http://www.legislation.gov.uk/ukpga/2012/21/section/91/2017-03-01Financial Services Act 2012An Act to amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; to make other provision about financial services and markets; to make provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; to amend section 785 of the Companies Act 2006; to make provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes.texttext/xmlenStatute Law Database2026-08-12Expert Participation2017-03-01 Financial Services Act 2012ActWater Act 2014s. 79(4)s. 94(3)Financial Services Act 2012ActWater Act 2014s. 81(10)s. 94(3) PART 7 911A person (“A”) who makes to another person (“B”) a false or misleading statement commits an offence if—aA makes the statement in the course of arrangements for the setting of a relevant benchmark,bA intends that the statement should be used by B for the purpose of the setting of a relevant benchmark, andcA knows that the statement is false or misleading or is reckless as to whether it is.2A person (“C”) who does any act or engages in any course of conduct which creates a false or misleading impression as to the price or value of any investment or as to the interest rate appropriate to any transaction commits an offence if—aC intends to create the impression,bthe impression may affect the setting of a relevant benchmark,cC knows that the impression is false or misleading or is reckless as to whether it is, anddC knows that the impression may affect the setting of a relevant benchmark.3In proceedings for an offence under subsection (1), it is a defence for the person charged (“D”) to show that the statement was made in conformity with—a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .bcontrol of information rules, orcthe relevant provisions of Article 5 (exemption for buy-back programmes and stabilisation) of the market abuse regulation.4In proceedings brought against any person (“D”) for an offence under subsection (2) it is a defence for D to show—athat D acted or engaged in the conduct—ifor the purpose of stabilising the price of investments, andiiin conformity with price stabilising rules,bthat D acted or engaged in the conduct in conformity with control of information rules, orcthat D acted or engaged in the conduct in conformity with the relevant provisions of Article 5 (exemption for buy-back programmes and stabilisation) of the market abuse regulation.5Subsection (1) does not apply unless the statement is made in or from the United Kingdom or to a person in the United Kingdom.6Subsection (2) does not apply unless—athe act is done, or the course of conduct is engaged in, in the United Kingdom, orbthe false or misleading impression is created there.7See section 137Q(3) of FSMA 2000 regarding the power of the FCA to make rules for the purposes of subsection (4)(c).S. 91 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.S. 91(7) inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 15(4)(c)S. 91(3)(a) omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 15(4)(a)(i)S. 91(3)(c) substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 15(4)(a)(ii)S. 91(4)(c) substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 15(4)(b)