What United Kingdom Financial Services and Markets Act 2000 (FSMA): FCA and PRA Regulators, General Prohibition on Unauthorised Regulated Activity, Permission Threshold Conditions, Approval of Persons, FCA Rule-Making, and Restitution requires
The United Kingdom Financial Services and Markets Act 2000, chapter 8 of 2000 and commonly cited as FSMA 2000, is the principal United Kingdom statute establishing the framework for financial services regulation and is administered by the Financial Conduct Authority and the Prudential Regulation Authority. Part 1A establishes the regulators: Chapter 1 establishes the Financial Conduct Authority with its general duties, objectives, and the competitiveness and growth objective, and Chapter 2 establishes the Prudential Regulation Authority. Financial Services and Markets Act 2000, section 19 sets out the general prohibition: no person may carry on a regulated activity in the United Kingdom, or purport to do so, unless authorised or exempt. Financial Services and Markets Act 2000, section 21 restricts financial promotion. Financial Services and Markets Act 2000, section 23 makes contravention of the general prohibition an offence. Part 4A governs permission to carry on regulated activities through sections 55A onwards, including the threshold conditions, variation and cancellation of permissions, and imposition of requirements. Financial Services and Markets Act 2000, section 56 confers the power to make prohibition orders against individuals. Sections 59 to 63 govern approval of persons for controlled functions. Sections 71B to 71I cover removal of directors and appointment of temporary managers. Part VI governs official listing, prospectus requirements, and transparency obligations. Part VIII covers market abuse including section 118 definition and prohibition and section 123 power to impose penalties. Part 9A governs rules and guidance: Financial Services and Markets Act 2000, section 137A confers the FCA's general rule-making power and section 137D confers product intervention powers. Part 11 covers information gathering and investigations. Financial Services and Markets Act 2000, section 384 confers the power of the FCA or PRA to require restitution from persons who have breached the regulations. The Act, as amended by the Financial Services Act 2012, the Financial Services (Banking Reform) Act 2013, the Financial Services Act 2021, the Financial Services and Markets Act 2023, and subsequent amendments, is the controlling United Kingdom instrument for financial services regulation.
Pillar: Banking & Global Finance · Authority: United Kingdom Government - HM Treasury · Version: 1.0.0 · Last updated:
Primary source: https://www.legislation.gov.uk/ukpga/2000/8/contents
SHA-256 integrity: 16da791ac539e34332b7d47b7daadf5a06fc86222cb2be217cb8266a6b184175
Primary Citations — 8 traced to source
- Financial Services and Markets Act 2000, Part 1A - the Financial Conduct Authority and the Prudential Regulation Authority.
- Financial Services and Markets Act 2000, section 19 - the general prohibition on carrying on a regulated activity without authorisation or exemption.
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