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  1. Financial Services and Markets Act 2023 (c. 29) (FSMA 2023)
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Version status: Partly in force | Document consolidation status: Updated to reflect all known changes
Published date: 29 June 2023

Financial Services and Markets Act 2023 (c. 29) (FSMA 2023)

Consolidation Status: Updated to reflect all known changes
Comparing proposed amendment...
Introductory Text
Part 1 Regulatory framework (ss. 1-53)
Chapter 1 Revocation of assimilated law (ss. 1-7)
Partly in force
 1 Revocation of assimilated law relating to financial services and markets
Partly in force
 2 Transitional amendments
In force
 3 Power to make further transitional amendments
In force
 4 Power to restate and modify saved legislation
In force
 5 Power to replace references to EU directives
In force
 6 Restatement in rules: exemption from consultation requirements etc
In force
 7 Interpretation of Chapter
Chapter 2 New Regulatory Powers (ss. 8-24)
Designated activities regime (s. 8)
In force
 8 Designated activities
Financial market infrastructure: general rules and requirements (ss. 9-12)
In force
 9 Rules relating to central counterparties and central securities depositories
In force
 10 Central counterparties and central securities depositories: other requirements
In force
 11 Rules relating to investment exchanges and data reporting service providers
In force
 12 Treasury directions to Bank of England: restrictions
Financial market infrastructure: piloting powers (ss. 13-17)
In force
 13 Testing of FMI technologies or practices
In force
 14 Reports on FMI sandboxes
In force
 15 Permanent implementation of arrangements tested under an FMI sandbox
In force
 16 Regulations
In force
 17 Interpretation
Powers in relation to critical third parties (ss. 18-19)
In force
 18 Critical third parties: designation and powers
In force
 19 Critical third parties: related amendments
Financial promotion (s. 20)
In force
 20 Financial promotion
Sustainability disclosure requirements (s. 21)
In force
 21 Sustainability disclosure requirements
Digital settlement assets (ss. 22-23)
In force
 22 Digital settlement assets
In force
 23 Digital settlement assets: power to make regulations
Mutual recognition (s. 24)
In force
 24 Implementation of mutual recognition agreements
Chapter 3 Accountability of regulators (ss. 25-53)
FCA and PRA objectives and regulatory principles (ss. 25-28)
In force
 25 Competitiveness and growth objective
In force
 26 Competitiveness and growth objective: reporting requirements
Partly in force
 27 Regulatory principles
In force
 28 Sections 25 and 27: consequential amendments
FCA and PRA powers to make rules etc (ss. 29-34)
In force
 29 Review of rules
In force
 30 Treasury power in relation to rules
In force
 31 Matters to consider when making rules
In force
 32 Effect of rules etc on deference decisions
In force
 33 Effect of rules etc on international trade obligations
In force
 34 Power to disapply or modify rules
FCA and PRA engagement (ss. 35-39)
In force
 35 Responses to recommendations of the Treasury
In force
 36 Public consultation requirements
In force
 37 Engagement with statutory panels
In force
 38 Engagement with Parliamentary Committees
In force
 39 Reporting requirements
Co-operation of FCA and others (s. 40)
In force
 40 Duty to co-operate and consult in exercising functions
Panels and policy statements (ss. 41-47)
In force
 41 Listing Authority Advisory Panel
In force
 42 Insurance Practitioner Panel
In force
 43 Cost Benefit Analysis Panels
In force
 44 Statement of policy on cost benefit analyses
In force
 45 Statement of policy on panel appointments
In force
 46 Composition of panels
In force
 47 Panel reports
Bank of England regulatory powers (ss. 48-50)
Partly in force
 48 Exercise of FMI regulatory powers
In force
 49 Bank of England: rule-making powers
In force
 50 Application of FSMA 2000 to FMI functions
Payment Systems Regulator (ss. 51-52)
Partly in force
 51 Payment Systems Regulator
In force
 52 Chair of the Payment Systems Regulator as member of FCA Board
Consultation on rules (s. 53)
In force
 53 Consultation on rules
Part 2 Access to cash (ss. 54-55)
In force
 54 Cash access services
In force
 55 Wholesale cash distribution
Part 3 Performance of functions relating to financial market infrastructure (s. 56)
Partly in force
 56 Recognised bodies: senior managers and certification
Part 4 Central counterparties in financial difficulties (s. 57)
In force
 57 Central counterparties in financial difficulties
Part 5 Insurers in financial difficulties (s. 58)
In force
 58 Insurers in financial difficulties
Part 6 Miscellaneous (ss. 59-79)
Amendments to FSMA 2000 (ss. 59-69)
In force
 59 Application of provisions to regulatory functions under this Act
In force
 60 Formerly authorised persons
In force
 61 Control over authorised persons
In force
 62 Financial services compensation scheme
In force
 63 The Ombudsman scheme
In force
 64 Unauthorised co-ownership AIFs
In force
 65 Power to amend enactments in consequence of rules
In force
 66 Ambulatory references
In force
 67 Power to amend or repeal certain provisions of FSMA 2000
In force
 68 Power under FSMA 2000 to make transitional provisions
In force
 69 Cryptoassets
Bank of England levy (ss. 70-71)
In force
 70 Bank of England levy
In force
 71 Bank of England levy: consequential amendments
Other miscellaneous provisions (ss. 72-79)
In force
 72 Liability of payment service providers for fraudulent transactions
In force
 73 Credit unions
In force
 74 Reinsurance for acts of terrorism
In force
 75 Banking Act 2009: miscellaneous amendments
In force
 76 Arrangements for the investigation of complaints
In force
 77 Politically exposed persons: money laundering and terrorist financing
In force
 78 Politically exposed persons: review of guidance
In force
 79 Forest risk commodities: review
Part 7 General (ss. 80-87)
In force
 80 Interpretation
In force
 81 Pre-commencement consultation
In force
 82 Financial provision
In force
 83 Power to make consequential provision
In force
 84 Regulations
In force
 85 Extent
In force
 86 Commencement
In force
 87 Short title
Schedules
Schedule 1 Revocation of assimilated law relating to financial services
Partly in force
 Schedule 1, Part 1 Assimilated direct principal legislation
Partly in force
 Schedule 1, Part 2 Subordinate legislation
Partly in force
 Schedule 1, Part 3 EU tertiary legislation etc
Partly in force
 Schedule 1, Part 4 Primary legislation
Partly in force
 Schedule 1, Part 5 Other EU-Derived Legislation
Schedule 2 Transitional amendments
Partly in force
 Schedule 2, Part 1 Amendments to the Markets in Financial Instruments Regulation (paras. 1-27)
In force
 Schedule 2, Part 2 Amendments to the European Market Infrastructure Regulation (paras. 28-30)
In force
 Schedule 2, Part 3 Amendments to the EU Securitisation Regulation (paras. 31-43)
Partly in force
 Schedule 2, Part 4 Amendments to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (paras. 44-50)
In force
 Schedule 2, Part 5 Amendments to the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit Regulations 2018) (para. 51)
In force
 Schedule 2, Part 6 Amendments relating to critical third parties (paras. 52-72)
In force
 Schedule 3 New Schedule 6B to FSMA 2000
In force
 Schedule 4 FMI Sandboxes
In force
 Schedule 5 Financial promotion: related amendments
Schedule 6 Digital settlement assets
In force
 Schedule 6, Part 1 Amendments to the Banking Act 2009 (paras. 1-39)
In force
 Schedule 6, Part 2 Amendments to the Financial Services (Banking Reform) Act 2013 (paras. 40-48)
Partly in force
 Schedule 7 Accountability of the Payment Systems Regulator
Schedule 8 Cash access services
In force
 Schedule 8, Part 1 New Part 8B of FSMA 2000 (para. 1)
In force
 Schedule 8, Part 2 Consequential amendments to FSMA 2000 (paras. 2-9)
Schedule 9 Wholesale cash distribution
In force
 Schedule 9, Part 1 New Part 5A of the Banking Act 2009 (para. 1)
In force
 Schedule 9, Part 2 Amendments to Part 6 of the Financial Services (Banking Reform) Act 2013 (paras. 2-9)
In force
 Schedule 9, Part 3 Consequential amendments (paras. 10-16)
Schedule 10 Performance of functions relating to financial market infrastructure
Partly in force
 Schedule 10, Part 1 New Chapter 2A of Part 18 of FSMA 2000 (para. 1)
Partly in force
 Schedule 10, Part 2 Related amendments (paras. 2-21)
Schedule 11 Central counterparties
In force
 Schedule 11, Part 1 Introductory (para. 1)
In force
 Schedule 11, Part 2 Pre-resolution powers of the Bank of England (paras. 2-3)
In force
 Schedule 11, Part 3 Resolution plans (para. 4)
In force
 Schedule 11, Part 4 Removal of directors and senior managers (paras. 5-14)
Partly in force
 Schedule 11, Part 5 Special resolution action (paras. 15-118)
In force
 Schedule 11, Part 6 Information, investigation and enforcement (paras. 119-144)
In force
 Schedule 11, Part 7 Third-country resolution actions (paras. 145-147)
In force
 Schedule 11, Part 8 General (paras. 148-156)
In force
 Schedule 11, Part 9 Treasury support for CCPs (paras. 157-158)
In force
 Schedule 11, Part 10 Consequential etc provision (paras. 159-165)
Schedule 12 Write-down orders
In force
 Schedule 12, Part 1 Write-down orders: main provisions (para. 1)
In force
 Schedule 12, Part 2 The manager of a write-down order (para. 2)
In force
 Schedule 12, Part 3 Further provision about write-down orders (para. 3)
In force
 Schedule 12, Part 4 Write-down orders: financial services compensation scheme (paras. 4-7)
In force
 Schedule 12, Part 5 Consequential amendments (paras. 8-12)
Schedule 13 Insurers in financial difficulties: enforcement of contracts
In force
 Schedule 13, Part 1 New Schedule 19C to FSMA 2000 (para. 1)
In force
 Schedule 13, Part 2 Consequential Amendments (para. 2)
In force
 Schedule 14 Credit unions
Explanatory Notes
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