Financial Services and Markets Act 2000

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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Text of statute as originally enacted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
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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.

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• The Financial Services and Markets Act 2000, as originally enacted, from the Office of Public Sector Information.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.