Source: http://uk.practicallaw.com/topic9-103-1355?sv=8-200-2201
Timestamp: 2017-03-30 16:37:15
Document Index: 734098699

Matched Legal Cases: ['art 4', 'art 6', 'art 9', 'art 16', 'art 12', 'art 4', 'art 7', 'art 7', 'art 12', 'art 12', 'art 12', 'art 12', 'art 12', 'art 12', 'art 12', 'art 12', 'art 5', 'art 5', 'art 7', 'art 7']

This part of the topic index contains resources on the Financial Services and Markets Act 2000. Please select the resource that you require by clicking on the relevant tab below. AllPractice notesStandard documentsChecklistsLegal updatesArticlesGlossary121
1A guide to Practical Law's materials on regulated activitiesA guide to Practical Law's materials on regulated activities, including information about the general prohibition, which is set out in section 19 of the Financial Services and Markets Act 2000 (FSMA), and the specified investments and activities set out in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO).Practice note: overviewMaintained2Bank of England: role, governance and financial stability ...An overview of the Bank of England (BoE), focusing on its responsibilities for UK financial stability. It considers the legal status of the BoE, its governance arrangements and the accountability mechanisms that apply to it.Practice note: overviewMaintained3Brexit and financial servicesThis note considers at a high-level the potential implications for the UK financial services sector of the UK's decision to leave the EU and the financial services issues that may be considered in negotiations between the EU and the UK relating to Brexit. It also provides links to relevant Practical Law resources relating to the implications of Brexit.Practice note: overviewMaintained4Client assets regulation: CASS overviewAn overview of the FCA's Client Assets sourcebook (CASS), the FCA's approach to supervising firms' compliance with CASS and anticipated developments that will impact on the regulation in the UK of client money and safe custody assets.Practice note: overviewMaintained5Conduct of business regulation: COBS overviewAn overview of the FCA's Conduct of Business sourcebook (COBS), which applies to firms authorised under Part 4A of the Financial Services and Markets Act 2000 (FSMA) that carry on designated investment business.Practice note: overviewMaintained6DC pension flexibility: a quick guideA quick guide to the government's reforms to how individuals with defined contribution (DC) pension savings can flexibly access their funds, including the new uncrystallised funds pension lump sum (UFPLS) and flexi-access drawdown options. The new regime came into force on 6 April 2015.Practice note: overviewMaintained7European banking union: overviewThe EU has established a banking union for eurozone member states and for other participating EU member states. The European Central Bank (ECB) has been entrusted with key supervisory tasks in respect of credit institutions established in banking union member states under a single supervisory mechanism (SSM). The SSM comprises the ECB itself and the national competent authorities (NCAs) of participating member states. The ECB's powers and details of the SSM are set out in the SSM Regulation (Regulation 1024/2013). The EU has also established a single resolution mechanism (SRM) that applies to all banks in member states participating in the SSM. The legislative basis for the SRM is the SRM Regulation (Regulation 806/2014).Practice note: overviewMaintained8European System of Financial Supervision (ESFS)This note provides an overview of the EU financial services supervisory framework that came into effect in January 2011. The framework is known as the European System of Financial Supervision (ESFS), and includes the European Systemic Risk Board (ESRB) and the European Supervisory Authorities (ESAs) (that is, the EBA, ESMA and EIOPA).Practice note: overviewMaintained9Financial Services and Markets Act 2000 (FSMA): overviewAn overview of the Financial Services and Markets Act 2000 (FSMA), the framework legislation for the regulation of the UK financial services sector.Practice note: overviewMaintained10Financial services trackersThis note links to the Practical Law Financial Services trackers that cover key legal and regulatory cases, decisions and other publications and key developments in the area of financial services.Practice note: overviewMaintained11FSCS: overviewThis note provides an overview of the Financial Services Compensation Scheme (FSCS) and acts as an introduction to Practical Law Financial Services' suite of notes on the FSCS.The FSCS is the UK's statutory compensation fund for customers of most financial service firms. It pays compensation, up to certain limits, to eligible customers of financial services firms that are unable, or likely to be unable, to pay claims against them.Practice note: overviewMaintained12FSMA controllers regime: overviewThis note provides an overview of the regime set out in the Financial Services and Markets Act 2000 (FSMA), the FCA Handbook and the PRA Rulebook on regulatory requirements for controllers, and prospective controllers, of UK authorised firms.The note also acts as an introduction to Practical Law Financial Services' suite of notes on the FSMA controllers regime.Practice note: overviewMaintained13Hot topics: FCA pension reform measuresThe UK government introduced wide-ranging reform of workplace pension provision in the UK in April 2015. This note explains how the FCA responded by amending its rules to implement the government's pension reform measures. Among other things, it covers the introduction of requirements relating to independent governance committees (IGCs), the ban on charge caps within default funds, Pension Wise (which delivers the designated pensions guidance service) and the regulated activity of advising on the conversion or transfer of defined benefit pension schemes. It also tracks the FCA's review of its pension and retirement rules and related consultations.Practice note: overviewMaintained14Hot topics: Senior insurance managers regime (SIMR) for ...Strengthening and clarifying the individual accountability and responsibility of directors and senior managers running large insurance and reinsurance companies has been a key priority for the PRA and FCA. This note provides an overview of the enhanced individual accountability framework for these companies, which came into