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Financial Services Act 2012

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Financial Services Act 2012, Section 48 is up to date with all changes known to be in force on or before 16 December 2017. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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48Interpretation of FSMA 2000E+W+S+N.I.

This section has no associated Explanatory Notes

(1)In section 417 of FSMA 2000 (definitions), in subsection (1)—

(a)omit the definition of “the Authority”,

(b)in the definition of “control of information rules” for “section 147(1)” substitute “ section 137P ”,

(c)after that definition insert—

  • credit-related regulated activity” has the meaning given in section 23(1B);,

(d)after the definition of “exempt person” insert—

the FCA” means the Financial Conduct Authority;,

(e)in the definition of “financial promotion rules” for “section 145” substitute “ section 137R ”,

(f)for the definition of “general rules” substitute—

“general rules”—

(a)in relation to the FCA, has the meaning given in section 137A(2), and

(b)in relation to the PRA, has the meaning given in section 137G(2);,

(g)omit the definition of “money laundering rules”,

(h)omit the definition of “notice of control”,

(i)for the definition of “Part IV permission” substitute—

Part 4A permission” has the meaning given in section 55A(5);,

(j)after the definition of “partnership” insert—

the PRA” means the Prudential Regulation Authority;

PRA-authorised person” has the meaning given in section 2B(5);

PRA-regulated activity” has the meaning given in section 22A;,

(k)in the definition of “price stabilising rules” for “section 144” substitute “ section 137Q ”,

(l)after that definition insert—

  • principal” in relation to an appointed representative, is to be read in accordance with section 39;,

(m)in the definition of “regulating provisions” for “section “159(1)” substitute “ section 140A ”,

(n)after that definition insert—

  • regulator” has the meaning given in section 3A(2);,

(o)omit the definitions of “regulatory objectives” and “regulatory provisions”,

(p)for the definition of “rule” substitute—

rule” means a rule made by the FCA or the PRA under this Act;,

(q)in the definition of “rule-making instrument” for “section 153” substitute “ section 138G ”,

(r)for the definition of “threshold conditions” substitute—

threshold conditions”, in relation to a regulated activity, has the meaning given in section 55B(1);,

(s)in the definition of “UK authorised person” for “section 178(4)” substitute “ section 191G(1) ”, and

(t)in the definition of “the UK financial system” for “section 3” substitute “ section 1I ”.

(2)After section 421 of FSMA 2000 insert—

421ZAImmediate group

In this Act “immediate group”, in relation to a person (“A”), means—

(a)A;

(b)a parent undertaking of A;

(c)a subsidiary undertaking of A;

(d)a subsidiary undertaking of a parent undertaking of A;

(e)a parent undertaking of a subsidiary undertaking of A.

(3)After section 425B of FSMA 2000 insert—

425CQualifying EU provision”

(1)In this Act “qualifying EU provision” means a provision of—

(a)a directly applicable EU regulation, or

(b)an EU decision for whose enforcement the United Kingdom is required by an EU obligation to make provision.

(2)In subsection (1)(b) “EU decision” means a decision under an EU directive or EU regulation.

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