Search Legislation

Financial Services Act 2012

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: PART 5

 Help about opening options

Changes to legislation:

Financial Services Act 2012, PART 5 is up to date with all changes known to be in force on or before 28 March 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

View outstanding changes

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

PART 5 U.K.Injunctions and restitution

19(1)Section 380 (injunctions) is amended as follows.U.K.

(2)In subsections (1) to (3), for “Authority” substitute “ appropriate regulator ”.

(3)In subsection (6)(a)—

(a)in the opening words, for “Authority” substitute “ appropriate regulator ”,

(b)for sub-paragraph (i) (but not the “or” following it) substitute—

(i)which is imposed by or under this Act or by a qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order, and

(c)in sub-paragraph (ii), for the words from “which the Authority” to the end substitute “ mentioned in section 402(1) ”.

(4)In subsection (7), omit paragraph (a) (and the “and” at the end of it).

(5)After subsection (7) insert—

(8)The PRA is the “appropriate regulator” in the case of a contravention of—

(a)a requirement that is imposed by the PRA under any provision of this Act,

(b)a requirement under section 56(6) where the authorised person concerned is a PRA-authorised person and the prohibition order concerned is made by the PRA, or

(c)a requirement under section 59(1) or (2) where the authorised person concerned is a PRA-authorised person and the approval concerned falls to be given by the PRA.

(9)In the case of a contravention of a requirement that is imposed by a qualifying EU provision, “the appropriate regulator” is whichever of the PRA or the FCA (or both) is specified by the Treasury by order in relation to the qualifying EU provision for the purposes of this section.

(10)In the case of a contravention of a requirement where the contravention constitutes an offence under this Act, the “appropriate regulator” is whichever of the PRA or the FCA has power to prosecute the offence (see section 401).

(11)The FCA is the “appropriate regulator” in the case of a contravention of any other requirement.

(12)The Treasury may by order amend the definition of “appropriate regulator”.

Commencement Information

I1Sch. 9 para. 19 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I2Sch. 9 para. 19 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

20(1)Section 381 (injunctions in case of market abuse) is amended as follows.U.K.

(2)In subsections (1) to (3), for “Authority” substitute “ FCA ”.

(3)In subsection (4), after “The court” insert “ may ”.

Commencement Information

I3Sch. 9 para. 20 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

21(1)Section 382 (restitution orders) is amended as follows.U.K.

(2)In subsection (1), for “Authority” substitute “ appropriate regulator ”.

(3)In subsections (2) and (3), for “Authority” substitute “ regulator concerned ”.

(4)In subsection (7), for “Authority” substitute “ appropriate regulator ”.

(5)In subsection (9)(a)—

(a)in the opening words, for “Authority” substitute “ appropriate regulator ”,

(b)for sub-paragraph (i) (but not the “or” following it) substitute—

(i)which is imposed by or under this Act or by a qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order, and

(c)in sub-paragraph (ii), for the words from “which the Authority” to the end substitute “ mentioned in section 402(1) ”.

(6)In subsection (10), omit paragraph (a) (and the “and” at the end of it).

(7)After subsection (10) insert—

(11)The PRA is the “appropriate regulator” in the case of a contravention of—

(a)a requirement that is imposed by the PRA under any provision of this Act,

(b)a requirement under section 56(6) where the authorised person concerned is a PRA-authorised person and the prohibition order concerned is made by the PRA, or

(c)a requirement under section 59(1) or (2) where the authorised person concerned is a PRA-authorised person and the approval concerned falls to be given by the PRA.

(12)In the case of a contravention of a requirement that is imposed by a qualifying EU provision, “the appropriate regulator” is whichever of the PRA or the FCA (or both) is specified by the Treasury by order in relation to the qualifying EU provision for the purposes of this section.

(13)In the case of a contravention of a requirement where the contravention constitutes an offence under this Act, the “appropriate regulator” is the regulator which has power to prosecute the offence (see section 401).

(14)The FCA is the “appropriate regulator” in the case of a contravention of any other requirement.

(15)The Treasury may by order amend the definition of “appropriate regulator”.

Commencement Information

I4Sch. 9 para. 21 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I5Sch. 9 para. 21 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

22U.K.In section 383(1), (4), (5) and (9) (restitution orders in case of market abuse), for “ Authority” substitute “ FCA ”.

Commencement Information

I6Sch. 9 para. 22 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

23(1)Section 384 (power of Authority to require restitution) is amended as follows.U.K.

(2)In subsection (1)—

(a)for “The Authority” substitute “ The appropriate regulator ”, and

(b)after “authorised person” insert “ or recognised investment exchange ”.

(3)In subsections (2) and (4), for “Authority” substitute “ FCA ”.

(4)In subsection (5)—

(a)for “Authority”, in the first place, substitute “ regulator exercising the power (“the regulator concerned”) ”, and

(b)for “Authority”, in each of the other places, substitute “ regulator concerned ”.

(5)In subsection (6), for “Authority” substitute “ regulator concerned ”.

(6)In subsection (7)—

(a)in paragraph (a), for the words from “any directly applicable” to “auctioning regulation” substitute “ a qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order ”, and

(b)in paragraph (b), for the words from “in relation to which” to the end substitute “ mentioned in section 402(1) ”.

(7)Omit subsection (8).

(8)After subsection (8) insert—

(9)The PRA is the “appropriate regulator” in the case of a contravention of—

(a)a requirement that is imposed by the PRA under any provision of this Act,

(b)a requirement under section 56(6) where the authorised person concerned is a PRA-authorised person and the prohibition order concerned is made by the PRA, or

(c)a requirement under section 59(1) or (2) where the authorised person concerned is a PRA-authorised person and the approval concerned falls to be given by the PRA.

(10)In the case of a contravention of a requirement that is imposed by a qualifying EU provision, “the appropriate regulator” is whichever of the PRA or the FCA (or both) is specified by the Treasury by order in relation to the qualifying EU provision for the purposes of this section.

(11)In the case of a contravention of a requirement where the contravention constitutes an offence under this Act, the “appropriate regulator” is the regulator which has power to prosecute the offence (see section 401).

(12)The FCA is the “appropriate regulator” in the case of a contravention of any other requirement.

(13)The Treasury may by order amend the definition of “appropriate regulator”.

(9)In the heading, for “Authority” substitute “ FCA or PRA ”.

(10)In the italic heading before section 384, for “Authority” substitute “ FCA or PRA ”.

Commencement Information

I7Sch. 9 para. 23 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I8Sch. 9 para. 23 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.

24(1)Section 385 (warning notices) is amended as follows.U.K.

(2)In subsection (1), for “the Authority” substitute “ a regulator ”.

(3)In subsection (2), for “the Authority” substitute “ the regulator ”.

Commencement Information

I9Sch. 9 para. 24 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

25U.K.In section 386(1) and (3) (decision notices), for “Authority” substitute “ regulator ”.

Commencement Information

I10Sch. 9 para. 25 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources