Part I The Regulator
1. The Financial Services Authority.
The Authority’s general duties
2. The Authority’s general duties.
The regulatory objectives
3. Market confidence.
4. Public awareness.
5. The protection of consumers.
6. The reduction of financial crime.
Enhancing public understanding of financial matters etc
6A.Enhancing public understanding of financial matters etc
7. Duty of Authority to follow principles of good governance.
Arrangements for consulting practitioners and consumers
8. The Authority’s general duty to consult.
9. The Practitioner Panel.
10. The Consumer Panel.
11. Duty to consider representations by the Panels.
13. Right to obtain documents and information.
14. Cases in which the Treasury may arrange independent inquiries.
15. Power to appoint person to hold an inquiry.
16. Powers of appointed person and procedure.
17. Conclusion of inquiry.
18. Obstruction and contempt.
Part II Regulated And Prohibited Activities
The general prohibition
19. The general prohibition.
Requirement for permission
20. Authorised persons acting without permission.
21. Restrictions on financial promotion.
22. The classes of activity and categories of investment.
23. Contravention of the general prohibition.
24. False claims to be authorised or exempt.
25. Contravention of section 21.
Enforceability of agreements
26. Agreements made by unauthorised persons.
27. Agreements made through unauthorised persons.
28. Agreements made unenforceable by section 26 or 27.
29. Accepting deposits in breach of general prohibition.
30. Enforceability of agreements resulting from unlawful communications.
Part III Authorisation and Exemption
31. Authorised persons.
32. Partnerships and unincorporated associations.
Ending of authorisation
33. Withdrawal of authorisation by the Authority.
34. EEA firms.
35. Treaty firms.
36. Persons authorised as a result of paragraph 1(1) of Schedule 5.
Exercise of EEA rights by UK firms
37. Exercise of EEA rights by UK firms.
38. Exemption orders.
39. Exemption of appointed representatives.
39A.Certain tied agents operating outside United Kingdom
Part IV Permission to Carry on Regulated Activities
Application for permission
40. Application for permission.
41. The threshold conditions.
42. Giving permission.
43. Imposition of requirements.
Variation and cancellation of Part IV permission
44. Variation etc. at request of authorised person.
45. Variation etc. on the Authority’s own initiative.
46. Variation of permission on acquisition of control.
47. Exercise of power in support of overseas regulator.
48. Prohibitions and restrictions.
49. Persons connected with an applicant.
50. Authority’s duty to consider other permissions etc.
51. Applications under this Part.
52. Determination of applications.
53. Exercise of own-initiative power: procedure.
54. Cancellation of Part IV permission: procedure.
References to the Tribunal
55. Right to refer matters to the Tribunal.
Part V Performance of Regulated Activities
56. Prohibition orders.
57. Prohibition orders: procedure and right to refer to Tribunal.
58. Applications relating to prohibitions: procedure and right to refer to Tribunal.
59. Approval for particular arrangements.
60. Applications for approval.
61. Determination of applications.
62. Applications for approval: procedure and right to refer to Tribunal.
63. Withdrawal of approval.
Performance of controlled functions without approval
63A.Power to impose penalties
63B.Procedure and right to refer to Tribunal
63C.Statement of policy
63D.Statement of policy: procedure
Conduct of approved persons
64. Conduct: statements and codes.
65. Statements and codes: procedure.
66. Disciplinary powers.
67. Disciplinary measures: procedure and right to refer to Tribunal.
69. Statement of policy.
70. Statements of policy: procedure.
Breach of statutory duty
71. Actions for damages.
Part VI Official Listing
The competent authority
72. The competent authority.
73. General duty of the competent authority.
73A.Part 6 Rules
The official list
74. The official list.
75. Applications for listing.
76. Decision on application.
77. Discontinuance and suspension of listing.
78. Discontinuance or suspension: procedure.
78A.Discontinuance or suspension at the request of the issuer: procedure
79. Listing particulars and other documents.
80. General duty of disclosure in listing particulars.
81. Supplementary listing particulars.
82. Exemptions from disclosure.
83. Registration of listing particulars.
Transferable securities: public offers and admission to trading
84.Matters which may be dealt with by prospectus rules
85.Prohibition of dealing etc. in transferable securities without approved prospectus
86.Exempt offers to the public
87.Election to have prospectus
Approval of prospectus
87A.Criteria for approval of prospectus by competent authority
87B.Exemptions from disclosure
87C.Consideration of application for approval
87D.Procedure for decision on application for approval
Transfer of application for approval of a prospectus
87E.Transfer by competent authority of application for approval
87F.Transfer to competent authority of application for approval
87H.Prospectus approved in another EEA State
87I.Provision of information to host Member State
Transferable securities: powers of competent authority
87J.Requirements imposed as condition of approval
87K.Power to suspend or prohibit offer to the public
87L.Power to suspend or prohibit admission to trading on a regulated market
87M.Public censure of issuer
87N.Right to refer matters to the Tribunal
87O.Procedure under sections 87K and 87L
87P.Exercise of powers at request of competent authority of another EEA State
Rights of investors
87Q.Right of investor to withdraw
87R.Register of investors
89. Public censure of sponsor.
89B.Provision of voteholder information
89C.Provision of information by issuers of transferable securities
89D.Notification of voting rights held by issuer
89E.Notification of proposed amendment of issuer's constitution
89F.Transparency rules: interpretation etc
89G.Transparency rules: other supplementary provisions
Power of competent authority to call for information
89H.Competent authority's power to call for information
89I.Requirements in connection with call for information
89J.Power to call for information: supplementary provisions
Powers exercisable in case of infringement of transparency obligation
89K.Public censure of issuer
89L.Power to suspend or prohibit trading of securities
89M.Procedure under section 89L
89N.Right to refer matters to the Tribunal
89O.Corporate governance rules
Compensation for false or misleading statements etc
90.Compensation for statements in listing particulars or prospectus
90ZA.Liability for key investor information
90A.Amendments to the Financial Services and Markets Act 2000
90B.Power to make further provision about liability for published information
91.Penalties for breach of Part 6 rules
93. Statement of policy.
94. Statements of policy: procedure.
95. Competition scrutiny.
96. Obligations of issuers of listed securities.
96A.Disclosure of information requirements
96B.Disclosure rules: persons responsible for compliance
96C.Suspension of trading
97. Appointment by competent authority of persons to carry out investigations.
98. Advertisements etc. in connection with listing applications.
100A.Exercise of powers where UK is host member state
101. Listing rules: general provisions.
102. Exemption from liability in damages.
102A.Meaning of “securities” etc.
