OpenLegislation

The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2023, ISBN 9780348246490

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Order laid before Parliament under section 429(3) of the Financial Services and Markets Act 2000, for approval by resolution of each House of Parliament.

Financial Services And Markets

Made ***

Coming into force ***

The Treasury, in exercise of the powers conferred by section 21(5), (6), (9), (10) and (11) of, and paragraph 25 of Schedule 2 to, the Financial Services and Markets Act 2000f1, make the following Order.

In accordance with section 429(3) and (4) of the Financial Services and Markets Act 2000, a draft of this Order was laid before Parliament and approved by a resolution of each House of Parliament.

Annotations to the whole text

Footnotes

f1

2000 c. 8; paragraph 25 of schedule 2 was amended by the Financial Services Act 2012 (c. 21), section 8(2). See section 21(14) of the Act for the meaning of “investment” and section 21(15) for the meaning of “specified”.

Contents

  1. Part 1: General
  2. 1Citation, commencement and extent
  3. 2Interpretation
  4. Part 2: Amendment of the Financial Promotion Order
  5. 3Amendment of the Financial Promotion Order
  6. 4Amendment of article 2 (interpretation: general)
  7. 5Amendment of article 51 (associations of high net worth or sophisticated investors)
  8. 6Amendment of article 61 (sale of goods and supply of services)
  9. 7New article 73ZA
  10. 8Amendment to Schedule 1, Part 1 (controlled activities)
  11. 9Amendment to Schedule 1, Part 2 (controlled investments)
  12. 10Application and modification of primary legislation
  13. Part 3: Transitional provision
  14. 11Qualifying cryptoasset financial promotions related rules and guidance made by the FCA
  15. Signature
  16. Schedule: Application and modification of primary legislation
  17. 1Application without modification of provisions of the Act
  18. 2Modification to section 55L (imposition of requirements by FCA)
  19. 3Modification to section 55P (prohibitions and restrictions)
  20. 4Modification to section 55Q (exercise of power in support of overseas regulator)
  21. 5Modification to section 55R (persons connected with an applicant)
  22. 6Modification to section 55Y (exercise of own-initiative power: procedure)
  23. 7Modification to section 55Z3 (right to refer matters to the Tribunal)
  24. 8Modification to section 137R (financial promotion rules)
  25. 9Modification to section 137S (financial promotion rules: directions given by FCA)
  26. 10Modification to section 138A (modification or waiver of rules)
  27. 11Modification to section 138B (publication of directions under section 138A)
  28. 12Modification to section 138D (actions for damages)
  29. 13Modification to section 139A (power of the FCA to give guidance)
  30. 14Modification to section 165 (regulators’ power to require information: authorised persons etc.)
  31. 15Modification to section 166 (reports by skilled persons)
  32. 16Modification to section 167 (appointment of persons to carry out general investigations)
  33. 17Modification to section 176 (entry of premises under warrant)
  34. 18Modification to section 205 (public censure)
  35. 19Modification to section 206 (financial penalties)
  36. 20Modification to section 207 (proposal to take disciplinary measures)
  37. 21Modification to section 208 (decision notice)
  38. 22Modification to section 209 (publication)
  39. 23Modification to section 384 (power of the FCA or PRA to require restitution)
  40. Explanatory note

1Citation, commencement and extent

(1)

This Order may be cited as the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023.

(2)

This Order comes into force—

(a)

on the day after the ay on which this Order is made for the purpose of enabling the FCA to make rules and to give guidance;

(b)

on the day four months after the day on which it is made, for all other purposes.

(3)

This Order extends to England and Wales, Scotland and Northern Ireland.

2Interpretation

In this Order—

  • “the Act” means the Financial Services and Markets Act 2000;

  • “Financial Promotion Order” means the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005f1;

  • “qualifying cryptoasset” has the meaning given by paragraph 26F (qualifying cryptoassets) of Schedule 1 to the Financial Promotion Order;

  • “registered person” means a person who is—

    1. (a)

      a cryptoasset exchange provider or custodian wallet provider, as defined in regulation 14A (cryptoasset exchange providers and custodian wallet providers) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017f2;

    2. (b)

      included on the register maintained by the FCA pursuant to regulation 54(1A)f3 (duty to maintain registers of certain relevant persons) of those regulations; and

    3. (c)

      not an authorised person.

