Financial Services and Markets Act 2023 in Northern Ireland
2023 c. 29 · Enacted 29 June 2023 · Extends to United Kingdom
An Act to make provision about the regulation of financial services and markets; and for connected purposes.
[29th June 2023]
Be it enacted by the King’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
- Part 1: Regulatory framework
- Chapter 1: Revocation of assimilated law
- 1Revocation of assimilated law relating to financial services and markets
- 2Transitional amendments
- 3Power to make further transitional amendments
- 4Power to restate and modify saved legislation
- 5Power to replace references to EU directives
- 6Restatement in rules: exemption from consultation requirements etc
- 7Interpretation of Chapter
- Chapter 2: New regulatory powers
- Designated activities regime
- 8Designated activities
- Financial market infrastructure: general rules and requirements
- 9Rules relating to central counterparties and central securities depositories
- 10Central counterparties and central securities depositories: other requirements
- 11Rules relating to investment exchanges and data reporting service providers
- 12Treasury directions to Bank of England: restrictions
- Financial market infrastructure: piloting powers
- 13Testing of FMI technologies or practices
- 14Reports on FMI sandboxes
- 15Permanent implementation of arrangements tested under an FMI sandbox
- 16Regulations
- 17Interpretation
- Powers in relation to critical third parties
- 18Critical third parties: designation and powers
- 19Critical third parties: related amendments
- Financial promotion
- 20Financial promotion
- Sustainability disclosure requirements
- 21Sustainability disclosure requirements
- Digital settlement assets
- 22Digital settlement assets
- 23Digital settlement assets: power to make regulations
- Mutual recognition
- 24Implementation of mutual recognition agreements
- Chapter 3: Accountability of regulators
- FCA and PRA objectives and regulatory principles
- 25Competitiveness and growth objective
- 26Competitiveness and growth objective: reporting requirements
- 27Regulatory principles
- 28Sections 25 and 27: consequential amendments
- FCA and PRA powers to make rules etc
- 29Review of rules
- 30Treasury power in relation to rules
- 31Matters to consider when making rules
- 32Effect of rules etc on deference decisions
- 33Effect of rules etc on international trade obligations
- 34Power to disapply or modify rules
- FCA and PRA engagement
- 35Responses to recommendations of the Treasury
- 36Public consultation requirements
- 37Engagement with statutory panels
- 38Engagement with Parliamentary Committees
- 39Reporting requirements
- Co-operation of FCA and others
- 40Duty to co-operate and consult in exercising functions
- Panels and policy statements
- 41Listing Authority Advisory Panel
- 42Insurance Practitioner Panel
- 43Cost Benefit Analysis Panels
- 44Statement of policy on cost benefit analyses
- 45Statement of policy on panel appointments
- 46Composition of panels
- 47Panel reports
- Bank of England regulatory powers
- 48Exercise of FMI regulatory powers
- 49Bank of England: rule-making powers
- 50Application of FSMA 2000 to FMI functions
- Payment Systems Regulator
- 51Payment Systems Regulator
- 52Chair of the Payment Systems Regulator as member of FCA Board
- Consultation on rules
- 53Consultation on rules
- Part 2: Access to cash
- 54Cash access services
- 55Wholesale cash distribution
- Part 3: Performance of functions relating to financial market infrastructure
- 56Recognised bodies: senior managers and certification
- Part 4: Central counterparties in financial difficulties
- 57Central counterparties in financial difficulties
- Part 5: Insurers in financial difficulties
- 58Insurers in financial difficulties
- Part 6: Miscellaneous
- Amendments to FSMA 2000
- 59Application of provisions to regulatory functions under this Act
- 60Formerly authorised persons
- 61Control over authorised persons
- 62Financial services compensation scheme
- 63The Ombudsman scheme
- 64Unauthorised co-ownership AIFs
- 65Power to amend enactments in consequence of rules
- 66Ambulatory references
- 67Power to amend or repeal certain provisions of FSMA 2000
- 68Power under FSMA 2000 to make transitional provisions
- 69Cryptoassets
- Bank of England levy
- 70Bank of England levy
