PART 4A

Permission to carry on regulated activities

Application for permission

Application for permission
55A
1
An application for permission to carry on one or more regulated activities may be made to the appropriate regulator by—
a
an individual,
b
a body corporate,
c
a partnership, or
d
an unincorporated association.
2
“
The appropriate regulator
”, in relation to an application under this section, means
(subject to subsection (2B))
—
a
the PRA, in a case where—
i
the regulated activities to which the application relates consist of or include a PRA-regulated activity, or
ii
the applicant is a PRA-authorised person otherwise than by virtue of a Part 4A permission;
b
the FCA, in any other case.
2A
An application under this section for permission to carry on the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 may not include an application for permission to carry on any other regulated activity.
2B
The appropriate regulator, in relation to an application under this section for permission to carry on the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, is the FCA.
3
An authorised person who has a permission under this Part which is in force may not apply for permission under this section.
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
A permission given by the appropriate regulator under this Part or having effect as if so given is referred to in this Act as “
a Part 4A permission
”.
6
References in this section to permission under this Part do not include references to permission under section 55NA.

The threshold conditions
55B
1
“
The threshold conditions
”, in relation to a regulated activity, means the conditions set out in or specified under Schedule 6, as read with any threshold condition code made by either regulator under section 137O.
2
Any reference in this Part to the threshold conditions for which either regulator is responsible is to be read as a reference to the conditions set out in or specified under Schedule 6 that are expressed to be relevant to the discharge by that regulator of its functions, as read with any threshold condition code made by that regulator under section 137O.
3
In giving or varying permission, imposing or varying a requirement, or giving consent, under any provision of this Part, each regulator must ensure that the person concerned will satisfy, and continue to satisfy, in relation to all of the regulated activities for which the person has or will have permission, the threshold conditions for which that regulator is responsible.
4
But the duty imposed by subsection (3) does not prevent a regulator, having due regard to that duty, from taking such steps as it considers are necessary, in relation to a particular person, in order to advance—
a
in the case of the FCA, any of its operational objectives;
b
in the case of the PRA, any of its objectives.
5
The duty imposed by subsection (3) does not apply in relation to the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (administering a benchmark).

Power to amend Schedule 6
55C
1
The Treasury may by order amend Parts 1 and 2 of Schedule 6 by altering, adding or repealing provisions, or by substituting for those Parts as they have effect for the time being provisions specified in the order.
2
Different provision may be made under this section—
a
in relation to the discharge of the functions of each regulator;
b
in relation to different regulated activities;
c
in relation to persons who carry on, or seek to carry on, activities that consist of or include a PRA-regulated activity and in relation to other persons.

Firms based outside the United Kingdom
55D
1
This section applies in relation to a person (“the
non-UK
firm”)—
a
who is a body incorporated in, or formed under the law of, or is an individual who is a national of, any country or territory outside the
United Kingdom
, and
b
who is carrying on a regulated activity in any country or territory outside the United Kingdom in accordance with the law of that country or territory (“the overseas state”).
2
In determining whether the
non-UK
firm is satisfying or will satisfy, and continue to satisfy, any one or more of the threshold conditions for which a
UK
regulator is responsible, the
UK
regulator may have regard to any opinion notified to it by a regulatory authority in the overseas state (“the overseas regulator”) which relates to the
non-UK
firm and appears to the
UK
regulator to be relevant to compliance with those conditions.
3
In considering how much weight (if any) to attach to the opinion, the
UK
regulator must have regard to the nature and scope of the supervision exercised in relation to the
non-UK
firm by the overseas regulator.
4
In this section “
UK
regulator
” means the FCA or the PRA.

Giving permission: the FCA
55E
1
This section applies where the FCA is the appropriate regulator in relation to an application for permission under section 55A.
2
The FCA may give permission for the applicant to carry on the regulated activity or activities to which the application relates or such of them as may be specified in the permission.
3
If the applicant is a member of a group which includes a PRA-authorised person, the FCA must consult the PRA before determining the application.
3A
The FCA must consult the PRA before determining an application for permission to carry on the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (administering a benchmark) made by a person who is a PRA-authorised person otherwise than by virtue of a Part 4A permission.
4
If it gives permission, the FCA must specify the permitted regulated activity or activities, described in such manner as the FCA considers appropriate.
5
The FCA may—
a
incorporate in the description of a regulated activity such limitations (for example as to circumstances in which the activity may, or may not, be carried on) as it considers appropriate;
b
specify a narrower or wider description of regulated activity than that to which the application relates;
c
give permission for the carrying on of a regulated activity which is not included among those to which the application relates and is not a PRA-regulated activity.

Giving permission: the PRA
55F
1
This section applies where the PRA is the appropriate regulator in relation to an application for permission under section 55A.
2
The PRA may with the consent of the FCA give permission for the applicant to carry on the regulated activity or activities to which the application relates or such of them as may be specified in the permission.
3
If it gives permission, the PRA must specify the permitted regulated activity or activities, described in such manner as the PRA considers appropriate.
4
The PRA may—
a
incorporate in the description of a regulated activity such limitations (for example as to circumstances in which the activity may, or may not, be carried on) as it considers appropriate;
b
specify a narrower or wider description of regulated activity than that to which the application relates;
c
give permission for the carrying on of a regulated activity which is not included among those to which the application relates.
5
Consent given by the FCA for the purposes of this section may be conditional on the manner in which the PRA exercises its powers under subsections (3) and (4).
6
Subsections (3) and (4)(b) and (c) do not enable the PRA to give permission that relates only to activities that are not PRA-regulated activities, except where the applicant is a PRA-authorised person otherwise than by virtue of a Part 4A permission.

Giving permission: special cases
55G
1
“
The applicant
” means an applicant for permission under section 55A.
2
If the applicant—
a
in relation to a particular regulated activity, is exempt from the general prohibition as a result of section 39(1) or an order made under section 38(1), but
b
has applied for permission in relation to another regulated activity,
the application is to be treated as relating to all the regulated activities which, if permission is given, the applicant will carry on.
3
If the applicant—
a
in relation to a particular regulated activity, is exempt from the general prohibition as a result of
... section 285
, but
b
has applied for permission in relation to another regulated activity,
the application is to be treated as relating only to that other regulated activity.
4
If the applicant—
a
is a person to whom, in relation to a particular regulated activity, the general prohibition does not apply as a result of Part 19, but
b
has applied for permission in relation to another regulated activity,
the application is to be treated as relating only to that other regulated activity.
5
Subsection (6) applies where either regulator (“the responsible regulator”) receives an application for permission under section 55A which is in the regulator's opinion similar to an application which was previously made to the other regulator and was either—
a
treated by the other regulator as not being a valid application to that regulator because of the regulated activities to which it related, or
b
refused by the other regulator after being considered.
6
The responsible regulator must have regard to the desirability of minimising—
a
the additional work for the applicant in dealing with the new application, and
b
the time taken to deal with the new application.

