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

Consolidation Status: Updated to reflect all known changes

Marked-up copies of text with the provisions of the Bill incorporated

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	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
Partly 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
Partly 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
Not yet 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)
Not yet 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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