OpenLegislation

The Financial Services and Markets Act 2000 (Misleading Statements and Practices) Order 2001

S.I. 2001/3645 · Made 9 November 2001

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.

FINANCIAL SERVICES AND MARKETS

Made 9th November 2001

Laid before Parliament 9th November 2001

Coming into force in accordance with article 1(2)

The Treasury, in exercise of the powers conferred on them by section 397(9), (10) and (14) of the Financial Services and Markets Act 2000f1, hereby make the following Order:

Annotations to the whole text

Footnotes

f1

2000 c. 8.

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Specified kinds of activity
  4. 4Specified kinds of investment
  5. Signature
  6. Explanatory note

1Citation and commencement

(1)

This order may be cited as the Financial Services and Markets Act 2000 (Misleading Statements and Practices) Order 2001.

(2)

This Order comes into force—

(a)

for the purposes of articles 3(b) and 4(b), on 1st January 2002;

(b)

for the purposes of articles 3(c) and 4(c), on 1st September 2002;

(c)

for all other purposes, on 1st December 2001.

2Interpretation

In this Order —

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

  • “controlled activity” means an activity which falls within Part I of Schedule 1 to the Financial Promotion Order other than an activity which falls within—

    1. (a)

      paragraph 9 or 10 of that Schedule, or

    2. (b)

      paragraph 11 so far as relating to paragraph 9 or 10;

  • “controlled investment” means an investment which falls within Part II of Schedule 1 to the Financial Promotion Order other than an investment which falls within paragraph 25 or 26 of that Schedule;

  • “the Financial Promotion Order” means the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001f1.

3Specified kinds of activity

The following kinds of activity are specified for the purposes of section 397(9)(a) of the Act—

(a)

a controlled activity;

(b)

an activity which falls within paragraph 9 (providing funeral plan contracts) of Schedule 1 to the Financial Promotion Order, or agreeing to carry on such an activity;

(c)

an activity which falls within paragraph 10 (providing qualifying credit) of that Schedule, or agreeing to carry on such an activity;

(d)

an activity of the kind specified by article 45 (sending dematerialised instructions), 51 (establishing etc. a collective investment scheme), 52 (establishing etc. a stakeholder pension scheme) or 57 (managing the underwriting capacity of a Lloyd’s syndicate) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001f1.

4Specified kinds of investment

The following kinds of investment are specified for the purposes of section 397(10) of the Act—

(a)

a controlled investment;

(b)

an investment which falls within paragraph 25 (funeral plan contracts) of Schedule 1 to the Financial Promotion Order;

(c)

an investment which falls within paragraph 26 (agreements for qualifying credit) of that Schedule.

Signature

John Heppell

Tony McNulty

Two of the Lords Commissioners of Her Majesty’s Treasury

9th November 2001

Explanatory note

(This note is not part of the Order)

This Order specifies certain kinds of activity and investment for the purposes of section 397(9)(a) and (10) of the Financial Services and Markets Act 2000 (“the Act”).

An agreement, the entering into or performance of which constitutes an activity of the kind specified by article 3, and which relates to an investment of the kind specified by article 4, is a relevant agreement for the purposes of section 397 of the Act. Misleading statements and practices of the kind referred to in section 397(1) to (3) of the Act are criminal offences if made, or engaged in, in connection with a relevant agreement or an investment of the kind specified by article 4.