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FINANCIAL SERVICES AND MARKETS ACT 2000:  RECENT DEVELOPMENTS

Bulletin number two from HM Treasury

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

On 7 December the Treasury published consultation documents on six pieces of legislation:

               i.      Redress for contravention of an FSA requirement or rule (sections 20, 71, 150 and 202 of FSMA refer); 

             ii.      Disclosure of information (section 353);

            iii.      Service of notices under FSMA (section 414);

           iv.      Recognition requirements for Recognised Investment Exchanges and Recognised Clearing Houses (section 286);

             v.      Investments and markets prescribed for market abuse (section 118);

           vi.      Transitional provisions (section 426);

Responses are sought to these consultation documents by 2 February 2001

The consultation documents are on the Treasury’s website (www.hm-treasury.gov.uk/pub/html/reg/index.html).  Printed copies are also available; please telephone Tima Musa on 020 7270 1634 to order copies.

The Treasury is currently consulting on:

i.                     a draft of the Regulated Activities Order (which will be made using powers under section 22 of FSMA), 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 FSMA (section 327)

ii.                   draft orders on financial promotion (section 21) and on the promotion of collective investment schemes (section 238).   

Consultation on these documents closes on 20 December.   They are available from the same sources as above.

 HM Treasury

December 2000

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