{
  "url": "https://openlegislation.uk/financial-services-act-2012/section-16",
  "json_url": "https://openlegislation.uk/financial-services-act-2012/section-16.json",
  "legislation": "ukpga/2012/21",
  "legislation_title": "Financial Services Act 2012",
  "legislation_url": "https://openlegislation.uk/financial-services-act-2012",
  "path": "section/16",
  "kind": "section",
  "number": "16",
  "heading": "FCA to exercise functions under Part 6 of FSMA 2000",
  "text": "(1) FSMA 2000 is amended as follows.\n(2) In each of the provisions of Part 6 (official listing etc) mentioned in subsection (3)—\n(a) for “competent authority” or “competent authority's”, in each place, substitute “ FCA ” or “FCA's”, and\n(b) for “the authority” or “the Authority”, in each place, substitute “ the FCA ”.\n(3) Those provisions are—\n(a) sections 73A to 84;\n(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(c) sections 87B to 87D;\n(d) section 87G;\n(e) sections 87J to 87O (including the italic heading before section 87J);\n(f) sections 87Q to 88;\n(g) sections 89A to 97 (including the italic heading before section 89H and the heading to that section);\n(h) section 101(2);\n(i) section 103(1).\n(4) Before section 73A insert an italic heading “Rules”.\n(5) In section 77(3) (discontinuance and suspension of listing), for “sections 96 and 99” substitute “ section 96 and paragraph 23(6) of Schedule 1ZA ”.\n(6) In section 87A (criteria for approval of prospectus)—\n(a) in subsection (1), for “competent authority” substitute “ “FCA”,\n(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(c) in the heading, for “competent authority” substitute “ FCA ”.\n(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(11) In section 87P (exercise of powers at request of competent authority of another EEA State)—\n(a) in subsection (1)(c), for “competent authority”, in the second place, substitute “ FCA ”, and\n(b) in subsection (2), for “competent authority” substitute “ FCA ”.\n(12) In section 100A (exercise of powers where UK is host member State)—\n(a) in subsections (1) and (2), for “competent authority” substitute “ FCA ”,\n(b) in subsection (3), for “the authority”, in both places, substitute “ the FCA ”,\n(c) in subsection (4), for “The authority” substitute “ The FCA ”, and\n(d) in subsections (5) and (6), for “the authority” substitute “ the FCA ”.\n(13) In Schedule 10 (compensation: exemptions), for “competent authority”, in each place, substitute “ FCA ”.\n(14) Omit the following provisions—\n(a) section 72 (Financial Services Authority to exercise functions of the competent authority under Part 6) and the italic heading before it;\n(b) section 73 (general duty of the competent authority);\n(c) section 99 (fees);\n(d) section 100 (penalties);\n(e) in section 101 (general provisions), subsections (1) and (3) to (8);\n(f) section 102 (exemption from liability in damages);\n(g) in section 103 (interpretation), subsections (2) and (3);\n(h) in section 195 (exercise of power in support of overseas regulator), subsection (4)(b);\n(i) in section 410 (international obligations), subsection (4)(b);\n(j) in section 415 (jurisdiction in civil proceedings), subsection (1)(b);\n(k) Schedule 7 (modification of Act in its application to the Financial Services Authority when acting as competent authority for purposes of Part 6);\n(l) Schedule 8 (power to transfer functions under Part 6 to other persons).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 16(3)(b) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 36"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 16(6)(b) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 36"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "S. 16(7)-(10) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 36"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "S. 16 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "S. 16 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2012/21/section/16",
    "retrieved_at": "2026-10-29T09:08:36.918830+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}