force fully on 7 March 2016. It focuses in particular on the PRA's senior insurance managers regime (SIMR) and the changes the FCA made to its approved persons regime.Practice note: overviewMaintained15Hot topics: Senior managers regime (SMR) for banks and PRA ...This note provides an overview of the FCA and PRA regime governing certain individuals in UK banks, building societies, credit unions, PRA-designated investment firms and branches of foreign banks operating in the UK, which came into effect on 7 March 2016. It sets out the three key elements of the regime, that is the senior managers regime (SMR), the certification regime and the conduct rules.Practice note: overviewMaintained16Personal pension schemes: overviewThis note explains the legal requirements and outlines the structure and key practical issues regarding personal pension schemes (including Group Personal Pensions (GPPs), most commonly referred to as contract-based defined contribution (DC) pension schemes.Practice note: overviewMaintained17Regulated Activities Order: overviewAn overview of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO).Practice note: overviewMaintained18Regulation of credit rating agencies: overviewThis note provides an overview of international, EU and UK regulatory measures relating to the supervision and regulation of credit rating agencies (CRAs) and a guide to Practical Law's materials on these issues.CRAs are expected to observe international supervisory standards set primarily by the International Organization of Securities Commissions (IOSCO). CRAs that operate in the EU are subject to direct regulation under the CRA Regulation (Regulation 1060/2009) and direct supervision by the European Securities and Markets Authority (ESMA). CRAs operating in the UK should also take account of UK legislation supplementing the EU's requirements.Practice note: overviewMaintained19Acquisitions DirectiveAn overview of the regime under the Acquisitions Directive (2007/44/EC), sometimes referred to as the Qualifying Holdings Directive or the Change of Control Directive. For information on the qualifying holdings regime introduced by the Acquisitions Directive and developments relating to that regime since the adoption of the Directive, see Practice note, EU qualifying holdings regime.Practice notes31-Dec-201320Actions for damages under FSMAThis note outlines the rights available under section 138D of the Financial Services and Markets Act 2000 (FSMA), allowing persons who suffer loss as a result of a rule breach a right of action for damages for those losses.Practice notesMaintained21Actions for damages under section 150 of FSMAThis note outlines the rights that were available under section 150 of the Financial Services and Markets Act 2000 (FSMA), allowing persons who suffer loss as a result of a rule breach by an authorised person a right of action for damages for those losses. Section 150 was repealed by the Financial Services Act 2012 and replaced with a new section 138D.Practice notes31-Mar-201322Activities that can be passported under CRD IVAn overview of the activities that can be passported under the CRD IV Directive (2013/36/EU) and guidance from UK regulatory authorities on the corresponding regulated activities in the UK.Practice notesMaintained23Application of EU legislation to non-EU EEA statesAn overview of the application of EU legislative acts to Iceland, Liechtenstein and Norway (as non-EU member states) under the Agreement on the European Economic Area (EEA Agreement). Practice notesMaintained24April 2013 UK financial services regulatory structure reforms ...On 1 April 2013, the FSA was abolished and the majority of its functions transferred to two new regulators: the FCA and the PRA. On the same date, the Bank of England (BoE) took over the FSA's responsibilities for financial market infrastructures and the Financial Policy Committee (FPC) was established on a statutory basis. This practice note provides an overview of the development of these reforms, tracking the progress of, and links to, the initial HM Treasury papers and subsequent papers concerning the FCA, the PRA and the FPC, as well as the transfer of supervision of financial market infrastructures (FMIs) to the BoE. This document is part of a series of notes relating to the new financial services regulatory structure. For more information, see Practice note, April 2013 UK financial services regulatory structure reforms: index of Practical Law materials.Practice notes06-Oct-201325April 2013 UK financial services regulatory structure reforms ...On 1 April 2013, the FSA was abolished and the majority of its functions transferred to two new regulators: the FCA and the PRA. On the same date, the Bank of England (BoE) took over the FSA's responsibilities for financial market infrastructures and the Financial Policy Committee (FPC) was established on a statutory basis. This resources document contains links to key primary source material and related Practical Law Financial Services legal updates concerning the reforms. For an overview of the reforms, see Practice note, Financial Services Act 2012: overview of reforms. For an index to Practical Law's resources on the reforms, see Practice note, April 2013 UK financial services regulatory structure reforms: index of Practical Law materials.Practice notes03-Apr-201326April 2013 UK financial services regulatory structure reforms ...This practice note acts as an index to Practical Law's resources on the reforms to the UK financial services regulatory structure that took place on 1 April 2013.Practice notes01-Apr-201327Bank of England and Financial Services Act 2016This note provides an overview of the Bank of England and Financial Services Act 2016.This Act makes reforms to the governance of the Bank of England (BoE) and reforms relating to the financial services sector generally. Among other things, it ends the status of the PRA as a subsidiary of the BoE and establishes a Prudential Regulation Committee (PRC) in the BoE to exercise the functions of the PRA. The Act also makes amendments to the senior managers and certification regime (SM&CR), including the extension of the SM&CR to all firms authorised under the Financial Services and Markets Act 2000 (FSMA).Practice notesMaintained28Bank of England regulation of financial market infrastructures ...This note provides an overview of the role of the Bank of England (BoE) as the UK regulator responsible for financial market infrastructures (FMIs): central counterparties (CCPs), settlement systems and recognised payment systems.Practice notesMaintained29Brexit and UK lawyers' rightsThis note examines the potential implications of Brexit on rights for UK lawyers to provide cross-border legal services across the European Economic Area (EEA) and Switzerland. It summarises current rights under EU law, including rights to set up an office in another country and requalify in another jurisdiction, and rights of audience before national courts and the courts of EU institutions. It also looks at contingency planning by UK lawyers and law firms to combat uncertainty about the availability of equivalent rights after Brexit.Practice notesMaintained30Brexit: passporting, third-country status and equivalenceThis note provides an overview of the issues that may be faced by UK financial institutions currently carrying on business in EU member states following the UK's vote to leave the EU.The note summarises the passporting rights currently available under EU financial services legislation and the potential consequences for UK financial institutions if those rights are lost. In particular, the note considers the implications of the UK becoming a third country (that is, a jurisdiction outside the European Economic Area (EEA)) and the rights of financial institutions based in a third country to access EEA markets. The note also provides links to relevant Practical Law materials on passporting and other related issues.Practice notesMaintained31Brexit: WTO and financial servicesThis note provides an overview of the application of the rules of the World Trade Organization (WTO) to financial services, focusing on the provisions of the General Agreement on Trade in Services (GATS). It also considers issues relating to the WTO framework affecting the UK financial services sector arising from the UK's decision to leave the EU.Practice notesMaintained32Charges in workplace personal pension schemes: FCA rulesAn outline of the FCA rules in chapter 19 of the Conduct of Business sourcebook (COBS 19) that restrict the way in which firms can apply charges to workplace personal pension schemes, including restrictions on charges in qualifying schemes for the purpose of auto-enrolment and the ban on early exit charges in personal or stakeholder pension schemes.Practice notesMaintained33Co-operative and community benefit societies (formerly known ...This practice note sets out how to form and register the community benefit society and the co-operative society. The note describes the rights of members and directors of such societies, the capital requirements for a society, the conversion process from a society to a limited company and dissolution process. This note has now been split into three shorter notes and will shortly be retired. See Practice notes: Co-operative and community benefit societies: registration and formation Co-operative and community benefit societies: continuing obligations, share capital and governance Co-operative and community benefit societies: conversion, amalgamation and dissolution and winding upPractice notes19-Apr-201634Co-operative and community benefit societies: continuing ...This practice note explains the continuing obligations of a registered co-operative or community benefit society, the nature of its share capital and its governance structure.Practice notesMaintained35Co-operative and community benefit societies: conversion ...This note explains the procedures for converting a co-operative or community benefit society into a company and how to convert a company into a registered society. It also explains how to amalgamate two societies or transfer engagements from one society to another. The final section of this practice note discusses how to dissolve and wind up a registered societyPractice notesMaintained36Co-operative and community benefit societies: registration ...This practice note sets out how to form and register the community benefit society and co-operative society registered under the Co-operative and Community Benefit Societies Act 2014.Practice notesMaintained37Co-ordination between FCA, PRA and BoEThis note provides an overview of the mechanisms for co-operation and co-ordination between the UK financial services regulatory bodies: the FCA, the PRA and the Bank of England (BoE).Practice notesMaintained38Complaints against FCA, PRA and Bank of EnglandAn overview of the complaints scheme operated by the FCA, the PRA and the Bank of England (BoE), as required under Part 6 of the Financial Services Act 2012 (FS Act 2012).Practice notesMaintained39Designated professional bodiesThe Financial Services and Markets Act 2000 (FSMA) provides for a designated professional bodies (DPB) regime, which enables certain firms, in particular circumstances, to undertake a degree of investment work without needing authorisation. This note provides an overview of the DPB regime.Practice notesMaintained40Dual regulation of firms by PRA and FCAThis note provides a guide to issues arising from the dual-regulation of certain firms by the PRA and the FCA. The note focuses in particular on issues for firms that are regulated by the PRA and the FCA (that is, PRA-authorised or dual-regulated firms).Practice notesMaintained41EU delegated acts and implementing acts: financial services ...This note provides an overview of delegated acts and implementing acts, focusing on their use in legislation relating to financial services. It considers the legislative basis for delegated and implementing acts and the procedures that the EU co-legislators follow when making delegated regulations and implementing regulations.Practice notesMaintained42EU financial services technical standards and guidanceThis note provides an overview of the use of regulatory technical standards (RTS) and implementing technical standards (ITS) in delegated EU financial services legislation. RTS and ITS are standards drafted by the European Supervisory Authorities (ESAs) (that is, the EBA, EIOPA and ESMA) and then adopted by the European Commission as binding regulations or decisions. The note also considers the powers of the ESAs to produce guidelines and recommendations using formal procedures, as well as their powers to produce more informal guidance.Practice notesMaintained43EU qualifying holdings regimeThis note provides an overview of the qualifying holdings regime in EU financial services sectoral legislation, particularly in the Markets in Financial Instruments Directive (2004/39/EC) (MiFID), the Solvency II Directive (2009/138/EC) and the CRD IV Directive (2013/36/EU).The qualifying holdings regime reflects provisions that were originally introduced by the Acquisitions Directive (2007/44/EC). It relates to changes in control of firms authorised under EU financial services legislation and imposes obligations on controllers, and potential controllers, of these firms.Practice notesMaintained44European deposit insurance scheme (EDIS)An overview of the European Commission's proposals for a European deposit insurance scheme (EDIS), which will provide a common system for the protection of depositors in the single supervisory mechanism (SSM).The note also considers the legislative progress of the proposed Regulation that will amend the SRM Regulation (Regulation 806/2014) to establish EDIS (the EDIS Regulation).Practice notesMaintained45European System of Financial Supervision (ESFS): 2013/14 ...Please note the law stated date of this practice note, which means that it is no longer maintained.The European System of Financial Supervision (ESFS) is the EU financial services supervisory framework. It includes the ESRB and the three European Supervisory Authorities (ESAs) (that is, the EBA, ESMA and EIOPA). This note provides an overview of the work of the European Parliament, the Council of the EU and the European Commission during 2013 and 2014 to review the ESFS.Practice notes14-Nov-201446Execution of deeds and documents by LLPs, partnerships and ...This practice note summarises the formalities governing the execution of contracts, deeds and other documents by limited liability partnerships (LLPs), general partnerships and limited partnerships (LPs) under the laws of England and Wales.Practice notesMaintained47FCA and Pensions Regulator: joint regulation of workplace ...This note clarifies the regulatory focus and approach of the Financial Conduct Authority and the Pensions Regulator in the regulation of workplace defined contribution pension schemes. The note also sets out how the two regulatory bodies are working together and seeking to ensure consistency and avoid duplication in the way pension scheme members are treated under the different regulatory regimes.Practice notesMaintained48FCA and PRA regulatory principlesAn overview of the shared set of regulatory principles set out in section 3B of the Financial Services and Markets Act 2000 (FSMA) to which both the FCA and the PRA must have regard when exercising their regulatory functions.Practice notesMaintained49FCA and PRA rule-making powersAn overview of the rule-making powers of the PRA and the FCA under Part 9A of the Financial Services and Markets Act 2000 (FSMA).Practice notesMaintained50FCA competition role and powersThe FCA has a statutory objective to promote effective competition in the interests of consumers. It also has, since 1 April 2015, competition powers under the Enterprise Act 2002 and the Competition Act 1998 relating to the financial services sector held concurrently with the Competition and Markets Authority (CMA).Practice notesMaintained51FCA confirmed industry guidanceThis note provides information on the FCA's framework for confirming industry guidance.Practice notesMaintained52FCA financial crime role, responsibilities and approachThis note considers the FCA's financial crime role and responsibilities under the Financial Services and Markets Act 2000 (FSMA) and a number of other key pieces of legislation, including the Money Laundering Regulations 2007 (SI 2007/2157) (MLRs).Practice notesMaintained53FCA HandbookThe FCA Handbook sets out rules, guidance and other provisions made by the FCA under powers given to it by the Financial Services and Markets Act 2000 (FSMA).This note provides an overview of the FCA Handbook, including details of the sourcebooks and manuals that make up the Handbook.Practice notesMaintained54FCA individual guidanceAn overview of the rules and guidance in Chapter 9 of the FCA's Supervision manual, which set out circumstances in which a person may ask the FCA for individual guidance and circumstances where the FCA may give individual guidance to a firm on its own initiative.Practice notesMaintained55FCA notification requirements: decision treeA decision tree designed to help firms authorised under the Financial Services and Markets Act 2000 (FSMA) determine whether they are faced with a potentially notifiable matter under Principle 11 of the FCA's Principles for Businesses (PRIN) or Chapter 15 of the FCA's Supervision manual (SUP).Practice notesMaintained56FCA product intervention powersA note outlining the framework under which the FCA may make temporary product intervention rules (TPIR) and the circumstances in which the FCA may exercise its powers.Practice notesMaintained57FCA regulation of platformsThis note provides a high level overview of the FCA's regulation of platforms. It considers both the firms that operate platforms (known as platform service providers) and the retail investment firms that adopt and use them in their day-to-day businesses, and focuses on the regulatory requirements that apply to them.Practice notesMaintained58FCA statutory objectivesThis note provides an overview of the statutory objectives of the FCA, set out in the Financial Services and Markets Act 2000 (FSMA). The note also considers the other factors, apart from the statutory objectives, that the FCA will be required to consider when performing its functions.Practice notesMaintained59FCA super-complaints and mass detriment referencesAn overview of the regime set out in Part 16A of the Financial Services and Markets Act 2000 (FSMA) under which super-complaints and mass detriment references may be made to the FCA. The aim of the regime is to establish a framework under which the FCA can be alerted to competition issues, or matters that adversely affect the interests of consumers, and then be held accountable for its response.Practice notesMaintained60FCA supervisory modelAn overview of the approach that the FCA takes to the supervision of the firms that it regulates, and its organisational structure.Practice notesMaintained61FCA, PRA and BoE powers over unregulated holding ...This note provides an overview of the framework set out in Part 12A of the Financial Services and Markets Act 2000 (FSMA), under which the FCA, the PRA and the Bank of England (BoE) have the power to impose requirements on UK parent undertakings of certain regulated firms (qualifying parent undertakings or QPUs).Practice notesMaintained62FCA, PRA, and BoE memoranda of understanding tracker ...This tracker lists memoranda of understanding (MoU) between the FCA, PRA and Bank of England (BoE) in 2013. It also lists MoUs entered into by one or more of those bodies and other UK, European or international regulatory bodies. Many of these MoUs were entered into as part of the changes brought about when the new UK regulatory structure came into being on 1 April 2013.Practice notes31-Dec-201363FCA: role, governance and powersThis note provides an overview of the Financial Conduct Authority (FCA), the UK financial services regulator responsible for the conduct of firms authorised under the Financial Services and Markets Act 2000 (FSMA). The FCA is also responsible for the regulation of conduct in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets and the prudential regulation of firms not regulated by the PRA.The note considers the roles and responsibilities of the FCA, its legal status, its governance arrangements and the accountability mechanisms that apply to it.Practice notesMaintained64Financial crisis management: co-ordination between UK ...An overview of Part 4 of the Financial Services Act 2012, which sets out the roles that HM Treasury, the Bank of England (BoE) (including the roles of the Financial Policy Committee (FPC) and the BoE acting in its function as the PRA) are expected to perform in a financial crisis.Practice notesMaintained65Financial Services Act 2010An overview of the key provisions of the Financial Services Act 2010 (FS Act) which received Royal Assent on 8 April 2010.For further information on the progress of the FS Act prior to Royal Assent, see Legislation tracker: Financial Services Act 2010.Practice notes31-Dec-201166Financial Services Act 2012An overview of the Financial Services Act 2012 (FS Act), the primary legislation enabling the government's reforms of the UK financial services regulatory structure that came into force on 1 April 2013. The note also includes links to relevant Practical Law Financial Services content relating to individual provisions in the FS Act. For information on the parliamentary progress of the FS Act, see Legislation tracker: Financial Services Act 2012.Practice notes01-Jan-201567Financial Services Act 2012: overview of reformsAn overview of the changes to the UK financial services regulatory structure made by the Financial Services Act 2012. On 1 April 2013, the FSA was abolished and the majority of its functions transferred to two new regulators: the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). On the same date, the Bank of England (BoE) took over the FSA's responsibilities for financial market infrastructures and the Financial Policy Committee (FPC) was established on a statutory basis. For an index of Practical Law's resources on the regulatory structure introduced by the Financial Services Act 2012, see Practice note, April 2013 UK financial services regulatory structure reforms: index of Practical Law materials.Practice notes01-Apr-201368Financial Services Bill 2009-10: removal of key provisionsThis practice note provides an overview of the provisions of the Financial Services Bill 2009-10 (FS Bill) which were removed in the "wash-up" process prior to the FS Bill receiving Royal Assent on 8 April 2010 at the end of the 2009-2010 parliamentary session. These abandoned proposals included the establishment for a council for financial stability and measures allowing the courts to authorise collective proceedings for financial services claims. For more information on the Financial Services Act 2010, see Practice note, The Financial Services Act 2010.Practice notes13-May-201069FPC macro-prudential toolsThis note provides an overview of the macro-prudential tools at the disposal of the Financial Policy Committee (FPC).The FPC is a sub-committee of the Bank of England (BoE) Court of Directors that is responsible for macro-prudential regulation in the UK. At present, the macro-prudential tools available to it are the countercyclical capital buffer (CCyB or CCB), the sectoral capital requirements (SCR) tool, the leverage ratios and housing markets tools.Practice notesMaintained70FPC: role, governance and powersAn overview of the Financial Policy Committee (FPC), a committee of the Bank of England (BoE) responsible for macro-prudential regulation in the UK. The FPC monitors the stability and resilience of the UK financial system as a whole.Practice notesMaintained71FSA Handbook of Rules and GuidanceThis practice note provides an overview of the FSA's Handbook of Rules and Guidance. For details of the new FCA and PRA Handbooks, which are based on and will supersede the FSA Handbook from 1 April 2013, see Practice note, FCA and PRA Handbooks.Practice notes31-Mar-201372FSA's rule-making powers under FSMAAn outline of the rule-making powers of the FSA and its rule-making process under the Financial Services and Markets Act 2000 (FSMA) that applied until 31 March 2013, the date on which the FSA was abolished.Practice notes31-Mar-201373FSCS: background and regulatory historyThis note provides an overview of the key reforms that have affected the Financial Services Compensation Scheme (FSCS). It covers legislative changes relating to the governance and powers of the FSCS and regulatory changes affecting the operation of the compensation scheme and participant firms.Practice notes03-Jul-201574FSCS: non-deposit claims for compensationThis note considers the conditions that must be satisfied before the Financial Services Compensation Scheme (FSCS) will determine that a compensation payment should be made relating to certain financial service or product other than deposits: insurance, investment products, mortgage and home finance broking and general insurance broking. The note also considers the approach taken by the FSCS to the handling of compensation claims and issues relating to the payment of compensation.Practice notesMaintained75FSCS: role, governance and powersThe note considers the duties and powers of the Financial Services Compensation Scheme (FSCS), its relationship with the PRA and the FCA and the accountability mechanisms that apply to it.Practice notesMaintained76FSMA banking business transfers: choosing the right routePart 7 of the Financial Services and Markets Act 2000 (FSMA) provides a mechanism for UK banking businesses to be transferred by court order. This note considers the advantages, practicalities and procedures of banking business transfers under Part 7.Practice notesMaintained77FSMA close links regimeThis note provides an overview of the concept of close links, as set out in the Financial Services and Markets Act 2000 (FSMA), and the requirements on UK authorised firms to notify the FCA and the PRA about their close links.Practice notesMaintained78FSMA controllers regime: change of control applicationsThis note provides an overview of the notifications that controllers or potential controllers of authorised firms should make to the FCA or the PRA, as appropriate, about a change of control under Part 12 of the Financial Services and Markets Act 2000 (FSMA). The note also considers the notifications that authorised firms are expected to make to their regulator when a change of control occurs.This note forms part of a suite of notes on Part 12 of FSMA and the FSMA controllers regime. For more information, see Practice note, FSMA controllers regime: overview.Practice notesMaintained79FSMA controllers regime: FCA and PRA enforcement powersThis note provides an overview of the powers available to the FCA and the PRA to enforce their responsibilities under the controllers regime in Part 12 of the Financial Services and Markets Act 2000 (FSMA).The note forms part of a suite of notes on Part 12 of FSMA and the FSMA controllers regime. For more information, see Practice note, FSMA controllers regime: overview.Practice notesMaintained80FSMA controllers regime: key conceptsThis note provides guidance on the definitions of the terms "controller" and "control", and issues and concepts relevant to their interpretation. The definitions of these terms are key to understanding whether a person is a controller, or a potential controller, of an authorised firm for the purposes of the Financial Services and Markets Act 2000 (FSMA) controllers regime.This note forms part of a suite of notes on Part 12 of FSMA and the FSMA controllers regime. For more information, see Practice note, FSMA controllers regime: overview.Practice notesMaintained81FSMA controllers regime: ongoing obligations for authorised ...This note provides an overview of the ongoing obligations for authorised firms in respect of their controllers under the rules of the FCA and the PRA that apply in addition to the requirements specifically relating to changes of control.This note forms part of a suite of notes on Part 12 of FSMA and the FSMA controllers regime. For more information, see Practice note, FSMA controllers regime: overview.Practice notesMaintained82FSMA controllers regime: special regimesThis note provides guidance on the special regimes relating to controllers and changes of control that apply to certain types of authorised firms that fall outside the direct scope of the controllers regime in Part 12 of the Financial Services and Markets Act 2000 (FSMA). The note also considers certain types of firms that are outside the controllers regime entirely.This note forms part of a suite of notes on Part 12 of FSMA and the FSMA controllers regime. For more information, see Practice note, FSMA controllers regime: overview.Practice notesMaintained83FSMA threshold conditionsThe threshold conditions are set out in the Financial Services and Markets Act 2000 (FSMA) and are the minimum requirements that firms must meet to become and remain authorised. This note provides an overview of the threshold conditions. Practice notesMaintained84Good governance in DC schemesThis note looks at the legal and regulatory landscape in relation to governance in DC schemes and considers possible future developments.Practice notesMaintained85Governance in workplace DC contract-based schemes ...Mandatory minimum quality standards apply to all defined contribution (DC) workplace pension schemes from 6 April 2015. This note outlines the Financial Conduct Authority's (FCA) rules that require providers of workplace personal pension schemes to set up and maintain independent governance committees (IGCs).Practice notesMaintained86Hot topics: UK implementation of MiFID IIMiFID II, the MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR), will repeal and recast the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).This note outlines at a high level the UK implementation of MiFID II. It also tracks developments in this area, and indicates future milestones.Practice notesMaintained87Inquiries and investigations into regulatory failureThis note provides an overview of Part 5 of the Financial Services Act 2012, which contains provisions on investigations into specific regulatory failures by the FCA, the PRA and the Payment Systems Regulator (PSR) and independent inquiries arranged by HM Treasury into failures in the regulatory regime.Practice notesMaintained88Key differences between the CCA and FSMA regimesThe OFT's consumer credit regime under the Consumer Credit Act 1974 (CCA) and the FSA's financial services regime under the Financial Services and Markets Act 2000 (FSMA) are two very different regulatory regimes. These regulators have different statutory powers and different ways of regulating. This note outlines the key differences between the two regimes. It reflects the position as at December 2010.Changes to the regulatory regimes under the CCA and FSMA made after December 2010 are outside the scope of this note.Practice notes10-Mar-201389Legislation tracker: Financial Services (Banking Reform) Act ...This legislation tracker monitored the legislative progress of the Financial Services (Banking Reform) Act 2013 (Banking Reform Act). It covers the pre-legislative progress of the Act, as well as its Parliamentary progress from first reading to Royal Assent. For more information on the Banking Reform Act, see Practice note, Financial Services (Banking Reform) Act 2013.Practice notes18-Dec-201390Legislation tracker: Financial Services Act 2010This legislation tracker monitors the progress of the Financial Services Act 2010 (FS Act) which received Royal Assent on 8 April 2010 and the statutory instruments to be made under the FS Act. For more information on the FS Act, see Practice note, Financial Services Act 2010.Practice notes31-Dec-201091MiFID II: delegated acts, implementing acts, technical ...This practice note provides details of the regulatory technical standards (RTS), implementing technical standards (ITS) and guidelines produced by the European Supervisory Authorities (ESAs) under the MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR). It also considers the delegated and implementing acts that may be adopted by the Commission under the MiFID II Directive and MiFIR, and reports and other documents relating to those acts.Practice notesMaintained92MiFID II: organisational and conduct of business requirements ...The MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR) will repeal and recast the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).Together, the new regulations will form the legal framework governing the requirements applicable to investment firms, trading venues, data reporting service providers and third-country firms providing investment services or activities in the EU.This practice note sets out the organisational requirements for investment firms set out in Article 16 of the MiFID II Directive and the conduct of business requirements set out in Articles 23 to 30 of that Directive.It also indicates some of the main areas where the provisions in the MiFID II Directive diverge from the current requirements in MiFID.Practice notesMaintained93MiFID II: overview of regulation of trading venuesThe MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR) will repeal and recast the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).Together, the MiFID II Directive and MiFIR will form the legal framework governing the requirements applicable to investment firms, trading venues, data reporting service providers and third-country firms providing investment services or activities in the EU.This note summarises the MiFID II requirements relating to regulated markets (RMs), multilateral trading facilities (MTFs) and organised trading facilities (OTFs), which are commonly referred to as trading venues.Practice notesMaintained94MiFID II: regulation of third-country firmsThe MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR) will repeal and recast the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).Together, the MiFID II Directive and MiFIR will form the legal framework governing the requirements applicable to investment firms, trading venues, data reporting service providers and third-country firms providing investment services or activities in the EU.This note summarises the requirements relating to firms located outside the EU (third-country firms) wishing to provide investment serivces to clients within the EU, either by establishing a branch in the relevant EU member state or by providing services on a cross-border basis.Practice notesMaintained95Money Advice ServiceAn overview of the Money Advice Service (MAS), which was set-up by the government under the Financial Services and Markets Act 2000 (FSMA) to assist people manage their money.Practice notesMaintained96Passporting by Insurance Undertakings in the European ...An overview of the procedures for the establishment of branches and the provision of services by insurance undertakings in the European Economic Area (EEA). Please note that the authors are in the process of reviewing and updating this note.Practice notesMaintained97Passporting into and out of the UK: overviewThis note provides an overview of the procedures to be followed by firms wishing to establish branches or provide cross-border services in the European Economic Area (EEA) using passport rights under one of the single market directives. It focuses on the procedures that apply to firms wishing to passport into or out of the UK.Practice notesMaintained98Passporting into the UK under CRD IVThis practice note provides an overview of how the passporting regime available under the CRD IV Directive (2013/36/EU) applies to firms passporting into the UK from other EEA member states.Practice notesMaintained99Passporting out of the UK under CRD IVThis note provides an overview of how the passporting regime available under the CRD IV Directive (2013/36/EU) applies to firms passporting out of the UK into other EEA member states.Practice notesMaintained100Passporting under CRD IV: general issuesThis note provides an overview of the passporting regime available to credit institutions and financial institutions under the CRD IV Directive (2013/36/EU).Practice notesMaintained101Passporting under MiFIDThis note provides an overview of the procedures to be followed by firms wishing to establish branches or offer services cross-border through the European Economic Area (EEA) under the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).Practice notesMaintained102Pollyanna Deane's insurance columnsPollyanna Deane is a partner in Simmons & Simmons LLP's International Insurance Group (she was formerly a partner at Berwin Leighton Paisner LLP), and is also a member of the Practical Law Financial Services Consultation Board.Pollyanna regularly shares her views on topical insurance issues with our subscribers, and her insurance columns can be accessed from this note.Practice notesMaintained103PRA notification requirements: decision treeA decision tree designed to help firms authorised under the Financial Services and Markets Act 2000 (FSMA) determine whether they are faced with a potentially notifiable matter under Fundamental Rule 7 of the PRA's Fundamental Rules (FR) or rules 2 to 8 of the PRA's Notifications Part (NT).Practice notesMaintained104PRA Rulebook, supervisory statements and other supervisory ...This note provides an overview of the PRA Rulebook and other PRA supervisory materials.The PRA Rulebook sets out regulatory requirements for those firms that are regulated by the PRA and is a key part of the supervisory material published by the PRA. The PRA supplements the Rulebook with guidance issued in the form of supervisory statements and with other materials on its supervisory expectations, such as statements of policy and documents on the PRA's approach to banking and insurance supervision.Practice notesMaintained105PRA supervisory modelThis note provides an overview of the approach that the PRA takes to the supervision of PRA-authorised firms (sometimes referred to as dual-regulated firms) as set out in the approach documents published in