3Amendment of the Financial Promotion Order

The Financial Promotion Order is amended as follows.

4Amendment of article 2 (interpretation: general)

In article 2 (interpretation: general), in paragraph (1), after the definition of “qualifying credit”, insert—

  • ““qualifying cryptoasset” has the meaning given by paragraph 26F of Schedule 1;

  • “registered person” has the meaning given by article 73ZA;”.

5Amendment of article 51 (associations of high net worth or sophisticated investors)

In article 51 (associations of high net worth or sophisticated investors)—

(a)

the existing text becomes paragraph (1);

(b)

after paragraph (1), insert—

“(2)

The exemption in paragraph (1) does not apply if the communication relates to a qualifying cryptoasset.”.

6Amendment of article 61 (sale of goods and supply of services)

In article 61(3) (sale of goods and supply of services)—

(a)

after sub-paragraph (c), omit “or”;

(b)

after sub-paragraph (d), insert—

“; or

(e)

a qualifying cryptoasset.”.

7New article 73ZA

In Part 6, after article 73 (advice centres), insert—

“Certain promotions of qualifying cryptoassets

73ZA.
(1)

The financial promotion restriction does not apply to any communication which relates only to one or more qualifying cryptoassets and which is communicated—

(a)

by a registered person; or

(b)

on behalf of a registered person provided that—

(i)

the communication is a non-real time communication; and

(ii)

the registered person prepared the content of the communication.

(2)

Subsection (1) does not apply where a registered person makes or directs the communication, or causes it to be made or directed, in breach of—

(a)

a requirement imposed by the FCA under section 55L (imposition of requirements by FCA) of the Act; or

(b)

a direction given under section 137S (financial promotion rules: directions given by FCA) of the Act, as those provisions have been applied and modified by the Schedule to the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023.

(3)

In this article, a “registered person” means a person who is—

(a)

a cryptoasset exchange provider or a custodian wallet provider as defined in regulation 14A (cryptoasset exchange providers and custodian wallet providers) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017;

(b)

included on the register maintained by the FCA pursuant to regulation 54(1A) (duty to maintain registers of certain relevant persons) of those Regulations; and

(c)

not an authorised person.”.

8Amendment to Schedule 1, Part 1 (controlled activities)

In Schedule 1, in Part 1 (controlled activities)—

(a)

in paragraph 3 (dealing in securities and contractually based investments)—

(i)

in the heading, after “securities”, insert “, qualifying cryptoassets”;

(ii)

in sub-paragraph (1), after “structured deposits”, insert “, qualifying cryptoassets”;

(b)

in paragraph 4 (arranging deals in investments)—

(i)

in sub-paragraph (1), after paragraph (aa), insert—

“(ab)

a qualifying cryptoasset;”;

(ii)

in sub-paragraph (2), after “(aa),”, insert “(ab),”;

(c)

in paragraph 5(a) (managing investments), after “structured deposit”, insert “, a qualifying cryptoasset”;

(d)

in paragraph 7(1)(b)(i) (advising on investments), after “structured deposit”, insert “, a qualifying cryptoasset”.

9Amendment to Schedule 1, Part 2 (controlled investments)

In Schedule 1, in Part 2 (controlled investments), after paragraph 26E (consumer hire agreements) insert—

“Qualifying cryptoasset

26F.
(1)

 Subject to sub-paragraph (3), a “qualifying cryptoasset” is any cryptoasset which is—

(a)

fungible; and

(b)

transferable.

(2)

 For the purposes of sub-paragraph (1)(b), the circumstances in which a cryptoasset is to be treated as “transferable” include where—

(a)

it confers transferable rights; or

(b)

a communication made in relation to the cryptoasset describes it as being transferable or conferring transferable rights.

(3)

A cryptoasset does not fall within sub-paragraph (1) if it is—

(a)

a controlled investment falling within any of paragraphs 12 to 26E or, so far as relevant to any such investment, paragraph 27;

(b)

electronic money;

(c)

fiat currency;

(d)

digitally issued fiat currency; or

(e)

a cryptoasset that—

(i)

cannot be transferred or sold in exchange for money or other cryptoassets, except by way of redemption with the issuer; and

(ii)

can only be used in a limited way and meets one of the following conditions—

(aa)

it allows the holder to acquire goods or services only from the issuer;

(ab)

it is issued by a professional issuer and allows the holder to acquire goods or services only within a limited network of service providers which have direct commercial agreements with the issuer; or

(ac)

it may be used only to acquire a very limited range of goods or services.

(4)

In this paragraph—

  • “cryptoasset” means any cryptographically secured digital representation of value or contractual rights that—

    1. (a)

      can be transferred, stored or traded electronically, and

    2. (b)

      uses technology supporting the recording or storage of data (which may include distributed ledger technology);

  • “digitally issued fiat currency” means fiat currency issued in digital form;

  • “electronic money” has the meaning given by regulation 2(1) (interpretation) of the Electronic Money Regulations 2011f1.”.

10Application and modification of primary legislation

(1)

The provisions of the Act identified in the Schedule to this Order apply, subject to any modifications set out in that Schedule, in relation to registered persons.

(2)

Section 1A of the Act applies as if the exercise of functions by the FCA under the provisions applied, with or without modification, by the Schedule to this Order were functions conferred on it by or under the Act.

11Qualifying cryptoasset financial promotions related rules and guidance made by the FCA

The requirements of section 138I (consultation by the FCA)f1 of the Act, in so far as they apply to a proposal by the FCA to make rules and guidance in relation to the amendments or modifications made by this Order, may be satisfied by things done (wholly or in part) before the date on which this Order comes into force for the purpose of enabling the FCA to make rules and give guidance.

Signature

Name

Name

Two of the Lords Commissioners of His Majesty’s Treasury

Date

1Application without modification of provisions of the Act

The following provisions of the Act apply in relation to registered persons—

(a)

section 55N (requirements under section 55L or 55M)f1;

(b)

sections 55T (persons whose interests are protected) to 55V (determination of applications)f2;

(c)

section 55X (determination of applications: warning notices and decision notices)f3;

(d)

section 55Z4 (interpretation of Part 4A)f4;

(e)

section 138C (evidential provisions)f5;

(f)

sections 138E (limits on effect of contravening rules) to 138H (verification of rules)f6;

(g)

section 139B (notification of FCA guidance to the Treasury)f7;

(h)

section 168 (appointment of persons to carry out investigations in particular cases)f8;

(i)

section 169 (investigations etc. in support of overseas regulator)f9;

(j)

sections 170 (investigations: general) to 175 (information and documents: supplemental provisions)f10;

(k)

section 176A (retention of documents taken under section 176)f11;

(l)

section 177 (offences)f12;

(m)

section 204A (meaning of “relevant requirement” and “appropriate regulator”)f13;

(n)

section 210 (statements of policy)f14;

(o)

section 211 (statements of policy: procedure)f15;

(p)

section 380 (injunctions)f16;

(q)

section 382 (restitution orders)f17;

(r)

section 385 (warning notices) to 391 (publication)f18;

(s)

sections 392 (application of sections 393 and 394) to 395 (the FCA’s and PRA’s procedures)f19;

(t)

Schedule 15 (information and investigations: connected persons)f20.

2Modification to section 55L (imposition of requirements by FCA)

Section 55L (imposition of requirements by FCA)f1 applies as if—

(a)

subsection (1) was omitted;

(b)

for subsection (2) there was substituted—

“(2)

The FCA may exercise its power under subsection (3) in relation to a registered person if it appears to the FCA that—

(a)

it is desirable to exercise the power in order to advance one or more of the FCA’s operational objectives; or

(b)

it is desirable to exercise the power in order to advance the protection of persons who receive, have received or may receive invitations or inducements to engage in investment activity in relation to qualifying cryptoassets.”;

(c)

in subsection (5), for “an authorised person with a Part 4A permission” there was substituted “a registered person”;

(d)

for subsection (6) there was substituted—

“(6)

The FCA may refuse an application under subsection (5) if—

(a)

it appears to it that it is desirable to do so in order to advance any of its operational objectives; or

(b)

it appears to it that it is desirable to do so in order to advance the protection of persons who receive, have received or may receive invitations or inducements to engage in investment activity in relation to qualifying cryptoassets.”;

(e)

for subsection (7) there was substituted—

“(7)

“Engage in investment activity” has the same meaning as in section 21.”.

