Chwilio Deddfwriaeth

Financial Services and Markets Act 2000

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

Newidiadau i ddeddfwriaeth:

Mae newidiadau yn dal heb eu gwneud i Financial Services and Markets Act 2000. Mae unrhyw newidiadau sydd wedi cael eu gwneud yn barod gan y tîm yn ymddangos yn y cynnwys a chyfeirir atynt gydag anodiadau. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

View outstanding changes

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

MiscellaneousU.K.

128 Suspension of investigations.U.K.

(1)If the [F1FCA] considers it desirable or expedient because of the exercise or possible exercise of a [F2relevant power], it may direct a recognised investment exchange or recognised clearing house—

(a)to terminate, suspend or limit the scope of any inquiry which the exchange or clearing house is conducting under its rules; or

(b)not to conduct an inquiry which the exchange or clearing house proposes to conduct under its rules.

(2)A direction under this section—

(a)must be given to the exchange or clearing house concerned by notice in writing; and

(b)is enforceable, on the application of the [F1FCA], by injunction or, in Scotland, by an order under section 45 of the M1Court of Session Act 1988.

[F3(3)In this section “relevant power” means the FCA’s power—

(a)to impose a penalty or publish a statement of censure under section 123;

(b)to impose a prohibition under section 123A;

(c)to impose a suspension or restriction under section 123B;

(d)to appoint a person to conduct an investigation under section 168 in a case falling within subsection (2)(d) of that section; or

(e)to appoint a person to conduct an investigation under section 169 (investigation etc in support of an overseas regulator) in a case falling within subsection (2A) of that section.]

[F4129 Power of court to impose administrative sanctions in cases of market abuseU.K.

(1)The FCA may, on an application to the court under sections 380 to 383 which relates to a market abuse requirement, request the court to consider whether it is appropriate to impose one or more of the following on the person to whom the application relates—

(a)a penalty;

(b)if the person concerned is an individual, a temporary prohibition or a permanent prohibition; or

(c)a suspension or restriction.

(2)The court may, if it considers it appropriate, make an order which does one or more of the following—

(a)requires the person concerned to pay to the FCA a penalty of such amount as the court considers appropriate;

(b)if the person concerned is an individual, imposes a temporary prohibition or a permanent prohibition on that individual; or

(c)imposes a suspension or restriction on the person concerned.

(3)But the court may impose a permanent prohibition only where it is satisfied the person concerned has contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation.

(4)Section 123A(4) to (6) apply to a prohibition imposed by an order made under subsection (2) as they do to a prohibition under section 123A, but with—

(a)references to a prohibition under section 123A having effect as references to a prohibition under this section; and

(b)references to the FCA having effect as references to the court which makes the order under this section.

(5)Section 123B(4) to (6) and (8) apply to a suspension or restriction imposed by an order under subsection (2) as they do to a suspension or restriction imposed under section 123B.

(6)The court may—

(a)vary or revoke a prohibition imposed under this section;

(b)withdraw a suspension or restriction imposed under this section; or

(c)vary a suspension or a restriction imposed under this section so as to reduce the period for which it has effect or otherwise to limit its effect.

(7)In this section—

  • “market abuse requirement” means a requirement imposed by the market abuse regulation or a supplementary EU regulation which is a relevant requirement for the purposes of section 380 or 382 (as the case may be);

  • “permanent prohibition” means a permanent prohibition on an individual holding an office or position involving responsibility for taking decisions about the management of an investment firm;

  • “suspension or restriction” means—

    (a)

    a suspension of any permission which a person has to carry on a regulated activity for such period as the court considers appropriate ; or

    (b)

    such limitations or other restrictions as the court considers appropriate in relation to the carrying on of a regulated activity by a person for such period as the court considers appropriate;

  • “temporary prohibition” means a temporary prohibition on an individual—

    (a)

    holding an office or position involving responsibility for taking decisions about the management of an investment firm; F5...