Variation and cancellation of Part 4A permission

Variation by FCA at request of authorised person
55H
1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
The FCA may, on the application of
an authorised person who has a Part 4A permission but is not a PRA-authorised person
, vary the permission by—
a
adding a regulated activity, other than a PRA-regulated activity, to those to which the permission relates;
b
removing a regulated activity from those to which the permission relates;
c
varying the description of a regulated activity to which the permission relates.
3
The FCA may, on the application of
an authorised person who has a Part 4A permission but is not a PRA-authorised person
, cancel the permission.
3A
The FCA may, on the application of a PRA-authorised person with a Part 4A permission, vary the permission by—
a
adding to the regulated activities to which the permission relates the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (administering a benchmark),
b
removing that regulated activity from those to which the permission relates, or
c
varying the description of that regulated activity.
3B
The FCA must consult the PRA before exercising its power under subsection (3A).
4
The FCA may refuse an application under this section if it appears to it that it is desirable to do so in order to advance any of its operational objectives
, or the purpose for which the FCA must exercise its functions under Part 8B (see section
131U
(1)
).
4A
The
FCA
may also refuse an application under this section if it appears to the
FCA
that the authorised person would not comply with requirements in Part 5 of the Alternative Investment Fund Managers Regulations 2013 (
AIF
s which acquire control of non-listed companies and issuers) that would apply to the authorised person.
5
If
on an application under subsection (2) or (3)
the applicant is a member of a group which includes a PRA-authorised person, the FCA must consult the PRA before determining the application.
6
If as a result of a variation of a Part 4A permission under this section there are no longer any regulated activities for which the authorised person concerned has permission, the FCA must, once it is satisfied that it is no longer necessary to keep the permission in force, cancel it.
7
The FCA's power to vary a Part 4A permission under this section extends to including in the permission as varied any provision that could be included if a fresh permission were being given by it in response to an application under section 55A.

Variation by PRA at request of authorised person
55I
1
On the application of a PRA-authorised person with a Part 4A permission, the PRA may with the consent of the FCA vary the permission by—
a
adding a regulated activity to those to which the permission relates;
b
removing a regulated activity from those to which the permission relates;
c
varying the description of a regulated activity to which the permission relates
but the PRA may not under this subsection add, remove or vary the description of the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (administering a benchmark).
2
On the application of a PRA-authorised person with a Part 4A permission, the PRA may, after consulting the FCA, cancel the permission
, but the PRA may not under this subsection cancel a permission where the only regulated activity to which the permission relates is the regulated activity in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (administering a benchmark)
.
3
On the application of an authorised person other than a PRA-authorised person, the PRA may with the consent of the FCA vary the permission by adding to the regulated activities to which the permission relates one or more regulated activities which include a PRA-regulated activity
, but the PRA may not under this subsection add the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (administering a benchmark)
.
4
The PRA may refuse an application under this section if it appears to it that it is desirable to do so in order to advance any of its objectives.
5
The FCA may withhold its consent to a proposed variation under this section if it appears to it that it is desirable to do so in order to advance one or more of its operational objectives.
6
If as a result of a variation of a Part 4A permission under this section there are no longer any regulated activities for which the authorised person concerned has permission, the PRA must, once it is satisfied after consulting the FCA that it is no longer necessary to keep the permission in force, cancel it.
7
The PRA's power to vary a Part 4A permission under this section extends to including in the permission as varied any provision that could be included if a fresh permission were being given by it in response to an application under section 55A.
8
Consent given by the FCA for the purposes of subsection (1) may be conditional on the manner in which the PRA exercises its powers under section 55F(3) and (4) (as a result of subsection (7)).

Variation or cancellation on initiative of regulator
55J
1
Either regulator may exercise its power under this section in relation to an authorised person with a Part 4A permission (“A”) if it appears to the regulator that—
a
A is failing, or is likely to fail, to satisfy the threshold conditions for which the regulator is responsible,
b
A has failed, during a period of at least 12 months, to carry on a regulated activity to which the Part 4A permission relates, ...
c
it is desirable to exercise the power in order to advance—
i
in the case of the FCA, one or more of its operational objectives,
ii
in the case of the PRA, any of its objectives
, or
d
in the case of the FCA, A has failed to comply with a requirement in Part 5 of the Alternative Investment Fund Managers Regulations 2013 (AIFs which acquire control of non-listed companies and issuers), or it is for some other reason desirable to exercise the power for the purposes of ensuring compliance with such a requirement.
2
The FCA's power under this section is the power—
a
to vary the Part 4A permission by—
i
adding a regulated activity other than a PRA-regulated activity to those to which the permission relates,
ii
removing a regulated activity from those to which the permission relates, or
iii
varying the description of a regulated activity to which the permission relates in a way which, if it is a PRA-regulated activity, does not, in the opinion of the FCA, widen the description, or
b
to cancel the Part 4A permission.
3
The PRA's power under this section is the power—
a
in the case of a PRA-authorised person, to vary the Part 4A permission in any of the ways mentioned in section 55I(1) or to cancel it;
b
in the case of an authorised person who is not a PRA-authorised person, to vary the Part 4A permission by adding a PRA-regulated activity to those to which the permission relates and, if the PRA does so, to vary the Part 4A permission in any of the other ways mentioned in section 55I(1).
4
The FCA—
a
must consult the PRA before exercising its power under this section in relation to—
i
a PRA-authorised person, or
ii
a member of a group which includes a PRA-authorised person, and
b
in the case of a PRA-authorised person, may exercise the power so as to add a new activity to those to which the permission relates or to widen the description of a regulated activity to which the permission relates, only with the consent of the PRA
, but paragraph (b) does not apply in relation to the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (administering a benchmark).
5
The PRA—
a
must consult the FCA before exercising its power under this section, and
b
may exercise the power so as to add a new activity to those to which the permission relates or to widen the description of a regulated activity to which the permission relates, only with the consent of the FCA.
6
Without prejudice to the generality of subsections (1) to (3), a regulator may, in relation to an authorised person who is an investment firm, exercise its power under this section to cancel the Part 4A permission if it appears to it that any of the conditions in section 55K is met.
6A
Without prejudice to the generality of subsections (1) to (3), the FCA may, in relation to an authorised person who is a full-scope UKAIFM, exercise its power under this section to cancel the Part 4A permission if it appears to it that any of the following conditions is met—
a
the person has failed, during a period of at least six months, to carry on the regulated activity of managing an AIF;
b
the person obtained the Part 4A permission to carry on the regulated activity of managing an AIF by making a false statement or by any other irregular means;
c
in a case where the Part 4A permission includes permission to
carry on the management of portfolios of investments in accordance with mandates given by investors on a discretionary, and client-by-client, basis
, the person no longer complies with
Part 9C rules
;
d
the person no longer meets the conditions that a person must meet in order to obtain a Part 4A permission to carry on the regulated activity of managing an AIF;
e
the person has seriously or systematically infringed—
i
an AIFMD requirement;
ii. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
iii. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
iv
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . or
v
an MMF requirement.
6AA
For the purposes of subsection (6A)(e)—
a
an AIFMD requirement is a provision of—
i
the Alternative Investment Fund Managers Regulations 2013,
ii
any EU regulation, originally made under the alternative investment fund managers directive, which is
assimilated direct
legislation,
iii
any provision made by or under this Act that immediately before IP completion day implemented provisions of the alternative investment fund managers directive (as that implementing provision is amended from time to time), or
iv
any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to make a directly applicable regulation under the alternative investment fund managers directive by regulations made under section 8 of the European Union (Withdrawal) Act 2018;
b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c
an MMF requirement is a provision of—
i
the MMF Regulation,
ii
any EU regulation, originally made under the MMF Regulation, which is
assimilated direct
legislation, or
iii
any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the MMF Regulation on or after IP completion day.
6B
Without prejudice to the generality of subsections (1) to (3), the FCA may, in relation to an authorised person who is a mortgage intermediary and who has a Part 4A permission to carry on a relevant mortgage activity, exercise its power under this section to cancel the Part 4A permission or to vary the Part 4A permission by removing a relevant mortgage activity from the activities to which the permission relates, if it appears to the FCA that any of the following conditions is met—
a
during a period of at least six months, the person has not carried on a relevant mortgage activity;
b
the person obtained the Part 4A permission to carry on a relevant mortgage activity by making a false statement or by any other irregular means;
c
the person no longer meets the conditions which the person was
... required to meet in order to be granted a Part 4A permission to carry on a relevant mortgage activity; or
d
the person has seriously or systematically infringed any provision made by or under this Act which
sets
the operating conditions for mortgage intermediaries
....
6C
In subsection (6B) “relevant mortgage activity” means—
a
an activity of a kind specified in article 25A (arranging regulated mortgage contracts), article 53A (advising on regulated mortgage contracts) or article 53DA (advising on regulated credit agreements the purpose of which is to acquire land) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, or
b
an activity of a kind specified in article 36A of that Order (credit broking) which is referred to in Article 33(1)(a) of the mortgages directive.
7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7ZA
Without prejudice to the generality of subsections (1) and (2), if it appears to the FCA that there has been a serious failure, by a person with permission to carry on the regulated activity specified in article 51ZA of the Financial Services and Markets Act (Regulated Activities) Order 2001 (managing a
UK
UCITS), to comply with the requirements imposed—
a
by or under this Act in pursuance of the UCITS Directive, ...
b
by the Undertakings for Collective Investment in Transferable Securities Regulations 2011,
or
c
an MMF requirement,
the FCA may exercise its powers under this section to vary the Part 4A permission of the person concerned by removing that activity from those to which the permission relates, or to cancel the person’s Part 4A permission.
7ZB
Without prejudice to the generality of subsections (1) and (2), the FCA may, in relation to an authorised person who is an investment firm, exercise its power under this section if it appears to it that the authorised person has failed to comply with a requirement
imposed by—
a
the market abuse regulation,
b
any EU regulation, originally made under the market abuse regulation, which is
assimilated direct
legislation, or
c
any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the market abuse regulation on or after IP completion day.
7ZC
Without prejudice to the generality of subsections (1) and (2), if it appears to the FCA, in relation to a person who has a permission to carry on the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (administering a benchmark), that the conditions in Article 35(1) of the EU Benchmarks Regulation 2016 are met, the FCA may exercise its powers under this section—
a
to vary the Part 4A permission by removing that activity from those to which the permission relates, or
b
to cancel the Part 4A permission.
7A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
If, as a result of a variation of a Part 4A permission under this section, there are no longer any regulated activities for which the authorised person concerned has permission, the regulator responsible for the variation must, once it is satisfied that it is no longer necessary to keep the permission in force, cancel it.
9
Before cancelling under subsection (8) a Part 4A permission which relates to a person who (before the variation) was a PRA-authorised person, the regulator must consult the other regulator.
10
The power of either regulator to vary a Part 4A permission under this section extends to including in the permission as varied any provision that could be included if a fresh permission were being given in response to an application to that regulator under section 55A.
11
Consent given by one regulator for the purpose of subsection (4)(b) or (5)(b) may be conditional on the manner in which the other regulator exercises its powers under section 55E(4) and (5) or 55F(3) and (4) (as a result of subsection (10)).
12
The power of the FCA or the PRA under this section is referred to in this Part as its own-initiative variation power.
13
In this section “
enactment
” has the meaning given by section 3T.

