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FINANCIAL SERVICES AND MARKETS ACT 2000:  RECENT DEVELOPMENTS

Bulletin number eleven from HM Treasury

This is the eleventh bulletin covering developments on the Financial Services and Markets Act 2000 (FSMA).

Interim authorisation

Interim authorisation is available for firms which are currently lawfully carrying on an activity without authorisation and for which they will require authorisation for the first time from N2 (or 1 January 2002 for pre-paid funeral plans).

On 10 October, legislation (the Interim Permissions Order (SI 2001/3374)) establishing the right to interim authorisation was made. The key features of interim authorisation were announced in the bulletin of 6 September.

The deadline for qualifying for interim authorisation is receipt by the FSA of the relevant application by 31 October. If you wish to qualify and have not yet contacted the FSA, please get in touch with Stefan Brzezicki, Manager, Corporate Authorisation (telephone 020 7676 4550; e-mail stefan.brzezicki@fsa.gov.uk)

Laying of secondary legislation under the FSMA

Since bulletin 10, we have made the following orders:

• SI No.3374: The Financial Services and Markets Act 2000 (Interim Permissions) Order 2001
• SI No.3338: The Financial Services and Markets Act 2000 (Controllers) (Exemption) (No.2) Order 2001
• SI 2001 No.3084: The Financial Services and Markets Act 2000 (Gibraltar) Order 2001)
• SI 2001 No.3083: The Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Civil Remedies, Discipline, Criminal Offences etc.) (No.2) Order 2001
• SI No.2967: The Financial Services and Markets Act 2000 (Transitional Provisions, Repeals and Savings) (Financial Services Compensation Scheme) Order 2001                       
• SI No 2383: The Financial Services and Markets Act 2000 (Collective Investment Schemes Constituted in Other EEA States) Regulations 2001.

A list of statutory instruments made can be found on the Treasury’s website at the following address where you can also connect to the full text.  Draft instruments are also listed.

http://www.hm-treasury.gov.uk/fsma/orders/index.html

Address and method of receipt

We are keen to deliver the bulletin by e-mail where possible.  If you would like to switch from hard copy to e-mail please contact Deirdre.Barrie@hm-treasury.gov.uk; also if your address has changed or if you no longer require this bulletin.

HM Treasury

11 October 2001