http://www.legislation.gov.uk/ukpga/2000/8/part/II/2018-07-21Financial Services and Markets Act 2000An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.2000-06-15texttext/xmlenStatute Law Database2026-07-30Expert Participation2018-07-21 Part II Regulated And Prohibited Activities The general prohibition The general prohibition.191No person may carry on a regulated activity in the United Kingdom, or purport to do so, unless he is—aan authorised person; orban exempt person.2The prohibition is referred to in this Act as the general prohibition. Requirement for permission Authorised persons acting without permission.201If an authorised person other than a PRA-authorised person carries on a regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with permission—agiven to that person under Part 4A, orbresulting from any other provision of this Act,he is to be taken to have contravened a requirement imposed on him by the FCA under this Act.1AIf a PRA-authorised person carries on a regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with permission given to the person under Part 4A or resulting from any other provision of this Act, the person is to be taken to have contravened—aa requirement imposed by the FCA, andba requirement imposed by the PRA.2A contravention within subsection (1) or (1A)—adoes not, except as provided by section 23(1A), make a person guilty of an offence,bdoes not, except as provided by section 26A, make any transaction void or unenforceable, andcdoes not, except as provided by subsection (3), give rise to any right of action for breach of statutory duty.3In prescribed cases a contravention within subsection (1) or (1A) is actionable at the suit of a person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.4Subsections (1) and (1A) are subject to section 39(1D).5References in this Act to an authorised person acting in contravention of this section are references to the person acting in a way that results in a contravention within subsection (1) or (1A). Financial promotion Restrictions on financial promotion.211A person (“A”) must not, in the course of business, communicate an invitation or inducement to engage in investment activity.2But subsection (1) does not apply if—aA is an authorised person; orbthe content of the communication is approved for the purposes of this section by an authorised person.3In the case of a communication originating outside the United Kingdom, subsection (1) applies only if the communication is capable of having an effect in the United Kingdom.4The Treasury may by order specify circumstances in which a person is to be regarded for the purposes of subsection (1) as—aacting in the course of business;bnot acting in the course of business.5The Treasury may by order specify circumstances (which may include compliance with financial promotion rules) in which subsection (1) does not apply.6An order under subsection (5) may, in particular, provide that subsection (1) does not apply in relation to communications—aof a specified description;boriginating in a specified country or territory outside the United Kingdom;coriginating in a country or territory which falls within a specified description of country or territory outside the United Kingdom; ordoriginating outside the United Kingdom.7The Treasury may by order repeal subsection (3).8“Engaging in investment activity” means—aentering or offering to enter into an agreement the making or performance of which by either party constitutes a controlled activity; orbexercising any rights conferred by a controlled investment to acquire, dispose of, underwrite or convert a controlled investment.9An activity is a controlled activity if—ait is an activity of a specified kind or one which falls within a specified class of activity; andbit relates to an investment of a specified kind, or to one which falls within a specified class of investment.10An investment is a controlled investment if it is an investment of a specified kind or one which falls within a specified class of investment.11Schedule 2 (except paragraph 26) applies for the purposes of subsections (9) and (10) with references to section 22 being read as references to each of those subsections.12Nothing in Schedule 2, as applied by subsection (11), limits the powers conferred by subsection (9) or (10).13“Communicate” includes causing a communication to be made.14“Investment” includes any asset, right or interest.15“Specified” means specified in an order made by the Treasury. Regulated activities<Substitution ChangeId="key-99ee070f7801972c431e45558b1fd644-1491393601528" CommentaryRef="key-99ee070f7801972c431e45558b1fd644">Regulated activities</Substitution>221An activity is a regulated activity for the purposes of this Act if it is an activity of a specified kind which is carried on by way of business and—arelates to an investment of a specified kind; orbin the case of an activity of a kind which is