|
LIST OF SECONDARY LEGISLATION UNDER THE FINANCIAL SERVICES AND MARKETS
ACT (FSMA) EXPECTED TO BE REQUIRED BEFORE N2
|
SCOPE
(Regulated Activities, Financial Promotion, Exempted
Persons, Professional Bodies, etc)
|
Provision
|
Subject
|
Procedure |
21
(5)
|
Financial Promotion: exclusion from restrictions
|
Affirmative
Resolution (AR)
(These powers are likely to be exercised as a package in a Single
Statutory Instrument)
|
21 (9) (a) & (b)
|
Financial Promotion: controlled activities
|
21 (10)
|
Financial Promotion: controlled investments
|
22 (1)
|
Regulated activities and investments
|
AR |
38 (1)
|
Exempted Persons
|
AR |
39 (1)
|
Exemption of Appointed Representatives
|
Negative Resolution (NR) |
326 (1)
|
Designation
of professional bodies
|
AR |
327
(6)
|
'Sensitive' activities for professionals
|
AR |
412 (2) (b) & (c)
|
Non-gaming contracts
|
NR |
419
(1)
|
Specify circumstances when carrying on a regulated activity is/is
not to be regarded as "by way of business".
|
AR |
INFORMATION/ASSISTANCE
(Gateways,
whistleblowing, register, service of notices, liaison with overseas
regulators)
|
|
Provision
|
Subject
|
Procedure
|
47 (1) and (3)
(b) &
(c)
|
Prescribing kinds of overseas regulators at whose request
own initiative powers may be exercised, etc.
|
NR
|
183 (2)
|
Prescribe requirements as to consultation by FSA
in relation to notice of control
|
NR
|
188 (2)
|
Prescribe requirements as to consultation by FSA
in relation to notice of objection
|
NR |
192 (a)
|
Change definitions of control: exemptions
|
NR |
342 (5)
|
Whistleblowing
|
NR |
343 (5)
|
Whistleblowing
(person with close links)
|
NR
|
349 (1)
|
Gateways
|
NR
|
353 (1) |
Prescribe persons/types of persons exempted
from restrictions on disclosure and prescribe
kinds of information and functions involved.
|
NR |
414 (1)
|
Service of notices.
|
NR
|
Sch 19
Part II § 19
|
Competition Gateways.
|
NR |
REDRESS
(Private
persons, rights of action, etc)
|
|
Provision
|
Subject |
Procedure
|
20 (3)
|
Prescribe cases for actionable contraventions
|
NR |
71 (2)
|
Prescribe cases where a non-private person may bring
an action for damages for breach of statutory
duty
|
NR
(These powers
are likely to be exercised
as a package in a single Statutory Instrument.) |
71 (3)
|
Define "private person" re. actions for damages for
breach of statutory duty
|
150 (3)
|
Prescribe cases where a non-private person can
bring an action for damages for contravention of
rules.
|
150 (5)
|
Define "private person" re. actions for damages
for contravention of rules.
|
202 (2)
|
Prescribe cases where contraventions actionable at
suit of person suffering loss.
|
NR |
|
MARKET
(Market
Abuse, Recognised Bodies)
|
| Provision
|
Subject |
Procedure |
118 (3) (4)
|
Prescribe Markets to which Market Abuse provisions
apply and qualifying investments.
|
NR
|
286 (1)
|
Recognition requirements for Recognised Investment
Exchanges and Recognised Clearing
Houses.
|
NR
|
286 (4)
|
Prescribe contracts which are market contracts.
|
NR |
|
LISTING
REGIME
|
|
Provision
|
Subject
|
Procedure
|
75 (3)
|
Prescribe types of companies whose securities
may not be considered for
listing.
|
NR |
79 (3)
|
Determine persons responsible for listing
particulars.
|
NR
|
87 (4)
|
Specify provisions which override listing rules
regarding timing and manner of
publication of a non-listing prospectus.
|
NR
|
95
|
Subject
regulating provisions and practices
of competent authority to competition scrutiny
regime.
|
NR
|
103 (1)
|
Prescribe meaning of "issuer".
|
NR
|
Sch 9 § 5 (2)
|
Prescribe meaning of "approved exchange".
|
NR |
Sch 11 § 8 (2)
|
Prescribe meaning of "public authority".
|
NR
|
Sch 11 § 15 (9)
|
Specify
kinds of investment relating to an
exchange of shares.
|
NR
|
Sch 11 § 16 (3) (4)
|
Prescribe
meaning of "connected with", "group"
and "relevant trustee".
|
NR
|
Sch 11 § 17 (1)
|
Specify provisions
under which particulars or
prospectus published to gain exemption
for converted securities.
|
NR
|
Sch 11 § 17 (2)
|
Specify types of securities which may be exempt
as resulting from conversion of
convertible securities.
|
NR |
Sch 11 § 20 (2)
|
Prescribe types of adverts to which Euro-
securities exemption not applicable.
|
NR
|
Sch 11 § 21 (c)
|
Specify provisions under which a prospectus
has been issued to bring securities within
same class exemption.
|
NR |
Sch 11 § 22
|
Specify investments which constitute short
date securities.
|
NR
|
Sch 11 § 23 (1)
|
Specify kinds of investment constituting Government
and public securities.
