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Financial Services Bill (HC Bill 278)

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EXPLANATORY NOTES

Explanatory notes to the Bill, prepared by the Treasury, are published separately as
Bill 278—EN.

EUROPEAN CONVENTION ON HUMAN RIGHTS

Mr Chancellor of the Exchequer has made the following statement under section
19(1)(a) of the Human Rights Act 1998:

In my view the provisions of the Financial Services Bill are compatible with the
Convention rights.

Contents

  1. Part 1

    Bank of England

    1. 1. Deputy Governors

    2. 2. The Bank’s financial stability objective

    3. 3. Financial stability strategy and Financial Policy Committee

    4. 4. Further amendments relating to Bank of England

  2. Part 2

    Amendments of Financial Services and Markets Act 2000

    1. Financial Conduct Authority and Prudential Regulation Authority

      1. 5. The new Regulators

    2. Regulated activities

      1. 6. Extension of scope of regulation

      2. 7. Orders under section 22 of FSMA 2000

      3. 8. Designation of activities requiring prudential regulation by PRA

    3. Permission to carry on regulated activities

      1. 9. Permission to carry on regulated activities

    4. Passporting

      1. 10. Passporting: exercise of EEA rights and Treaty rights

    5. Performance of regulated activities

      1. 11. Prohibition orders

      2. 12. Approval for particular arrangements

      3. 13. Further amendments relating to performance of regulated activities

    6. Official listing

      1. 14. FCA to exercise functions under Part 6 of FSMA 2000

      2. 15. Discontinuance or suspension at the request of the issuer: procedure

      3. 16. Listing rules: disciplinary powers in relation to sponsors

      4. 17. Primary information providers

      5. 18. Penalties for breach of Part 6 rules

      6. 19. Repeal of competition scrutiny power

    7. Control of business transfers

      1. 20. Control of business transfers

    8. Hearings and appeals

      1. 21. Proceedings before Tribunal

    9. Rules and guidance

      1. 22. Rules and guidance

      2. 23. Short selling rules

    10. Control over authorised persons

      1. 24. Control over authorised persons

      2. 25. Powers of regulators in relation to parent undertakings

    11. Recognised investment exchanges and clearing houses

      1. 26. Exemption for recognised investment exchanges and clearing houses

      2. 27. Powers in relation to recognised investment exchanges and clearing houses

      3. 28. Recognition requirements: power of FCA and Bank to make rules

      4. 29. Recognised bodies: procedure for giving directions under s.296 etc

      5. 30. Power to take disciplinary measures against recognised bodies

      6. 31. Repeal of special competition regime

      7. 32. Sections 26 to 31: minor and consequential amendments

    12. Suspension and removal of financial instruments from trading

      1. 33. Suspension and removal of financial instruments from trading

    13. Discipline and enforcement

      1. 34. Discipline and enforcement

    14. Financial Services Compensation Scheme

      1. 35. The Financial Services Compensation Scheme

    15. Financial ombudsman service

      1. 36. The financial ombudsman service

    16. Lloyd’s

      1. 37. Lloyd’s

    17. Information

      1. 38. Information, investigations, disclosure etc.