3Modification to section 55P (prohibitions and restrictions)

Section 55P (prohibitions and restrictions) applies as if—

(a)

in subsection (1)—

(i)

paragraph (a) was omitted;

(ii)

in paragraph (b), for “an authorised person” there was substituted “a registered person”;

(b)

in subsection (4), “or 55M” was omitted.

4Modification to section 55Q (exercise of power in support of overseas regulator)

Section 55Q (exercise of power in support of overseas regulator)f1 applies as if, in subsection (1) for “an authorised person” there was substituted “a registered person”.

5Modification to section 55R (persons connected with an applicant)

Section 55R (persons connected with an applicant)f1 applies as if, in subsection (1)—

(a)

paragraphs (a) and (b) were omitted;

(b)

in the words after paragraph (d), for “applicant or a person given permission” there was substituted “registered person”.

6Modification to section 55Y (exercise of own-initiative power: procedure)

Section 55Y (exercise of own-initiative power: procedure)f1 applies as if, in subsection (1) for “an authorised person” there was substituted “a registered person”.

7Modification to section 55Z3 (right to refer matters to the Tribunal)

Section 55Z3 (right to refer matters to the Tribunal)f1 applies as if—

(a)

in subsection (2), for “An authorised person” there was substituted “A registered person”;

(b)

subsection (3) was omitted.

8Modification to section 137R (financial promotion rules)

Section 137R (financial promotion rules)f1 applies as if—

(a)

for subsections (1) to (5A) there was substituted—

“(1)

The FCA may make rules applying to registered persons about the communication by them of invitations or inducements to engage in investment activity relating to qualifying cryptoassets where the rules are the same as, or substantially equivalent to, rules which would apply to an authorised person communicating an invitation or inducement to engage in investment activity relating to qualifying cryptoassets.

(2)

Rules under this section may, in particular, make provision about the form and content of communications.”;

(b)

for subsection (7) there was substituted—

“(7)

Rules made under this section may apply to registered persons such other rules made under this Act as would apply to an authorised person in relation to the communication of an invitation or inducement to engage in investment activity in relation to qualifying cryptoassets.”;

(c)

after subsection (7) there was inserted—

“(8)

Section 138I (consultation) does not apply to rules made under this section.”.

9Modification to section 137S (financial promotion rules: directions given by FCA)

Section 137S (financial promotion rules: directions given by FCA)f1 applies as if—

(a)

in subsection (1)—

(i)

for paragraph (a) there was substituted—

“(a)

a registered person has made, or proposes to make, a communication, and”;

(ii)

in paragraph (b), “or approval” was omitted;

(b)

in subsection (2)—

(i)

in the words before paragraph (a), for “authorised person” there was substituted “registered person”;

(ii)

in paragraph (a), “or approval” was omitted;

(iii)

in paragraph (b)—

(aa)

“or giving the approval” was omitted;

(bb)

“or given” was omitted;

(iv)

in paragraph (d), “or approval” was omitted;

(c)

in subsection (3), “or approving” were omitted in both places;

(d)

in subsection (5)—

(i)

in the words before paragraph (a), for “an authorised person” there was substituted “a registered person”;

(ii)

in paragraph (a), for “authorised person, and” there was substituted “registered person.”;

(iii)

paragraph (b) was omitted;

(e)

in subsection (8)—

(i)

in paragraph (a), for “persons mentioned in subsection (5)(a) or (b)” there was substituted “registered person”;

(ii)

in paragraph (b), “any” was omitted;

(f)

in subsection (10), for “those persons” there was substituted “that person”;

(g)

subsection (12) was omitted.

10Modification to section 138A (modification or waiver of rules)

Section 138A (modification or waiver of rules)f1 applies as if—

(a)

subsection (2) was omitted;

(b)

in subsection (4), for paragraph (b) there was substituted—

“(b)

the direction would not adversely affect—

(i)

the securing of an appropriate degree of protection for persons who receive, have received or may receive invitations or inducements to engage in investment activity in relation to qualifying cryptoassets, and

(ii)

the advancement of any of the regulator’s objectives.”.

