Financial Services and Markets Act 2000

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The Financial Services and Markets Act 2000
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.
Chapter 2000 c.8ff
Dates
Royal Assent 14 June 2000
Text of statute as originally enacted
Official text of the Financial Services and Markets Act 2000 as in force today (including any amendments) within the United Kingdom, from the UK Statute Law Database

The Financial Services and Markets Act 2000 (c 8) 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.

Outline[edit]

Some of the key sections of this act are:

  • Section2 outlines the regulatory objectives of the FSA: (a) market confidence; (b) financial stability (c) public awareness; (d) the protection of consumers; and (e) 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 (an invitation to engage in investment activity) 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 cannot 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 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 return certain information.
  • Section 412 "Gaming contracts. (1) No contract to which this section applies is void or unenforceable because of– (a) Article 170 of the Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985; or (2) This section applies to a contract if– (a) it is entered into by either or each party by way of business; (b) the entering into or performance of it by either party constitutes an activity of a specified kind or one which falls within a specified class of activity; and (c) it relates to an investment of a specified kind or one which falls within a specified class of investment. (3) Part II of Schedule 2 applies for the purposes of subsection (2)(c), with the references to section 22 being read as references to that subsection. (4) Nothing in Part II of Schedule 2, as applied by subsection (3), limits the power conferred by subsection (2)(c). (5) "Investment" includes any asset, right or interest. (6) "Specified" means specified in an order made by the Treasury."

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