Blackstone's Guide to the Financial Services and Markets Act 2000, 2nd Edition

Michael Blair QC: Introduction
1: Paul Kennedy: The Policy Background
Background to the Establishment of the FSA
Delivering the Policy Objectives
International Influences
Early Challenges
The Banking Crisis of 2007-8
Proposals for Reform
2: Paul Kennedy: Accountability and Objectives of the FSA
Introduction
A Private Company Discharging a Public Function
Institutional Mechanisms for Accountability
Objectives and Principles
Principles of Regulation
The Accountability Mechanisms in Practice
3: Paul Kennedy: Regulated and Prohibited Activities
Introduction
The General Prohibition
Regulated Activities
Activities Carried on 'By Way Of Business'
Territorial Scope of the General Prohibition
False Claims to be Authorised or Exempt
Sanctions for Breach of the General Prohibition
4: Paul Kennedy: Financial Promotion
Introduction
Other UK Legislation Relevant to Financial Promotion
Other Parts of the FSMA Relevant to Financial Promotion
Why is a Financial Promotion Regime Needed At All?
Restriction on Financial Promotion
Territorial Scope
Introduction to the Financial Promotion Order
Sanctions
Financial Promotion by Authorised Persons
5: David Simpson: Authorisation and Exemption
Introduction
Authorisation
Passport Rights
Treaty Rights
Ending of Authorisation
Exemption Orders
Exemption of Appointed Representatives
6: David Simpson: Permission to Carry on Regulated Activities
What is Permission?
Conditions, Limitations and Requirements
The Threshold Conditions
Variation and Cancellation of Permission
Assets Requirements
Overseas Regulators
7: David Simpson: Performance of Regulated Activities
Prohibition Orders
Positive Power of Approval
Statements of Principle on the Conduct of Approved Persons
Disciplinary Powers
Statement of Policy
8: Andrew Henderson: Official Listing
Introduction
Part 6 and the FSA
Listing
Offers to the Public
Sponsors
Continuing Obligations
Compensation, Penalties, and Investigations
9: David Simpson: Control of Business Transfers
Introduction
Control of Business Transfers
10: Helen Marshall: Penalties for Market Abuse
Introduction
Market Offences
Drafting and Revision
Framework for Market Abuse Regime
Behaviours Constituting Market Abuse
Procedure
Penalties
11: Helen Marshall: Hearings and Appeals
Introduction
Composition of the Tribunal
References to the Tribunal
Proceedings before the Tribunal
Decisions of the Tribunal
Appeals
12: Andrew Henderson: Rules and Guidance
Introduction
Rules
Guidance
Competition Scrutiny
13: Helen Marshall: Information Gathering and Investigations
Introduction
Powers to Gather Information
Reports by Skilled Persons
General Investigations
Particular Investigations
Investigation into Collective Investment Schemes
Investigations in Support of Overseas Regulators
Investigation Powers: General Provisions
Powers of Investigators
Admissibility of Statements made to Investigators
Entry of Premises under Warrant
Consequences of Failure to Co-operate
14: Andrew Henderson: Control over Authorised Persons
Introduction
EC Legislation: The Acquisitions Directive
Notices of Acquisition
Assessment by the FSA
Enforcement Powers
Offences
15: Helen Marshall: Incoming Firms: Intervention by the FSA
Introduction
Domestic Ground for Intervention
Scope of the Power of Intervention
Exercise of Powers in Support of Overseas Regulators
Consumer Credit
16: Helen Marshall: Disciplinary Measures
Introduction
Which Contraventions may be Disciplined?
The FSA's Approach to Discipline
The FSA's Approach to Public Censure
The FSA's Approach to Financial Penalties
Early Settlement Scheme
Disciplinary Procedure
Financial Penalties: What Happens to the Money?
Article 6 of the European Convention on Human Rights
17: Alex Kuczynski: Financial Services Compensation Scheme
Introduction
The Scheme Manager
European Directives
The Scheme
Funding
Claims Experience
18: Alex Kuczynski: Financial Ombudsman Service
Introduction
The Scheme Operator
Jurisdiction - Compulsory and Voluntary
Dispute Resolution
Funding
FOS'S Experience
19: Andrew Henderson: Collective Investment Schemes
Introduction
Restrictions on Promotion
Authorised Unit Trust Schemes
Open-Ended Investment Companies
Overseas Recognised Schemes
Investigations
20: Emma Vick: Recognised Investment Exchanges and Clearing Houses
Introduction
The Investment Exchanges
The Clearing Houses Today
The Recognition Regime
Applications for Recognition as an RIE or RCH
Overseas Investment Exchanges and Clearing Houses
The Recognition Requirements
Default Rules
The RIE and RCH Sourcebook
Complaints against a Recognised Body
Competition Scrutiny
The FSA's Rule-Making Powers
Investment Exchanges and Clearing Houses Act 2006
MiFID
Revocation of a Recognition Order
21: David Simpson: Lloyd's of London
Introduction
Powers Exercised by the FSA
Other Lloyd's Participants Regulated under FSMA 2000
22: Andrew Henderson: Provision of Financial Services by Members of the Professions
Introduction
Exemption from the General Prohibition
Professional Designated Bodies
Role of the FSA
Disclosure of Exempt Status
Authorised Professional Firms
23: Paul Kennedy: Mutual Societies
Introduction
The Mutual Societies Order
24: Andrew Henderson: Auditors and Actuaries
Introduction
Appointment
Information
Disclosure and Immunity
Notification on Leaving Office
Disqualification
25: Helen Marshall: Public Record, Disclosure of Information and Co-operation
The Public Record to be Maintained by the FSA
Restrictions on Disclosure of Confidential Information
Duty of the FSA to Co-operate with other Authorities
26: Helen Marshall: Insolvency
Introduction
Voluntary Arrangements
Administration Orders
Receiverships
Voluntary Winding Up
Winding Up by the Court
Winding Up Petitions for EEA and Treaty Firms
Bankruptcy
Provisions against Debt Avoidance
Supplemental Provisions in Insurance Cases
27: Helen Marshall: Injunctions and Restitution
Introduction
Contravention of Relevant Requirements
Market Abuse
Restitution Required by the FSA
28: Helen Marshall: Notices
Statutory Notices
Warning Notices
Decision Notices
Notices of Discontinuance
Final Notices
Publication
Third-Party Rights
Access to FSA Material
Supervisory Notices
29: Helen Marshall: Criminal Offences and their Prosecution
Introduction
Prosecution of Offences
Specific Offences
30: Paul Kennedy: Miscellaneous, Interpretation and Supplemental
Introduction
Reviews of Compliance Failures
Third Countries: Community Measures
International Obligations
Gaming
Interpretation
Supplemental Provisions
Appendix 1: Financial Services and Markets Act 2000 (as amended)