    18. Auditors and actuaries

      1. 39. Auditors and actuaries

    19. Consumer protection and competition

      1. 40. Provisions about consumer protection and competition

    20. Insolvency

      1. 41. Insolvency

    21. Miscellaneous amendments of FSMA 2000

      1. 42. The consumer financial education body

      2. 43. Members of the professions

      3. 44. International obligations

      4. 45. Interpretation of FSMA 2000

      5. 46. Parliamentary control of statutory instruments

  3. Part 3

    Mutual societies

    1. Transfer of functions

      1. 47. Mutual societies: power to transfer functions

      2. 48. Further provision that may be included in orders under section 47

      3. 49. Evidence

      4. 50. Repeals in Part 21 of FSMA 2000

    2. Building societies: miscellaneous

      1. 51. Building societies: creation of floating charges

      2. 52. Power to direct transfer of building society’s business

    3. Interpretation

      1. 53. Interpretation of Part 3

  4. Part 4

    Collaboration between Treasury and Bank of England, FCA or PRA

    1. 54. Duty of Bank to notify Treasury of possible need for public funds

    2. 55. Duty of Bank to notify Treasury of changes

    3. 56. Circumstances in which Treasury power of direction exercisable

    4. 57. Treasury power of direction

    5. 58. Directions under section 57: supplementary provisions

    6. 59. Duty to lay direction etc before Parliament

    7. 60. Duty of Treasury, Bank and PRA to co-ordinate discharge of functions

    8. 61. Memorandum of understanding: crisis management

    9. 62. Memorandum of understanding: international organisations

    10. 63. Interpretation of Part 4

  5. Part 5

    Inquiries and investigations

    1. Inquiries

      1. 64. Cases in which Treasury may arrange independent inquiries

      2. 65. Power to appoint person to hold an inquiry

      3. 66. Powers of appointed person and procedure

      4. 67. Conclusion of inquiry

      5. 68. Obstruction and contempt

    2. Investigations

      1. 69. Duty of FCA to investigate and report on possible regulatory failure

      2. 70. Duty of PRA to investigate and report on possible regulatory failure

      3. 71. Interpretation of section 70

      4. 72. Modification of section 70 in relation to Lloyd’s

      5. 73. Power of Treasury to require FCA or PRA to undertake investigation

      6. 74. Conduct of investigation

      7. 75. Conclusion of investigation

      8. 76. Statements of policy

    3. Publication of reports

      1. 77. Publication of reports of inquiries and investigations

    4. Supplementary

      1. 78. Interpretation and supplementary provision

  6. Part 6

    Investigation of complaints against regulators

    1. 79. Arrangements for the investigation of complaints

    2. 80. Relevant functions in relation to complaints scheme

    3. 81. Consultation in relation to, and publication of, complaints scheme

    4. 82. Investigation of complaints

    5. 83. Exemption from liability in damages

  7. Part 7

    Amendments of Banking Act 2009

    1. Special resolution regime and bank administration

      1. 84. Private sector purchasers

      2. 85. Property transfer instruments: property held on trust

      3. 86. Reports following exercise of a stabilisation power

      4. 87. State aid

    2. Inter-bank payment systems

      1. 88. Inter-bank payment systems

      2. 89. International obligations

    3. Further amendments

      1. 90. Amendments relating to new regulators

  8. Part 8

    Miscellaneous

    1. Amendments of Companies Act 1989

      1. 91. Amendments of Companies Act 1989

    2. Settlement systems

      1. 92. Evidencing and transfer of title to securities without written instrument

    3. Director of Savings

      1. 93. Provision of services by Director of Savings

  9. Part 9

    General

    1. Further amendments and repeals

      1. 94. Further minor and consequential amendments and repeals

    2. Orders

      1. 95. Orders: general

      2. 96. Orders: Parliamentary control

    3. Interpretation

      1. 97. Interpretation

    4. Consequential and transitional provisions

      1. 98. Power to make further consequential amendments etc

      2. 99. Transitional provisions and savings

    5. Final provisions

      1. 100. Financial provision

      2. 101. Extent

      3. 102. Commencement

      4. 103. Short title

    1. Schedule 1

      Bank of England Financial Policy Committee

      1. Part 1

        Schedule to be inserted as Schedule 2A to Bank of England Act
        1998

      2. Part 2

        Other amendments relating to Financial Policy Committee

    2. Schedule 2

      Further amendments relating to Bank of England

    3. Schedule 3

      Financial Conduct Authority and Prudential Regulation
      Authority: Schedules to be substituted as Schedules 1ZA and
      1ZB to FSMA 2000

    4. Schedule 4

      EEA passport rights and treaty rights

      1. Part 1

        Amendments of Schedule 3 to FSMA 2000: EEA passport
        rights

      2. Part 2

        Amendments of Schedule 4 to FSMA 2000: Treaty rights

      3. Part 3

        Amendments of sections 34 and 35 of FSMA 2000: EEA firms
        and Treaty firms

      4. Part 4

        Amendments of Part 13 of FSMA 2000: Powers of intervention

    5. Schedule 5

      Performance of regulated activities

    6. Schedule 6

      Control of business transfers

    7. Schedule 7

      Application of provisions of FSMA 2000 to Bank of England
      etc

    8. Schedule 8

      Sections 26 to 31: minor and consequential amendments

    9. Schedule 9

      Discipline and enforcement

      1. Part 1

        Introductory

      2. Part 2

        Authorised persons acting without permission

      3. Part 3

        Market abuse

      4. Part 4

        Disciplinary measures

      5. Part 5

        Injunctions and restitution

      6. Part 6

        Notice procedures

      7. Part 7

        Offences

      8. Part 8

        Co-operation

    10. Schedule 10

      The Financial Services Compensation Scheme

    11. Schedule 11

      The financial ombudsman service

    12. Schedule 12

      Amendments of Parts 11 and 23 of FSMA 2000

      1. Part 1

        Part 11 of FSMA 2000: information gathering and
        investigations

      2. Part 2

        Part 23 of FSMA 2000: public record, disclosure of information
        and co-operation

    13. Schedule 13

      Auditors and actuaries

    14. Schedule 14

      Amendments of Part 24 of FSMA 2000: insolvency

    15. Schedule 15

      The consumer financial education body

    16. Schedule 16

      Provision of financial services by members of the professions

    17. Schedule 17

      Amendments of Banking Act 2009 related to Part 2 of this Act

      1. Part 1

        Amendments of Part 1 of the Act

      2. Part 2

        Amendments of Part 2 of the Act

      3. Part 3

        Amendments of Part 3 to the Act

      4. Part 4

        Amendments of Parts 4 to 6 of the Act

    18. Schedule 18

      Further minor and consequential amendments

      1. Part 1

        Amendments of FSMA 2000

      2. Part 2

        Amendments of other Acts of Parliament

      3. Part 3

        Amendment of Act of the Scottish Parliament

      4. Part 4

        Amendments of Northern Ireland legislation

    19. Schedule 19

      Repeals

    20. Schedule 20

      Transitional provisions

    21. Schedule 21

      Transfer schemes

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Contents page 1-9 10-19 20-29 30-39 40-49 50-59 60-69 70-79 80-89 90-99 Last page