102B.Meaning of “offer of transferable securities to the public” etc.
102C.Meaning of “home State” in relation to transferable securities
103.Interpretation of this Part
Part VII Control of Business Transfers
104. Control of business transfers.
105. Insurance business transfer schemes.
106. Banking business transfer schemes.
106A.Reclaim fund business transfer scheme
107. Application for order sanctioning transfer scheme.
108. Requirements on applicants.
109. Scheme reports.
110. Right to participate in proceedings.
111. Sanction of the court for business transfer schemes.
112. Effect of order sanctioning business transfer scheme.
112A.Rights to terminate etc.
113. Appointment of actuary in relation to reduction of benefits.
114. Rights of certain policyholders.
114A.Notice of transfer of reinsurance contracts
Business transfers outside the United Kingdom
115. Certificates for purposes of insurance business transfers overseas.
116. Effect of insurance business transfers authorised in other EEA States.
117. Power to modify this Part.
Part VIII Penalties for Market Abuse
118. Market abuse.
118A.Supplementary provision about certain behaviour
119. The code.
120. Provisions included in the Authority’s code by reference to the City Code.
121. Codes: procedure.
122. Effect of the code.
Power to impose penalties
123. Power to impose penalties in cases of market abuse.
Statement of policy
124. Statement of policy.
125. Statement of policy: procedure.
126. Warning notices.
127. Decision notices and right to refer to Tribunal.
128. Suspension of investigations.
129. Power of court to impose penalty in cases of market abuse.
130A.Interpretation and supplementary provision
131. Effect on transactions.
Part 8A Short selling
Short selling rules
131B.Short selling rules
131C.Short selling rules: definitions etc
131D.Short selling rules: procedure in urgent cases
Power to require information
131E.Power to require information
131F.Power to require information: supplementary
Breach of short selling rules etc
131G.Power to impose penalty or issue censure
131H.Procedure and right to refer to Tribunal
131I.Duty on publication of statement
131J.Imposition of penalties under section 131G: statement of policy
131K.Statement of policy: procedure
Part IX Hearings and Appeals
132. The Financial Services and Markets Tribunal.
133. Proceedings before Tribunal: general provision
133A. Proceedings before Tribunal: decision and supervisory notices, etc.
Legal assistance before the Tribunal
134. Legal assistance scheme.
135. Provisions of the legal assistance scheme.
136. Funding of the legal assistance scheme.
137. Appeal on a point of law.
Part X Rules and Guidance
Chapter I Rule-making Powers
138. General rule-making power.
139. Miscellaneous ancillary matters.
139A.General rules about remuneration
139B.Rules about recovery plans
139C.Rules about resolution plans
139D.Sections 139B and 139C: interpretation
139E.Rules about recovery and resolution plans: supplementary provision
139F.Special provision in relation to resolution plans
140. Restriction on managers of certain collective investment schemes.
141. Insurance business rules.
142. Insurance business: regulations supplementing Authority’s rules.
143. Endorsement of codes etc.
144. Price stabilising rules.
145. Financial promotion rules.
146. Money laundering rules.
147. Control of information rules.
Modification or waiver
148. Modification or waiver of rules.
Contravention of rules
149. Evidential provisions.
150. Actions for damages.
151. Limits on effect of contravening rules.
152. Notification of rules to the Treasury.
153. Rule-making instruments.
154. Verification of rules.
156. General supplementary powers.
Chapter II Guidance
158. Notification of guidance to the Treasury.
158A.Guidance on outsourcing by investment firms and credit institutions
Chapter III Competition Scrutiny
160. Reports by OFT.
161. Power of OFT to request information.
162. Consideration by Competition Commission.
163. Role of the Treasury.
164. The Competition Act 1998.
Part XI Information Gathering and Investigations
Powers to gather information
165. Authority’s power to require information : authorised persons etc.
165A.Authority's power to require information: financial stability
165B.Safeguards etc in relation to exercise of power under section 165A
165C.Orders under section 165A(2)(d)
166. Reports by skilled persons.
Appointment of investigators
167. Appointment of persons to carry out general investigations.
168. Appointment of persons to carry out investigations in particular cases.
Assistance to overseas regulators
169. Investigations etc. in support of overseas regulator.
169A.Support of overseas regulator with respect to financial stability
Conduct of investigations
170. Investigations: general.
171. Powers of persons appointed under section 167.
172. Additional power of persons appointed as a result of section 168(1) or (4).
173. Powers of persons appointed as a result of section 168(2).
174. Admissibility of statements made to investigators.
175. Information and documents: supplemental provisions.
176. Entry of premises under warrant.
Part XII Control Over Authorised Persons
Notices of acquisitions of control over UK authorised persons
178.Obligation to notify the Authority: acquisitions of control
179.Requirements for section 178 notices
180.Acknowledgment of receipt
Acquiring control and other changes of holding
183.Reducing or ceasing to have control
187.Approval with conditions
188.Assessment: consultation with EC competent authorities
190.Requests for further information
191.Duration of approval
191A.Objection by the Authority
191C.Orders for sale of shares
Notice of reductions of control of UK authorised persons
191D.Obligation to notify the Authority: dispositions of control
191E.Requirements for notices under section 191D
191F.Offences under this Part
192. Power to change definitions of control etc.
Part XIII Incoming Firms: Intervention by Authority
193. Interpretation of this Part.
194. General grounds on which power of intervention is exercisable.
194A.Contravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive: Authority primarily responsible for securing compliance
195. Exercise of power in support of overseas regulator.
195A.Contravention by relevant EEA firm or EEA UCITS of directive requirements: home state regulator primarily responsible for securing compliance
196. The power of intervention.
Exercise of power of intervention
197. Procedure on exercise of power of intervention.
198. Power to apply to court for injunction in respect of certain overseas insurance companies.
199. Additional procedure for EEA firms in certain cases.
199A.Management companies: loss of authorisation
200. Rescission and variation of requirements.
201. Effect of certain requirements on other persons.
202. Contravention of requirement imposed under this Part.
Powers of Office of Fair Trading
203. Power to prohibit the carrying on of Consumer Credit Act business.
204. Power to restrict the carrying on of Consumer Credit Act business.
Part XIV Disciplinary Measures
205. Public censure.
206. Financial penalties.
206A.Suspending permission to carry on regulated activities etc
207. Proposal to take disciplinary measures.
208. Decision notice.
210. Statements of policy.
211. Statements of policy: procedure.
Part XV The Financial Services Compensation Scheme
The scheme manager
212. The scheme manager.
213. The compensation scheme.
Provisions of the scheme
214B.Contribution to costs of special resolution regime
214C.Limit on amount of special resolution regime payments
214D.Contributions under section 214B: supplementary
215.Rights of the scheme in insolvency
216. Continuity of long-term insurance policies.
217. Insurers in financial difficulties.
218. Annual report.
Information and documents
218A.Authority's power to require information
219. Scheme manager’s power to require information.
220. Scheme manager’s power to inspect information held by liquidator etc.
221. Powers of court where information required.
221A.Delegation of functions
222. Statutory immunity.
223. Management expenses.
223A.Investing in National Loans Fund
223B.Borrowing from National Loans Fund
223C.Payments in error
224. Scheme manager’s power to inspect documents held by Official Receiver etc.
224A.Functions under the Banking Act 2009
Part 15A Power to require FSCS manager to act in relation to other schemes
224B.Meaning of “relevant scheme” etc
Power to require FSCS manager to act
224C.Power to require FSCS manager to act on behalf of manager of relevant scheme
224D.Cases where FSCS manager may decline to act
224E.Grounds for declining to act
224F.Rules about relevant schemes
Part XVI The Ombudsman Scheme
225. The scheme and the scheme operator.
226. Compulsory jurisdiction.
226A.Consumer credit jurisdiction
227. Voluntary jurisdiction.
Determination of complaints
228. Determination under the compulsory jurisdiction.
231. Ombudsman’s power to require information.
232. Powers of court where information required.
233. Data protection.
234. Industry funding.
234A.Funding by consumer credit licensees etc.
Part XVII Collective Investment Schemes
Chapter I Interpretation
235. Collective investment schemes.
236. Open-ended investment companies.
237. Other definitions.
Chapter II Restrictions on Promotion
238. Restrictions on promotion.
239. Single property schemes.
240. Restriction on approval of promotion.
241. Actions for damages.
Chapter III Authorised Unit Trust Schemes
Applications for authorisation
242. Applications for authorisation of unit trust schemes.
243. Authorisation orders.
244. Determination of applications.
245. Procedure when refusing an application.
247. Trust scheme rules.
248. Scheme particulars rules.
249. Disqualification of auditor for breach of trust scheme rules.
250. Modification or waiver of rules.
251. Alteration of schemes and changes of manager or trustee.
252. Procedure when refusing approval of a proposal under section 251.
252A.Proposal to convert to a non-feeder UCITS
253. Avoidance of exclusion clauses.
254. Revocation of authorisation order otherwise than by consent.
256. Requests for revocation of authorisation order.
Powers of intervention
258. Applications to the court.
258A.Winding up or merger of master UCITS
259. Procedure on giving directions under section 257 or 258A and varying them on Authority’s own initiative.
260. Procedure: refusal to revoke or vary direction.
261. Procedure: revocation of direction and grant of request for variation.
261A.Information for home state regulator
261B.Information for feeder UCITS
Chapter IV Open-ended Investment Companies
262. Open-ended investment companies.
263. Amendment of section 716 Companies Act 1985.
Chapter V Recognised Overseas Schemes
Schemes constituted in other EEA States
264. Schemes constituted in other EEA States.
265. Representations and references to the Tribunal.
266. Disapplication of rules.
267. Power of Authority to suspend promotion of scheme.
268. Procedure on giving directions under section 267 and varying them on Authority’s own initiative.
269. Procedure on application for variation or revocation of direction.
Schemes authorised in designated countries or territories
270. Schemes authorised in designated countries or territories.
Individually recognised overseas schemes
272. Individually recognised overseas schemes.
273. Matters that may be taken into account.
274. Applications for recognition of individual schemes.
275. Determination of applications.
276. Procedure when refusing an application.
277. Alteration of schemes and changes of operator, trustee or depositary.
Schemes recognised under sections 270 and 272
278. Rules as to scheme particulars.
279. Revocation of recognition.
282. Procedure on giving directions under section 281 and varying them otherwise than as requested.
Facilities and information in UK
283. Facilities and information in UK.
CHAPTER 5A MASTER-FEEDER STRUCTURES
283B.Reports on derivative instruments
Chapter VI Investigations
284. Power to investigate.
Part XVIII Recognised Investment Exchanges and Clearing Houses
Chapter I Exemption
285. Exemption for recognised investment exchanges and clearing houses.
286. Qualification for recognition.
Applications for recognition
287. Application by an investment exchange.
288. Application by a clearing house.
289. Applications: supplementary.
290. Recognition orders.
290A.Refusal of recognition on ground of excessive regulatory provision
291. Liability in relation to recognised body’s regulatory functions.
292. Overseas investment exchanges and overseas clearing houses.
Publication of information by recognised investment exchange
292A.Publication of information by recognised investment exchange
293. Notification requirements.
293A.Information: compliance of recognised investment exchanges with directly applicable Community regulations
294. Modification or waiver of rules.
295. Notification: overseas investment exchanges and overseas clearing houses.
296. Authority’s power to give directions.
297. Revoking recognition.
298. Directions and revocation: procedure.
299. Complaints about recognised bodies.
300. Extension of functions of Tribunal.
Power to disallow excessive regulatory provision
300A.Power of Authority to disallow excessive regulatory provision
300B.Duty to notify proposal to make regulatory provision
300C.Restriction on making provision before Authority decides whether to act
300D.Consideration by Authority whether to disallow proposed provision
300E.Power to disallow excessive regulatory provision: supplementary
301. Supervision of certain contracts.
CHAPTER 1A CONTROL OVER RECOGNISED INVESTMENT EXCHANGE
Notices of acquisitions of control over recognised investment exchanges
301A.Obligation to notify the Authority: acquisitions of control
301B.Requirements for section 301A notices
301C.Acknowledgment of receipt
Acquiring and increasing control
301D.Acquiring and increasing control
301H.Duration of approval
301I.Objections by the Authority
301K.Orders for sale of shares
301L.Offences under this Chapter
Chapter II Competition Scrutiny
Role of Office of Fair Trading
303. Initial report by OFT.
304. Further reports by OFT.
305. Investigations by OFT.
Role of Competition Commission
306. Consideration by Competition Commission.
Role of the Treasury
307. Recognition orders: role of the Treasury.
308. Directions by the Treasury.
309. Statements by the Treasury.
310. Procedure on exercise of certain powers by the Treasury.
Chapter III Exclusion from the Competition Act 1998
311. The Chapter I prohibition.
312. The Chapter II prohibition.
CHAPTER 3A PASSPORT RIGHTS
EEA market operators in United Kingdom
312A.Exercise of passport rights by EEA market operator
312B.Removal of passport rights from EEA market operator
Recognised investment exchanges operating in EEA States (other than the United Kingdom)
312C.Exercise of passport rights by recognised investment exchange
312D.Interpretation of Chapter 3A
313. Interpretation of Part XVIII.
Part 18A SUSPENSION AND REMOVAL OF FINANCIAL INSTRUMENTS FROM TRADING
313A.Authority's power to require suspension or removal of financial instruments from trading
313B.Suspension or removal of financial instruments from trading: procedure
313BA.Procedure following consideration of representations
313BB.Revocation of requirements: applications by institutions
313BC.Decisions on applications for revocation by institutions
313BD.Revocation of requirements: applications by issuers
313BE.Decisions on applications for revocation by issuers
313C.Notification in relation to suspension or removal of a financial instrument from trading
313D.Interpretation of Part 18A
Part XIX Lloyd’s
314. Authority’s general duty.
315. The Society: authorisation and permission.
Power to apply Act to Lloyd’s underwriting
316. Direction by Authority.
317. The core provisions.
318. Exercise of powers through Council.
Former underwriting members
320. Former underwriting members.
321. Requirements imposed under section 320.
322. Rules applicable to former underwriting members.
Transfers of business done at Lloyd’s
323. Transfer schemes.
324. Interpretation of this Part.
Part XX Provision of Financial Services by Members of the Professions
325. Authority’s general duty.
326. Designation of professional bodies.
327. Exemption from the general prohibition.
328. Directions in relation to the general prohibition.
329. Orders in relation to the general prohibition.
331. Procedure on making or varying orders under section 329.
332. Rules in relation to persons to whom the general prohibition does not apply.
333. False claims to be a person to whom the general prohibition does not apply.
Part XXI Mutual Societies
334. The Friendly Societies Commission.
335. The Registry of Friendly Societies.
336. The Building Societies Commission.
337. The Building Societies Investor Protection Board.
Industrial and provident societies and credit unions
338. Industrial and provident societies and credit unions.
339. Supplemental provisions.
Part XXII Auditors and Actuaries
341. Access to books etc.
342. Information given by auditor or actuary to the Authority.
343. Information given by auditor or actuary to the Authority: persons with close links.
344. Duty of auditor or actuary resigning etc. to give notice.
346. Provision of false or misleading information to auditor or actuary.
Part XXIII Public Record, Disclosure of Information and Co-operation
The public record
347. The record of authorised persons etc.
Disclosure of information
348. Restrictions on disclosure of confidential information by Authority etc.
349. Exceptions from section 348.
350. Disclosure of information by the Inland Revenue.
351. Competition information.
351A.Disclosure under the UCITS directive
353. Removal of other restrictions on disclosure.
354. Authority’s duty to co-operate with others.
Part XXIV Insolvency
355. Interpretation of this Part.
356. Authority’s powers to participate in proceedings: company voluntary arrangements.
357. Authority’s powers to participate in proceedings: individual voluntary arrangements.
358. Authority’s powers to participate in proceedings: trust deeds for creditors in Scotland.
359. Administration order
361.Administrator’s duty to report to Authority
362. Authority’s powers to participate in proceedings.
362A. Administrator appointed by company or directors
363. Authority’s powers to participate in proceedings.
364. Receiver’s duty to report to Authority.
Voluntary winding up
365. Authority’s powers to participate in proceedings.
366. Insurers effecting or carrying out long-term contracts or insurance.
Winding up by the court
367. Winding-up petitions.
368. Winding-up petitions: EEA and Treaty firms.
369. Insurers: service of petition etc. on Authority.
369A.Reclaim funds: service of petition etc on Authority
370. Liquidator’s duty to report to Authority.
371. Authority’s powers to participate in proceedings.
373. Insolvency practitioner’s duty to report to Authority.
374. Authority’s powers to participate in proceedings.
Provisions against debt avoidance
375. Authority’s right to apply for an order.
Supplemental provisions concerning insurers
376. Continuation of contracts of long-term insurance where insurer in liquidation.
377. Reducing the value of contracts instead of winding up.
378. Treatment of assets on winding up.
379. Winding-up rules.
Part XXV Injunctions and Restitution
381. Injunctions in cases of market abuse.
382. Restitution orders.
383. Restitution orders in cases of market abuse.
Restitution required by Authority
384. Power of Authority to require restitution.
385. Warning notices.
386. Decision notices.
Part XXVI Notices
387. Warning notices.
388. Decision notices.
Conclusion of proceedings
389. Notices of discontinuance.
390. Final notices.
Third party rights and access to evidence
392. Application of sections 393 and 394.
393. Third party rights.
394. Access to Authority material.
The Authority’s procedures
395. The Authority’s procedures.
396. Statements under section 395: consultation.
Part XXVII Offences
397. Misleading statements and practices.
398. Misleading the Authority: residual cases.
399. Misleading the OFT.
Bodies corporate and partnerships
400. Offences by bodies corporate etc.
Institution of proceedings
401. Proceedings for offences.
402. Power of the Authority to institute proceedings for certain other offences.
403. Jurisdiction and procedure in respect of offences.
Part XXVIII Miscellaneous
Consumer redress schemes
404. Consumer redress schemes
404A.Rules under s.404: supplementary
404B.Complaints to the ombudsman scheme
404D.Applications to Tribunal to quash rules or provision of rules
404E.Meaning of “consumers”
404F.Other definitions etc
404G.Power to widen the scope of consumer redress schemes
406. Interpretation of section 405.
407. Consequences of a direction under section 405.
408. EFTA firms.
410. International obligations.
Tax treatment of levies and repayments
411. Tax treatment of levies and repayments.
412. Gaming contracts.
Trade-matching and reporting systems
412A.Approval and monitoring of trade-matching and reporting systems
412B.Procedure for approval and suspension or withdrawal of approval
Limitation on powers to require documents
413. Protected items.
Service of notices
414. Service of notices.
415. Jurisdiction in civil proceedings.
Powers of the Authority
415A.Powers of the Authority
Removal of certain unnecessary provisions
416. Provisions relating to industrial assurance and certain other enactments.
Part XXIX Interpretation
418. Carrying on regulated activities in the United Kingdom.
419. Carrying on regulated activities by way of business.
420. Parent and subsidiary undertaking.
421A.Meaning of “participating interest”
425. Expressions relating to authorisation elsewhere in the single market.
425A.Consumers: regulated activities etc carried on by authorised persons
425B.Consumers: regulated activities carried on by others
Part XXX Supplemental
426. Consequential and supplementary provision.
427. Transitional provisions.
428. Regulations and orders.
429. Parliamentary control of statutory instruments.
432. Minor and consequential amendments, transitional provisions and repeals.
433. Short title.
The Financial Services Authority
Part I General
1.(1) In this Schedule— . . . . . ....
2.(1) The constitution of the Authority must continue to provide...
Non-executive members of the governing body
3.(1) The Authority must secure— (a) that the majority of...
Functions of the non-executive committee
4.(1) In this paragraph “the committee” means the non-executive committee....
Arrangements for discharging functions
5.(1) The Authority may make arrangements for any of its...
Monitoring and enforcement
6.(1) The Authority must maintain arrangements designed to enable it...
Arrangements for the investigation of complaints
7.(1) The Authority must— (a) make arrangements (“the complaints scheme”)...
Investigation of complaints
8.(1) The Authority is not obliged to investigate a complaint...
9.The Authority must maintain satisfactory arrangements for—
10.(1) At least once a year the Authority must make...
Annual public meeting
11.(1) Not later than three months after making a report...
Report of annual meeting
12.Not later than one month after its annual meeting, the...
Part II Status
13.In relation to any of its functions—
Exemption from requirement of “limited” in Authority’s name
14.The Authority is to continue to be exempt from the...
15.If the Secretary of State is satisfied that any action...
Part III Penalties and Fees
16.(1) In determining its policy with respect to the amounts...
17.(1) The Authority may make rules providing for the payment...
Services for which fees may not be charged
18.The power conferred by paragraph 17 may not be used...
Part IV Miscellaneous
Exemption from liability in damages
19.(1) Neither the Authority nor any person who is, or...
19A.For the purposes of this Act anything done by an...
Amounts required by rules to be paid to the Authority
19B.Any amount (other than a fee) which is required by...
Disqualification for membership of House of Commons
20.In Part III of Schedule 1 to the House of...
Disqualification for membership of Northern Ireland Assembly
21.In Part III of Schedule 1 to the Northern Ireland...
Further provision about the consumer financial education body
Part 1 General
Ensuring exercise of consumer financial education function etc
1.(1) The Authority must take such steps as are necessary...
2.(1) The constitution of the consumer financial education body must...
3.(1) The consumer financial education body is not to be...
Discharge of function by others
4.(1) The consumer financial education body may discharge the consumer...
5.(1) This paragraph applies if the consumer financial education body...
Market confidence and financial stability
6.In discharging the consumer financial education function, the consumer financial...
7.(1) The consumer financial education body must adopt an annual...
8.(1) The consumer financial education body must in respect of...
9.(1) At least once a year, the consumer financial education...
Exemption from consumer credit rules
10.(1) A licence is not required under Part 3 of...
Part 2 Funding
Meaning of “the relevant costs”
11.(1) In this Part of this Schedule “ the relevant...
Funding of the relevant costs by authorised persons , payment service providers or electronic money issuers
12.(1) For the purpose of meeting a proportion of the...
Funding of the relevant costs by consumer credit licensees etc
13.(1) For the purpose of meeting a proportion of the...
Funding by grants or loans etc made by Treasury or Secretary of State
14.(1) The Treasury or the Secretary of State may—
Part 3 Reviews
Reviews of economy etc of the consumer financial education body
15.(1) The Authority may appoint an independent person to conduct...
Right to obtain documents and information
16.(1) A person conducting a review under paragraph 15—
Part I Regulated activities: general
1.The matters with respect to which provision may be made...
Dealing in investments
2.(1) Buying, selling, subscribing for or underwriting investments or offering...
Arranging deals in investments
3.Making, or offering or agreeing to make—
Safekeeping and administration of assets
5.(1) Safeguarding and administering assets belonging to another which consist...
6.Managing, or offering or agreeing to manage, assets belonging to...
7.Giving or offering or agreeing to give advice to persons...
Establishing collective investment schemes
8.Establishing, operating or winding up a collective investment scheme, including...
Using computer-based systems for giving investment instructions
9.(1) Sending on behalf of another person instructions relating to...
Part 1A Regulated activities: reclaim funds
9A.Activities of reclaim funds
Part II Investments
10.The matters with respect to which provision may be made...
11.(1) Shares or stock in the share capital of a...
Instruments creating or acknowledging indebtedness
12.Any of the following— (a) debentures; (b) debenture stock;
Government and public securities
13.(1) Loan stock, bonds and other instruments—
Instruments giving entitlement to investments
14.(1) Warrants or other instruments entitling the holder to subscribe...
Certificates representing securities
15.Certificates or other instruments which confer contractual or property rights—...
Units in collective investment schemes
16.(1) Shares in or securities of an open-ended investment company....
17.Options to acquire or dispose of property.
18.Rights under a contract for the sale of a commodity...
Contracts for differences
19.Rights under— (a) a contract for differences; or
Contracts of insurance
20.Rights under a contract of insurance, including rights under contracts...
Participation in Lloyd’s syndicates
21.(1) The underwriting capacity of a Lloyd’s syndicate.
22.Rights under any contract under which a sum of money...
Loans secured on land
23.(1) Rights under any contract under which—
Other finance arrangements involving land
23A.(1) Rights under any arrangement for the provision of finance...
Rights in investments
24.Any right or interest in anything which is an investment...
Part III Supplemental Provisions
The order-making power
25.(1) An order under section 22(1) may—
26.(1) This paragraph applies to the first order made under...
27.(1) In this Schedule— “buying” includes acquiring for valuable consideration;...
EEA Passport Rights
Part I Defined terms
The single market directives
1.“The single market directives” means— (a) the banking consolidation directive;...
The banking co-ordination directives
2.”The banking consolidation directive” means Directive 2006/48/EC of the European...
The insurance directives
3.(1) “The insurance directives” means the first, second and third...
The reinsurance directive
3A.“ The reinsurance directive ” means Directive 2005/68/EC of the...
The investment services directive
4.“ The investment services directive ” means the Council Directive...
The insurance mediation directive
4A.“ The insurance mediation directive ” means the European Parliament...
The UCITS directive
4B.“ The UCITS directive ” means the Directive of the...
The markets in financial instruments directive
4C.”The markets in financial instruments directive” means Directive 2004/39/EC of...
5.“EEA firm” means any of the following if it does...
5A.In paragraph 5, “ relevant office ” means—
6.“ EEA authorisation ” means— (a) in relation to an...
7.“EEA right” means the entitlement of a person to establish...
7A.In paragraph 7, “ relevant office ” means—
8.“ EEA State ” has the meaning given by Schedule...
Home state regulator
9.“Home state regulator” means the competent authority (within the meaning...
10.“UK firm” means a person whose relevant office is in...
10A.In paragraph 10, “ relevant office ” means—
UK investment firm
10B.”UK investment firm” means a UK firm—
Host state regulator
11.“Host state regulator” means the competent authority (within the meaning...
11A.”Tied agent” has the meaning given in Article 4.1.25 of...
Part II Exercise of Passport Rights by EEA Firms
Firms qualifying for authorisation
12.(1) Once an EEA firm which is seeking to establish...
13.(1) If the firm falls within paragraph 5(a), (b), (c),...
14.(1) The service conditions are that— (a) the firm has...
Grant of permission
15.(1) On qualifying for authorisation as a result of paragraph...
Power to restrict permission of management companies
15A.Application for approval to manage UCITS
15B.Representations and references to the Tribunal
15C.Information to home state regulator
Effect of carrying on regulated activity when not qualified for authorisation
16.(1) This paragraph applies to an EEA firm which is...
Continuing regulation of EEA firms
17.Regulations may— (a) modify any provision of this Act which...
Giving up right to authorisation
18.Regulations may provide that in prescribed circumstances an EEA firm...
Part III Exercise of Passport Rights by UK Firms
19.(1) Subject to sub-paragraphs (5ZA) and (5A), a UK firm...
20.(1) Subject to sub-paragraph (4D), a UK firm may not...
20ZA.Information for host state regulator
20A.(1) If a UK investment firm is seeking to use...
20B.Notice of intention to market
Offence relating to exercise of passport rights
21.(1) If a UK firm which is not an authorised...
Continuing regulation of UK firms
22.(1) Regulations may make such provision as the Treasury consider...
23.(1) Sub-paragraphs (2) and (2A) apply if a UK firm—...
24.(1) Sub-paragraph (2) applies if a UK firm—
Information to be included in the public record
25.The Authority must include in the record that it maintains...
26.UK management companies: delegation of functions
27.UK management companies: withdrawal of authorisation
28.Management companies: request for information
2.Once a Treaty firm which is seeking to carry on...
Exercise of Treaty rights
3.(1) The conditions are that— (a) the firm has received...
4.(1) On qualifying for authorisation under this Schedule, a Treaty...
Notice to Authority
5.(1) Sub-paragraph (2) applies to a Treaty firm which—
6.(1) A person who contravenes paragraph 5(2) is guilty of...
Persons Concerned in Collective Investment Schemes
1.(1) A person who for the time being is an...
2.(1) A person authorised as a result of paragraph 1(1)...
Part I Part IV Permission
1.(1) If the regulated activity concerned is the effecting or...
Location of offices
2.(1) Subject to sub-paragraphs (2A) and (3), if the person...
2A.Appointment of claims representatives
3.(1) If the person concerned (“A”) has close links with...
4.(1) The resources of the person concerned must, in the...
5.The person concerned must satisfy the Authority that he is...
Part II Authorisation
Authorisation under Schedule 3
6.In relation to an EEA firm qualifying for authorisation under...
Authorisation under Schedule 4
7.In relation to a person who qualifies for authorisation under...
Part III Additional Conditions
8.(1) If this paragraph applies to the person concerned, he...
9.The Treasury may by order— (a) vary or remove any...
The Authority as Competent Authority for Part VI
1.This Act applies in relation to the Authority when it...
The Authority’s general functions
2.In section 2— (a) subsection (4)(a) does not apply to...
Duty to consult
3.Section 8 does not apply.
4.(1) Sections 149, 153, 154 and 156 do not apply....
Statements of policy
5.(1) Paragraph 5 of Schedule 1 has effect as if...
6.Paragraph 16 of Schedule 1 does not apply in relation...
7.Paragraph 17 of Schedule 1 does not apply in relation...
8.Schedule 1 has effect as if— (a) sub-paragraph (1) of...
Transfer of functions under Part VI
The power to transfer
1.(1) The Treasury may by order provide for any function...
2.(1) An order under this Schedule does not affect anything...
3.If the Treasury have made an order under paragraph 1...
General application of Part VI
1.The provisions of Part VI apply in relation to a...
References to listing particulars
2.(1) Any reference to listing particulars is to be read...
General duty of disclosure
3.(1) In section 80(1), for “section 79” substitute “ section...
4.In section 81(1), for “section 79 and before the commencement...
Exemption from liability for compensation
5.(1) In paragraphs 1(3) and 2(3) of Schedule 10, for...
6.In section 98(1), for “If listing particulars are, or are...
7.Listing rules made under section 99 may require the payment...
Statements believed to be true
1.(1) In this paragraph “statement” means— (a) any untrue or...
Statements by experts
2.(1) In this paragraph “statement” means a statement included in...
Corrections of statements
3.(1) In this paragraph “statement” has the same meaning as...
Corrections of statements by experts
4.(1) In this paragraph “statement” has the same meaning as...
5.A person does not incur any liability under section 90(1)...
False or misleading information known about
6.A person does not incur any liability under section 90(1)...
Belief that supplementary listing particulars not called for
7.A person does not incur any liability under section 90(4)...
Meaning of “expert”
8.“Expert” includes any engineer, valuer, accountant or other person whose...
LIABILITY OF ISSUERS IN CONNECTION WITH PUBLISHED INFORMATION
PART 1 SCOPE OF THIS SCHEDULE
1.Securities to which this Schedule applies
2.Published information to which this Schedule applies
PART 2 LIABILITY IN CONNECTION WITH PUBLISHED INFORMATION
3.Liability of issuer for misleading statement or dishonest omission
4.An issuer of securities to which this Schedule applies is...
5.Liability of issuer for dishonest delay in publishing information
6.Meaning of dishonesty
7.Exclusion of certain other liabilities
PART 3 SUPPLEMENTARY PROVISIONS
The general rule
1.(1) A person offers securities to the public in the...
2.(1) For the purposes of this Schedule, an offer of...
Offers for business purposes
3.The securities are offered to persons— (a) whose ordinary activities...
Offers to limited numbers
4.(1) The securities are offered to no more than fifty...
Clubs and associations
5.The securities are offered to the members of a club...
6.(1) The securities are offered to a restricted circle of...
7.The securities are offered in connection with a genuine invitation...
Offers to public authorities
8.(1) The securities are offered to a public authority.
9.(1) The total consideration payable for the securities cannot exceed...
10.(1) The minimum consideration which may be paid by any...
Securities denominated in euros
11.(1) The securities are denominated in amounts of at least...
12.(1) The securities are offered in connection with a takeover...
13.The securities are offered in connection with a merger (within...
14.(1) The securities are shares and are offered free of...
Exchange of shares
15.The securities— (a) are shares, or investments of a specified...
16.(1) The securities are issued by a body corporate and...
17.(1) The securities result from the conversion of convertible securities...
18.The securities are issued by— (a) a charity within the...
Building societies etc.
19.The securities offered are shares which are issued by, or...
20.(1) The securities offered are Euro-securities and no advertisement relating...
Same class securities
21.The securities are of the same class, and were issued...
Short date securities
22.The securities are investments of a specified kind with a...
23.(1) The securities are investments of a specified kind creating...
24.The securities are not transferable.
24A.Units in a collective investment scheme
25.For the purposes of this Schedule— “shares” has such meaning...
1.Units (within the meaning in section 237(2)) in an open-ended...
2.Non-equity transferable securities issued by (a) the government of an...
3.Shares in the share capital of the central bank of...
4.Transferable securities unconditionally and irrevocably guaranteed by the government, or...
5.(1) Non-equity transferable securities, issued in a continuous or repeated...
6.Non-fungible shares of capital— (a) the main purpose of which...
7.(1) Transferable securities issued by a body specified in sub-paragraph...
8.(1) Non-equity transferable securities, issued in a continuous or repeated...
9.(1) Transferable securities included in an offer where the total...
PART 1 MEANING OF “CONNECTED PERSON”
2.Meaning of “connected person”
4.Associated bodies corporate
5.Control of a body corporate
PART 2 CONNECTED PERSONS: REFERENCES TO AN INTEREST IN SHARES OR DEBENTURES
9.Rights to acquire shares
10.Right to exercise or control exercise of rights
Transfer schemes: certificates
Part I Insurance Business Transfer Schemes
1.(1) For the purposes of section 111(2) the appropriate certificates,...
Certificates as to margin of solvency
2.(1) A certificate under this paragraph is to be given—...
Certificates as to consent
3.A certificate under this paragraph is one given by the...
Certificates as to long-term business
4.A certificate under this paragraph is one given by the...
Certificates as to general business
5.A certificate under this paragraph is one given by the...
Certificates as to legality and as to consent
5A.(1) The certificates under this paragraph are to be given—...
Interpretation of Part I
6.(1) “State of the commitment”, in relation to a commitment...
Part II Banking Business Transfer Schemes
7.(1) For the purposes of section 111(2) the appropriate certificates,...
Certificates as to financial resources
8.(1) A certificate under this paragraph is one given by...
Certificates as to consent of home state regulator
9.A certificate under this paragraph is one given by the...
Part 2A Reclaim fund business transfer schemes
9A.Certificate as to financial resources
Part III Insurance business transfers effected outside the United Kingdom
10.(1) This paragraph applies to a proposal to execute under...
1.In this Schedule— “panel of chairmen” means the panel established...
Part II The Tribunal
2.(1) The Lord Chancellor must appoint one of the members...
3.(1) The Lord Chancellor must appoint a panel of persons...
Terms of office etc
4.(1) Subject to the provisions of this Schedule, each member...
Remuneration and expenses
5.The Lord Chancellor may pay to any person, in respect...
6.(1) The Lord Chancellor may appoint such staff for the...
Part III Constitution of Tribunal
7.(1) On a reference to the Tribunal, the persons to...
Part IV Tribunal Procedure
8.For the purpose of dealing with references, or any matter...
9.Rules made by the Lord Chancellor under section 132 may,...
10.The President of the Tribunal may give directions as to...
11.(1) The Tribunal may by summons require any person to...
Decisions of Tribunal
12.(1) A decision of the Tribunal may be taken by...
13.(1) If the Tribunal considers that a party to any...
Role of the Competition Commission
Provision of information by Treasury
1.(1) The Treasury’s powers under this paragraph are to be...
Consideration of matters arising on a report
2.In considering any matter arising from a report made by...
2A.(1) The following sections of Part 3 of the Enterprise...
2B.For the purposes of its application in relation to the...
2C.(1) For the purposes of section 163 of this Act,...
3.(1) The provisions mentioned in sub-paragraph (2) are to apply...
Publication of reports
4.(1) If the Commission makes a report under section 162,...
Information and Investigations: Connected Persons
Part I Rules for Specific Bodies
1.If the authorised person (“BC”) is a body corporate, a...
2.If the authorised person (“PP”) is a partnership, a person...
3.If the authorised person (“UA”) is an unincorporated association of...
4.(1) If the authorised person (“FS”) is a friendly society,...
5.(1) If the authorised person (“BS”) is a building society,...
6.If the authorised person (“IP”) is an individual, a person...
Application to sections 171 and 172
7.For the purposes of sections 171 and 172, if the...
Part II Additional Rules
8.A person who is, or at the relevant time was,...
Prohibitions and Restrictions imposed by OFFICE OF FAIR TRADING
1.In this Schedule— “appeal period” has the same meaning as...
Notice of prohibition or restriction
2.(1) This paragraph applies if the OFT proposes, in relation...
Application to revoke prohibition or restriction
3.(1) This paragraph applies if the OFT proposes to refuse...
Representations to OFT
4.(1) If this paragraph applies to an invitation to submit...
5.Section 41 of the Consumer Credit Act 1974 (appeals to...
The Ombudsman Scheme
1.In this Schedule— “ombudsman” means a person who is a...
Part II The Scheme Operator
Establishment by the Authority
2.(1) The Authority must establish a body corporate to exercise...
3.(1) The constitution of the scheme operator must provide for...
The panel of ombudsmen
4.(1) The scheme operator must appoint and maintain a panel...
The Chief Ombudsman
5.(1) The scheme operator must appoint one member of the...
6.(1) The scheme operator is not to be regarded as...
7.(1) At least once a year— (a) the scheme operator...
8.The scheme operator may publish guidance consisting of such information...
9.(1) The scheme operator must, before the start of each...
10.(1) No person is to be liable in damages for...
11.For the purposes of the law relating to defamation, proceedings...
Part III The Compulsory Jurisdiction
12.This Part of this Schedule applies only in relation to...
Authority’s procedural rules
13.(1) The Authority must make rules providing that a complaint...
The scheme operator’s rules
14.(1) The scheme operator must make rules, to be known...
15.(1) Scheme rules may require a respondent to pay to...
Enforcement of money awards
16.A money award, including interest, which has been registered in...
Part 3A The consumer credit jurisdiction
16A.This Part of this Schedule applies only in relation to...
Procedure for complaints etc.
16B.(1) Consumer credit rules— (a) must provide that a complaint...
16C.(1) Consumer credit rules may require a respondent to pay...
Enforcement of money awards
16D.A money award, including interest, which has been registered in...
Procedure for consumer credit rules
16E.(1) If the scheme operator makes any consumer credit rules,...
Verification of consumer credit rules
16F.(1) The production of a printed copy of consumer credit...
16G.(1) If the scheme operator proposes to make consumer credit...
Part IV The Voluntary Jurisdiction
17.This Part of this Schedule applies only in relation to...
Terms of reference to the scheme
18.(1) Complaints are to be dealt with and determined under...
Delegation by and to other schemes
19.(1) The scheme operator may make arrangements with a relevant...
Voluntary jurisdiction rules: procedure
20.(1) If the scheme operator makes voluntary jurisdiction rules, it...
Verification of the rules
21.(1) The production of a printed copy of voluntary jurisdiction...
22.(1) If the scheme operator proposes to make voluntary jurisdiction...
Part I Friendly Societies
The Friendly Societies Act 1974 (c.46)
1.Omit sections 4 (provision for separate registration areas) and 10...
2.In section 7 (societies which may be registered), in subsection...
3.In section 11 (additional registration requirements for societies with branches),...
4.In section 99(4) (punishment of fraud etc and recovery of...
The Friendly Societies Act 1992 (c.40)
5.Omit sections 31 to 36A (authorisation of friendly societies business)....
6.In section 37 (restrictions on combinations of business), omit subsections...
7.Omit sections 38 to 43 (restrictions on business of certain...
8.Omit sections 44 to 50 (regulation of friendly societies business)....
Part II Friendly Societies: Subsidiaries and Controlled Bodies
9.In this Part of this Schedule— “the 1992 Act” means...
10.(1) Subsections (2) to (5) of section 13 (incorporated friendly...
Bodies controlled by societies
11.In section 13(9) (defined terms), after paragraph (a) insert—
Joint control by societies
12.In section 13(9), after paragraph (c) insert—
Acquisition of joint control
13.In section 13(9), in the words following paragraph (d), after...
Amendment of Schedule 8 to the 1992 Act
14.(1) Schedule 8 to the 1992 Act (provisions supplementing section...
15.(1) Section 52 of the 1992 Act is amended as...
References in other enactments
16.References in any provision of, or made under, any enactment...
Part III Building Societies
The Building Societies Act 1986 (c.53)
17.Omit section 9 (initial authorisation to raise funds and borrow...
18.Omit Schedule 3 (supplementary provisions about authorisation).
Part IV Industrial and Provident Societies
The Industrial and Provident Societies Act 1965 (c.12)
19.Omit section 8 (provision for separate registration areas for Scotland...
20.Omit section 70 (scale of fees to be paid in...
Part V Credit Unions
The Credit Unions Act 1979 (c.34)
21.In section 6 (minimum and maximum number of members), omit...
22.In section 11 (loans), omit subsections (2) and (6).
23.Omit sections 11B (loans approved by credit unions), 11C (grant...
24.In section 12, omit subsections (4) and (5).
25.In section 14, omit subsections (2), (3), (5) and (6)....
26.In section 28 (offences), omit subsection (2).
Part I Persons and functions for the purposes of section 351
1.The Table set out after this paragraph has effect for...
Part II The enactments
1.The Fair Trading Act 1973
2.The Consumer Credit Act 1974
3.The Estate Agents Act 1979
4.The Competition Act 1980
5.The Telecommunications Act 1984
6.The Airports Act 1986
7.The Gas Act 1986
8.The Control of Misleading Advertisements Regulations 1988
9.The Electricity Act 1989
10.The Broadcasting Act 1990
11.The Water Industry Act 1991
12.The Electricity (Northern Ireland) Order 1992
13.The Railways Act 1993
14.Part IV of the Airports (Northern Ireland) Order 1994
15.The Gas (Northern Ireland) Order 1996
16.The EC Competition (Articles 88 and 89) Enforcement Regulations 1996...
17.The Unfair Terms in Consumer Contracts Regulations 1999
19.An enactment specified for the purposes of this paragraph in...
Minor and Consequential Amendments
The House of Commons Disqualification Act 1975 (c. 24)
1.In Part III of Schedule 1 to the House of...
The Northern Ireland Assembly Disqualification Act 1975 (c. 25)
2.In Part III of Schedule 1 to the Northern Ireland...
The Civil Jurisdiction and Judgments Act 1982 (c. 27)
3.In paragraph 10 of Schedule 5 to the Civil Jurisdiction...
The Income and Corporation Taxes Act 1988 (c. 1)
4.(1) The Income and Corporation Taxes Act 1988 is amended...
The Finance Act 1991 (c. 31)
5.(1) The Finance Act 1991 is amended as follows.
The Tribunals and Inquiries Act 1992 (c. 53)
6.(1) The Tribunals and Inquiries Act 1992 is amended as...
The Judicial Pensions and Retirement Act 1993 (c. 8)
7.(1) The Judicial Pensions and Retirement Act 1993 is amended...
Transitional Provisions and Savings
1.(1) No new application under section 9 of the 1986...
Self-regulating organisations for friendly societies
2.(1) No new application under paragraph 2 of Schedule 11...