The Financial Services and Markets Act 2000 is an act of the United Kingdom parliament which created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking.
Some of the key section of this act are:
- Section 2 outlines the regulatory objectives of the FSA: (a) market confidence; (b) public awareness; (c) the protection of consumers; and (d) the reduction of financial crime .
- Section 19 requires firms to be authorised to conduct regulated activities.
- Section 21 makes it a criminal offence to issue a financial promotion in the United Kingdom unless it is issued or approved by an authorised firm or exempt via the Financial Promotions Order .
- Section 59 states that a person can not carry out certain controlling functions in a firm without approval by the FSA.
- Section 71 allows private persons to sue a firm for damages if a person performing a controlled function is not approved.
- Section 118 concerns market abuse .
- Section 138 grants the FSA rule-making power.
- Section 150 allows private persons to sue for damages if an authorised firm has breached certain rules.
- Section 165 gives the FSA power to require certain information.
External links
Financial Services and Markets Act 2000