also specified for the purposes of this paragraph, is carried on in relation to property of any kind.1AAn activity is also a regulated activity for the purposes of this Act if it is an activity of a specified kind which is carried on by way of business and relates to—ainformation about a person's financial standing, ...bthe setting of a specified benchmark , or cadministering a benchmark.2Schedule 2 makes provision supplementing this section.3Nothing in Schedule 2 limits the powers conferred by subsection (1) or (1A).4“Investment” includes any asset, right or interest.5“Specified” means specified in an order made by the Treasury.6For the purposes of subsection (1A)(b), “ benchmark” means an index, rate or price that—ais determined from time to time by reference to the state of the market,bis made available to the public (whether free of charge or on payment), andcis used for reference for purposes that include one or more of the following—idetermining the interest payable, or other sums due, under loan agreements or under other contracts relating to investments;iidetermining the price at which investments may be bought or sold or the value of investments;iiimeasuring the performance of investments.6AFor the purposes of subsection (1A)(c), “benchmark” has the meaning given by Article 3 of the EU Benchmarks Regulation 2016, and “administering” a benchmark means acting as an administrator of that benchmark within the meaning of that Article.<Addition ChangeId="key-ec233238e5d6a78bb187ea1c4ef970e7-1491393210645" CommentaryRef="key-ec233238e5d6a78bb187ea1c4ef970e7">Designation of activities requiring prudential regulation by PRA</Addition>22A1The Treasury may by order specify the regulated activities that are “PRA-regulated activities” for the purposes of this Act.2An order under subsection (1) may—aprovide for exceptions;bconfer powers on the Treasury or either regulator;cauthorise the making of rules or other instruments by either regulator for purposes of, or connected with, any relevant provision;dmake provision in respect of any information or document which in the opinion of the Treasury or either regulator is relevant for purposes of, or connected with, any relevant provision;emake such consequential, transitional, or supplemental provision as the Treasury consider appropriate for purposes of, or connected with, any relevant provision.3Provision made as a result of subsection (2)(e) may amend any primary or subordinate legislation, including any provision of, or made under, this Act.4“Relevant provision” means this section or any provision made under this section.<Addition ChangeId="key-ec233238e5d6a78bb187ea1c4ef970e7-1491393210645" CommentaryRef="key-ec233238e5d6a78bb187ea1c4ef970e7">Parliamentary control in relation to certain orders under section 22A</Addition>22B1This section applies to the first order made under section 22A(1).2This section also applies to any subsequent order made under section 22A(1) which—acontains a statement by the Treasury that, in their opinion, the effect (or one of the effects) of the proposed order would be—ithat an activity would become a PRA-regulated activity, oriithat a PRA-regulated activity would become a regulated activity that is not a PRA-regulated activity, orbamends primary legislation.3No order to which this section applies may be made unless—aa draft of the order has been laid before Parliament and approved by a resolution of each House, orbsubsection (5) applies.4Subsection (5) applies if an order to which this section applies contains a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the order without a draft being so laid and approved.5Where this subsection applies the order—amust be laid before Parliament after being made, andbceases to have effect at the end of the relevant period unless before the end of that period the order is approved by a resolution of each House of Parliament (but without that affecting anything done under the order or the power to make a new order).6The “relevant period” is a period of 28 days beginning with the day on which the order is made.7In calculating the relevant period no account is to be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than 4 days. Offences Contravention of the general prohibition <Addition ChangeId="key-e405c917bf9fe8e49bebba9bdb4a3da3-1516110554190" CommentaryRef="key-e405c917bf9fe8e49bebba9bdb4a3da3">or section 20(1) or (1A)</Addition>.231A person who contravenes the general prohibition is guilty of an offence and liable—aon summary conviction, to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum, or both;bon conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both.1AAn authorised person (“A”) is guilty of an offence if A carries on a credit-related regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with permission—agiven to that person under Part 4A, orbresulting from any other provision of this Act.1BIn this Act “credit-related regulated activity” means a regulated activity of a kind designated by the Treasury by order.1CThe Treasury may designate a regulated activity under subsection (1B) only if the activity involves a person—aentering into or administering an agreement under which the person provides another person with credit,bexercising or being able to exercise the rights of the lender under an agreement under which another person provides a third party with credit, orctaking steps to procure payment of debts due under an agreement under which another person is provided with credit.1DBut a regulated activity may not be designated under subsection (1B) if the agreement in question is one under which the obligation of the borrower is secured on land.1E“Credit” includes any cash loan or other financial accommodation.1FA person guilty of an offence under subsection (1A) is liable—aon summary conviction, to imprisonment for a term not exceeding the applicable maximum term or a fine not exceeding the statutory maximum, or both;bon conviction on indictment, to imprisonment for a term not exceeding two years, or a fine, or both.1GThe “applicable maximum term” is—ain England and Wales, 12 months (or 6 months, if the offence was committed before the commencement of section 154(1) of the Criminal Justice Act 2003);bin Scotland, 12 months;cin Northern Ireland, 6 months.2In this Act “an authorisation offence” means an offence under this section.3In proceedings for an authorisation offence it is a defence for the accused to show that he took all reasonable precautions and exercised all due diligence to avoid committing the offence.4Subsection (1A) is subject to section 39(1D).5No proceedings may be brought against a person in respect of an offence under subsection (1A) in a case where either regulator has taken action under section 205, 206 or 206A in relation to the alleged contravention within section 20(1) or (1A).<Addition ChangeId="key-243c81e25b51bce9d7a97191b0981ea6-1516203264980" CommentaryRef="key-243c81e25b51bce9d7a97191b0981ea6">Parliamentary control in relation to certain orders under section 23</Addition>23A1This section applies to the first order made under section 23(1B).2This section also applies to any subsequent order made under section 23(1B) which contains a statement by the Treasury that, in their opinion, the effect (or one of the effects) of the proposed order would be that an activity would become a credit-related regulated activity.3An order to which this section applies may not be made unless a draft of the order has been laid before Parliament and approved by a resolution of each House. False claims to be authorised or exempt.241A person who is neither an authorised person nor, in relation to the regulated activity in question, an exempt person is guilty of an offence if he—adescribes himself (in whatever terms) as an authorised person;bdescribes himself (in whatever terms) as an exempt person in relation to the regulated activity; orcbehaves, or otherwise holds himself out, in a manner which indicates (or which is reasonably likely to be understood as indicating) that he is—ian authorised person; oriian exempt person in relation to the regulated activity.2In proceedings for an offence under this section it is a defence for the accused to show that he took all reasonable precautions and exercised all due diligence to avoid committing the offence.3A person guilty of an offence under this section is liable on summary conviction to imprisonment for a term not exceeding six months or a fine not exceeding level 5 on the standard scale, or both.4But where the conduct constituting the offence involved or included the public display of any material, the maximum fine for the offence is level 5 on the standard scale multiplied by the number of days for which the display continued. Contravention of section 21.251A person who contravenes section 21(1) is guilty of an offence and liable—aon summary conviction, to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum, or both;bon conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both.2In proceedings for an offence under this section it is a defence for the accused to show—athat he believed on reasonable grounds that the content of the communication was prepared, or approved for the purposes of section 21, by an authorised person; orbthat he took all reasonable precautions and exercised all due diligence to avoid committing the offence. Enforceability of agreements Agreements made by unauthorised persons.261An agreement made by a person in the course of carrying on a regulated activity in contravention of the general prohibition is unenforceable against the other party.2The other party is entitled to recover—aany money or other property paid or transferred by him under the agreement; andbcompensation for any loss sustained by him as a result of having parted with it.3“Agreement” means an agreement—amade after this section comes into force; andbthe making or performance of which constitutes, or is part of, the regulated activity in question.4This section does not apply if the regulated activity is accepting deposits.