- 71Bank of England levy: consequential amendments
- Other miscellaneous provisions
- 72Liability of payment service providers for fraudulent transactions
- 75Banking Act 2009: miscellaneous amendments
- 76Arrangements for the investigation of complaints
- 77Politically exposed persons: money laundering and terrorist financing
- 78Politically exposed persons: review of guidance
- 79Forest risk commodities: review
- Part 7: General
- 80Interpretation
- 81Pre-commencement consultation
- 82Financial provision
- 83Power to make consequential provision
- 84Regulations
- 85Extent
- 86Commencement
- 87Short title
- Schedule 1: Revocation of assimilated law relating to financial services
- 1Assimilated direct principal legislation
- 2Subordinate legislation
- 3EU tertiary legislation etc
- 4Primary legislation
- 5Other EU-derived legislation
- Schedule 2: Transitional amendments
- Part 1: Amendments to the Markets in Financial Instruments Regulation
- 1Introductory
- 2Transparency requirements for equities Not yet in force
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Transparency requirements for fixed income instruments and derivatives etc
- 8Systematic internalisers and other investment firms
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Systematic internalisers and other investment firms
- 13Share trading obligation
- 14Share trading obligation
- 15Derivatives trading obligation
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Consequential amendments relating to this Part
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23 Not yet in force
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- Part 2: Amendments to the European Market Infrastructure Regulation
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- Part 3: Amendments to the EU Securitisation Regulation
- 31Introductory
- 32STS equivalent non-UK securitisations
- 33STS equivalent non-UK securitisations
- 34Minor and consequential amendments
- 35Minor and consequential amendments
- 36Minor and consequential amendments
- 37Minor and consequential amendments
- 38Minor and consequential amendments
- 39Minor and consequential amendments
- 40Minor and consequential amendments
- 41Minor and consequential amendments
- 42Minor and consequential amendments
- 43Minor and consequential amendments
- Part 4: Amendments to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017
- 44Introductory
- 45Position limits for commodity derivatives
- 46Paragraph 46
- 47Paragraph 47
- 48Paragraph 48
- 49Paragraph 49
- 50Consequential revocations relating to this Part
- Part 5: Amendments to the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018
- 51Paragraph 51
- Part 6: Amendments relating to critical third parties
- 52Paragraph 52
- 53Paragraph 53
- 54Paragraph 54
- 55Paragraph 55
- 56Paragraph 56
- 57Paragraph 57
- 58Paragraph 58
- 59Paragraph 59
- 60Paragraph 60
- 61Paragraph 61
- 62Paragraph 62
- 63Paragraph 63
- 64Paragraph 64
- 65Paragraph 65
- 66Paragraph 66
- 67Paragraph 67
- 68Paragraph 68
- 69Paragraph 69
- 70Paragraph 70
- 71Paragraph 71
- 72Paragraph 72
- Schedule 3New Schedule 6B to FSMA 2000
- Schedule 4: FMI Sandboxes
- 1Participation
- 2Technology
- 3Practices
- 4Financial instruments
- 5Settlement of payments
- 6Requirements
- 7Cooperation
- 8Transparency and reporting
- 9Enforcement
- Schedule 5: Financial promotion: related amendments
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- Schedule 6: Digital settlement assets
- Part 1: Amendments to the Banking Act 2009
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36
- 37Paragraph 37
- 38Paragraph 38
- 39Paragraph 39
- Part 2: Amendments to the Financial Services (Banking Reform) Act 2013
- 40Paragraph 40
- 41Paragraph 41
- 42Paragraph 42
- 43Paragraph 43
- 44Paragraph 44
- 45Paragraph 45
- 46Paragraph 46
- 47Paragraph 47
- 48Paragraph 48
- Schedule 7: Accountability of the Payment Systems Regulator
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- Schedule 8: Cash access services
- Part 1: New Part 8B of FSMA 2000
- 1Paragraph 1
- Part 2: Consequential amendments to FSMA 2000
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- Schedule 9: Wholesale cash distribution
- Part 1: New Part 5A of the Banking Act 2009
- 1Paragraph 1
- Part 2: Amendments to Part 6 of the Financial Services (Banking Reform) Act 2013