March 2016.Practice notesMaintained106PRA: role, governance and powersThis note provides an overview of the Prudential Regulation Authority (PRA), the UK financial services regulator responsible for the micro-prudential regulation of systemically important firms, including banks and insurers.Practice notesMaintained107Practical Law Financial Services: resources for those new to ...Information to help those new to financial services law and regulation, including new joiners and trainees in financial services teams, in-house lawyers, and compliance professionals.Practice notesMaintained108Practical Law US notes on US financial services regulation ...A list of the notes on US financial services regulation produced by Practical Law US that have been made available to Practical Law Financial Services subscribers.Practice notesMaintained109PSD2: overviewAn overview of the Directive on payment services in the internal market ((EU) 2015/2366) (PSD2).PSD2, which will incorporate and repeal the current Payment Services Directive (2007/64/EC) (PSD), came into force on 12 January 2016. Member states must transpose PSD2 into their national law by 13 January 2018.Practice notesMaintained110Recognised inter-bank payment systemsThis practice note provides an overview of the regulatory regime that applies to UK inter-bank payment systems under Part 5 of the Banking Act 2009 that have been formally recognised by HM Treasury as having systemic importance. It considers the statutory responsibilities and powers of the Bank of England (BoE), as well as the process for the recognition of inter-bank payment systems.Practice notesMaintained111Registration and regulation of mutualsThis note provides an overview of the registration and regulation of UK mutual societies (that is, building societies, credit unions, friendly societies, co-operative societies, community benefit societies and other registered societies), focusing on the roles played by the FCA and, where applicable, the PRA.Practice notesMaintained112Scope of PRA regulationThis note considers which regulated activities are PRA-regulated activities and the process for designating systemically important investment firms for regulation by the PRA. Firms with permission to carry out PRA-regulated activities are subject to dual-regulation by the PRA and the FCA.Practice notesMaintained113Services and activities that can be passported under MiFIDThis note sets out the services and activities that can be passported throughout the European Economic Area (EEA) under the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).The note also sets out the corresponding regulated activites in the UK and the corresponding specified investments to which the MiFID services and activities relate.Practice notesMaintained114Single supervisory mechanism (SSM)This note provides an overview of the single supervisory mechanism (SSM), a core element in the European banking union. Under the SSM, the European Central Bank (ECB) has supervisory responsibilities for banks in EU member states participating in the European banking union.The note considers the role and powers of the ECB, as set out in the Regulation establishing the SSM (SSM Regulation) (Regulation 1024/2013).Practice notesMaintained115SSM Regulation: background and legislative historyThe Regulation for the Single Supervisory Mechanism (Regulation 1024/2013) (SSM Regulation) established the single supervisory mechanism (SSM). The European Commission published its legislative proposal for the SSM Regulation in September 2012 and the Regulation was published in the Official Journal of the EU in October 2013.This note considers the legislative history of the SSM Regulation and the stages of the process that led to the adoption of the SSM Regulation by the European Parliament and the Council of the EU. The note also considers the EBA Amending Regulation (Regulation 1022/2013), which made amendments to the EBA Regulation (Regulation 1093/2010) required to establish the SSM and which was considered by legislators alongside the SSM Regulation.Practice notes29-Oct-2013116The role, responsibilities and powers of the FSAAn overview of the role, responsibilities and powers of the FSA as at 31 March 2013, the date on which the FSA was abolished and the majority of its functions transferred to the FCA and the PRA.Practice notes31-Mar-2013117Transfers of insurance business under Part 7 of FSMAThis note provides an overview of the regime established by Part 7 of the Financial Services and Markets Act 2000 (FSMA) for transferring long-term and general insurance business.Practice notesMaintained118Transitional arrangements for legal cutover to FCA and PRAAn overview of the transitional arrangements for the transfer of regulatory powers from the FSA to the FCA and the PRA as part of the reforms to the UK regulatory structure that took effect on 1 April 2013. This practice note is part of a series of notes relating to the new UK financial services regulatory structure. For more information, see Practice note, A guide to the new UK financial services regulatory structure: index.Practice notes01-Apr-2013119Treaty rights and treaty firmsThis note considers the procedures that should be followed by firms from other EEA states seeking to carry on activities in the UK using their rights under the Treaty on the functioning of the European Union (TFEU) (treaty rights) and UK firms seeking to use their treaty rights to carry on activities in other EEA states.Practice notesMaintained120UK implementation of the Acquisitions DirectiveThis practice note provides an overview of how the UK authorities implemented the Acquisitions Directive (2007/44/EC). For details of PLC Financial Services' materials on the FSMA changes of control regime, reflecting the implementation of the Acquisitions Directive, see Practice note, FSMA controllers regime: overview.Practice notes28-Feb-2011121Waiver and modification of rulesIn certain circumstances, firms and other persons subject to the rules of the FCA, or the PRA, may apply to the FCA or the PRA for permission to modify or waive their rules. This note deals with those circumstances, the process for applying for, varying and revoking waivers and reliance on waivers. The note also considers the waivers regime that applies to rules made by the Bank of England (BoE).Practice notesMaintained
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