<Addition ChangeId="key-c0d13b7a6224f86b089a1f6f0b12f32e-1516203312061" CommentaryRef="key-c0d13b7a6224f86b089a1f6f0b12f32e">Agreements relating to credit</Addition>26A1An agreement that is made by an authorised person in contravention of section 20 is unenforceable against the other party if the agreement is entered into in the course of carrying on a credit-related regulated activity involving matters falling within section 23(1C)(a).2The other party is entitled to recover—aany money or other property paid or transferred by that party under the agreement, andbcompensation for any loss sustained by that party as a result of having parted with it.3In subsections (1) and (2) “agreement” means an agreement—awhich is made after this section comes into force, andbthe making or performance of which constitutes, or is part of, the credit-related regulated activity.4If the administration of an agreement involves the carrying on of a credit-related regulated activity, the agreement may not be enforced by a person for the time being exercising the rights of the lender under the agreement unless that personahas permission, given under Part 4A or resulting from any other provision of this Act, in relation to that activitybis an appointed representative in relation to that activity,cis an exempt person in relation to that activity, ordis a person to whom, as a result of Part 20, the general prohibition does not apply in relation to that activity.5If the taking of steps to procure payment of debts due under an agreement involves the carrying on of a credit-related regulated activity, the agreement may not be enforced by a person for the time being exercising the rights of the lender under the agreement unless athe agreement is enforced in accordance with permission—igiven under Part 4A to the person enforcing the agreement, orii resulting from any other provision of this Act.bthat person is an appointed representative in relation to that activity,cthat person is an exempt person in relation to that activity, ordthat person is a person to whom, as a result of Part 20, the general prohibition does not apply in relation to that activity. Agreements made through unauthorised persons.271This section applies to an agreement that—ais made by an authorised person (“the provider”) in the course of carrying on a regulated activity,bis not made in contravention of the general prohibition,cif it relates to a credit-related regulated activity, is not made in contravention of section 20, anddis made in consequence of something said or done by another person (“the third party”) in the course of—ia regulated activity carried on by the third party in contravention of the general prohibition, oriia credit-related regulated activity carried on by the third party in contravention of section 20.1ZABut this section does not apply to a regulated credit agreement or a regulated consumer hire agreement unless the provider knows before the agreement is made that the third party had some involvement in the making of the agreement or matters preparatory to its making.1A An agreement to which this section applies is unenforceable against the other party.2The other party is entitled to recover—aany money or other property paid or transferred by him under the agreement; andbcompensation for any loss sustained by him as a result of having parted with it.3“Agreement” means an agreement—amade after this section comes into force; andbthe making or performance of which constitutes, or is part of, the regulated activity in question carried on by the provider.4This section does not apply if the regulated activity is accepting deposits.5For the purposes of subsection (1ZA)—“regulated consumer hire agreement” has the meaning given by article 60N of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544);“regulated credit agreement” has the meaning given by article 60B of that Order. Agreements made unenforceable by section 26 or 27<Addition ChangeId="key-161c9f30ab9dd844efd1cef38a83d4a7-1516110399212" CommentaryRef="key-161c9f30ab9dd844efd1cef38a83d4a7">: general cases</Addition>.281This section applies to an agreement which is unenforceable because of section 26 or 27, other than an agreement entered into in the course of carrying on a credit-related regulated activity.2The amount of compensation recoverable as a result of that section is—athe amount agreed by the parties; orbon the application of either party, the amount determined by the court.3If the court is satisfied that it is just and equitable in the circumstances of the case, it may allow—athe agreement to be enforced; orbmoney and property paid or transferred under the agreement to be retained.4In