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This is an Act of Parliament which created the Financial Services Authority as the single statutory regulator of financial services in the United Kingdom.
The Act regulates insurance business, investment services and banking in the United Kingdom and sets out the requirement that anyone carrying on such activities in the UK must either be authorised by the FSA or be exempt from authorisation.
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Issuing notes (drawdowns) under a medium term note (MTN) programme鈥攖imeline of process Introduction The process for setting up a medium term note (MTN) programme is set out in Practice Note: Setting up an MTN Programme鈥攖imeline of process. This Practice Note focuses on the process for an issuance of notes (known as a drawdown) under an MTN programme (a programme) once the programme has been established. Type of drawdown A programme will usually provide for two types of drawdowns: 鈥 a drawdown agreed by the issuer and a dealer (a dealer drawdown), and 鈥 a drawdown agreed by the issuer and a group (or syndicate) of dealers (a syndicated drawdown) In addition, a programme will usually allow additional dealers to accede to the programme, either as permanent members of the dealer panel or for the purposes of a single drawdown. Notification to dealer(s) The issuer notifies the dealer(s) that it intends to drawdown under the programme鈥攖his can be done by way of a term sheet or by way of an...
UK securitisation regime鈥攖imeline This timeline shows key developments relating to the UK securitisation regime from January 2024 onwards. For earlier developments, see EU and UK Securitisation Regulations鈥攖imeline [Archived] 2025 Date Source Document Description 22 January 2025 FSB Evaluation of the Effects of the G20 Financial Regulatory Reforms on Securitisation: Final reportEvaluation of the effects of securitisation reforms: Overview of the responses to the consultation FSB has published a report evaluating the effects of the G20 financial regulatory reforms on securitisation markets, focusing on the International Organization of Securities Commissions (IOSCO) minimum retention recommendations and the Basel Committee on Banking Supervision (BCBS) revisions to prudential requirements for bank securitisation-related exposures in residential mortgage-backed securities (RMBS) and collateralised loan obligations (CLO) markets. The report incorporates feedback from a consultation published in July 2024 and is part of the FSB's framework for post-implementation evaluation of G20 financial regulatory reforms.See: LNB News 22/01/2025 42. 2024 Date Source Document Description 22 November 2024 UK Parliament The Securitisation (Amendment) (No. 2) Regulations 2024 SI...
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Regulated mortgage contracts鈥攆lowchart Background to and scope of this flowchart On 31 October 2004 (a date known as 鈥楳 Day鈥), lenders and intermediaries of regulated mortgage contracts (RMCs) became regulated. A person that carries on a regulated activity in the UK by way of business, where there is no applicable exclusion or exemption, must be authorised under the Financial Services and Markets Act 2000 (FSMA 2000). The purpose of this flowchart is to set out the main questions to ask a person to determine whether or not they are carrying on the following RMC activities that are regulated under the Financial Services and Markets Act 2000聽(Regulated Activities) Order 2001, SI 2001/544 (RAO): 鈥 arranging (bringing about) RMCs (RAO, SI 2001/544, art 25A(1)) 鈥 making arrangements with a view to a person who participates in the arrangements entering into a RMC as a borrower (RAO, SI 2001/544, art 25A(2)) 鈥 making arrangements to enter into a RMC with a borrower on behalf of a lender (RAO, SI 2001/544, art 25A(2A)) 鈥...
Regulated activities鈥攆lowchart The defined terms in the flowchart shall have the following meaning: 鈥 Appointed Representative Regulations鈥攖he Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001, SI 2001/1217 鈥 Business Order鈥攖he Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001, SI 2001/1177 鈥 Exemption Order鈥攖he Financial Services and Markets Act 2000 (Exemption) Order 2001, SI 2001/1201 鈥 Non-Exempt Activities Order鈥攖he Financial Services and Markets Act 2000 (Professions)
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Scope of this Practice NoteThe principal role of the Financial Services and Markets Act 2000 (FSMA 2000) was to establish and transfer power to the then Financial Services Authority (FSA) following the government鈥檚 decision to create a single regulator of financial services in the UK. It is intended to act as a general framework for financial services legislation and regulation in the UK.FSMA 2000 came into force (and the FSA became the single regulator for the UK financial services industry) on 1 December 2001. As part of government proposals to overhaul the UK financial services regulatory structure, the FSA was disbanded on 1 April 2013 and its functions were split between two new bodies: the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). FSMA 2000 was retained as the primary legislation for the UK financial services industry although the Financial Services Act 2012 (FSA 2012) made significant amendments to most of FSMA 2000.Also, following the UK鈥檚 decision to leave the European Union (EU), the government established the Future...