11Modification to section 138B (publication of directions under section 138A)

Section 138B (publication of directions under section 138A)f1 applies as if, in paragraph (4)(b) for “an authorised person” there was substituted “a registered person”.

12Modification to section 138D (actions for damages)

Section 138D (actions for damages)f1 applies as if—

(a)

in subsection (2), for “an authorised person” there was substituted “a registered person”;

(b)

in subsection (4), “(1) or” was omitted;

(c)

subsection (5) was omitted;

(d)

“(and so the contravention by an authorised person of a rule is actionable at the suit of a person who falls within that definition and who suffers loss as a result of that contravention)” was omitted from regulation 6 (rules) of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001.

13Modification to section 139A (power of the FCA to give guidance)

Section 139A (power of the FCA to give guidance)f1 applies as if—

(a)

subsection (4) was omitted;

(b)

for subsection (5) there was substituted—

“(5)

Where this subsection applies, the FCA must, unless it considers that the delay in complying with this subsection would be prejudicial to the interests of persons who receive, have received or may receive invitations or inducements communicated by registered persons to engage in investment activity in relation to qualifying cryptoassets—

(a)

publish a draft of the proposed guidance in the way appearing to the FCA to be best calculated to bring it to the attention of the public;

(b)

publish a notice that representations about the proposals may be made to the FCA within a specified time; and

(c)

before making the proposed guidance, have regard to any representations made to it in accordance with paragraph (b).”.

14Modification to section 165 (regulators’ power to require information: authorised persons etc.)

Section 165f1 applies as if—

(a)

in the heading, for “authorised persons” there was substituted “registered persons”;

(b)

references to “an authorised person” were read as references to “a registered person”;

(c)

in subsection (4), paragraph (b) was omitted;

(d)

in subsection (7), paragraphs (b) to (e) were omitted;

(e)

in subsection (8), for “Authorised person” there was substituted “Registered person”;

(f)

subsection (8A) was omitted;

(g)

in subsection (11)—

(i)

“or” was inserted after paragraph (c);

(ii)

after paragraph (d), the “or” was omitted;

(iii)

paragraph (e) was omitted;

(h)

subsections (12) and (13) were omitted.

15Modification to section 166 (reports by skilled persons)

Section 166 (reports by skilled persons)f1 applies as if—

(a)

in subsection (2)(a), for “an authorised person” there was substituted “a registered person”;

(b)

subsections (10) to (14) were omitted.

16Modification to section 167 (appointment of persons to carry out general investigations)

Section 167 (appointment of persons to carry out general investigations)f1 applies as if—

(a)

in subsection (1)—

(i)

in paragraph (a), for “person to whom subsection (1A) applies or an appointed representative” there was substituted “registered person”;

(ii)

in paragraph (c), for “person to whom subsection (1A) applies” there was substituted “registered person”;

(b)

subsection (1A) was omitted;

(c)

in subsection (2)—

(i)

after paragraph (a), “or” was inserted;

(ii)

paragraph (c) and the “or” before it were omitted;

(d)

in subsection (4A), for “an authorised person or a person described in subsection (1A)(c) or (d)” there were substituted, in both places, “a registered person”;

(e)

subsection (4B) was omitted;

(f)

in subsection (5), “even if it does not consist of carrying on regulated activities” was omitted;

(g)

in subsection (5A)—

(i)

paragraphs (a), (c) and (d) were omitted;

(ii)

in paragraph (b), for the words from “an authorised person” to the end there were substituted “a registered person or a former registered person, the FCA.”;

(h)

subsection (6) was omitted.

17Modification to section 176 (entry of premises under warrant)

Section 176 (entry of premises under warrant)f1 applies as if, in subsection (3A)—

(i)

in paragraph (a), for “an authorised person” there was substituted “a registered person”;

(ii)

paragraphs (b) to (d) were omitted.

18Modification to section 205 (public censure)

Section 205 (public censure)f1 applies as if, for “an authorised person” there was substituted “a registered person”.

