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FINANCIAL
SERVICES AND MARKETS ACT 2000: RECENT DEVELOPMENTS
Bulletin
number 6 from HM Treasury
This
is the sixth bulletin covering developments on the Financial Services
and Markets Act 2000 (FSMA).
New
consultation documents
We
have published a new batch of FSMA consultation documents and draft
orders and regulations. Click on the links below to view these documents:
- Disclosure
of Confidential Information Regulations 2001.
- Mutual
Societies Order 2001.
- Communications
by Auditors Regulations 2001.
- Control
of Business Transfers (Requirements on Applicants) Regulations 2001.
- Transitional
Provisions, Repeals and Savings (Financial Services Compensation
Scheme) Order 2001.
- Transitional
Provisions (Ombudsman Scheme and Complaints Scheme) Order
2001.
Hard
copies are available by emailing or telephoning Deirdre Barrie:
Deirdre.Barrie@hm-treasury.gov.uk
tel: 020 7270 1634.
Responses to consultation are requested by 25 May 2001.
Commencement
Orders
SI
2001 No 516: The Financial Services and Markets Act 2000 (Commencement
No 1) Order 2001 was made in February 2001.
Approval
of affirmative resolution secondary legislation under the FSMA
We are pleased
to inform you that the following orders and regulations have now been
approved by Parliament. We are grateful to all those who contributed
to consultation on these orders.
(1)
SI 2001 No 544: The Financial Services and Markets Act 2000 (Regulated
Activities) Order 2001.
(2) SI 2001
No 1177: The Financial Services and Markets Act 2000 (Carrying on
Regulated Activities by Way of Business) Order 2001.
(3)
SI 2001 No 1201: The Financial Services and Markets Act 2000 (Exemption)
Order 2001.
(4)
SI 2001 No 1226 Financial Services and Markets Act 2000 (Designated
Professional Bodies) Order 2001. This order, having been made, is
in force with immediate effect.
(5) SI 2001 No 1227: The Financial Services and Markets
Act 2000 (Professions) (Non-Exempt Activities) Order 2001.
(6)
SI 2001 No 1228: The Open-Ended Investment Companies Regulations 2001.
(7) The Financial Services and Markets Act 2000 (Financial
Promotion) Order 2001 (awaiting SI number).
Status of negative resolution secondary legislation
The
following pieces of secondary legislation have been made and laid
before Parliament.
(1)
SI 2001 No 995: The Financial Services and Markets Act 2000 (Recognition
Requirements for Investment Exchanges and Clearing Houses) Regulations
2001.
(2) SI 2001 No 996: The Financial Services and Markets
Act 2000 (Prescribed Markets and Qualifying Investments) Order 2001.
(3)
SI 2001 No 1060: The Financial Services and Markets Act 2000 (Promotion
of Collective Investment Schemes) (Exemptions) Order 2001.
(4)
SI 2001 No 1062: The Financial Services and Markets Act 2000 (Collective
Investment Schemes) Order 2001.
(5)
SI 2001 No 1217: The Financial Services and Markets Act 2000 (Appointed
Representatives) Regulations 2001.
(6)
SI 2000 No 1734: The Financial Services and Markets (Transitional
Provisions) (Designated Date for Certain Self-Regulating Organisations)
Order 2000.
N2
On
15 March, the Economic Secretary, Melanie Johnson MP, announced the
aim of commencing the key provisions of the Financial Services and
Markets Act 2000, known as N2, no later than the end of November.
The press release can be found on the Treasury’s website (www.hm-treasury.gov.uk), The regulation
of funeral plan contracts will come into force on 1 January 2002 and
regulation of deposit taking by credit unions will take place from
1 July 2002, and the regulation by the FSA of mortgages will begin
nine months after N2.
Consultation
closed
Consultation
by the Lord Chancellor’s Department, on the rules of the Financial
Services and Markets Tribunal, closes today, the 30th
March.
Address
If
your address has changed or if you no longer require this bulletin
please contact Deirdre.Barrie@hm-treasury.gov.uk.
In particular we would be pleased to send future issues of the bulletin
by E-mail.
HM
Treasury
30
March 2001
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