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- Part 3: Consequential amendments
- 10Banking Act 2009
- 11Banking Act 2009
- 12Banking Act 2009
- 13Financial Services Act 2012
- 14Financial Services Act 2012
- 15Financial Services Act 2012
- 16Financial Services (Banking Reform) Act 2013
- Schedule 10: Performance of functions relating to financial market infrastructure
- Part 1: New Chapter 2A of Part 18 of FSMA 2000
- 1Paragraph 1
- Part 2: Related amendments
- 2Amendments to FSMA 2000
- 3Amendments to FSMA 2000
- 4Amendments to FSMA 2000
- 5Amendments to FSMA 2000
- 6Amendments to FSMA 2000
- 7Amendments to FSMA 2000
- 8Amendments to FSMA 2000
- 9Amendments to FSMA 2000
- 10Amendments to FSMA 2000
- 11Amendments to FSMA 2000
- 12Amendments to FSMA 2000
- 13Amendments to FSMA 2000
- 14Amendments to FSMA 2000
- 15Amendments to FSMA 2000
- 16Amendments to FSMA 2000
- 17Amendments to FSMA 2000
- 18Amendments to FSMA 2000
- 19Amendments to FSMA 2000
- 20Amendments to FSMA 2000
- 21Financial Services Act 2012
- Schedule 11: Central counterparties
- Part 1: Introductory
- 1Overview
- Part 2: Pre-resolution powers of the Bank of England
- 2Removal of impediments to the exercise of stabilisation powers etc
- 3Safeguards relating to directions under paragraph 2
- Part 3: Resolution plans
- 4Resolution plans
- Part 4: Removal of directors and senior managers
- 5Removal of directors and senior managers
- 6Temporary manager
- 7Paragraphs 5 and 6: conditions
- 8Temporary manager: further provisions in relation to the appointment
- 9Temporary manager: instrument of appointment
- 10Right to refer matters to the Tribunal
- 11Removal of directors and senior managers and appointment of temporary manager: procedure
- 12Removal of directors and senior managers and appointment of temporary manager: notice requirements
- 13Temporary restriction on remuneration
- 14Restriction on remuneration: review and revocation
- Part 5: Special resolution action
- 15Special resolution objectives
- 16Code of Practice
- 17General conditions
- 18Effect on other group members
- 19Specific conditions: financial assistance cases
- 20Resolution liaison panel
- 21Restrictions on use of certain resolution powers
- 22Pre-resolution valuation
- 23Replacement of Bank’s provisional valuation
- 24Independent valuer: valuation under paragraph 22 or 23
- 25Independent valuer: supplemental
- 26Consequences of a replacement valuation
- 27Private sector purchaser
- 28Private sector purchaser: marketing
- 29Bridge central counterparty
- 30Transfer of ownership
- 31Tear-up power
- 32Cash call power
- 33Power to reduce variation margin payments
- 34Write-down power
- 35Powers in relation to securities
- 36Report on provisions in write-down instrument
- 37Priority between creditors
- 38Power to take control
- 39Shadow directors etc
- 40Interpretation: “securities”
- 41Share transfer instrument
- 42Effect
- 43Continuity
- 44Conversion and delisting
- 45Directors and senior managers
- 46Ancillary instruments: production, registration, etc
- 47Incidental provision
- 48Procedure: instruments
- 49Supplemental instruments
- 50Onward transfer
- 51Reverse share transfer
- 52Bridge central counterparties: share transfers
- 53Bridge central counterparties: reverse share transfer
- 54Property transfer instrument
- 55Effect
- 56Transferable property
- 57Continuity
- 58Directors and senior managers
- 59Recognised central counterparty rules
- 60Recognised central counterparty membership
- 61Licences
- 62Foreign property
- 63Incidental provision
- 64Procedure
- 65Property transfer instrument: delisting
- 66Transfer of property subsequent to resolution instrument
- 67Supplemental instruments
- 68Private sector purchaser: reverse property transfer
- 69Onward transfer
- 70Bridge central counterparties: reverse property transfer
- 71Transfer of ownership and private sector purchaser: property transfer
- 72Transfer of ownership: reverse property transfer
- 73Bridge central counterparty: supplemental property transfer powers
- 74Bridge central counterparty: supplemental reverse property transfer powers
- 75Restriction of partial transfers
- 76Power to protect certain interests
- 77Creation of liabilities
- 78Regulations for safeguarding certain financial arrangements: write-down instruments
- 79Resolution instruments: effect and supplementary matters