    (b)

    acquiring or disposing of financial instruments, whether on his or her own account or the account of a third party and whether directly or indirectly [F6; or

    (c)

    making a bid, on his or her own account or the account of a third party, directly or indirectly, at an auction conducted by a recognised auction platform.]

[F7(8)For the meaning of “recognised auction platform” in this Part, see section 131AB.]]

Textual Amendments

F5Word in s. 129(7) omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 16(2)(a) (with reg. 7)

F6S. 129(7)(c) and word inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 16(2)(b) (with reg. 7)

F7S. 129(8) inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 16(3) (with reg. 7)

130 Guidance.U.K.

[F8(1)The Treasury may from time to time issue written guidance for the purpose of helping relevant authorities to determine the action to be taken in cases where—

(a)it appears a person has contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation; and

(b)in so doing the person appears to have committed an offence under Part 7 of the Financial Services Act 2012 or Part 5 of the Criminal Justice Act 1993 (insider dealing).]

(2)The Treasury must obtain the consent of the Attorney General and the Secretary of State before issuing any guidance under this section.

(3)In this section “relevant authorities”—

(a)in relation to England and Wales, means the Secretary of State, the [F1FCA], the Director of the Serious Fraud Office and the Director of Public Prosecutions;

(b)in relation to Northern Ireland, means the Secretary of State, the [F1FCA], the Director of the Serious Fraud Office and the Director of Public Prosecutions for Northern Ireland.

(4)Subsections (1) to (3) do not apply to Scotland.

(5)In relation to Scotland, the Lord Advocate may from time to time, after consultation with the Treasury, issue written guidance for the purpose of helping the [F1FCA] to determine the action to be taken in cases [F9mentioned in subsection (1)].

F10130AInterpretation and supplementary provisionU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

131 Effect on transactions.U.K.

The imposition of a penalty under this Part does not make any transaction void or unenforceable.

[F11131AProtected DisclosuresU.K.

(1)A disclosure which satisfies the following three conditions is not to be taken to breach any restriction on the disclosure of information (however imposed).

(2)The first condition is that the information or other matter—

(a)causes the person making the disclosure ( the discloser) to know or suspect, or

[F12(b)gives him reasonable grounds for knowing or suspecting that another person has engaged in market abuse]

[F13that another person has contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation].

(3)The second condition is that the information or other matter disclosed came to the discloser in the course of his trade, profession, business or employment.

(4)The third condition is that the disclosure is made F14... to a nominated officer as soon as is practicable after the information or other matter comes to the discloser.

(5)A disclosure to a nominated officer is a disclosure which is made to a person nominated by the discloser's employer to receive disclosures under this section, and is made in the course of the discloser's employment and in accordance with the procedure established by the employer for the purpose.

(6)For the purposes of this section, references to a person's employer include any body, association or organisation (including a voluntary organisation) in connection with whose activities the person exercises a function (whether or not for gain or reward) and references to employment must be construed accordingly.]

[F15131AA.Reporting of infringementsU.K.

(1)This section applies to employers who—

(a)provide regulated financial services;

(b)carry on regulated activities in reliance on the exemption in section 327; or

(c)are recognised bodies, EEA central counterparties, or third country central counterparties.

(2)Employers must have in place appropriate internal procedures for their employees to report contraventions of the market abuse regulation or any supplementary EU regulation.

(3)In this section—

  • “employee” and “employer” have the meaning given in section 230 of the Employment Rights Act 1996;

  • “recognised body” has the meaning given in section 313;

  • “regulated financial services” has the meaning given in section 1H.

131AB.InterpretationU.K.

In this Part—

  • “EEA regulator” means the competent authority of an EEA State other than the United Kingdom for the purposes of the market abuse regulation;

  • [F16“emission allowance” has the meaning given in Article 3.1.19 (definitions) of the market abuse regulation;]

  • “financial instrument” has the meaning given in Article [F174.1.15] of the markets in financial instruments directive;

  • “issuer” has the meaning given in Article 3.1(21) of the market abuse regulation; and

  • [F16“recognised auction platform” has the meaning given in regulation 1(3) of the Recognised Auction Platform Regulations 2011 (S.I. 2011/2699);]

  • “supplementary EU regulation” means a directly applicable EU regulation made under the market abuse regulation.

