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Financial Services Act 1986

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Part I Regulation of Investment Business

    1. Chapter I Preliminary

      1. 1.Investments and investment business

      2. 2.Power to extend or restrict scope of Act

    2. Chapter II Restriction on Carrying on Business

      1. 3.Persons entitled to carry on investment business

      2. 4.Offences

      3. 5.Agreements made by or through unauthorised persons

      4. 6.Injunctions and restitution orders

    3. Chapter III Authorised Persons

      1. Members of recognised self—regulating organisations

        1. 7.Authorisation by membership of recognised self—regulating organisations

        2. 8.Self—regulating organisations

        3. 9.Applications for recognition

        4. 10.Grant and refusal of recognition

        5. 11.Revocation of recognition

        6. 12.Compliance orders

        7. 13.Alteration of rules for protection of investors

        8. 14.Notification requirements

      2. Persons authorised by recognised professional bodies

        1. 15.Authorisation by certification by recognised professional body

        2. 16.Professional bodies

        3. 17.Applications for recognition

        4. 18.Grant and refusal of recognition

        5. 19.Revocation of recognition

        6. 20.Compliance orders

        7. 21.Notification requirements

      3. Insurance companies

        1. 22.Authorised insurers

      4. Friendly societies

        1. 23.Registered friendly societies

      5. Collective investment schemes

        1. 24.Operators and trustees of recognised schemes

      6. Persons authorised by the Secretary of State

        1. 25.Authorisation by Secretary of State

        2. 26.Applications for authorisation

        3. 27.Grant and refusal of authorisation

        4. 28.Withdrawal and suspension of authorisation

        5. 29.Notice of proposed refusal, withdrawal or suspension

        6. 30.Withdrawal of applications and authorisations by consent

      7. Persons authorised in other member States

        1. 31.Authorisation in other member State

        2. 32.Notice of commencement of business

        3. 33.Termination and suspension of authorisation

        4. 34.Notice of proposed termination or suspension

    4. Chapter IV Exempted Persons

      1. The Bank of England

        1. 35.The Bank of England

      2. Recognised investment exchanges and clearing houses

        1. 36.Investment exchanges

        2. 37.Grant and revocation of recognition

        3. 38.Clearing houses

        4. 39.Grant and revocation of recognition

        5. 40.Overseas investment exchanges and clearing houses

        6. 41.Notification requirements

      3. Other exemptions

        1. 42.Lloyd's

        2. 43.Listed money market institutions

        3. 44.Appointed representatives

        4. 45.Miscellaneous exemptions

      4. Supplemental

        1. 46.Power to extend or restrict exemptions

    5. Chapter V Conduct of Business

      1. 47.Misleading statements and practices

      2. 48.Conduct of business rules

      3. 49.Financial resources rules

      4. 50.Modification of conduct of business and financial resources rules for particular cases