- 80Write-down instruments: supplementary
- 81Resolution instruments: procedure
- 82Supplemental resolution instruments
- 83Directors and senior managers
- 84Termination rights etc
- 85Deferment
- 86Recovery of expenses
- 87Compensation scheme
- 88Instruments: notification of members and creditors
- 89General continuity obligation: property transfers
- 90Special continuity obligations: property transfers
- 91Continuity obligations: onward property transfers
- 92General continuity obligation: share transfers
- 93Special continuity obligations: share transfers
- 94Continuity obligations: onward share transfers
- 95Continuity obligations: consideration and terms
- 96Continuity obligations: termination
- 97Suspension of obligations
- 98Restriction of security interests
- 99Suspension of termination rights
- 100Suspension: general provision
- 101Stay on terminating membership
- 102Restriction on remuneration
- 103Pensions
- 104Disputes
- 105Tax
- 106Stay or sist of legal proceedings
- 107Insolvency proceedings
- 108Recognition of transferee company
- 109International obligation notice: general
- 110International obligation notice: bridge central counterparty
- 111Public funds: general
- 112Public funds: bridge central counterparty
- 113Private sector purchaser: report
- 114Bridge central counterparty: report
- 115Resolution instruments: report
- 116Transfer of ownership: report
- 117Sale to commercial purchaser, transfer to bridge central counterparty and transfer of ownership: conditions for group companies
- 118Paragraph 117: supplemental
- Part 6: Information, investigation and enforcement
- 119Information
- 120Reports by skilled persons
- 121Appointment of persons to carry out general investigations
- 122Appointment of person to carry out investigations in particular cases
- 123Investigations etc in support of foreign resolution authorities
- 124Investigations: general
- 125Powers of persons appointed under paragraph 121
- 126Powers of persons appointed as a result of paragraph 122
- 127Admissibility of statements made to investigators
- 128Information and documents: supplemental provision
- 129Protected items
- 130Entry of premises under warrant
- 131Retention of documents obtained under paragraph 130
- 132Offences etc
- 133Prosecution of offences under paragraph 132
- 134Offences under paragraph 132 by bodies corporate etc
- 135Injunctions to prevent failure to comply with relevant requirement
- 136Regulatory sanctions
- 137Determination of sanctions
- 138Procedure: warning notice
- 139Procedure: decision notice
- 140Procedure: general
- 141Appeals
- 142Injunctions: failure to comply with certain paragraph 136 sanctions
- 143Publication
- 144Co-operation
- Part 7: Third-country resolution actions
- 145Third-country resolution actions
- 146Effects of recognition on third-country resolution action
- 147Third-country instruments: supplementary provision
- Part 8: General
- 148Information
- 149Restrictions on disclosure of confidential information
- 150Remedies on judicial review
- 151Giving of notices, documents etc under this Schedule
- 152“Financial assistance”
- 153Modifications to the law
- 154Interpretation
- 155Recognised central counterparty
- 156Interpretation: “CCP group company”, etc
- Part 9: Treasury support for CCPs
- 157Consolidated Fund
- 158National Loans Fund
- Part 10: Consequential etc provision
- 159Bank of England Act 1998
- 160Financial Services and Markets Act 2000
- 161Companies Act 2006
- 162Banking Act 2009
- 163Financial Services Act 2012
- 164Financial Services (Banking Reform) Act 2013
- 165Modified application of corporate law to CCPs in resolution
- Schedule 12: Write-down orders
- Part 1: Write-down orders: main provisions
- 1Paragraph 1
- Part 2: The manager of a write-down order
- 2Paragraph 2
- Part 3: Further provision about write-down orders
- 3Paragraph 3
- Part 4: Write-down orders: financial services compensation scheme
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- Part 5: Consequential amendments
- 8FSMA 2000
- 9FSMA 2000
- 10FSMA 2000
- 11FSMA 2000
- 12Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
- Schedule 13: Insurers in financial difficulties: enforcement of contracts
- Part 1: New Schedule 19C to FSMA 2000
- 1Paragraph 1
- Part 2: Consequential amendments
- 2Paragraph 2