Textual Amendments

F16Words in s. 131AB inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 17(b) (with reg. 7)

F17Word in s. 131AB substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 17(a) (with reg. 7)

131AC.Meaning of “persons closely associated” in the market abuse regulationU.K.

(1)In Article 3.1(26)(a) (definitions) of the market abuse regulation “partner considered to be equivalent to a spouse” includes a civil partner.

(2)In Article 3.1(26)(b) of the market abuse regulation “dependent child” means a child who—

(a)is under the age of 18 years;

(b)is unmarried; and

(c)does not have a civil partner.

(3)In this section “child” includes a stepchild.

131AD.Individual liability in respect of legal persons under Articles 8 and 12 of the market abuse regulationU.K.

(1)An individual participates in a decision by a body corporate for the purposes of Article 8.5 (insider dealing) or Article 12.4 (market manipulation) of the market abuse regulation where—

(a)the individual was an officer of the body corporate when the decision was made; and

(b)the FCA are satisfied that the individual was knowingly concerned in the decision.

(2)In this section “officer”, in relation to a body corporate, means–

(a)a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, or a person purporting to act in any such capacity; or

(b)an individual who is a controller of the body.

131AE.Liability for contraventions of Article 14 or 15 of the market abuse regulationU.K.

For the purposes of any enactment a person contravenes Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) whether the contravention is by that person alone or by that person and one or more other persons jointly or in concert.]

Yn ôl i’r brig

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open y Ddeddf Gyfan

Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open y Ddeddf Gyfan heb Atodlenni

Y Ddeddf Gyfan heb Atodlenni you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Mae deddfwriaeth ar gael mewn fersiynau gwahanol:

Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.

Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.

Close

Gweler y wybodaeth ychwanegol ochr yn ochr â’r cynnwys

Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Dewisiadau Agor

Dewisiadau gwahanol i agor deddfwriaeth er mwyn gweld rhagor o gynnwys ar y sgrin ar yr un pryd

Close

Nodiadau Esboniadol

Testun a grëwyd gan yr adran o’r llywodraeth oedd yn gyfrifol am destun y Ddeddf i esbonio beth mae’r Ddeddf yn ceisio ei wneud ac i wneud y Ddeddf yn hygyrch i ddarllenwyr nad oes ganddynt gymhwyster cyfreithiol. Cyflwynwyd Nodiadau Esboniadol ym 1999 ac maent yn cyd-fynd â phob Deddf Gyhoeddus ac eithrio Deddfau Adfeddiannu, Cronfa Gyfunol, Cyllid a Chyfnerthiad.

Close

Rhagor o Adnoddau

Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:

  • y PDF print gwreiddiol y fel deddfwyd fersiwn a ddefnyddiwyd am y copi print
  • rhestr o newidiadau a wnaed gan a/neu yn effeithio ar yr eitem hon o ddeddfwriaeth
  • manylion rhoi grym a newid cyffredinol
  • pob fformat o’r holl ddogfennau cysylltiedig
  • slipiau cywiro
  • dolenni i ddeddfwriaeth gysylltiedig ac adnoddau gwybodaeth eraill
Close

Llinell Amser Newidiadau

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

Rhagor o Adnoddau

Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:

  • y PDF print gwreiddiol y fel deddfwyd fersiwn a ddefnyddiwyd am y copi print
  • slipiau cywiro

liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys

  • rhestr o newidiadau a wnaed gan a/neu yn effeithio ar yr eitem hon o ddeddfwriaeth
  • manylion rhoi grym a newid cyffredinol
  • pob fformat o’r holl ddogfennau cysylltiedig
  • dolenni i ddeddfwriaeth gysylltiedig ac adnoddau gwybodaeth eraill