Variation or cancellation on initiative of FCA: additional power
55JA
1
Schedule 6A confers an additional power on the FCA to vary or cancel an FCA-authorised person's Part 4A permission.
2
In this section and that Schedule “
FCA-authorised person
” means an authorised person who is not a PRA-authorised person.

Investment firms: particular conditions that enable cancellation
55K
1
The conditions referred to in section 55J(6) are as follows—
a
that the firm has failed, during a period of at least 6 months, to carry on a regulated activity which is an investment service or activity for which it has a Part 4A permission;
b
that the firm obtained the Part 4A permission by making a false statement or by other irregular means;
c
that the firm no longer satisfies the requirements for authorisation
... in relation to a regulated activity which is an investment service or activity for which it has a Part 4A permission;
d
that the firm has seriously and systematically infringed
any
assimilated direct
legislation, or any provision made by or under this Act, which sets the operating conditions
in relation to a regulated activity which is an investment service or activity for which it has a Part 4A permission;
e
that the firm has seriously or systematically infringed the markets in financial instruments regulation.
2
For the purposes of this section a regulated activity is an investment service or activity if it falls within the definition of “investment services and activities” in section 417(1).

Insurance undertakings, reinsurance undertakings and third-country insurance undertakings: particular conditions that enable cancellation
55KA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Imposition and variation of requirements

Imposition of requirements by FCA
55L
1
Where a person has applied (whether to the FCA or the PRA) for a Part 4A permission or the variation of a Part 4A permission, the FCA may impose on that person such requirements, taking effect on or after the giving or variation of the permission, as the FCA considers appropriate.
2
The FCA may exercise its power under subsection (3) in relation to an authorised person with a Part 4A permission (whether given by it or by the PRA) (“A”) if it appears to the FCA that—
a
A is failing, or is likely to fail, to satisfy the threshold conditions for which the FCA is responsible,
b
A has failed, during a period of at least 12 months, to carry on a regulated activity to which the Part 4A permission relates, or
c
it is desirable to exercise the power in order to advance one or more of the FCA's operational objectives.
3
The FCA's power under this subsection is a power—
a
to impose a new requirement,
b
to vary a requirement imposed by the FCA under this section, or
c
to cancel such a requirement.
4
The FCA's power under subsection (3) is referred to in this Part as its own-initiative requirement power.
5
The FCA may, on the application of an authorised person with a Part 4A permission—
a
impose a new requirement,
b
vary a requirement imposed by the FCA under this section, or
c
cancel such a requirement.
6
The FCA may refuse an application under subsection (5) if it appears to it that it is desirable to do so in order to advance any of its operational objectives
, or the purpose for which the FCA must exercise its functions under Part 8B (see section
131U
(1)
).
7
The FCA must consult the PRA before imposing or varying a requirement which relates to—
a
a person who is, or will on the granting of an application for Part 4A permission be, a PRA-authorised person, or
b
a person who is a member of a group which includes a PRA-authorised person.

Imposition of requirements by PRA
55M
1
Where—
a
a person has applied for a Part 4A permission in relation to activities which consist of or include a PRA-regulated activity,
b
a PRA-authorised person has applied for a Part 4A permission or the variation of a Part 4A permission, or
c
an authorised person other than a PRA-authorised person has applied for a Part 4A permission to be varied by adding to the regulated activities to which it relates one or more regulated activities which include a PRA-regulated activity,
the PRA may impose on that person such requirements, taking effect on or after the giving or variation of the permission, as the PRA considers appropriate.
2
The PRA may exercise its power under subsection (3) in relation to a PRA-authorised person with a Part 4A permission (“P”) if it appears to the PRA that—
a
P is failing, or is likely to fail, to satisfy the threshold conditions for which the PRA is responsible,
b
P has failed, during a period of at least 12 months, to carry on a regulated activity to which the Part 4A permission relates, or
c
it is desirable to exercise the power in order to advance any of the PRA's objectives.
3
The PRA's power under this subsection is a power—
a
to impose a new requirement,
b
to vary a requirement imposed by the PRA under this section, or
c
to cancel such a requirement.
4
The PRA's power under subsection (3) is referred to in this Part as its own-initiative requirement power.
5
The PRA may, on the application of a PRA-authorised person with a Part 4A permission—
a
impose a new requirement,
b
vary a requirement imposed by the PRA under this section, or
c
cancel such a requirement.
6
The PRA may refuse an application under subsection (5) if it appears to it that it is desirable to do so in order to advance any of its objectives.
6A
The PRA may not exercise its powers under this section to impose a requirement relating to the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (administering a benchmark).
7
The PRA must consult the FCA before imposing or varying a requirement.