Under聽section 19聽of the Financial Services and Markets Act 2000 (FSMA 2000), a person cannot carry out regulated activities in the UK, or purport to do so, unless that person is authorised or exempt. This is known as the general prohibition. In this Practice Note, references to exemptions relate to persons who are exempt from the need to apply for authorisation from the Prudential Regulation Authority (PRA) or Financial Conduct Authority (FCA) to carry out regulated activities. For more information about the general prohibition, see Practice Note: The general prohibition and implications of its breach. For more information about regulated activities, see Practice Note: What are regulated activities? For information about the territorial scope of the general prohibition and what it means to carry on regulated activities by way of business, see Practice Notes: Territorial scope of the general prohibition and What does 'by way of business' mean?There are various exemptions to the general prohibition contained in FSMA 2000, s 19 which are set out under the:鈥SMA 2000 itself, and鈥inancial聽Services and...
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Phantom share option agreement This AGREEMENT is made on [insert date of execution of the phantom share option agreement] Parties 1 [insert name of company whose shares are relevant to the phantom option] (registered number [insert registered number of company]) whose registered office is at [insert registered address of company] (the Company); and 2 [insert name of option holder] of [insert address of option holder] (the Option Holder) Background (A) The Company has agreed to grant to the Option Holder as at the date of this Agreement a Phantom Option on the terms set out in this Agreement. (B) The Phantom Option provides an entitlement to cash and not shares. 1 Definitions In this Agreement, except where the context otherwise requires, the words and expressions set out below will bear the following meanings, namely: Cash Payment 鈥 means the cash sum payable on the exercise of the Phantom Option, which shall be calculated in accordance with clause 6.2; Control 鈥 has the meaning given...
Special administration鈥攚itness statement in support of application for special administration Applicant [NAME OF WITNESS] First Witness Statement Date: [] Exhibit [XX1] Court Reference No: [INSERT COURT REF. NUMBER] [ IN THE HIGH COURT OF JUSTICE] BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES] [IN [INSERT LOCATION]] [COMPANY & INSOLVENCY LIST (ChD)] OR [IN THE COUNTY COURT AT [INSERT LOCATION]] [BUSINESS AND PROPERTY COURTS LIST] OR [IN THE HIGH COURT OF JUSTICE] [CHANCERY DIVISION] OR IN THE MATTER OF [INVESTMENT BANK NAME] AND IN THE MATTER OF THE INVESTMENT BANK SPECIAL ADMINISTRATION REGULATIONS 2011 AND IN THE MATTER OF THE INSOLVENCY ACT 1986 _________________________________________ WITNESS STATEMENT OF [WITNESS NAME] ___________________________________________ I, [witness name], director [and chairperson] of [investment bank name] of [investment bank address] WILL SAY AS FOLLOWS: 1 I am [a director and] [the chairperson] of [investment bank address] with company number [company number] (the Company). The Company is a wholly-owned subsidiary of [insert details], a company incorporated in [location]. It is in...
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Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: 鈥 a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person 鈥 a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom 鈥 a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...
I act for a small company which is having trouble obtaining bank finance鈥攚ould an issue of mini-bonds be a viable alternative? IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK鈥檚 withdrawal from the EU. At this point in time (referred to in UK law as 鈥業P completion day鈥), key transitional arrangements come to an end and significant changes begin to take effect across the UK鈥檚 legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for DCM lawyers? [Archived] BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU鈥檚 political institutions, agencies, offices, bodies and governance structures (except to the...
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The Financial Conduct Authority (FCA) has published a press release announcing that it has secured convictions against Redinel Korfuzi and Oerta Korfuzi for insider dealing and money laundering offences, following a criminal investigation under the Financial Services and Markets Act 2000 and the Criminal Justice Act 1993. Redinel Korfuzi, a research analyst at an asset management firm, used confidential, price-sensitive information obtained through his role to unlawfully trade in shares of at least 13 listed companies between December 2019 and March 2021. The activity was carried out in collaboration with his sister, Oerta Korfuzi, and generated profits exceeding 拢1m. Sentencing is scheduled for 4 July 2025, and the FCA will seek confiscation orders to recover the proceeds of crime.
This week's edition of Tax weekly highlights includes: (1) News Analyses on the FTT decisions in Eastern Power Networks, Moffat and Performance Leads, (2) HMRC鈥檚 new guidance on cost contribution agreements under the advance pricing agreement programme, (3) HMRC鈥檚 direction extending the deadline for making a final VAT return, (4) HMRC鈥檚 change of policy on VAT deductions in relation to the management of pension funds, and (5) HM Treasury鈥檚 policy paper on 鈥楾ax policy making principles鈥.
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