      5. 51.Cancellation rules

      6. 52.Notification regulations

      7. 53.Indemnity rules

      8. 54.Compensation fund

      9. 55.Clients' money

      10. 56.Unsolicited calls

      11. 57.Restrictions on advertising

      12. 58.Exceptions from restrictions on advertising

      13. 59.Employment of prohibited persons

      14. 60.Public statement as to person's misconduct

      15. 61.Injunctions and restitution orders

      16. 62.Actions for damages

      17. 63.Gaming contracts

    6. Chapter VI Powers of Intervention

      1. 64.Scope of powers

      2. 65.Restriction of business

      3. 66.Restriction on dealing with assets

      4. 67.Vesting of assets in trustee

      5. 68.Maintenance of assets in United Kingdom

      6. 69.Rescission and variation

      7. 70.Notices

      8. 71.Breach of prohibition or requirement

    7. Chapter VII Winding up and Administration Orders

      1. 72.Winding up orders

      2. 73.Winding up orders: Northern Ireland

      3. 74.Administration orders

    8. Chapter VIII Collective Investment Schemes

      1. Preliminary

        1. 75.Interpretation

      2. Promotion of schemes

        1. 76.Restrictions on promotion

      3. Authorised unit trust schemes

        1. 77.Applications for authorisation

        2. 78.Authorisation orders

        3. 79.Revocation of authorisation

        4. 80.Representations against refusal or revocation

        5. 81.Constitution and management

        6. 82.Alteration of schemes and changes of manager or trustee

        7. 83.Restrictions on activities of manager

        8. 84.Avoidance of exclusion clauses

        9. 85.Publication of scheme particulars

      4. Recognition of overseas schemes

        1. 86.Schemes constituted in other member States

        2. 87.Schemes authorised in designated countries or territories

        3. 88.Other overseas schemes

        4. 89.Refusal and revocation of recognition

        5. 90.Facilities and information in the United Kingdom

      5. Powers of intervention

        1. 91.Directions

        2. 92.Notice of directions

        3. 93.Applications to the court

      6. Supplemental

        1. 94.Investigations

        2. 95.Contraventions

    9. Chapter IX The Tribunal

      1. 96.The Financial Services Tribunal

      2. 97.References to the Tribunal

      3. 98.Decisions on references by applicant or authorised person etc

      4. 99.Decisions on references by third parties

      5. 100.Withdrawal of references

      6. 101.Reports

    10. Chapter X Information

      1. 102.Register of authorised persons and recognised organisations etc

      2. 103.Inspection of register

      3. 104.Power to call for information

      4. 105.Investigation powers

      5. 106.Exercise of investigation powers by officer etc

    11. Chapter XI Auditors

      1. 107.Appointment of auditors

      2. 108.Power to require second audit

      3. 109.Communication by auditor with supervisory authorities

      4. 110.Overseas business

      5. 111.Offences and enforcement

    12. Chapter XII Fees

      1. 112.Application fees

      2. 113.Periodical fees

    13. Chapter XIII Transfer of Functions to Designated Agency

      1. 114.Power to transfer functions to designated agency

      2. 115.Resumption of transferred functions

      3. 116.Status and exercise of transferred functions

      4. 117.Reports and accounts

      5. 118.Transitional and supplementary provisions

    14. Chapter XIV Prevention of Restrictive Practices

      1. Examination of rules and practices

        1. 119.Recognised self—regulating organisations, investment exchanges and clearing houses

        2. 120.Modification of s. 119 where recognition function is transferred

        3. 121.Designated agencies

      2. Consultation with Director General of Fair Trading

        1. 122.Reports by Director General of Fair Trading

        2. 123.Investigations by Director General of Fair Trading

      3. Consequential exemptions from competition law

        1. 124.The Fair Trading Act 1973

        2. 125.The Restrictive Trade Practices Act 1976

        3. 126.The Competition Act 1980

      4. Recognised professional bodies

        1. 127.Modification of Restrictive Trade Practices Act 1976 in relation to recognised professional bodies

      5. Supplemental

        1. 128.Supplementary provisions

  3. Part II Insurance Business

    1. 129.Application of investment business provisions to regulated insurance companies

    2. 130.Restriction on promotion of contracts of insurance

    3. 131.Contracts made after contravention of s. 130

    4. 132.Insurance contracts effected in contravention of s. 2 of Insurance Companies Act 1982

