PART 2

Amendments of Financial Services and Markets Act 2000

Miscellaneous amendments of FSMA 2000

Interpretation of FSMA 2000
48
1
In section 417 of FSMA 2000 (definitions), in subsection (1)—
a
omit the definition of “the Authority”,
b
in the definition of “control of information rules” for “section 147(1)” substitute “ section 137P ”,
c
after that definition insert—
- “credit-related regulated activity” has the meaning given in section 23(1B);
,
d
after the definition of “exempt person” insert—
“the FCA” means the Financial Conduct Authority;
,
e
in the definition of “financial promotion rules” for “section 145” substitute “ section 137R ”,
f
for the definition of “general rules” substitute—
“general rules”—
a
in relation to the FCA, has the meaning given in section 137A(2), and
b
in relation to the PRA, has the meaning given in section 137G(2);
,
g
omit the definition of “money laundering rules”,
h
omit the definition of “notice of control”,
i
for the definition of “Part IV permission” substitute—
“Part 4A permission” has the meaning given in section 55A(5);
,
j
after the definition of “partnership” insert—
“the PRA” means the Prudential Regulation Authority;
“PRA-authorised person” has the meaning given in section 2B(5);
“PRA-regulated activity” has the meaning given in section 22A;
,
k
in the definition of “price stabilising rules” for “section 144” substitute “ section 137Q ”,
l
after that definition insert—
- “principal” in relation to an appointed representative, is to be read in accordance with section 39;
,
m
in the definition of “regulating provisions” for “section “159(1)” substitute “ section 140A ”,
n
after that definition insert—
- “regulator” has the meaning given in section 3A(2);
,
o
omit the definitions of “regulatory objectives” and “regulatory provisions”,
p
for the definition of “rule” substitute—
“rule” means a rule made by the FCA or the PRA under this Act;
,
q
in the definition of “rule-making instrument” for “section 153” substitute “ section 138G ”,
r
for the definition of “threshold conditions” substitute—
“threshold conditions”, in relation to a regulated activity, has the meaning given in section 55B(1);
,
s
in the definition of “UK authorised person” for “section 178(4)” substitute “ section 191G(1) ”, and
t
in the definition of “the UK financial system” for “section 3” substitute “ section 1I ”.
2
After section 421 of FSMA 2000 insert—

Immediate group
421ZA
In this Act “immediate group”, in relation to a person (“A”), means—
a
A;
b
a parent undertaking of A;
c
a subsidiary undertaking of A;
d
a subsidiary undertaking of a parent undertaking of A;
e
a parent undertaking of a subsidiary undertaking of A.
3
After section 425B of FSMA 2000 insert—

Qualifying EU provision”
425C
1
In this Act “qualifying EU provision” means a provision of—
a
a directly applicable EU regulation, or
b
an EU decision for whose enforcement the United Kingdom is required by an EU obligation to make provision.
2
In subsection (1)(b) “EU decision” means a decision under an EU directive or EU regulation.
S. 48(1)(d)(j)(n)(2)(3) in force at 24.1.2013 by S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
S. 48(1)(a)-(c) (e)(i) s. 48(1)(k)-(m) s. 48(1)(o)-(t) in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.