considering whether to allow the agreement to be enforced or (as the case may be) the money or property paid or transferred under the agreement to be retained the court must—aif the case arises as a result of section 26, have regard to the issue mentioned in subsection (5); orbif the case arises as a result of section 27, have regard to the issue mentioned in subsection (6).5The issue is whether the person carrying on the regulated activity concerned reasonably believed that he was not contravening the general prohibition by making the agreement.6The issue is whether the provider knew that the third party was (in carrying on the regulated activity) contravening the general prohibition.7If the person against whom the agreement is unenforceable—aelects not to perform the agreement, orbas a result of this section, recovers money paid or other property transferred by him under the agreement,he must repay any money and return any other property received by him under the agreement.8If property transferred under the agreement has passed to a third party, a reference in section 26 or 27 or this section to that property is to be read as a reference to its value at the time of its transfer under the agreement.9The commission of an authorisation offence does not make the agreement concerned illegal or invalid to any greater extent than is provided by section 26 or 27.<Addition ChangeId="key-b891dcf407684f82258b3faed29f0bc2-1516203344753" CommentaryRef="key-b891dcf407684f82258b3faed29f0bc2">Credit-related agreements made unenforceable by section 26, 26A or 27</Addition>28A1This section applies to an agreement that—ais entered into in the course of carrying on a credit-related regulated activity, andbis unenforceable because of section 26, 26A or 27.2The amount of compensation recoverable as a result of that section is—athe amount agreed by the parties, orbon the application of either party, the amount specified in a written notice given by the FCA to the applicant.3If on application by the relevant firm the FCA is satisfied that it is just and equitable in the circumstances of the case, it may by written notice to the applicant allow—athe agreement to be enforced, orbmoney paid or property transferred under the agreement to be retained.4In considering whether to allow the agreement to be enforced or (as the case may be) the money or property paid or transferred under the agreement to be retained the FCA must—aif the case arises as a result of section 26 or 26A, have regard to the issue mentioned in subsection (5), orbif the case arises as a result of section 27, have regard to the issue mentioned in subsection (6).5The issue is whether the relevant firm reasonably believed that by making the agreement the relevant firm was neither contravening the general prohibition nor contravening section 20.6The issue is whether the provider knew that the third party was (in carrying on the credit-related regulated activity) either contravening the general prohibition or contravening section 20.7An application to the FCA under this section by the relevant firm may relate to specified agreements or to agreements of a specified description or made at a specified time.8“The relevant firm” means—ain a case falling within section 26, the person in breach of the general prohibition;bin a case falling within section 26A or 27, the authorised person concerned.9If the FCA thinks fit, it may when acting under subsection (2)(b) or (3)—alimit the determination in its notice to specified agreements, or agreements of a specified description or made at a specified time;bmake the determination in its notice conditional on the doing of specified acts by the applicant.<Addition ChangeId="key-b891dcf407684f82258b3faed29f0bc2-1516203344753" CommentaryRef="key-b891dcf407684f82258b3faed29f0bc2">Decisions under section 28A: procedure</Addition>28B1A notice under section 28A(2)(b) or (3) must—agive the FCA's reasons for its determination, andbgive an indication of—ithe right to have the matter referred to the Tribunal that is conferred by subsection (3), andiithe procedure on such a reference.2The FCA must, so far as it is reasonably practicable to do so, give a copy of the notice to any other person who appears to it to be affected by the determination to which the notice relates.3A person who is aggrieved by the determination of an application under section 28A(2)(b) or (3) may refer the matter to the Tribunal. Accepting deposits in breach of general prohibition.291This section applies to an agreement between a person (“the depositor”) and another person (“the deposit-taker”) made in the course of the carrying on by the deposit-taker of accepting deposits in contravention of the general prohibition.2If the depositor is not entitled under the agreement to recover without delay any money deposited by him, he may apply to the court for an order directing the deposit-taker to return the money to