PART 2Amendments of Financial Services and Markets Act 2000

Miscellaneous amendments of FSMA 2000

F145The consumer financial education body

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

I346Members of the professions

Schedule 16 contains miscellaneous amendments of FSMA 2000 relating to financial services provided by members of the professions.

I447International obligations

In section 410 of FSMA 2000 (international obligations), in subsection (4), for paragraph (a) substitute—

a

the FCA;

aa

the PRA;

ab

the Bank of England when exercising functions conferred on it by Part 18;

48Interpretation of FSMA 2000

1

In section 417 of FSMA 2000 (definitions), in subsection (1)—

I5a

omit the definition of “the Authority”,

I5b

in the definition of “control of information rules” for “section 147(1)” substitute “ section 137P ”,

I5c

after that definition insert—

  • “credit-related regulated activity” has the meaning given in section 23(1B);

dI1

after the definition of “exempt person” insert—

“the FCA” means the Financial Conduct Authority;

e

in the definition of “financial promotion rules” for “section 145” substitute “ section 137R ”,

f

for the definition of “general rules” substitute—

“general rules”—

a

in relation to the FCA, has the meaning given in section 137A(2), and

b

in relation to the PRA, has the meaning given in section 137G(2);

g

omit the definition of “money laundering rules”,

h

omit the definition of “notice of control”,

i

for the definition of “Part IV permission” substitute—

“Part 4A permission” has the meaning given in section 55A(5);

jI1

after the definition of “partnership” insert—

“the PRA” means the Prudential Regulation Authority;

“PRA-authorised person” has the meaning given in section 2B(5);

“PRA-regulated activity” has the meaning given in section 22A;

I5k

in the definition of “price stabilising rules” for “section 144” substitute “ section 137Q ”,

I5l

after that definition insert—

  • “principal” in relation to an appointed representative, is to be read in accordance with section 39;

I5m

in the definition of “regulating provisions” for “section “159(1)” substitute “ section 140A ”,

nI1

after that definition insert—

  • “regulator” has the meaning given in section 3A(2);

I5o

omit the definitions of “regulatory objectives” and “regulatory provisions”,

I5p

for the definition of “rule” substitute—

“rule” means a rule made by the FCA or the PRA under this Act;

I5q

in the definition of “rule-making instrument” for “section 153” substitute “ section 138G ”,

I5r

for the definition of “threshold conditions” substitute—

“threshold conditions”, in relation to a regulated activity, has the meaning given in section 55B(1);

I5s

in the definition of “UK authorised person” for “section 178(4)” substitute “ section 191G(1) ”, and

I5t

in the definition of “the UK financial system” for “section 3” substitute “ section 1I ”.

2I1

After section 421 of FSMA 2000 insert—

421ZAImmediate group

In this Act “immediate group”, in relation to a person (“A”), means—

a

A;

b

a parent undertaking of A;

c

a subsidiary undertaking of A;

d

a subsidiary undertaking of a parent undertaking of A;

e

a parent undertaking of a subsidiary undertaking of A.

3I1

After section 425B of FSMA 2000 insert—

425CQualifying EU provision”

1

In this Act “qualifying EU provision” means a provision of—

a

a directly applicable EU regulation, or

b

an EU decision for whose enforcement the United Kingdom is required by an EU obligation to make provision.

2

In subsection (1)(b) “EU decision” means a decision under an EU directive or EU regulation.

49I2Parliamentary control of statutory instruments

1

Section 429 of FSMA 2000 (Parliamentary control of statutory instruments) is amended as follows.

2

In subsection (1) (orders subject to the affirmative resolution procedure)—

a

in paragraph (a)—

i

after “section” insert “ 1J, 3B(4), 3F(6), 55C, ”,

ii

after “or (e),” insert “ 138K(6)(c), 192B(6), 204A(7), 213(1A), ”, and

iii

after “236(5),” insert “ 285(4), 380(12), 382(15), 384(13), ”, and

b

omit paragraph (b).

3

In subsection (8)—

a

after “under section” insert “ 3G(1), 137D(1)(b), ”,

b

after “165A(2)(d)” insert “ , 192A(4) ”, and

c

after “which” insert “ section 22B or 23A or ”.