Requirements under section 55L or 55M: further provisions
55N
1
A requirement may, in particular, be imposed—
a
so as to require the person concerned to take specified action, or
b
so as to require the person concerned to refrain from taking specified action.
2
A requirement may extend to activities which are not regulated activities.
3
A requirement may be imposed by reference to the person's relationship with—
a
the person's group, or
b
other members of the person's group.
4
A requirement may be expressed to expire at the end of such period as the regulator imposing it may specify, but the imposition of a requirement that expires at the end of a specified period does not affect the regulator's power to impose a new requirement.
5
A requirement may refer to the past conduct of the person concerned (for example, by requiring the person concerned to review or take remedial action in respect of past conduct).
6
In this section “
requirement
” means a requirement imposed under section 55L or 55M.

General requirement relating to financial promotion approval
55NA
1
An authorised person must not approve the content of a communication for the purposes of section 21 unless the person has permission to do so given by the FCA under this section.
2
An authorised person who approves the content of a communication for the purposes of section 21 otherwise than in accordance with permission granted under this section is to be taken to have contravened a requirement imposed on the person by the FCA under this Act.
3
Permission may be granted by the FCA under this section on the application of—
a
an authorised person, or
b
an applicant for Part 4A permission that has yet to be determined.
4
The FCA may grant a person permission under this section—
a
on the terms sought in the application (which may include the grant of permission to give approvals generally for the purposes of section 21), or
b
subject to any other terms the FCA considers appropriate (which may in particular provide for the giving of permission in a narrower description of case than that sought in the application).
5
Where the FCA grants permission to a person under this section, the FCA may vary or cancel the permission—
a
on the application of the person to whom it was given, or
b
of its own initiative,
and subsection (4)(b) applies to the variation of permission as it applies to its grant.
6
If the FCA grants or varies permission under this section it must set out the terms on which the permission is given, described in such way as it considers appropriate.
7
The FCA may refuse to grant an application for permission under this section, or for its variation or cancellation under subsection (5)(a), if it appears to the FCA that it is desirable to do so in order to advance one or more of its operational objectives.
8
The FCA may vary or cancel a person’s permission under subsection (5)(b) if it appears to the FCA that—
a
the person has failed, during a period of at least 12 months, to give, or to refuse to give, any approvals for the purposes of section 21 in accordance with the permission, or
b
it is desirable to vary or cancel the permission in order to advance one or more of its operational objectives.
9
The FCA must consult—
a
the PRA before giving permission under this section to, or before varying or cancelling permission under this section given to—
i
a person who is, or will on the granting of an application for Part 4A permission be, a PRA-authorised person, or
ii
a person who is a member of a group which includes a PRA-authorised person;
b
the Gibraltar regulator (within the meaning of Schedule 2A) before giving permission under this section to, or before varying or cancelling permission under this section given to, a Gibraltar-based person.
10
Subsection (9)(b) does not apply in a case where the FCA varies or cancels permission of a Gibraltar-based person in exercise of its power under subsection (5)(b), but the FCA must inform the Gibraltar regulator in writing of the variation or cancellation.
11
Subsections (1) and (2) do not apply if the giving of approval falls within an exemption conferred by regulations made under section 55NB.
12
Nothing in this section limits any other power under this Act to impose requirements in relation to approvals given for the purposes of section 21 so far as those requirements are additional to the requirement imposed by subsection (1) of this section (but any such other requirement that is inconsistent with the requirement imposed by that subsection is of no effect to the extent of that inconsistency).

Section 55NA: power to provide for exemptions
55NB
1
The Treasury may by regulations provide for exemptions from the requirement imposed by section 55NA(1) not to give approvals for the purposes of section 21 without permission.
2
Regulations under subsection (1) may provide for an exemption to have effect—
a
in respect of specified persons;
b
in respect of persons falling within a specified class;
c
in respect of approval given in relation to activities of a specified description;
d
only in specified circumstances;
e
subject to specified conditions.
3
In this section “
specified
” means specified in regulations under this section.

Imposition of requirements on acquisition of control
55O
1
This section applies if it appears to the appropriate regulator that—
a
a person has acquired control over a
UK
authorised person who has a Part 4A permission, but
b
there are no grounds for exercising its own-initiative requirement power
or (as the case may be) the power under section 55NA(5)(b)
.
2
If it appears to the appropriate regulator that the likely effect of the acquisition of control on the
UK
authorised person, or on any of its activities, is uncertain, the appropriate regulator may—
a
impose on the
UK
authorised person a requirement that could be imposed by that regulator under section 55L
, 55M or 55NA
(as the case may be) on the giving of permission, or
b
vary a requirement imposed by that regulator under that section on the
UK
authorised person.
3
“
The appropriate regulator
” means—
a
in a case where the
UK
authorised person is a PRA-authorised person
and the case does not relate to a requirement that is imposed (or that could be imposed) under section 55NA
, the FCA or the PRA;
b
in any other case, the FCA.
4
This section does not affect any duty of the appropriate regulator to consult or obtain the consent of the other regulator in connection with the imposition of the requirement.
5
Any reference to a person having acquired control is to be read in accordance with Part 12.

Prohibitions and restrictions
55P
1
This section applies if—
a
on a person being given a Part 4A permission, either regulator imposes an assets requirement on that person,
b
an assets requirement is imposed on an authorised person, or
c
an assets requirement previously imposed on such a person is varied.
2
A person on whom an assets requirement is imposed is referred to in this section as “
A
”.
3
The “appropriate regulator” is the regulator which imposed the requirement.
4
“
Assets requirement
” means a requirement under section 55L or 55M—
a
prohibiting the disposal of, or other dealing with, any of A's assets (whether in the United Kingdom or elsewhere) or restricting such disposals or dealings, or
b
that all or any of A's assets, or all or any assets belonging to consumers but held by A or to A's order, must be transferred to and held by a trustee approved by the appropriate regulator.
5
If the appropriate regulator—
a
imposes a requirement of the kind mentioned in subsection (4)(a), and
b
gives notice of the requirement to any institution with whom A keeps an account,
the notice has the effects mentioned in subsection (6).
6
Those effects are that—
a
the institution does not act in breach of any contract with A if, having been instructed by A (or on A's behalf) to transfer any sum or otherwise make any payment out of A's account, it refuses to do so in the reasonably held belief that complying with the instruction would be incompatible with the requirement, and
b
if the institution complies with such an instruction, it is liable to pay to the appropriate regulator an amount equal to the amount transferred from, or otherwise paid out of, A's account in contravention of the requirement.
7
If the appropriate regulator imposes a requirement of the kind mentioned in subsection (4)(b), no assets held by a person as trustee in accordance with the requirement may, while the requirement is in force, be released or dealt with except with the consent of the appropriate regulator.
8
If, while a requirement of the kind mentioned in subsection (4)(b) is in force, A creates a charge over any assets of A held in accordance with the requirement, the charge is (to the extent that it confers security over the assets) void against the liquidator and any of A's creditors.
9
Assets held by a person as trustee (“T”) are to be taken to be held by T in accordance with any requirement mentioned in subsection (4)(b) only if—
a
A has given T written notice that those assets are to be held by T in accordance with the requirement, or
b
they are assets into which assets to which paragraph (a) applies have been transposed by T on the instructions of A.
10
A person who contravenes subsection (7) is guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale.
11
“
Charge
” includes a mortgage (or in Scotland a security over property).
12
Subsections (7) and (9) do not affect any equitable interest or remedy in favour of a person who is a beneficiary of a trust as a result of a requirement of the kind mentioned in subsection (4)(b).