19Modification to section 206 (financial penalties)

Section 206 (financial penalties)f1 applies as if, in subsection (1) for “an authorised person” there was substituted “a registered person”.

20Modification to section 207 (proposal to take disciplinary measures)

Section 207 (proposal to take disciplinary measures)f1 applies as if—

(a)

in subsection (1)—

(i)

in paragraphs (a) and (b), for “an authorised person” there were substituted “a registered person” in both places;

(ii)

paragraph (c) was omitted;

(iii)

in the words after paragraph (c), for “authorised person” there was substituted “registered person”;

(b)

subsection (4) was omitted.

21Modification to section 208 (decision notice)

Section 208 (decision notice)f1 applies as if—

(a)

in subsection (1)—

(i)

paragraph (c) was omitted;

(ii)

in the words after paragraph (c), for “authorised person” there was substituted “registered person”;

(b)

subsection (3A) was omitted;

(c)

in subsection (4)—

(i)

in paragraphs (a) and (b), for “an authorised person” there were substituted “a registered person” in both places;

(ii)

paragraph (c) was omitted;

(iii)

in the words after paragraph (c), for “authorised person” there was substituted “registered person”.

22Modification to section 209 (publication)

Section 209 (publication)f1 applies as if, for “authorised person” there was substituted “registered person”.

23Modification to section 384 (power of the FCA or PRA to require restitution)

Section 384 (power of the FCA or PRA to require restitution)f1 applies as if—

(a)

in subsection (1), in the words before paragraph (a)—

(i)

for “appropriate regulator” there was substituted “FCA”;

(ii)

for “an authorised person or recognised investment exchange” there was substituted “a registered person”;

(b)

in subsection (7), paragraph (c) was omitted;

(c)

subsections (9) to (13) were omitted.

Explanatory note

(This note is not part of the Order)

This Order amends the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (S.I. 2005/1529) (“the FPO”). The FPO sets out a number of exemptions from the restriction on financial promotions provided for by section 21(1) of the Financial Services and Markets Act 2000 (c. 8) (“FSMA”).

Articles 4 to 6 extend certain existing exemptions to communications in relation to qualifying cryptoassets.

Article 7 creates an exemption which applies to cryptoasset exchange providers and custodian wallet providers (as defined in regulation 14A of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017 / 692)) who are included on the FCA’s register pursuant to regulation 54(1A) of those Regulations and who are not authorised persons (defined as “registered persons”). The effect of the exemption is to permit registered persons to communicate their own financial promotions in respect of qualifying cryptoassets without the requirement for them either to be authorised under Part 4A of FSMA, or to have their financial promotions approved by a person who is authorised under Part 4A. Registered persons relying on the exemption will not be permitted to approve the financial promotions of other businesses or to communicate their own financial promotions in relation to other controlled investments.

Article 8 amends relevant existing controlled activities in Part 1 of Schedule 1 to incorporate activities in relation to qualifying cryptoassets. This means that those activities are specified for the purposes of section 21(9) of FSMA.

Article 9 amends Part 2 of Schedule 1 to the FPO by creating a new controlled investment (a “qualifying cryptoasset”), inserted at paragraph 26F of the FPO.

Article 10 and the Schedule to this Order provide that certain provisions of FSMA apply, with or without modification, in relation to registered persons. This means that registered persons, and communications by them of invitations or inducements to engage in investment activity in relation to qualifying cryptoassets, are subject to the Financial Conduct Authority’s (“FCA”) financial promotion rules and enforcement regime, in a similar way as they apply to communications in respect of other controlled investments and activities. Article 10 also makes clear that exercise by the FCA of functions carried out under the provisions of FSMA applied by the Schedule to the Order, constitute functions conferred on the FCA by or under that Act. Therefore provisions of FSMA that operate in respect of the FCA’s functions under the Act (for example, the FCA’s exemption from liability in damages as provided for by paragraph 25 of Schedule 1ZA to FSMA) apply in respect of functions carried out in relation to registered persons.

Article 11 is a transitional provision relating to FCA consultation in respect of its rules and guidance.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A de minimis impact assessment is available from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ and is published with the Explanatory Memorandum alongside this instrument at www.legislation.gov.uk.