OpenLegislation

Financial Services Act 2021 in Scotland

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. 5Financial Services Act 2021 (Commencement No. 1) (Savings Provision) 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. 35Debt respite scheme
  42. Help to save
  43. 36Successor accounts for Help-to-Save savers
  44. Miscellaneous
  45. 37Regulated activities and application of Consumer Credit Act 1974
  46. 38Amendments of the PRIIPs Regulation etc
  47. 39Retention of personal data under the Market Abuse Regulation
  48. 40Over the counter derivatives: clearing and procedures for reporting
  49. 41Regulations about financial collateral arrangements
  50. 42Appointment of chief executive of FCA
  51. 43Subordinate legislation made under retained direct EU legislation
  52. 44Payment services and the provision of cash
  53. General
  54. 45Power to make consequential provision
  55. 46Regulations
  56. 47Interpretation
  57. 48Extent
  58. 49Commencement and transitional provision
  59. 50Short title
  60. Schedule 1: Exclusion of certain investment firms from the Capital Requirements Regulation: consequential amendments
  61. Part 1: Amendments of the Capital Requirements Regulation
  62. 1Paragraph 1
  63. 2Paragraph 2
  64. 3Paragraph 3
  65. 4Paragraph 4
  66. 5Paragraph 5
  67. 6Paragraph 6
  68. 7Paragraph 7
  69. 8Paragraph 8
  70. 9Paragraph 9
  71. 10Paragraph 10
  72. 11Paragraph 11
  73. 12Paragraph 12
  74. 13Paragraph 13
  75. 14Paragraph 14
  76. 15Paragraph 15
  77. 16Paragraph 16
  78. 17Paragraph 17
  79. 18Paragraph 18
  80. 19Paragraph 19
  81. 20Paragraph 20
  82. 21Paragraph 21
  83. 22Paragraph 22
  84. 23Paragraph 23
  85. 24Paragraph 24
  86. 25Paragraph 25
  87. 26Paragraph 26
  88. 27Paragraph 27
  89. 28Paragraph 28
  90. 29Paragraph 29
  91. 30Paragraph 30
  92. 31Paragraph 31
  93. 32Paragraph 32
  94. 33Paragraph 33
  95. 34Paragraph 34
  96. 35Paragraph 35
  97. 36Paragraph 36
  98. 37Paragraph 37
  99. 38Paragraph 38
  100. 39Paragraph 39
  101. 40Paragraph 40
  102. 41Paragraph 41
  103. 42Paragraph 42
  104. 43Paragraph 43
  105. 44Paragraph 44
  106. 45Paragraph 45
  107. 46Paragraph 46
  108. 47Paragraph 47
  109. Part 2: Amendments of the Capital Requirements (Country-by-Country Reporting) Regulations 2013
  110. 48Paragraph 48
  111. 49Paragraph 49
  112. 50Paragraph 50
  113. 51Paragraph 51
  114. 52Paragraph 52
  115. 53Paragraph 53
  116. 54Paragraph 54
  117. 55Paragraph 55
  118. 56Paragraph 56
  119. Schedule 2: Prudential regulation of FCA investment firms
  120. Part 1: New Part 9C of the Financial Services and Markets Act 2000
  121. 1Paragraph 1
  122. Part 2: Minor and consequential amendments
  123. 2Paragraph 2
  124. 3Paragraph 3
  125. 4Paragraph 4
  126. 5Paragraph 5
  127. 6Paragraph 6
  128. 7Paragraph 7
  129. 8Paragraph 8
  130. 9Paragraph 9
  131. 10Paragraph 10
  132. 11Paragraph 11
  133. 12Paragraph 12
  134. 13Paragraph 13
  135. 14Paragraph 14
  136. 15Paragraph 15
  137. 16Paragraph 16
  138. 17Paragraph 17
  139. 18Paragraph 18
  140. Part 3: Transitional provision
  141. Rules made before Part 1 of this Schedule comes into force
  142. 19Paragraph 19
  143. Pre-commencement consultation etc
  144. 20Paragraph 20
  145. Relevant equivalence decisions
  146. 21Paragraph 21
  147. Carbon target
  148. 22Paragraph 22
  149. Interpretation
  150. 23Paragraph 23
  151. Schedule 3: Prudential regulation of credit institutions etc
  152. Part 1: New Part 9D of the Financial Services and Markets Act 2000
  153. 1Paragraph 1
  154. Part 2: PRA's powers in relation to certain holding companies
  155. 2Paragraph 2
  156. 3Paragraph 3
  157. 4Paragraph 4
  158. 5Paragraph 5
  159. 6Paragraph 6
  160. 7Paragraph 7
  161. 8Paragraph 8
  162. Part 3: Minor and consequential amendments
  163. Bank of England Act 1998 (c. 11)
  164. 9Paragraph 9
  165. Financial Services and Markets Act 2000 (c. 8)
  166. 10Paragraph 10
  167. 11Paragraph 11
  168. 12Paragraph 12
  169. 13Paragraph 13
  170. 14Paragraph 14
  171. 15Paragraph 15
  172. 16Paragraph 16
  173. 17Paragraph 17
  174. 18Paragraph 18
  175. 19Paragraph 19
  176. Capital Requirements Regulations 2013 (S.I. 2013/3115)
  177. 20Paragraph 20
  178. 21Paragraph 21
  179. 22Paragraph 22
  180. Part 4: Transitional provision
  181. Pre-commencement consultation etc
  182. 23Paragraph 23
  183. Relevant equivalence decisions
  184. 24Paragraph 24
  185. Carbon target
  186. 25Paragraph 25
  187. Section 192V rules
  188. 26Paragraph 26
  189. Interpretation
  190. 27Paragraph 27
  191. Schedule 4: Amendments of the Capital Requirements Regulation
  192. 1Paragraph 1
  193. 2Paragraph 2
  194. 3Paragraph 3
  195. 4Paragraph 4
  196. 5Paragraph 5
  197. 6Paragraph 6
  198. 7Paragraph 7
  199. 8Paragraph 8
  200. 9Paragraph 9
  201. 10Paragraph 10
  202. 11Paragraph 11
  203. 12Paragraph 12
  204. 13Paragraph 13
  205. Schedule 5: Benchmarks: minor and consequential amendments
  206. 1Paragraph 1
  207. 2Paragraph 2
  208. 3Paragraph 3
  209. 4Paragraph 4
  210. 5Paragraph 5
  211. 6Paragraph 6
  212. 7Paragraph 7
  213. 8Paragraph 8
  214. 9Paragraph 9
  215. 10Paragraph 10
  216. 11Paragraph 11
  217. Schedule 6: Gibraltar-based persons carrying on activities in the UK
  218. Paragraph
  219. Schedule 7: UK-based persons carrying on activities in Gibraltar Not yet in force
  220. Paragraph Not yet in force
  221. Schedule 8: Gibraltar: minor and consequential amendments
  222. Financial Services and Markets Act 2000 (c. 8)
  223. 1Paragraph 1 Not yet in force
  224. 2Paragraph 2 Not yet in force
  225. 3Paragraph 3 Not yet in force
  226. 4Paragraph 4 Not yet in force
  227. 5Paragraph 5
  228. 6Paragraph 6
  229. 7Paragraph 7
  230. 8Paragraph 8 Not yet in force
  231. 9Paragraph 9
  232. 10Paragraph 10 Not yet in force
  233. 11Paragraph 11 Not yet in force
  234. 12Paragraph 12 Not yet in force
  235. 13Paragraph 13 Not yet in force
  236. 14Paragraph 14
  237. 15Paragraph 15 Not yet in force
  238. 16Paragraph 16
  239. 17Paragraph 17 Not yet in force
  240. 18Paragraph 18 Not yet in force
  241. Financial Services and Markets Act 2000 (Gibraltar) Order 2001 (S.I. 2001/3084) Not yet in force
  242. 19Paragraph 19 Not yet in force
  243. Subsidy Control Act 2022
  244. 20Paragraph 20
  245. Schedule 9: Collective investment schemes authorised in approved countries
  246. Part 1: Provisions to be inserted in Chapter 5 of Part 17 of the Financial Services and Markets Act 2000
  247. 1Paragraph 1
  248. Part 2: Minor and consequential amendments
  249. Financial Services and Markets Act 2000 (c. 8)
  250. 2Paragraph 2
  251. 3Paragraph 3
  252. 4Paragraph 4
  253. 5Paragraph 5
  254. 6Paragraph 6
  255. 7Paragraph 7
  256. 8Paragraph 8
  257. The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773)
  258. 9Paragraph 9
  259. 10Paragraph 10
  260. 11Paragraph 11
  261. 12Paragraph 12
  262. The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325)
  263. 13Paragraph 13
  264. 14Paragraph 14
  265. 15Paragraph 15
  266. 16Paragraph 16
  267. Schedule 10: Amendments of the Markets in Financial Instruments Regulation
  268. Introduction
  269. 1Paragraph 1
  270. Scope
  271. 2Paragraph 2
  272. Definitions
  273. 3Paragraph 3
  274. Provision of services by third-country firms following equivalence determination
  275. 4Paragraph 4
  276. 5Paragraph 5
  277. Equivalence determination
  278. 6Paragraph 6
  279. Requirements
  280. 7Paragraph 7
  281. Temporary prohibitions and restrictions and withdrawal of registration
  282. 8Paragraph 8
  283. Temporary prohibitions and restrictions and withdrawal of registration: procedure
  284. 9Paragraph 9
  285. FCA directions and rules
  286. 10Paragraph 10
  287. 11Paragraph 11
  288. 12Paragraph 12
  289. 13Paragraph 13
  290. Transitional provisions
  291. 14Paragraph 14
  292. Schedule 11: Variation or cancellation of Part 4A permission on initiative of FCA: additional power
  293. 1Paragraph 1
  294. 2Paragraph 2
  295. 3Paragraph 3
  296. 4Paragraph 4
  297. 5Paragraph 5
  298. Schedule 12: Forfeiture of money: electronic money institutions and payment institutions
  299. Anti-terrorism, Crime and Security Act 2001 (c. 24)
  300. 1Paragraph 1
  301. 2Paragraph 2
  302. 3Paragraph 3
  303. 4Paragraph 4
  304. 5Paragraph 5
  305. 6Paragraph 6
  306. 7Paragraph 7
  307. 8Paragraph 8
  308. 9Paragraph 9
  309. Proceeds of Crime Act 2002 (c. 29)
  310. 10Paragraph 10
  311. 11Paragraph 11
  312. 12Paragraph 12
  313. 13Paragraph 13
  314. 14Paragraph 14
  315. 15Paragraph 15
  316. 16Paragraph 16
  317. 17Paragraph 17
  318. 18Paragraph 18
  319. 19Paragraph 19
  320. 20Paragraph 20
  321. 21Paragraph 21