Assets requirements imposed on insurance undertakings or reinsurance undertakings
55PA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Requirements relating to general meetings
55PB
1
This section applies where—
a
either regulator has imposed a general meeting requirement on an authorised person who is a bank, building society or investment firm,
b
the authorised person has not complied with the general meeting requirement, and
c
the appropriate regulator considers that the authorised person has infringed, or is likely in the near future to infringe—
i
a relevant requirement within the meaning of section 204A; or
ii
one or more of Articles 3 to 7, 14 to 17 or 24 to 26 of Regulation (EU) No 600/2014 of 15th May 2014 of the European Parliament and of the Council on Markets in Financial Instruments.
2
A general meeting requirement is a requirement under section 55L or 55M that the authorised person call a general meeting of its shareholders or members.
3
The appropriate regulator may call a general meeting of the shareholders or members of the authorised person.
4
The appropriate regulator may propose business for consideration and decision at the general meeting.
5
The meeting must be called in the same manner, as far as practicable, as that in which meetings are required to be called by the board of directors (or the equivalent management body) of the authorised person.
6
For the purposes of this section—
- “bank” has the meaning given in section 2 of the Banking Act 2009;
- “building society” has the meaning given in the Building Societies Act 1986;
- “investment firm” has the meaning given in
Article 4(1)(2) of the capital requirements regulation
;
- “the appropriate regulator” means the regulator who imposed the general meeting requirement.

Exercise of power in support of overseas regulator

Exercise of power in support of overseas regulator
55Q
1
Either
UK
regulator's own-initiative powers may be exercised in respect of an authorised person at the request of, or for the purpose of assisting, an overseas regulator of a prescribed kind.
2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Subsection (1) does not affect any duty of one
UK
regulator to consult or obtain the consent of the other
UK
regulator in relation to the exercise of its own-initiative powers.
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
In deciding whether or not to
exercise its own-initiative powers in response to a request, the UK regulator
may take into account in particular—
a
whether in the country or territory of the overseas regulator concerned, corresponding assistance would be given to a United Kingdom regulatory authority;
b
whether the case concerns the breach of a law, or other requirement, which has no close parallel in the United Kingdom or involves the assertion of a jurisdiction not recognised by the United Kingdom;
c
the seriousness of the case and its importance to persons in the United Kingdom;
d
whether it is otherwise appropriate in the public interest to give the assistance sought.
6
The
UK
regulator may decide not to exercise its own-initiative powers, in response to a request, unless the overseas regulator concerned undertakes to make such contribution towards the cost of their exercise as the
UK
regulator considers appropriate.
7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
In
subsections (5) and
(6) “
request
” means a request of a kind mentioned in subsection (1).
9
In this section—
a
“
UK
regulator
” means the FCA or the PRA;
b
“
overseas regulator
” means a regulator outside the United Kingdom;
c
“
own-initiative powers
”, in relation to the FCA or the PRA, means its own-initiative variation power and its own-initiative requirement power.

Connected persons

Persons connected with an applicant
55R
1
In considering—
a
an application for a Part 4A permission,
b
whether to vary or cancel a Part 4A permission,
ba
an application for permission under section 55NA,
bb
whether to vary or cancel permission under section 55NA,
c
whether to impose or vary a requirement under this Part, or
d
whether to give any consent required by any provision of this Part,
the regulator concerned may have regard to any person appearing to it to be, or likely to be, in a relationship with the applicant or a person given permission which is relevant.
2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Additional permissions

Duty of FCA or PRA to consider other permissions
55S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Persons whose interests are protected

Persons whose interests are protected
55T
For the purpose of any provision of this Part which refers to the FCA's operational objectives,
the purpose for which the FCA must exercise its functions under Part 8B,
or the PRA's objectives in relation to the exercise of a power in relation to a particular person, it does not matter whether there is a relationship between that person and the persons whose interests will be protected by the exercise of the power.

Procedure

Applications under this Part
55U
1
An application for a Part 4A permission must—
a
contain a statement of the regulated activity or regulated activities which the applicant proposes to carry on and for which the applicant wishes to have permission, and
b
give the address of a place in the United Kingdom for service on the applicant of any notice or other document which is required or authorised to be served on the applicant under this Act.
2
An application for the variation of a Part 4A permission must contain a statement—
a
of the desired variation, and
b
of the regulated activity or regulated activities which the applicant proposes to carry on if the permission is varied.
3
An application for the variation of a requirement imposed under section 55L or 55M or for the imposition of a new requirement must contain a statement of the desired variation or requirement.
3A
An application for permission under section 55NA, or for the variation of permission under that section, must contain a statement of the desired permission or variation.
4
An application under this Part must—
a
be made in such manner as the regulator to which it is to be made may direct, and
b
contain, or be accompanied by, such other information as that regulator may reasonably require.
5
At any time after the application is received and before it is determined, the appropriate regulator may require the applicant to provide it with such further information as it reasonably considers necessary to enable it to determine the application or, as the case requires, to decide whether to give consent.
6
In subsection (5), the “
appropriate regulator
” means—
a
in a case where the application is made to the FCA, the FCA;
b
in a case where the application is made to the PRA, the FCA or the PRA.
7
Different directions may be given, and different requirements imposed, in relation to different applications or categories of application.
8
Each regulator may require an applicant to provide information which the applicant is required to provide to it under this section in such form, or to verify it in such a way, as the regulator may direct.
9
The PRA must consult the FCA before—
a
giving a direction under this section in relation to a class of applications, or
b
imposing a requirement under this section in relation to a class of applications.

Determination of applications
55V
1
An application under this Part must be determined by the regulator to which it is required to be made (“the appropriate regulator”) before the end of the period of 6 months beginning with the date on which it received the completed application.
2
The appropriate regulator may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within 12 months beginning with the date on which it received the application.
3
Where the application cannot be determined by the appropriate regulator without the consent of the other regulator, the other regulator's decision must also be made within the period required by subsection (1) or (2).
4
The applicant may withdraw the application, by giving the appropriate regulator written notice, at any time before the appropriate regulator determines it.
5
If the appropriate regulator grants an application—
a
for Part 4A permission,
b
for the variation or cancellation of a Part 4A permission,
c
for the variation or cancellation of a requirement imposed under section 55L or 55M, ...
d
for the imposition of a new requirement under either of those sections
, or
e
for permission under section 55NA or for the variation or cancellation of permission granted under that section,
it must give the applicant written notice.
6
The notice must state the date from which the permission, variation, cancellation or requirement has effect.
7
A notice under this section which is given by the PRA and relates to the grant of an application for Part 4A permission or for the variation of a Part 4A permission must state that the FCA has given its consent to the grant of the application.
8
In the case of an application for permission under this Part which—
a
relates to the regulated activity of managing an
AIF
, and
b
would if granted result in the applicant becoming a full-scope
UK
AIFM
,
this section has effect subject to regulation 5 of the Alternative Investment Fund Managers Regulations 2013 and, accordingly, subsections (1) to (3) do not apply.
9
In the case of an application which—
a
is for a Part 4A permission or a variation of a Part 4A permission, and
b
relates only to the undertaking of insurance distribution activity,
subsection (1) has effect as if the reference to “6 months” were to “3 months”.
10
In this section, “insurance distribution activity” has the meaning given in article 92 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

Applications under this Part: communications between regulators
55W
The PRA must as soon as practicable notify the FCA of the receipt or withdrawal of—
a
an application for permission under section 55A,
b
an application under section 55I, or
c
an application under section 55M(5).

