) Order 1992 13The Railways Act 1993 14Part IV of the Airports (Northern Ireland) Order 1994 15The Gas (Northern Ireland) Order 1996 16The EC Competition (Articles 88 and 89) Enforcement Regulations 1996...17The Unfair Terms in Consumer Contracts Regulations 1999 18This Act. 19An enactment specified for the purposes of this paragraph in...SCHEDULE 20 Minor and Consequential Amendments The House of Commons Disqualification Act 1975 (c. 24)1In Part III of Schedule 1 to the House of... The Northern Ireland Assembly Disqualification Act 1975 (c. 25)2In Part III of Schedule 1 to the Northern Ireland... The Civil Jurisdiction and Judgments Act 1982 (c. 27)3In paragraph 10 of Schedule 5 to the Civil Jurisdiction... The Income and Corporation Taxes Act 1988 (c. 1)4(1) The Income and Corporation Taxes Act 1988 is amended... The Finance Act 1991 (c. 31)5(1) The Finance Act 1991 is amended as follows. The Tribunals and Inquiries Act 1992 (c. 53)6(1) The Tribunals and Inquiries Act 1992 is amended as... The Judicial Pensions and Retirement Act 1993 (c. 8)7(1) The Judicial Pensions and Retirement Act 1993 is amended...SCHEDULE 21 Transitional Provisions and Savings Self-regulating organisations1(1) No new application under section 9 of the 1986... Self-regulating organisations for friendly societies2(1) No new application under paragraph 2 of Schedule 11...SCHEDULE 22 Repeals2000 c.8An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.[14th June 2000]Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—Act restricted (11.8.2001) by S.I. 2001/2659, art. 2(4)(c)Act excluded (1.12.2001) by S.I. 2001/2617, arts. 2(b), 10(9); S.I. 2001/3538, art. 2(1)Act: specified provisions excluded (1.12.2001) by S.I. 2001/2957, arts. 1, 13(8)(b); S.I. 2001/3538, art. 2(1)Act restricted (1.12.2001) by S.I. 2001/3646, arts. 2(7)(b), 4(6)(b), 6(4)(b), 7(4)(c), 8(4)(b), 9(4)(b)Act applied (with modifications) by S.I. 1994/188, reg. 4 (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 454)Act modified (18.7.2002 for certain purposes and 21.8.2002 otherwise) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), regs. 1, 17Act extended (E.W.S.) (1.1.2003) by 2000 c. 39, s. 15(2); S.I. 2002/2711, art. 2 (subject to arts. 3-5)Act: power to modify, exclude or apply conferred (N.I.) (10.8.2004) by Open-Ended Investment Companies Act (Northern Ireland) 2002 (c. 13 (N.I.)), ss. 1(2)(l)(3)(b)(f)(4), 4; S.R. 2004/333, art. 2Act extended (18.2.2004) by The Insurers (Reorganisation and Winding Up) Regulations 2004 (S.I. 2004/353), regs. 2(5), 3Act extended (5.5.2004) by The Credit Institutions (Reorganisation and Winding up) Regulations 2004 (S.I. 2004/1045), reg. 2(5)Act extended by The European Communities (Lawyer's Practice) Regulations 2000 (S.I. 2000/1119), reg. 14, Sch. 3 Pt. 1 (as amended (16.9.2004) by The European Communities (Lawyer's Practice) (Amendment) Regulations 2004 (S.I. 2004/1628), reg. 6)Act modified (31.10.2004) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Mortgages) Order 2004 (S.I. 2004/2615), arts. 1(2)(b), 5, Sch. para. 5Act modified (31.12.2004) by The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2004 (S.I. 2004/3219), reg. 16(4)Act modified (14.1.2005) by The Financial Services and Markets Act 2000 (Transitional Provisions) (General Insurance Intermediaries) Order 2004 (S.I. 2004/3351), arts. 1(2)(b), 5, Sch. para. 5Act restricted (E.W.) (1.3.2007) by National Health Service Act 2006 (c. 41), ss. 71(8), 277Act modified (6.4.2007) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(3), 7, Sch. para. 5Act modified (30.6.2008 for certain purposes and 1.1.2009 otherwise) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2007 (S.I. 2007/3510), arts. 1(2), 8(1)(2), 9Act modified (1.7.2009 for certain purposes and 30.6.2010 otherwise) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 34, Sch. paras. 4, 5