    5. 133.Misleading statements as to insurance contracts

    6. 134.Controllers of insurance companies

    7. 135.Communication by auditor with Secretary of State

    8. 136.Arrangements to avoid unfairness between separate insurance funds etc

    9. 137.Regulations in respect of linked long term policies

    10. 138.Insurance brokers

    11. 139.Industrial assurance

  4. Part III Friendly Societies

    1. 140.Friendly societies

    2. 141.Indemnity schemes

  5. Part IV Official Listing of Securities

    1. 142.Official listing

    2. 143.Applications for listing

    3. 144.Admission to list

    4. 145.Discontinuance and suspension of listing

    5. 146.General duty of disclosure in listing particulars

    6. 147.Supplementary listing particulars

    7. 148.Exemptions from disclosure

    8. 149.Registration of listing particulars

    9. 150.Compensation for false or misleading particulars

    10. 151.Exemption from liability to pay compensation

    11. 152.Persons responsible for particulars

    12. 153.Obligations of issuers of listed securities

    13. 154.Advertisements etc. in connection with listing applications

    14. 155.Fees

    15. 156.Listing rules: general provisions

    16. 157.Alteration of competent authority

  6. Part V Offers of Unlisted Securities

    1. 158.Preliminary

    2. 159.Offers of securities on admission to approved exchange

    3. 160.Other offers of securities

    4. 161.Exceptions

    5. 162.Form and content of prospectus

    6. 163.General duty of disclosure in prospectus

    7. 164.Supplementary prospectus

    8. 165.Exemptions from disclosure

    9. 166.Compensation for false or misleading prospectus

    10. 167.Exemption from liability to pay compensation

    11. 168.Persons responsible for prospectus

    12. 169.Terms and implementation of offer

    13. 170.Advertisements by private companies and old public companies

    14. 171.Contraventions

  7. Part VI Takeover Offers

    1. 172.Takeover offers

  8. Part VII Insider Dealing

    1. 173.Information obtained in official capacity: public bodies

    2. 174.Market makers, off—market dealers etc

    3. 175.Price stabilisation

    4. 176.Contracts for differences by reference to securities

    5. 177.Investigations into insider dealing

    6. 178.Penalties for failure to co—operate with s. 177 investigations

  9. Part VIII Restrictions on Disclosure of Information

    1. 179.Restrictions on disclosure of information

    2. 180.Exceptions from restrictions on disclosure

    3. 181.Directions restricting disclosure of information overseas

    4. 182.Disclosure of information under enactments relating to fair trading, banking, insurance and companies

  10. Part IX Reciprocity

    1. 183.Reciprocal facilities for financial business

    2. 184.Investment and insurance business

    3. 185.Banking business

    4. 186.Variation and revocation of notices

  11. Part X Miscellaneous and Supplementary

    1. 187.Exemption from liability for damages

    2. 188.Jurisdiction as respects actions concerning designated agency etc

    3. 189.Restriction of Rehabilitation of Offenders Act 1974

    4. 190.Data protection

    5. 191.Occupational pension schemes

    6. 192.International obligations

    7. 193.Exemption from Banking Act 1979

    8. 194.Transfers to or from recognised clearing houses

    9. 195.Offers of short—dated debentures

    10. 196.Financial assistance for employees' share schemes

    11. 197.Disclosure of interests in shares: interest held by market maker

    12. 198.Power to petition for winding up ect. on information obtained under Act

    13. 199.Powers of entry

    14. 200.False and misleading statements

    15. 201.Prosecutions

    16. 202.Offences by bodies corporate, partnerships and unincorporated associations

    17. 203.Jurisdiction and procedure in respect of offences

    18. 204.Service of notices

    19. 205.Regulations, rules and orders

    20. 206.Publication of information and advice

    21. 207.Interpretation

    22. 208.Gibraltar

    23. 209.Northern Ireland

    24. 210.Expenses and receipts

    25. 211.Commencement and transitional provisions

    26. 212.Short title, consequential amendments and repeals

  12. Schedules

    1. Schedule 1

      Investments and investment business

    2. Schedule 2

      Requirements for recognition of self regulating organisation

    3. Schedule 3

      Requirements for recognition of professional body

    4. Schedule 4

      Requirements for recognition of investment exchange

    5. Schedule 5

      Listed money market institutions

    6. Schedule 6

      The Financial Services Tribunal

    7. Schedule 7

      Qualifications of designated agency

    8. Schedule 8

      Principles applicable to designated agency's rules and regulations

    9. Schedule 9

      Designated agencies: status and exercise of transferred functions

    10. Schedule 10

      Regulated insurance companies

    11. Schedule 11

      Friendly societies

    12. Schedule 12

      Takeover offers: provisions substituted for sections 428, 429 and 430 of Companies Act 1985

    13. Schedule 13

      Disclosure of information

    14. Schedule 14

      Restriction of Rehabilitation of Offenders Act 1974

    15. Schedule 15

      Transitional provisions

    16. Schedule 16

      Consequential amendments

    17. Schedule 17

      Repeals and revocations

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