Search Legislation

Financial Services and Markets Act 2000

What Version

 Help about what version

Advanced Features

 Help about advanced features

Status:

Point in time view as at 01/03/2016.

Changes to legislation:

There are outstanding changes not yet made by the legislation.gov.uk editorial team to Financial Services and Markets Act 2000. Any changes that have already been made by the team appear in the content and are referenced with annotations. Help about Changes to Legislation

Close

Changes to Legislation

Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.

Chapter IVE+W+S+N.I. Open-ended Investment Companies

262 Open-ended investment companies.E+W+S

(1)The Treasury may by regulations make provision for—

(a)facilitating the carrying on of collective investment by means of open-ended investment companies;

(b)regulating such companies.

(2)The regulations may, in particular, make provision—

(a)for the incorporation and registration in [F1the United Kingdom] of bodies corporate;

(b)for a body incorporated by virtue of the regulations to take such form as may be determined in accordance with the regulations;

(c)as to the purposes for which such a body may exist, the investments which it may issue and otherwise as to its constitution;

(d)as to the management and operation of such a body and the management of its property;

(e)as to the powers, duties, rights and liabilities of such a body and of other persons, including—

(i)the directors or sole director of such a body;

(ii)its depositary (if any);

(iii)its shareholders, and persons who hold the beneficial title to shares in it without holding the legal title;

(iv)its auditor; and

(v)any persons who act or purport to act on its behalf;

(f)as to the merger of one or more such bodies and the division of such a body;

(g)for the appointment and removal of an auditor for such a body;

(h)as to the winding up and dissolution of such a body;

(i)for such a body, or any director or depositary of such a body, to be required to comply with directions given by the [F2FCA];

(j)enabling the [F2FCA] to apply to a court for an order removing and replacing any director or depositary of such a body;

(k)for the carrying out of investigations by persons appointed by the [F2FCA] or the Secretary of State;

(l)corresponding to any provision made in relation to unit trust schemes by Chapter III of this Part.

(3)Regulations under this section may—

(a)impose criminal liability;

(b)confer functions on the [F2FCA];

(c)in the case of provision made by virtue of subsection (2)(l), authorise the making of rules by the [F2FCA];

(d)confer jurisdiction on any court or on the Tribunal;

(e)provide for fees to be charged by the [F2FCA in connection with the carrying out of any of its functions under the regulations (including fees payable on a periodical basis);

(f)modify, exclude or apply (with or without modifications) any primary or subordinate legislation (including any provision of, or made under, this Act);

(g)make consequential amendments, repeals and revocations of any such legislation;

(h)modify or exclude any rule of law.

(4)The provision that may be made by virtue of subsection (3)(f) includes provision extending or adapting any power to make subordinate legislation.

(5)Regulations under this section may, in particular—

(a)revoke the M1Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996; and

(b)provide for things done under or in accordance with those regulations to be treated as if they had been done under or in accordance with regulations under this section.]

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

Marginal Citations

263 Amendment of section 716 Companies Act 1985.E+W+S

In section 716(1) of the M2Companies Act 1985 (prohibition on formation of companies with more than 20 members unless registered under the Act etc.), after “this Act,” insert “ is incorporated by virtue of regulations made under section 262 of the Financial Services and Markets Act 2000 ”.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Marginal Citations

Back to top

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 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 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 Schedules only

The 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?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

See additional information alongside the content

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

Show Timeline of Changes: 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

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources