Search Legislation

Financial Services and Markets Act 2000

 Help about what version

What Version

 Help about advanced features

Advanced Features

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

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):

Third countriesU.K.

405 Directions.U.K.

(1)For the purpose of implementing a third country decision, the Treasury may direct the [F1appropriate regulator] to—

(a)refuse an application for permission under [F2Part 4A] made by a body incorporated in, or formed under the law of, any part of the United Kingdom;

(b)defer its decision on such an application either indefinitely or for such period as may be specified in the direction;

(c)give a notice of objection to a person who has served a [F3section 178 notice] to the effect that he proposes to acquire a 50% stake in a UK authorised person; or

(d)give a notice of objection to a person who has acquired a 50% stake in a UK authorised person without having served the required [F4section 178 notice].

(2)A direction may also be given in relation to—

(a)any person falling within a class specified in the direction;

(b)future applications, [F5section 178 notices] or acquisitions.

(3)The Treasury may revoke a direction at any time.

(4)But revocation does not affect anything done in accordance with the direction before it was revoked.

[F6(4A)“The appropriate regulator”—

(a)for the purposes of subsection (1)(a) and (b), is the regulator to which the application for permission under Part 4A is made;

(b)for the purposes of subsection (1)(c) and (d), is the appropriate regulator as defined in section 178(2A).

(4B)Section 178 notice” means a notice given under section 178.]

(5)Third country decision” means a decision of the Council or the Commission under—

[F7(a)Article 15(3) of the markets in financial instruments directive;]

(b)F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2Words in s. 405(1)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 21(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F3Words in s. 405(1)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 21(2)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F4Words in s. 405(1)(d) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 21(2)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F5Words in s. 405(2)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 21(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F9S. 405(5)(c)(d) omitted (1.1.2016) by virtue of The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 1 para. 14

Commencement Information

I1S. 405 wholly in force at 1.12.2001; s. 405 not in force at Royal Assent see s. 431(2); s. 405 (except (1)(c)(d)) in force at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 405 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

406 Interpretation of section 405.U.K.

(1)For the purposes of section 405, a person (“the acquirer”) acquires a 50% stake in a UK authorised person (“A”) on first falling within any of the cases set out in subsection (2).

(2)The cases are where the acquirer—

(a)holds 50% or more of the shares in A;

(b)holds 50% or more of the shares in a parent undertaking (“P”) of A;

(c)is entitled to exercise, or control the exercise of, 50% or more of the voting power in A; or

(d)is entitled to exercise, or control the exercise of, 50% or more of the voting power in P.

(3)In subsection (2) “the acquirer” means—

(a)the acquirer;

(b)any of the acquirer’s associates; or

(c)the acquirer and any of his associates.

(4)Associate”, “shares” and “voting power” have the same meaning as in section 422.

407 Consequences of a direction under section 405.U.K.

(1)If [F10a regulator] refuses an application for permission as a result of a direction under section 405(1)(a)—

(a)[F11section 55X does] not apply in relation to the refusal; but

(b)the [F12regulator] must notify the applicant of the refusal and the reasons for it.

(2)If [F13a regulator] defers its decision on an application for permission as a result of a direction under section 405(1)(b)—

(a)the time limit for determining the application mentioned in [F14subsections (1) to (3) of section 55V] stops running on the day of the deferral and starts running again (if at all) on the day the period specified in the direction (if any) ends or the day the direction is revoked; and

(b)the [F15regulator] must notify the applicant of the deferral and the reasons for it.

(3)If [F16a regulator] gives a notice of objection to a person as a result of a direction under section 405(1)(c) or (d)—

(a)sections 189 and 191 have effect as if the notice was a notice of objection within the meaning of Part XII; and

(b)the [F17regulator] must state in the notice the reasons for it.

Textual Amendments

F11Words in s. 407(1)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 22(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F14Words in s. 407(2)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 22(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement Information

I2S. 407 wholly in force at 1.12.2001; s. 407 not in force at Royal Assent see s. 431(2); s. 407(1)(2) in force at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 407 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

408 EFTA firms.U.K.

(1)If a third country decision has been taken, the Treasury may make a determination in relation to an EFTA firm which is a subsidiary undertaking of a parent undertaking which is governed by the law of the country to which the decision relates.

(2)Determination” means a determination that the firm concerned does not qualify for authorisation under Schedule 3 even if it satisfies the conditions in paragraph 13 or 14 of that Schedule.

(3)A determination may also be made in relation to any firm falling within a class specified in the determination.

(4)The Treasury may withdraw a determination at any time.

(5)But withdrawal does not affect anything done in accordance with the determination before it was withdrawn.

(6)If the Treasury make a determination in respect of a particular firm, or withdraw such a determination, they must give written notice to that firm.

(7)The Treasury must publish notice of any determination (or the withdrawal of any determination)—

(a)in such a way as they think most suitable for bringing the determination (or withdrawal) to the attention of those likely to be affected by it; and

(b)on, or as soon as practicable after, the date of the determination (or withdrawal).

(8)EFTA firm” means a firm, institution or undertaking which—

(a)is an EEA firm as a result of paragraph 5(a), (b) or (d) of Schedule 3; and

(b)is incorporated in, or formed under the law of, an EEA State which is not a member State.

(9)Third country decision” has the same meaning as in section 405.

Commencement Information

I3S. 408 wholly in force at 1.12.2001; s. 408 not in force at Royal Assent see s. 431(2); s. 408 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 408 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

409 Gibraltar.U.K.

(1)The Treasury may by order—

(a)modify Schedule 3 so as to provide for Gibraltar firms of a specified description to qualify for authorisation under that Schedule in specified circumstances;

(b)modify Schedule 3 so as to make provision in relation to the exercise by UK firms of rights under the law of Gibraltar which correspond to EEA rights;

(c)modify Schedule 4 so as to provide for Gibraltar firms of a specified description to qualify for authorisation under that Schedule in specified circumstances;

(d)modify section 264 so as to make provision in relation to collective investment schemes constituted under the law of Gibraltar;

F18(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(f)provide for this Act to apply to a Gibraltar recognised scheme as if the scheme were a scheme recognised under section 264.

(2)The fact that a firm may qualify for authorisation under Schedule 3 as a result of an order under subsection (1) does not prevent it from applying for a [F19Part 4A permission].

(3)Gibraltar firm” means a firm which has its head office in Gibraltar or is otherwise connected with Gibraltar.

(4)Gibraltar recognised scheme” means a collective investment scheme—

(a)constituted in an EEA State other than the United Kingdom, and

(b)recognised in Gibraltar under provisions which appear to the Treasury to give effect to the provisions of a relevant [F20EU] instrument.

(5)Specified” means specified in the order.

(6)UK firm” and “EEA right” have the same meaning as in Schedule 3.

Textual Amendments

F18S. 409(1)(e) omitted (1.7.2011) by virtue of The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(30)

F19Words in s. 409(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 23 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F20Word in s. 409(4) substituted (22.4.2011 with application in accordance with art. 3 of the amending S.I.) by virtue of The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), art. 6(1)(3)(4)

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.

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

Timeline of Changes

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

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