Financial Services and Markets Act 2000

From Wikipedia, the free encyclopedia

This article needs references that appear in reliable third-party publications. Primary sources or sources affiliated with the subject are generally not sufficient for a Wikipedia article. Please add more appropriate citations from reliable sources. (September 2008)

This article is in a list format that may be better presented using prose. You can help by converting this article to prose, if appropriate. Editing help is available. (September 2008)

The Financial Services and Markets Act 2000
Parliament of the United Kingdom
Long title:	An 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.
Statute book chapter:	2000 c.8
Dates
Date of Royal Assent:	14 June 2000
Status: Unknown
Text of statute as originally enacted
Official text of the statute as amended and in force today within the United Kingdom, from the UK Statute Law Database
This box: view • talk

The Financial Services and Markets Act 2000 (c.8) (FSMA 2000) is an Act of the Parliament of the United Kingdom that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking.

Some of the key sections of this act are:

• Section 2 outlines the regulatory objectives of the FSA: (a) market confidence; (b) public awareness; (c) the protection of consumers; and (d) the reduction of financial crime.

• Section 19 requires firms to be authorised to conduct regulated activities.

• Section 21 makes it a criminal offence to issue a financial promotion in the United Kingdom unless it is issued or approved by an authorised firm or exempt via the Financial Promotions Order.

• Section 59 states that a person can not carry out certain controlling functions in a firm without approval by the FSA.

• Section 71 allows private persons to sue a firm for damages if a person performing a controlled function is not approved.

• Section 118 concerns market abuse.

• Section 132 establishes the Financial Services and Markets Tribunal.

• Section 138 grants the FSA rule-making power.

• Section 150 allows private persons to sue for damages if an authorised firm has breached certain rules.

• Section 165 gives the FSA power to require certain information.

• Section 397 makes it a criminal offence to mislead a market or investors.

[edit] External links

• Official text of the Financial Services and Markets Act 2000 as amended and in force today within the United Kingdom, from the UK Statute Law Database.
• The Financial Services and Markets Act 2000, as originally enacted, from the Office of Public Sector Information.
• Explanatory notes to the Financial Services and Markets Act 2000 from the Office of Public Sector Information.

v • d • e United Kingdom legislation Acts of Parliament by states preceding the Kingdom of Great Britain Acts of Parliament of England to 1601 · 1603–1641 · Interregnum (1642–1660) · 1660–1699 · 1700–1706 Acts of Parliament of Scotland Acts of the Parliament of Ireland to 1700 · 1701–1800 Acts of Parliament of the Kingdom of Great Britain: 1707–1719 · 1720–1739 · 1740–1759 · 1760–1779 · 1780–1800 Acts of Parliament of The United Kingdom of Great Britain and Ireland and The United Kingdom of Great Britain and Northern Ireland 1801–1819 · 1820–1839 · 1840–1859 · 1860–1879 · 1880–1899 · 1900–1919 · 1920–1939 · 1940–1959 · 1960–1979 · 1980–1999 · 2000 to date Church of England Measures List · Church of England Assembly (Powers) Act 1919 Legislation of Devolved institutions Acts of the Northern Ireland Assembly · Northern Ireland Parliament · Scottish Parliament Measures of the Welsh Assembly Orders in Council for Northern Ireland Secondary legislation United Kingdom Statutory Instruments