him.3The court need not make such an order if it is satisfied that it would not be just and equitable for the money deposited to be returned, having regard to the issue mentioned in subsection (4).4The issue is whether the deposit-taker reasonably believed that he was not contravening the general prohibition by making the agreement.5“Agreement” means an agreement—amade after this section comes into force; andbthe making or performance of which constitutes, or is part of, accepting deposits. Enforceability of agreements resulting from unlawful communications.301In this section—“unlawful communication” means a communication in relation to which there has been a contravention of section 21(1);“controlled agreement” means an agreement the making or performance of which by either party constitutes a controlled activity for the purposes of that section; and“controlled investment” has the same meaning as in section 21.2If in consequence of an unlawful communication a person enters as a customer into a controlled agreement, it is unenforceable against him and he is entitled to recover—aany money or other property paid or transferred by him under the agreement; andbcompensation for any loss sustained by him as a result of having parted with it.3If in consequence of an unlawful communication a person exercises any rights conferred by a controlled investment, no obligation to which he is subject as a result of exercising them is enforceable against him and he is entitled to recover—aany money or other property paid or transferred by him under the obligation; andbcompensation for any loss sustained by him as a result of having parted with it.4But the court may allow—athe agreement or obligation to be enforced, orbmoney or property paid or transferred under the agreement or obligation to be retained,if it is satisfied that it is just and equitable in the circumstances of the case.5In considering whether to allow the agreement or obligation to be enforced or (as the case may be) the money or property paid or transferred under the agreement to be retained the court must have regard to the issues mentioned in subsections (6) and (7).6If the applicant made the unlawful communication, the issue is whether he reasonably believed that he was not making such a communication.7If the applicant did not make the unlawful communication, the issue is whether he knew that the agreement was entered into in consequence of such a communication.8“Applicant” means the person seeking to enforce the agreement or obligation or retain the money or property paid or transferred.9Any reference to making a communication includes causing a communication to be made.10The amount of compensation recoverable as a result of subsection (2) or (3) is—athe amount agreed between the parties; orbon the application of either party, the amount determined by the court.11If a person elects not to perform an agreement or an obligation which (by virtue of subsection (2) or (3)) is unenforceable against him, he must repay any money and return any other property received by him under the agreement.12If (by virtue of subsection (2) or (3)) a person recovers money paid or property transferred by him under an agreement or obligation, he must repay any money and return any other property received by him as a result of exercising the rights in question.13If any property required to be returned under this section has passed to a third party, references to that property are to be read as references to its value at the time of its receipt by the person required to return it.S. 20 excluded (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 62(1)-(4); S.I. 2001/3538, art. 2(1)S. 20 applied (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 62(5); S.I. 2001/3538, art. 2(1)S. 20 modified (31.10.2001) by S.I. 2001/3374, art. 1, Sch. para. 2S. 20 wholly in force at 1.12.2001; s. 20 not in force at Royal Assent see s. 431(2); s. 20(3) in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 20 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)S. 21 wholly in force at 1.12.2001; s. 21 not in force at Royal Assent see s. 431(2); s. 21 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 21 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)S. 21(1) modified (31.10.2001) by S.I. 2001/3374, art. 1, Sch. para. 6S. 22 applied (1.9.2002) by 1974 c. 39, s. 16(6E)(a) (as inserted (1.9.2002) by 2001/544, arts. 2(2)(b), 90(2))S. 25(2)(a) modified (31.10.2001) by S.I. 2001/3374, art. 1, Sch. para. 6S. 26(1)(2) applied (1.12.2001) by S.I. 2001/2657, arts. 1(1), 5(1)(4) (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1)S. 26(1)(2) applied (1.12.2001) by S.I. 2001/3083, arts. 1(2), 5(1); S.I. 2001/3538, art. 2(1)S. 27(1)(2) applied (1.12.2001) by S.I. 2001/2657, arts. 1(1), 5(2)(5) (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1)S. 27(1)(2) applied (1.12.2001) by S.I. 2001/3083, arts. 1(2), 5(2); S.I. 