Determination of applications: warning notices and decision notices
55X
1
If a regulator proposes—
a
to give a Part 4A permission but to exercise its power under section 55E(5)(a) or (b) or 55F(4)(a) or (b),
b
to give a Part 4A permission but to exercise its power under section 55L(1) or 55M(1) in connection with the application for permission,
c
to vary a Part 4A permission on the application of an authorised person but to exercise its power under section 55E(5)(a) or (b) or 55F(4)(a) or (b),
d
to vary a Part 4A permission but to exercise its power under section 55L(1) or 55M(1) in connection with the application for variation, ...
e
in the case of the FCA, to exercise its power under section 55L(1) in connection with an application to the PRA for a Part 4A permission or the variation of a Part 4A permission,
f
to give permission under section 55NA but to exercise its power under subsection (4)(b) of that section, or
g
to vary permission under section 55NA on the application of an authorised person but to exercise its power under subsection (4)(b) of that section,
it must give the applicant a warning notice.
2
If a regulator proposes to refuse an application made under this Part, it must
... give the applicant a warning notice.
3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
If a regulator decides—
a
to give a Part 4A permission but to exercise its power under section 55E(5)(a) or (b) or 55F(4)(a) or (b),
b
to give a Part 4A permission but to exercise its power under section 55L(1) or 55M(1) in connection with the giving of the permission,
c
to vary a Part 4A permission on the application of an authorised person but to exercise its power under section 55E(5)(a) or (b) or 55F(4)(a) or (b),
d
to vary a Part 4A permission on the application of an authorised person but to exercise its power under section 55L(1) or 55M(1) in connection with the variation,
e
in the case of the FCA, to exercise its power under section 55L(1) in connection with an application to the PRA for a Part 4A permission or the variation of a Part 4A permission, ...
ea
to give permission under section 55NA but to exercise its power under subsection (4)(b) of that section,
eb
to vary permission under section 55NA on the application of an authorised person but to exercise its power under subsection (4)(b) of that section, or
f
to refuse an application under this Part,
it must give the applicant a decision notice.
5
This section does not apply to applications to which section 55XA applies.

Applications relating to administering a benchmark
55XA
1
If the FCA decides—
a
to give a Part 4A permission to carry on the regulated activity specified in article 63S of the RAO (administering a benchmark) but to exercise its power in section 55E(5)(a) or (b) in connection with the application for permission,
b
to give a Part 4A permission to carry on the regulated activity specified in article 63S of the RAO (administering a benchmark) but to exercise its power in section 55L(1) in connection with the application for permission,
c
to vary a Part 4A permission to include permission to carry on the regulated activity specified in article 63S of the RAO (administering a benchmark) on the application of an authorised person but to exercise its power in section 55E(5)(a) or (b) in connection with the application for variation,
d
to vary a Part 4A permission to include permission to carry on the regulated activity specified in article 63S of the RAO (administering a benchmark) on the application of an authorised person but to exercise its power in section 55L(1) in connection with the application for variation,
e
to refuse an application for a Part 4A permission to carry on the regulated activity specified in article 63S of the RAO (administering a benchmark), or
f
to refuse an application for a variation of a Part 4A permission to include permission to carry on the regulated activity specified in article 63S of the RAO (administering a benchmark),
it must give the applicant a written notice.
2
A written notice under subsection (1) must—
a
give details of the decision made by the FCA,
b
state the FCA's reasons for the decision,
c
state whether the decision takes effect immediately or on such date as may be specified in the notice,
d
inform the applicant that the applicant may either—
i
request a review of the decision, and make written representations for the purpose of the review, within such period as may be specified in the notice, or
ii
refer the matter to the Tribunal within such period as may be specified in the notice, and
e
indicate the procedure on a reference to the Tribunal.
3
If the applicant requests a review of the decision made by the FCA (“
the original decision
”), the FCA must consider any written representations made by the applicant and review the original decision.
4
On a review under subsection (3) the FCA may make any decision (“the new decision”) the FCA could have made on the application.
5
The FCA must give the applicant written notice of its decision on the review.
6
If the new decision is to do any of the things mentioned in subsection (1)(a) to (f), the written notice under subsection (5) must—
a
give details of the new decision made by the FCA,
b
state the FCA's reasons for the new decision,
c
inform the applicant that the applicant may, within such period as may be specified in the notice, refer the new decision to the Tribunal, and
d
indicate the procedure on a reference to the Tribunal.
8
In this section “
the RAO
” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

Exercise of own-initiative power: procedure
55Y
1
This section applies to an exercise of either regulator's own-initiative variation power or own-initiative requirement power in relation to an authorised person (“A”).
1A
This section also applies to an exercise of the FCA’s power under subsection (5)(b) of section 55NA to vary of its own initiative a permission given under that section to an authorised person (“
A
”).
1B
References in this section to a regulator’s own initiative variation power are to be taken as including the power mentioned in subsection (1A).
2
A variation of a permission or the imposition or variation of a requirement takes effect—
a
immediately, if the notice given under subsection (4) states that that is the case,
b
on such date as may be specified in the notice, or
c
if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.
3
A variation of a permission, or the imposition or variation of a requirement, may be expressed to take effect immediately (or on a specified date) only if the regulator concerned, having regard to the ground on which it is exercising its own-initiative variation power or own-initiative requirement power, reasonably considers that it is necessary for the variation, or the imposition or variation of the requirement, to take effect immediately (or on that date).
4
If either regulator—
a
proposes to vary a Part 4A permission or to impose or vary a requirement,
b
varies a Part 4A permission, or imposes or varies a requirement, with immediate effect,
c
proposes to vary a permission under section 55NA, or
d
varies permission under section 55NA with immediate effect,
it must give A written notice.
5
The notice must—
a
give details of the variation of the permission or the requirement or its variation,
b
state the regulator's reasons for the variation of the permission or the imposition or variation of the requirement,
c
inform A that A may make representations to the regulator within such period as may be specified in the notice (whether or not A has referred the matter to the Tribunal),
d
inform A of when the variation of the permission or the imposition or variation of the requirement takes effect, and
e
inform A of A's right to refer the matter to the Tribunal.
6
The regulator may extend the period allowed under the notice for making representations.
7
If, having considered any representations made by A, the regulator decides—
a
to vary the permission, or impose or vary the requirement, in the way proposed, or
b
if the permission has been varied or the requirement imposed or varied, not to rescind the variation of the permission or the imposition or variation of the requirement,
it must give A written notice.
8
If, having considered any representations made by A, the regulator decides—
a
not to vary the permission, or impose or vary the requirement, in the way proposed,
b
to vary the permission or requirement in a different way, or impose a different requirement, or
c
to rescind a variation or requirement which has effect,
it must give A written notice.
9
A notice under subsection (7) must inform A of A's right to refer the matter to the Tribunal.
10
A notice under subsection (8)(b) must comply with subsection (5).
11
If a notice informs A of A's right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
12
For the purposes of subsection (2)(c), whether a matter is open to review is to be determined in accordance with section 391(8).

Cancellation of Part 4A permission or permission under section 55NA: procedure
55Z
1
If a regulator proposes to cancel an authorised person's Part 4A permission
or permission under section 55NA
otherwise than at the person's request, it must give the person a warning notice.
2
If a regulator decides to cancel an authorised person's Part 4A permission
or permission under section 55NA
otherwise than at the person's request, it must give the person a decision notice.

Notification

Notification of ESMA
55Z1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notification of EBA
55Z2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notification of the European bodies
55Z2A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

References to the Tribunal

Right to refer matters to the Tribunal
55Z3
1
An applicant who is aggrieved by the determination of an application made under this Part may refer the matter to the Tribunal.
2
An authorised person who is aggrieved by the exercise by either regulator of its own-initiative variation power or its own-initiative requirement power may refer the matter to the Tribunal.
2A
An authorised person who is aggrieved by the exercise by the FCA of its power under section 55NA(5)(b) may refer the matter to the Tribunal.
3
Where there is a review under section 55XA(3) of a determination within section 55XA(1), subsection (1) applies only in relation to the determination made on the review.

Interpretation

Interpretation of Part 4A
55Z4
In this Part—
- “
own-initiative requirement power
”, in relation to the FCA or the PRA, is to be read in accordance with section 55L(4) or 55M(4);
- “
own-initiative variation power
”, in relation to the FCA or the PRA, is to be read in accordance with section 55J(12).
S. 55U(5) applied (14.2.2014 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 4
Words in s. 55K(1)(d) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 17(b); 2020 c. 1, Sch. 5 para. 1(1)
S. 55X(4)(ea)(eb) inserted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 9(3)(b) (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
S. 55Z3(3) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(11)
Words in s. 55J(6A)(c) substituted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 4(3)
S. 55V(4) modified (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 32(3)(b)
Word in s. 55J(7ZA)(a) omitted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by virtue of The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(2)(b)(i)
S. 55X(1)(f)(g) inserted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 9(2)(b) (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
S. 55A(3) modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 83(3)
S. 55A(6) inserted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 4 (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
S. 55H(1) omitted (27.2.2018) by virtue of The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(5)(a)
Words in s. 55K(1)(d) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 44(4)(b)
S. 55Y applied (with modifications) (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), art. 1(2), Sch. para. 6 (with art. 11)
S. 55Z3(2A) inserted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 12 (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
S. 55K(1)(e) inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 4 (with reg. 7)
S. 55Z3(2) applied (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 19(6) (with Pt. 4)
S. 55U(4)(5)(7)(8) applied (with modifications) (26.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014 (S.I. 2014/208), arts. 1(3)(4), 2(1)
S. 55V(8) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 6
Word in s. 55X(4)(e) omitted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 9(3)(a) (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
S. 55Q(7) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 20(4); 2020 c. 1, Sch. 5 para. 1(1)
Words in s. 55PB(6) substituted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 4(4)
S. 55Y applied (with modifications) (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 6(6)
S. 55Y applied (with modifications) (3.1.2018) by The Data Reporting Services Regulations 2017 (S.I. 2017/699), regs. 1(2)(b), 22(6)
Ss. 55Z1-55Z2A omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 23; 2020 c. 1, Sch. 5 para. 1(1)
S. 55Y excluded (1.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (S.I. 2015/369), arts. 1, 8(2)
S. 55V(5)(e) and word inserted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 8(b) (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
S. 55Y applied by S.I. 2013/1773, reg. 75(8) (as added) (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(7)(e)(as amended by S.I. 2014/1313, arts. 1, 2(a))
S. 55U(5) applied (with modifications) (26.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014 (S.I. 2014/208), arts. 1(3)(4), 2(1)
Words in s. 55J(6AA)(a)(ii) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 44(4)(a)
Word in s. 55J(6B)(d) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 16(4)(b)(i); 2020 c. 1, Sch. 5 para. 1(1)
S. 55U(1)-(4) excluded (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 33(5)
S. 55B(5) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(3)
S. 55PB inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 31
Word in s. 55V(5)(c) omitted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 8(a) (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
Word in s. 55X(1)(d) omitted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 9(2)(a) (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
S. 55R applied (with modifications) (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), art. 1(2), Sch. para. 5 (with art. 11)
S. 55B(3) modified (26.7.2013 for specified purposes, 2.9.2013 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(5), 59(6)
Words in s. 55Z(1) inserted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 11(3) (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
S. 55Z excluded (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 30(8)
Words in s. 55X(2) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 8(2) (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)
S. 55J(7ZA) inserted (18.3.2016) by The Undertakings for Collective Investment in Transferable Securities Regulations 2016 (S.I. 2016/225), regs. 1, 2(2)
S. 55J(13) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 16(8); 2020 c. 1, Sch. 5 para. 1(1)
Words in s. 55J(4) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(7)(a)
Pt. 4A excluded by S.I. 1998/1870, reg. 14(2)(c) (as substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(5)(b))
Ss. 55E, 55F modified (26.7.2013 for specified purposes, 2.9.2013 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(5), 59(2)(c)
S. 55Z excluded (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 29(8)
Word in s. 55J(7ZA) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 16(6)(a); 2020 c. 1, Sch. 5 para. 1(1)
S. 55U(8) applied (14.2.2014 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 4
Words in s. 55J(6B)(d) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 16(4)(b)(ii); 2020 c. 1, Sch. 5 para. 1(1)
S. 55Y applied by S.I. 2013/1773, reg. 22(4) (as substituted (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(3))(as amended by S.I. 2014/1313, arts. 1, 2(a))
Words in s. 55T inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(c), Sch. 8 para. 6
Words in s. 55O(1)(b) inserted (7.2.2024) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 5(2) (with s. 20(5)); S.I. 2023/936, reg. 2(3)
S. 55PA omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 19; 2020 c. 1, Sch. 5 para. 1(1)
S. 55J(6A)(e)(v) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 16(2)(b)(iv); 2020 c. 1, Sch. 5 para. 1(1)
S. 55J(1)(d) and word inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 5(a)(ii)
S. 55Q(4) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 20(2); 2020 c. 1, Sch. 5 para. 1(1)
S. 55Y applied (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 19(6) (with Pt. 4)
S. 55R(2)-(3B) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 7 (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)
S. 55U(3A) inserted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 7 (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
Words in s. 55D(1)(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 15(4); 2020 c. 1, Sch. 5 para. 1(1)
S. 55A(4) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 5 (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)
Words in s. 55H(5) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(5)(d)
S. 55Y(1A)(1B) inserted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 10(2) (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
S. 55L applied (with modifications) (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), art. 1(2), Sch. para. 2 (with art. 11)
S. 55J(6A)(e)(ii)(iii) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 16(2)(b)(ii); 2020 c. 1, Sch. 5 para. 1(1)
S. 55A(3) modified (1.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (S.I. 2015/369), arts. 1, 7(6)(b)
S. 55J(7A)-(7C) repealed (14.5.2025) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 4 (with ss. 1(4), 7(4)); S.I. 2025/572, reg. 2(c)(i)
S. 55E(3A) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(4)
Words in s. 55I(3) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(6)(c)
S. 55M(2) modified by S.I. 1995/1442, reg. 49(2) (as substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 12(c)(i))
S. 55NA(1) excluded (27.9.2023) by The Financial Services and Markets Act 2000 (Exemptions from Financial Promotion General Requirement) Regulations 2023 (S.I. 2023/966), regs. 1(2), 3
Words in s. 55Q(8) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 20(5); 2020 c. 1, Sch. 5 para. 1(1)
S. 55Y applied (with modifications) (5.4.2024) by The Data Reporting Services Regulations 2024 (S.I. 2024/107), regs. 1(2), 13(6); S.I. 2023/1382, reg. 4(c)
S. 55U(1)-(4) excluded (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 31(7)
S. 55J(6AA)(b) omitted (1.1.2024) by virtue of The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 2(2)(b)
S. 55V(1) excluded (1.4.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 15(1) (with art. 16)
S. 55V modified (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 31(8)
S. 55E modified (2.4.2013) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (S.I. 2013/655), arts. 1, 10(5)(c)
Pt. 4A modified (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 31(6)
S. 55A(3) modified (2.4.2013) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (S.I. 2013/655), arts. 1, 10(5)(b)
S. 55V(9)(10) inserted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 10(2)
S. 55U(1)-(4) excluded (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 41(7)
S. 55Y(5)(6) excluded (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 35(2), 37(3)(b), 39(2)(a)(i)(b), 41(2)
Words in s. 55Q(5) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 20(3); 2020 c. 1, Sch. 5 para. 1(1)
S. 55X applied (with modifications) (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 6(5)
S. 55A(3) modified (26.7.2013 for specified purposes, 2.9.2013 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(5), 59(2)(b)
S. 55V modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 41(8)
Words in s. 55D heading substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 15(2); 2020 c. 1, Sch. 5 para. 1(1)
S. 55Z4 applied (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), art. 1(2), Sch. para. 1(d) (with art. 11)
Words in s. 55J(6B)(c) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 16(4)(a); 2020 c. 1, Sch. 5 para. 1(1)
S. 55J(6A)(e)(i) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 16(2)(b)(i); 2020 c. 1, Sch. 5 para. 1(1)
S. 55Y(4) substituted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 10(3) (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
S. 55R(1)(ba)(bb) inserted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 6 (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
S. 55X(3) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 8(3) (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)
S. 55L(2) modified (2.4.2013) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (S.I. 2013/655), arts. 1, 10(4)
S. 55J(1)(b) modified (1.4.2013) by The Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013 (S.I. 2013/440), arts. 1(1), 8(1)
S. 55JA inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 11 para. 2; S.I. 2021/739, reg. 3(p)
S. 55Z3(2) applied by S.I. 2013/1773, reg. 22(4) (as substituted (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(3))(as amended by S.I. 2014/1313, arts. 1, 2(a))
S. 55Z3 applied (with modifications) (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), art. 1(2), Sch. para. 7 (with art. 11)
S. 55J(6A) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 5(b)
S. 55U(8) applied (with modifications) (26.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014 (S.I. 2014/208), arts. 1(3)(4), 2(1)
Words in s. 55J(6A)(c) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 16(2)(a)(i); 2020 c. 1, Sch. 5 para. 1(1)
Words in s. 55J(6AA)(c)(ii) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 44(4)(a)
S. 55Y(9) excluded (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 38(3)(b), 40(2)(a)(i)(b), 42(2)
Words in s. 55Z(2) inserted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 11(4) (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
S. 55Z3(1) excluded (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 44(3)
Words in s. 55J(7ZB)(b) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 44(4)(a)
S. 55X applied (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), art. 1(2), Sch. para. 1(c) (with art. 11)
Word in s. 55J(1) omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 5(a)(i)
Words in s. 55G(3)(a) substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(2) (with regs. 52-58)
S. 55V modified (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 33(6)
S. 55N applied (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), art. 1(2), Sch. para. 1(a) (with art. 11)
S. 55L(1) modified (1.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (S.I. 2015/369), arts. 1, 7(4)
S. 55Z excluded (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 32(3)(a)
S. 55H(3A)(3B) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(5)(c)
S. 55P applied (with modifications) (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), art. 1(2), Sch. para. 3 (with art. 11)
Words in s. 55G(3)(a) omitted (28.11.2017) by virtue of The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(3) (with regs. 7(4), 9(1))
S. 55KA repealed (14.5.2025) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 4 (with ss. 1(4), 7(4)); S.I. 2025/572, reg. 2(c)(ii)
S. 55J(6A)(e)(iv) omitted (1.1.2024) by virtue of The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 2(2)(a)
S. 55Z excluded (1.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (S.I. 2015/369), arts. 1, 5(7)
S. 55Q applied (with modifications) (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), art. 1(2), Sch. para. 4 (with art. 11)
Words in s. 55K(1)(c) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 17(a); 2020 c. 1, Sch. 5 para. 1(1)
S. 55Z3 excluded (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 34(3), 36(3), 38(4), 40(3), 42(3)
S. 55F modified (2.4.2013) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (S.I. 2013/655), arts. 1, 10(5)(d)
Pt. 4A substituted for ss. 40-55 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 11(2), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.
S. 55Y applied (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), regs. 1, 22(4)
Words in s. 55H(2) substituted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(5)(b)
Words in s. 55J(7ZB) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 16(7) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 33(c)(iii)); 2020 c. 1, Sch. 5 para. 1(1)
S. 55Q(2) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 6 (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)
S. 55J(6AA) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 16(3) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 33(c)(ii)); 2020 c. 1, Sch. 5 para. 1(1) Edit
S. 55A(2A)(2B) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(2)(b)
S. 55U(4)(5)(7)(8) applied (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 4
S. 55U(7) applied (14.2.2014 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 4
S. 55B(3) excluded (15.7.2025 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025 (S.I. 2025/859), arts. 1(2)(3), 11(6)
S. 55S omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 22; 2020 c. 1, Sch. 5 para. 1(1)
S. 55R(4)-(9) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 21; 2020 c. 1, Sch. 5 para. 1(1)
S. 55J(7ZC) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(7)(b)
S. 55XA inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(10)
S. 55F modified (1.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (S.I. 2015/369), arts. 1, 7(6)(d)
Pt. 4A modified by S.I. 2018/1149, reg. 43 (as inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 2)
S. 55J(7ZA)(c) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 16(6)(b); 2020 c. 1, Sch. 5 para. 1(1)
S. 55J(7) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 16(5); 2020 c. 1, Sch. 5 para. 1(1)
Words in s. 55O(3) inserted (7.2.2024) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 5(4) (with s. 20(5)); S.I. 2023/936, reg. 2(3)
S. 55A(3) excluded by S.I. 2011/2832, art. 5(3) (as amended) (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 220(a)(iii)
Words in s. 55I(2) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(6)(b)
S. 55L(2) modified (1.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (S.I. 2015/369), arts. 1, 7(5)
S. 55U(7) applied (with modifications) (26.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014 (S.I. 2014/208), arts. 1(3)(4), 2(1)
S. 55L(2) modified by S.I. 1995/1442, reg. 49(2) (as substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 12(c)(i))
Words in s. 55I(1) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(6)(a)
Words in s. 55O(2)(a) substituted (7.2.2024) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 5(3) (with s. 20(5)); S.I. 2023/936, reg. 2(3)
S. 55Z3(2) applied by S.I. 2013/1773, reg. 75(8) (as added) (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(7)(e) (as amended by S.I. 2014/1313, arts. 1, 2(a))
S. 55X(5) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(9)
S. 55V(1) excluded (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 15(1) (with art. 16)
Ss. 55NA, 55NB inserted (29.6.2023 for specified purposes, 6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), ss. 20(3), 86(1)(c) (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(a)(iii)(3)(4) (with reg. 3)
S. 55E modified (1.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (S.I. 2015/369), arts. 1, 7(6)(c)
Ss. 55T-55V applied (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), art. 1(2), Sch. para. 1(b) (with art. 11)
S. 55K(1)(a) modified (1.4.2013) by The Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013 (S.I. 2013/440), arts. 1(1), 8(2)
Words in s. 55L(6) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(c), Sch. 8 para. 5
Words in s. 55H(4) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(c), Sch. 8 para. 4
S. 55Y(7) excluded (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 36(2)
Word in s. 55D substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 15(3); 2020 c. 1, Sch. 5 para. 1(1)
S. 55H(4A) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 4
S. 55M(6A) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(8)
Words in s. 55A(2) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(2)(a)
S. 55J(1) modified by S.I. 1995/1442, reg. 49(2) (as substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 12(c)(i))
Word in s. 55J(7ZA)(b) inserted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(2)(b)(ii)
S. 55Z3(1) excluded (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 46(4)
S. 55Z3(1) excluded (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 42(3)
Words in s. 55H(3) substituted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(5)(b)
S. 55J(6B)(6C) inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 1(3) (with Pt. 4)
Words in s. 55Z heading inserted (6.9.2023 for specified purposes, 6.11.2023 for specified purposes, 7.2.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 11(2) (with s. 20(5)); S.I. 2023/936, reg. 2(1)(a)(b)(2)(b)(ii)(3)(4)
Pt. 4A modified (7.11.2018) by The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), regs. 1(2), 5-7 (with regs. 4, 8-19) (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2))