# Financial Services Act 2012, Section 16: FCA to exercise functions under Part 6 of FSMA 2000

Extent: E+W+S+N.I.

(1) FSMA 2000 is amended as follows.
(2) In each of the provisions of Part 6 (official listing etc) mentioned in subsection (3)—
(a) for “competent authority” or “competent authority's”, in each place, substitute “ FCA ” or “FCA's”, and
(b) for “the authority” or “the Authority”, in each place, substitute “ the FCA ”.
(3) Those provisions are—
(a) sections 73A to 84;
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c) sections 87B to 87D;
(d) section 87G;
(e) sections 87J to 87O (including the italic heading before section 87J);
(f) sections 87Q to 88;
(g) sections 89A to 97 (including the italic heading before section 89H and the heading to that section);
(h) section 101(2);
(i) section 103(1).
(4) Before section 73A insert an italic heading “Rules”.
(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 ”.
(6) In section 87A (criteria for approval of prospectus)—
(a) in subsection (1), for “competent authority” substitute “ “FCA”,
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c) in the heading, for “competent authority” substitute “ FCA ”.
(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(11) In section 87P (exercise of powers at request of competent authority of another EEA State)—
(a) in subsection (1)(c), for “competent authority”, in the second place, substitute “ FCA ”, and
(b) in subsection (2), for “competent authority” substitute “ FCA ”.
(12) In section 100A (exercise of powers where UK is host member State)—
(a) in subsections (1) and (2), for “competent authority” substitute “ FCA ”,
(b) in subsection (3), for “the authority”, in both places, substitute “ the FCA ”,
(c) in subsection (4), for “The authority” substitute “ The FCA ”, and
(d) in subsections (5) and (6), for “the authority” substitute “ the FCA ”.
(13) In Schedule 10 (compensation: exemptions), for “competent authority”, in each place, substitute “ FCA ”.
(14) Omit the following provisions—
(a) section 72 (Financial Services Authority to exercise functions of the competent authority under Part 6) and the italic heading before it;
(b) section 73 (general duty of the competent authority);
(c) section 99 (fees);
(d) section 100 (penalties);
(e) in section 101 (general provisions), subsections (1) and (3) to (8);
(f) section 102 (exemption from liability in damages);
(g) in section 103 (interpretation), subsections (2) and (3);
(h) in section 195 (exercise of power in support of overseas regulator), subsection (4)(b);
(i) in section 410 (international obligations), subsection (4)(b);
(j) in section 415 (jurisdiction in civil proceedings), subsection (1)(b);
(k) Schedule 7 (modification of Act in its application to the Financial Services Authority when acting as competent authority for purposes of Part 6);
(l) Schedule 8 (power to transfer functions under Part 6 to other persons).

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Source: https://www.legislation.gov.uk/ukpga/2012/21/section/16 (the official version)
Page: https://openlegislation.uk/financial-services-act-2012/section-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.