2001/3538, art. 2(1)S. 28 applied (with modifications) (1.12.2001) by S.I. 2001/2657, arts. 1(1), 5(6) (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1)S. 28 applied (with modifications) (1.12.2001) by S.I. 2001/3083, arts. 1(2), 5(6); S.I. 2001/3538, art. 2(1)S. 20 modified (31.10.2004) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Mortgages) Order 2004 (S.I. 2004/2615), arts. 1(2)(b), 5, Sch. para. 2S. 21(1) modified (31.10.2004) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Mortgages) Order 2004 (S.I. 2004/2615), arts. 1(2)(b), 5, Sch. para. 6S. 25(2)(a) modified (31.10.2004) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Mortgages) Order 2004 (S.I. 2004/2615), arts. 1(2)(b), 5, Sch. para. 6S. 20 modified (14.1.2005) by The Financial Services and Markets Act 2000 (Transitional Provisions) (General Insurance Intermediaries) Order 2004 (S.I. 2004/3351), arts. 1(2)(b), 5, Sch. para. 2S. 21(1) modified (14.1.2005) by The Financial Services and Markets Act 2000 (Transitional Provisions) (General Insurance Intermediaries) Order 2004 (S.I. 2004/3351), arts. 1(2)(b), 5, Sch. para. 6S. 25(2)(a) modified (14.1.2005) by The Financial Services and Markets Act 2000 (Transitional Provisions) (General Insurance Intermediaries) Order 2004 (S.I. 2004/3351), arts. 1(2)(b), 5, Sch. para. 6S. 20 modified (6.4.2007) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(3), 7, Sch. para. 2S. 21(1) modified (6.4.2007) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(3), 7, Sch. para. 6S. 20 modified (30.6.2008 for certain purposes, otherwise 1.1.2009) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2007 (S.I. 2007/3510), arts. 1(2), 7(1)(2)S. 21(2) modified (30.6.2008 for certain purposes, otherwise 1.1.2009) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2007 (S.I. 2007/3510), arts. 1(2), 8(1)(3)S. 20 modified (1.7.2009 for certain purposes, otherwise 30.6.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 34, {Sch. paras. 1, 2}S. 21(2) modified (1.7.2009 for certain purposes, otherwise 30.6.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 34, {Sch. paras. 1, 3}S. 20 modified (1.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (S.I. 2015/369), arts. 1, 7(3)S. 22 applied by S.I. 2013/380, Sch. 6 para. 11(9) (as inserted (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), art. 1(2)(6), Sch. para. 45(b))S. 23(4)(5) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 3(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.Words in s. 28 heading inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 7(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.S. 22 applied by S.I. 2008/1741, reg. 112(5) (as inserted (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), art. 1(2)(6), Sch. para. 37(b))S. 22 applied (E.W.) (7.6.2013) by The Energy Supply Company Administration Rules 2013 (S.I. 2013/1046), rules 1, 10(7)(a) (with rules 3, 208)S. 23(1A)-(1G) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 3(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.S. 23A inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 4 (with Sch. 20); S.I. 2013/423, art. 3, Sch.S. 22 applied by 2007 c. 3, s. 564B(1A) (as inserted (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), art. 1(2)(6), Sch. para. 12(b))S. 20(1)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 2(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.Words in s. 26A(5) renumbered as s. 26A(5)(a)(i)(ii) (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 27(3)(a), 41(3); S.I. 2016/627, reg. 2(1)(u)S. 22 applied by S.I. 2007/2157, reg. 23(6) (as inserted (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), art. 1(2)(6), Sch. para. 31(5)(b))Words in s. 27(1A) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 28(3), 41(3); S.I. 2016/627, reg. 2(1)(v)Words in s. 22(6) substituted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 38(d)Words in s. 20(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 2(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.S. 20 modified (2.4.2013) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (S.I. 2013/655), arts. 1, 10(3)S. 22 applied by S.I. 2004/400, reg. 5(7) (as inserted (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), art. 1(2)(6), Sch. para. 25(b))Word in s. 20(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 2(2)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.S. 20(1)(1A) excluded (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), regs. 1, 76(2), 78(4)Words in s. 26A(4) renumbered as s. 26A(4)(a) (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 27(2)(a), 41(3); S.I. 2016/627, reg. 2(1)(u)S. 22 applied by 2009 c. 4, s. 502(1A) (as inserted (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), art. 1(2)(6), Sch. para. 16(b))S. 25 applied (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), regs. 1, 52(2)(3)S. 22(1A) inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 