OpenLegislation

Financial Services Act 2021

2021 c. 22 · Enacted 29 April 2021 · Extends to United Kingdom

Not fully up to date. 1 change made by later legislation has not yet been written into this text, which is revised to 22 November 2024.

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ProvisionChangeMade by
specified provision(s)amendment to earlier commencing S.I. 2021/671, reg. 5The Financial Services Act 2021 (Commencement No. 1) (Amendment) (Savings Provision) Regulations 2021 reg. 2
An Act to make provision about financial services and markets; to make provision about debt respite schemes; to make provision about Help-to-Save accounts; and for connected purposes.[29th April 2021]

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Contents

  1. Prudential regulation of credit institutions and investment firms
  2. 1Exclusion of certain investment firms from the Capital Requirements Regulation
  3. 2Prudential regulation of certain investment firms by FCA rules
  4. 3Transfer of certain prudential regulation matters into PRA rules
  5. 4CRR Basel standards
  6. 5Prudential regulation of credit institutions etc by PRA rules
  7. 6Power to amend the Credit Rating Agencies Regulation Not yet in force
  8. 7Amendments of the Capital Requirements Regulation
  9. Benchmarks
  10. 8Review of which benchmarks are critical benchmarks
  11. 9Mandatory administration of a critical benchmark
  12. 10Prohibition on new use where administrator to cease providing critical benchmark
  13. 11Assessment of representativeness of critical benchmarks
  14. 12Mandatory contribution to critical benchmarks
  15. 13Designation of certain critical benchmarks
  16. 14Use of Article 23A benchmarks
  17. 15Orderly cessation of Article 23A benchmarks
  18. 16Review of exercise of powers under Article 23D
  19. 17Policy statements relating to critical benchmarks
  20. 18Critical benchmarks provided for different currencies etc
  21. 19Changes to and cessation of a benchmark
  22. 20Extension of transitional period for benchmarks with non-UK administrators
  23. 21Benchmarks: minor and consequential amendments
  24. Access to financial services markets
  25. 22Regulated activities and Gibraltar
  26. 23Power to make provision about Gibraltar Not yet in force
  27. 24Collective investment schemes authorised in approved countries
  28. 25Individually recognised overseas collective investment schemes
  29. 26Money market funds authorised in approved countries
  30. 27Provision of investment services etc in the UK
  31. Variation or cancellation of permission to carry on regulated activity
  32. 28Part 4A permissions: variation or cancellation on initiative of FCA
  33. Rules about level of care provided by authorised persons
  34. 29FCA rules about level of care provided to consumers by authorised persons
  35. Insider dealing and money laundering etc
  36. 30Insider lists and managers' transactions
  37. 31Maximum sentences for insider dealing and financial services offences
  38. 32Money laundering offences: electronic money institutions, payment institutions and deposit-taking bodies
  39. 33Forfeiture of money: electronic money institutions and payment institutions
  40. 34Application of money laundering regulations to overseas trustees
  41. Debt respite scheme
  42. 35Debt respite scheme
  43. Help to save
  44. 36Successor accounts for Help-to-Save savers
  45. Miscellaneous
  46. 37Regulated activities and application of Consumer Credit Act 1974
  47. 38Amendments of the PRIIPs Regulation etc
  48. 39Retention of personal data under the Market Abuse Regulation
  49. 40Over the counter derivatives: clearing and procedures for reporting
  50. 41Regulations about financial collateral arrangements
  51. 42Appointment of chief executive of FCA
  52. 43Subordinate legislation made under retained direct EU legislation
  53. 44Payment services and the provision of cash
  54. General
  55. 45Power to make consequential provision
  56. 46Regulations
  57. 47Interpretation
  58. 48Extent
  59. 49Commencement and transitional provision
  60. 50Short title
  61. Schedule 1: Exclusion of certain investment firms from the Capital Requirements Regulation: consequential amendments
  62. Part 1: Amendments of the Capital Requirements Regulation
  63. 1Paragraph 1
  64. 2Paragraph 2
  65. 3Paragraph 3
  66. 4Paragraph 4
  67. 5Paragraph 5
  68. 6Paragraph 6
  69. 7Paragraph 7
  70. 8Paragraph 8
  71. 9Paragraph 9
  72. 10Paragraph 10
  73. 11Paragraph 11
  74. 12Paragraph 12
  75. 13Paragraph 13
  76. 14Paragraph 14
  77. 15Paragraph 15
  78. 16Paragraph 16
  79. 17Paragraph 17
  80. 18Paragraph 18
  81. 19Paragraph 19
  82. 20Paragraph 20
  83. 21Paragraph 21
  84. 22Paragraph 22
  85. 23Paragraph 23
  86. 24Paragraph 24
  87. 25Paragraph 25
  88. 26Paragraph 26
  89. 27Paragraph 27
  90. 28Paragraph 28
  91. 29Paragraph 29
  92. 30Paragraph 30
  93. 31Paragraph 31
  94. 32Paragraph 32
  95. 33Paragraph 33
  96. 34Paragraph 34
  97. 35Paragraph 35
  98. 36Paragraph 36
  99. 37Paragraph 37
  100. 38Paragraph 38
  101. 39Paragraph 39
  102. 40Paragraph 40
  103. 41Paragraph 41
  104. 42Paragraph 42
  105. 43Paragraph 43
  106. 44Paragraph 44
  107. 45Paragraph 45
  108. 46Paragraph 46
  109. 47Paragraph 47
  110. Part 2: Amendments of the Capital Requirements (Country-by-Country Reporting) Regulations 2013
  111. 48Paragraph 48
  112. 49Paragraph 49
  113. 50Paragraph 50
  114. 51Paragraph 51
  115. 52Paragraph 52
  116. 53Paragraph 53
  117. 54Paragraph 54
  118. 55Paragraph 55
  119. 56Paragraph 56
  120. Schedule 2: Prudential regulation of FCA investment firms
  121. Part 1: New Part 9C of the Financial Services and Markets Act 2000
  122. 1Paragraph 1
  123. Part 2: Minor and consequential amendments
  124. 2Paragraph 2
  125. 3Paragraph 3
  126. 4Paragraph 4
  127. 5Paragraph 5
  128. 6Paragraph 6
  129. 7Paragraph 7
  130. 8Paragraph 8
  131. 9Paragraph 9
  132. 10Paragraph 10
  133. 11Paragraph 11
  134. 12Paragraph 12
  135. 13Paragraph 13
  136. 14Paragraph 14
  137. 15Paragraph 15
  138. 16Paragraph 16
  139. 17Paragraph 17
  140. 18Paragraph 18
  141. Part 3: Transitional provision
  142. Rules made before Part 1 of this Schedule comes into force
  143. 19Paragraph 19
  144. Pre-commencement consultation etc
  145. 20Paragraph 20
  146. Relevant equivalence decisions
  147. 21Paragraph 21
  148. Carbon target
  149. 22Paragraph 22
  150. Interpretation
  151. 23Paragraph 23
  152. Schedule 3: Prudential regulation of credit institutions etc
  153. Part 1: New Part 9D of the Financial Services and Markets Act 2000
  154. 1Paragraph 1
  155. Part 2: PRA's powers in relation to certain holding companies
  156. 2Paragraph 2
  157. 3Paragraph 3
  158. 4Paragraph 4
  159. 5Paragraph 5
  160. 6Paragraph 6
  161. 7Paragraph 7
  162. 8Paragraph 8
  163. Part 3: Minor and consequential amendments
  164. Bank of England Act 1998 (c. 11)
  165. 9Paragraph 9
  166. Financial Services and Markets Act 2000 (c. 8)
  167. 10Paragraph 10
  168. 11Paragraph 11
  169. 12Paragraph 12
  170. 13Paragraph 13
  171. 14Paragraph 14
  172. 15Paragraph 15
  173. 16Paragraph 16
  174. 17Paragraph 17
  175. 18Paragraph 18
  176. 19Paragraph 19
  177. Capital Requirements Regulations 2013 (S.I. 2013/3115)
  178. 20Paragraph 20
  179. 21Paragraph 21
  180. 22Paragraph 22
  181. Part 4: Transitional provision
  182. Pre-commencement consultation etc
  183. 23Paragraph 23
  184. Relevant equivalence decisions
  185. 24Paragraph 24
  186. Carbon target
  187. 25Paragraph 25
  188. Section 192V rules
  189. 26Paragraph 26
  190. Interpretation
  191. 27Paragraph 27
  192. Schedule 4: Amendments of the Capital Requirements Regulation
  193. 1Paragraph 1
  194. 2Paragraph 2
  195. 3Paragraph 3
  196. 4Paragraph 4
  197. 5Paragraph 5
  198. 6Paragraph 6
  199. 7Paragraph 7
  200. 8Paragraph 8
  201. 9Paragraph 9
  202. 10Paragraph 10
  203. 11Paragraph 11
  204. 12Paragraph 12
  205. 13Paragraph 13
  206. Schedule 5: Benchmarks: minor and consequential amendments
  207. 1Paragraph 1
  208. 2Paragraph 2
  209. 3Paragraph 3
  210. 4Paragraph 4
  211. 5Paragraph 5
  212. 6Paragraph 6
  213. 7Paragraph 7
  214. 8Paragraph 8
  215. 9Paragraph 9
  216. 10Paragraph 10
  217. 11Paragraph 11
  218. Schedule 6: Gibraltar-based persons carrying on activities in the UK
  219. Paragraph
  220. Schedule 7: UK-based persons carrying on activities in Gibraltar Not yet in force
  221. Paragraph Not yet in force
  222. Schedule 8: Gibraltar: minor and consequential amendments
  223. Financial Services and Markets Act 2000 (c. 8)
  224. 1Paragraph 1 Not yet in force
  225. 2Paragraph 2 Not yet in force
  226. 3Paragraph 3 Not yet in force
  227. 4Paragraph 4 Not yet in force
  228. 5Paragraph 5
  229. 6Paragraph 6
  230. 7Paragraph 7
  231. 8Paragraph 8 Not yet in force
  232. 9Paragraph 9
  233. 10Paragraph 10 Not yet in force
  234. 11Paragraph 11 Not yet in force
  235. 12Paragraph 12 Not yet in force
  236. 13Paragraph 13 Not yet in force
  237. 14Paragraph 14
  238. 15Paragraph 15 Not yet in force
  239. 16Paragraph 16
  240. 17Paragraph 17 Not yet in force
  241. 18Paragraph 18 Not yet in force
  242. Financial Services and Markets Act 2000 (Gibraltar) Order 2001 (S.I. 2001/3084) Not yet in force
  243. 19Paragraph 19 Not yet in force
  244. Subsidy Control Act 2022
  245. 20Paragraph 20
  246. Schedule 9: Collective investment schemes authorised in approved countries
  247. Part 1: Provisions to be inserted in Chapter 5 of Part 17 of the Financial Services and Markets Act 2000
  248. 1Paragraph 1
  249. Part 2: Minor and consequential amendments
  250. Financial Services and Markets Act 2000 (c. 8)
  251. 2Paragraph 2
  252. 3Paragraph 3
  253. 4Paragraph 4
  254. 5Paragraph 5
  255. 6Paragraph 6
  256. 7Paragraph 7
  257. 8Paragraph 8
  258. The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773)
  259. 9Paragraph 9
  260. 10Paragraph 10
  261. 11Paragraph 11
  262. 12Paragraph 12
  263. The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325)
  264. 13Paragraph 13
  265. 14Paragraph 14
  266. 15Paragraph 15
  267. 16Paragraph 16
  268. Schedule 10: Amendments of the Markets in Financial Instruments Regulation
  269. Introduction
  270. 1Paragraph 1
  271. Scope
  272. 2Paragraph 2
  273. Definitions
  274. 3Paragraph 3
  275. Provision of services by third-country firms following equivalence determination
  276. 4Paragraph 4
  277. 5Paragraph 5
  278. Equivalence determination
  279. 6Paragraph 6
  280. Requirements
  281. 7Paragraph 7
  282. Temporary prohibitions and restrictions and withdrawal of registration
  283. 8Paragraph 8
  284. Temporary prohibitions and restrictions and withdrawal of registration: procedure
  285. 9Paragraph 9
  286. FCA directions and rules
  287. 10Paragraph 10
  288. 11Paragraph 11
  289. 12Paragraph 12
  290. 13Paragraph 13
  291. Transitional provisions
  292. 14Paragraph 14
  293. Schedule 11: Variation or cancellation of Part 4A permission on initiative of FCA: additional power
  294. 1Paragraph 1
  295. 2Paragraph 2
  296. 3Paragraph 3
  297. 4Paragraph 4
  298. 5Paragraph 5
  299. Schedule 12: Forfeiture of money: electronic money institutions and payment institutions
  300. Anti-terrorism, Crime and Security Act 2001 (c. 24)
  301. 1Paragraph 1
  302. 2Paragraph 2
  303. 3Paragraph 3
  304. 4Paragraph 4
  305. 5Paragraph 5
  306. 6Paragraph 6
  307. 7Paragraph 7
  308. 8Paragraph 8
  309. 9Paragraph 9
  310. Proceeds of Crime Act 2002 (c. 29)
  311. 10Paragraph 10
  312. 11Paragraph 11
  313. 12Paragraph 12
  314. 13Paragraph 13
  315. 14Paragraph 14
  316. 15Paragraph 15
  317. 16Paragraph 16
  318. 17Paragraph 17
  319. 18Paragraph 18
  320. 19Paragraph 19
  321. 20Paragraph 20
  322. 21Paragraph 21