|
NR
|
Sch 11 § 25
|
Specify meaning of "shares".
|
NR
|
|
OFFENCES & TRIBUNAL
|
|
Provision
|
Subject
|
Procedure
|
168
(4) (b)
|
Prescribe regulations relating to money laundering
(see also 402).
|
NR |
397 (9)& (10)
|
Specify
activities and investments to which
misleading statements offence applies.
|
NR |
402 (1) (b)
|
Prescribe money laundering regulations under
which FSA may prosecute offences.
|
NR |
132 (3)
|
Rules concerning conduct of proceedings before
the Tribunal (to be made by the Lord Chancellor).
|
NR
|
134 (1)
|
Legal assistance scheme (Regulations by Lord
Chancellor).
|
NR |
|
MUTUALS
|
|
Provision
|
Subject |
Procedure |
334
(1) & (2)
|
Transfer functions of Friendly Societies Commission
to FSA/HMT and provide
for the Commission to cease to exist.
|
NR
|
335
(1) - (4)
|
Transfer to FSA/HMT functions of Chief Registrar,
Assistant Registrar for Scotland
and Central Office and provide for these offices to
cease to exist.
|
NR |
|
336 (1 ) and (2)
|
Transfer to FSA/HMT functions of the Building
Societies Commission and provide for the
Commission to cease to exist.
|
NR
|
|
337
|
Provide for Building Societies Investor
Protection Board to cease to exist.
|
NR |
|
338 ( 1) and (2)
|
Provide for transfer to FSA/HMT of industrial
and provident society and credit union
legislation functions.
|
NR |
|
PASSPORTED
INSTITUTIONS
|
| Provision |
Subject |
Procedure |
213 (10)
214 (5)
224 (4)
|
Prescribe categories
of passporters who get a choice of whether or not to join the
compensation scheme.
|
NR
|
|
Sch 3 § 13 (1) (b) (iii)
|
Prescribe information to be included in consent
notice
to be given to FSA by home state
regulator (establishment of a branch of an
EEA firm).
|
NR
|
Sch 3 § 14 (1) (b)
|
Prescribe
information to be included in consent NR notice
to be given to FSA by home state
regulator (provision of services by EEA firm).
|
|
|
Sch 3 §
17
|
Modify applicable provisions of Act in application to
EEA firm/activity.
|
NR |
Sch 3 § 18
|
Provide procedure for EEA firm to give up Sch 3
authorisation and seek Part IV permission.
|
NR |
Sch 3 § 22 (1), (2) & (3) (a)
|
Make provision for UK firms' exercise of EEA rights.
|
NR
|
409 (1) (a) to (f)
|
To determine when firms in Gibraltar should be
able to passport into the UK.
|
NR |
|
INSURANCE
|
| Provision |
Subject |
Procedure |
108 (1)
|
Requirements
on applicants for transfer of
business scheme (also banking).
|
NR |
117 (a) & (b)
|
Power to make exemptions from Part VII
|
NR |
142 (1)
|
Supplement Asset Identification rules for parents of
insurance companies.
|
NR
|
142 (4)
|
Make mortgages or charges created in breach of
asset identification rules void.
|
NR |
215 (6)
|
compensation
scheme and insolvency rules
|
NR |
323
|
Transfer
of business done at Lloyd's
|
NR |
355
|
Definition of insurer
|
NR |
372 (9) (a)-(c)
|
Prescribe provisions concerning setting
aside of demands for payment of debts.
|
NR |
378 (1)
|
Treatments of assets on winding up.
|
NR |
379 (1)
|
Winding up rules for insurers.
|
NR |
424 (2)
|
Define
"policy" and "policyholder"
|
NR |
424 (3)
|
Determine
law applicable to insurance contracts.
|
NR |
Sch 6 § 8
|
Specify
additional threshold conditions for 3rd
country insurers.
|
NR |
|
COLLECTIVE
INVESTMENT SCHEMES (CIS)
|
| Provision |
Subject |
Procedure |
235 (5)
|
Specify
which arrangements do not amount to
CISs.
|
NR |
236 (4)
|
Specify which redemption or repurchases of
shares in non-EEA states are to be ignored
in satisfying investment condition of an OEIC.
|
NR |
238 (6) (7)
|
Allow
authorised persons to promote
unauthorised schemes abroad.
|
NR |
262 (1) (a) & (b)
|
Facilitate
running of CISs by OEICs; regulating
OEICs.
|
AR |
264 (1) (a)
|
Set out requirements for recognition of overseas schemes
and documents required.
|
NR
|
264 (3) (c)
|
Prescribe
information required in a notification.
|
NR
|
270 1(a)
|
Designate countries and classes of scheme in which
CISs are deemed to be recognised schemes.
|
NR
|
284 (2)
|
Prescribe the other schemes and persons who may be
investigated as part of an investigation into an
authorised unit trust scheme.
|
NR
|
|
TRANSITIONALS, ETC
|
| Provision |
Subject |
Procedure |
416 (4)
|
Transitionals and Savings for certain repeals.
|
NR |
426 (1)
|
Orders
for incidental, consequential, transitional supplemental provisions.
|
NR
|
431 (2)
|
Commencement orders.
|
No Parliamentary
Approval |
Sch 21 § 1(5) and 2(4)
|
Transitional
arrangements for SROs.
|
NR |
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