7(1)(a), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1Words in s. 26A(5) renumbered as s. 26A(5)(a) (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 27(3)(a), 41(3); S.I. 2016/627, reg. 2(1)(u)S. 30 applied (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), regs. 1, 52(5)S. 22(1A)(c) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 38(c)S. 22 applied by S.S.I. 2011/141, Sch. 4 para. 1(2) (as substituted (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), art. 1(2)(6), Sch. para. 43(a))S. 28A 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(2)S. 22 applied by S.I. 2001/497, reg. 113(6) (as inserted (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), art. 1(2)(6), Sch. para. 23(b))S. 24(4) omitted (E.W.) (12.3.2015) by virtue of The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Fines on Summary Conviction) Regulations 2015 (S.I. 2015/664), reg. 1(1), Sch. 5 para. 7 (with reg. 5(1))S. 27(1ZA) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 28(2), 41(3); S.I. 2016/627, reg. 2(1)(v)Words in s. 22(3) inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 7(1)(b), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1S. 22 applied (16.8.2013) by The Democratic People s Republic of Korea (European Union Financial Sanctions) Regulations 2013 (S.I. 2013/1877), regs. 1(1), 2(2)(a) (with reg. 21)Words in s. 28(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 7(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.S. 22 applied by S.I. 2008/570, Sch. para. 11(2) (as substituted (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), art. 1(2)(6), Sch. para. 35)S. 26A(4)(b)-(d) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 27(2)(b), 41(3); S.I. 2016/627, reg. 2(1)(u)S. 22 applied by S.I. 2012/2079, reg. 2(1A) (as inserted (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), art. 1(2)(6), Sch. para. 44(a)(ii))Word in s. 22(1A)(b) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 38(b)S. 22 heading substituted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 7(1)(d), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1S. 19(1) excluded (temp.) by S.I. 2013/1773, reg. 72(6B)(a) (as inserted (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(5)(b))(as amended by S.I. 2014/1313, arts. 1, 2(a))S. 21(1) excluded (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), regs. 1(2)(3)(4)(6), 14(1) (with reg. 7)Word in s. 22(1A)(a) omitted (27.2.2018) by virtue of The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 38(a)S. 26A(5)(b)-(d) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 27(3)(b), 41(3); S.I. 2016/627, reg. 2(1)(u)S. 20(4)(5) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 2(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.S. 20(1A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 2(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.S. 27(5) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 28(4), 41(3); S.I. 2016/627, reg. 2(1)(v)S. 22 applied by S.I. 2001/341, reg. 114(6) (as inserted (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), art. 1(2)(6), Sch. para. 22(b))Ss. 28A, 28B inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 8 (with Sch. 20); S.I. 2013/423, art. 3, Sch.S. 27(1)(1A) substituted for s. 27(1) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 6 (with Sch. 20); S.I. 2013/423, art. 3, Sch.S. 26A inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 5 (with Sch. 20); S.I. 2013/423, art. 3, Sch.S. 22 applied by S.I. 2008/700, Sch. para. 12(2) (as substituted (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), art. 1(2)(6), Sch. para. 36)S. 21(2) 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(3)S. 22(6A) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 38(e)Words in s. 23 heading inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 3(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.S. 22 applied by 2003 c. 1, s. 554O(6) (as inserted (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), art. 1(2)(6), Sch. para. 9(c))Ss. 22A, 22B inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 9, 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1Words in s. 20(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 2(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.S. 20(1)(1A) excluded (temp.) by S.I. 2013/1773, reg. 72(6B)(a) (as inserted (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(5)(b))(as amended by S.I. 2014/1313, arts. 1, 2(a))S. 22(6) inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 7(1)(c), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1S. 20(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 2(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.S. 21(1) excluded (3.7.2002) by Welsh Development Agency Act 1975 (c. 70), Sch. 1 para. 21 (as substituted) by The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 (S.I. 2002/1555), arts. 1, 6