Explanatory note
(This note is not part of the Regulations)
These Regulations govern the provision of legal assistance in respect of matters which are referred to the Financial Services and Markets Tribunal by individuals against whom the Financial Services Authority has decided to take action in respect of alleged market abuse. The Tribunal and the Authority were established under the Financial Services and Markets Act 2000, an Act passed to provide for the regulation of financial services and markets.
The Regulations provide, in particular, for:
the manner in which applications for legal assistance are to be made (regulation 4);
the circumstances in which an individual may receive legal assistance, including with regard to his financial eligibility (regulations 8, 9 and 10);
the assessment of his financial resources, including the calculation of his disposable income and disposable capital (regulations 11 to 34);
the determination of any contribution payable (regulations 35 and 36);
the assignment and change of representatives (regulations 37 to 40);
the withdrawal of legal assistance and duty to report abuse (regulations 41 and 42);
the constitution of the Tribunal (regulation 43).