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FINANCIAL SERVICES
AND MARKETS ACT 2000: RECENT DEVELOPMENTS
Bulletin
From HM Treasury
This Bulletin
is the first of a series on developments on the Financial Services
and Markets Act 2000 (the Act).
The Act received
Royal Assent on 14 June. It is available, with detailed explanatory
notes, from the Stationery Office (the Act, ISBN 0-10-540800-X,
£21.70 and explanatory notes, ISBN 0-10-560800-9, £14.50).
The Economic Secretary
to the Treasury, Melanie Johnson MP, set on 18 July a target
of about a year's time for the Act to come into force. A further announcement
on timing will be made before Christmas.
We are beginning
further consultation on the secondary legislation required before
the Act comes into force. We recently published two consultation documents
comprising:-
i. A draft of
the Regulated Activities Order (which will be made using powers under
Section 22 of the Act), together with draft Orders on: when regulated
activities are and are not being carried on by way of business (Section 419);
persons who will be exempt from the requirement for FSA authorisation
(Section 38); the exemption of appointed representatives of authorised
persons (Section 39); and activities which will not be exempt regulated
activities under Part XX of the Act (Section 327);
ii. Draft Orders
on financial promotion (Section 21) and on the promotion of collective
investment schemes (Section 238).
A separate consultation
document on the regulation of mortgages has also been issued.
Responses are
sought to these consultation documents by Wednesday 20 December.
The consultation
documents, a list of the secondary legislation which Parliament will
be asked to approve before the Act comes into force, and a document
setting out a broad timetable for implementation of the Act are available
on this site. Printed copies of
the consultation documents are also available. Please ring Tima Musa
on 020 7270 1634 to order copies of the consultation documents on
regulated activities and on financial promotion, and Gerard Foley
on 020 7270 5292 to order a copy of the consultation document on the
regulation of mortgages.
Preparations are
continuing on other pieces of secondary legislation under the Act.
The next pieces of secondary legislation which we expect to publish
in draft will be on transitional arrangements and amendments to legislation
relating to mutual societies.
HM Treasury
October
2000
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