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Financial Services Bill

 

Financial Services Bill

 

[AS AMENDED IN PUBLIC BILL COMMITTEE]

 
 

The Bill is divided into two Volumes. Volume I contains the Clauses. Volume II

contains the Schedules to the Bill.

Contents

Part 1

Bank of England

1   

Deputy Governors

2   

The Bank’s financial stability objective

3   

Financial stability strategy and Financial Policy Committee

4   

Further amendments relating to Bank of England

Part 2

Amendments of Financial Services and Markets Act 2000

Financial Conduct Authority and Prudential Regulation Authority

5   

The new Regulators

Regulated activities

6   

Extension of scope of regulation

7   

Orders under section 22 of FSMA 2000

8   

Designation of activities requiring prudential regulation by PRA

Permission to carry on regulated activities

9   

Permission to carry on regulated activities

Passporting

10   

Passporting: exercise of EEA rights and Treaty rights

Performance of regulated activities

11   

Prohibition orders

12   

Approval for particular arrangements

13   

Further amendments relating to performance of regulated activities

 

Bill 323                                                                                                

55/1

 

 

Financial Services Bill

ii

 

Official listing

14   

FCA to exercise functions under Part 6 of FSMA 2000

15   

Discontinuance or suspension at the request of the issuer: procedure

16   

Listing rules: disciplinary powers in relation to sponsors

17   

Primary information providers

18   

Penalties for breach of Part 6 rules

19   

Repeal of competition scrutiny power

Control of business transfers

20   

Control of business transfers

Hearings and appeals

21   

Proceedings before Tribunal

Rules and guidance

22   

Rules and guidance

23   

Short selling rules

Control over authorised persons

24   

Control over authorised persons

25   

Powers of regulators in relation to parent undertakings

Recognised investment exchanges and clearing houses

26   

Exemption for recognised investment exchanges and clearing houses

27   

Powers in relation to recognised investment exchanges and clearing houses

28   

Recognition requirements: power of FCA and Bank to make rules

29   

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

30   

Power to take disciplinary measures against recognised bodies

31   

Repeal of special competition regime

32   

Sections 26 to 31: minor and consequential amendments

Suspension and removal of financial instruments from trading

33   

Suspension and removal of financial instruments from trading

Discipline and enforcement

34   

Discipline and enforcement

Financial Services Compensation Scheme

35   

The Financial Services Compensation Scheme

Financial ombudsman service

36   

The financial ombudsman service

 

 

Financial Services Bill

iii

 

Lloyd’s

37   

Lloyd’s

Information

38   

Information, investigations, disclosure etc.

Auditors and actuaries

39   

Auditors and actuaries

Consumer protection and competition

40   

Provisions about consumer protection and competition

Insolvency

41   

Insolvency

Miscellaneous amendments of FSMA 2000

42   

The consumer financial education body

43   

Members of the professions

44   

International obligations

45   

Interpretation of FSMA 2000

46   

Parliamentary control of statutory instruments

Part 3

Mutual societies

Transfer of functions

47   

Mutual societies: power to transfer functions

48   

Further provision that may be included in orders under section 47

49   

Evidence

50   

Repeals in Part 21 of FSMA 2000

Building societies: miscellaneous

51   

Building societies: creation of floating charges

52   

Power to direct transfer of building society’s business

Interpretation

53   

Interpretation of Part 3

Part 4

Collaboration between Treasury and Bank of England, FCA or PRA

54   

Duty of Bank to notify Treasury of possible need for public funds

55   

Duty of Bank to notify Treasury of changes

56   

Circumstances in which Treasury power of direction exercisable

 

 

Financial Services Bill

iv

 

57   

Treasury power of direction

58   

Directions under section 57: supplementary provisions

59   

Duty to lay direction etc before Parliament

60   

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

61   

Memorandum of understanding: crisis management

62   

Memorandum of understanding: international organisations

63   

Interpretation of Part 4

Part 5

Inquiries and investigations

Inquiries

64   

Cases in which Treasury may arrange independent inquiries

65   

Power to appoint person to hold an inquiry

66   

Powers of appointed person and procedure

67   

Conclusion of inquiry

68   

Obstruction and contempt

Investigations

69   

Duty of FCA to investigate and report on possible regulatory failure

70   

Duty of PRA to investigate and report on possible regulatory failure

71   

Interpretation of section 70

72   

Modification of section 70 in relation to Lloyd’s

73   

Power of Treasury to require FCA or PRA to undertake investigation

74   

Conduct of investigation

75   

Conclusion of investigation

76   

Statements of policy

Publication of reports

77   

Publication of reports of inquiries and investigations

Supplementary

78   

Interpretation and supplementary provision

Part 6

Investigation of complaints against regulators

79   

Arrangements for the investigation of complaints

80   

Relevant functions in relation to complaints scheme

81   

Consultation in relation to, and publication of, complaints scheme

82   

Investigation of complaints

83   

Exemption from liability in damages

 

 

Financial Services Bill

v

 

Part 7

Amendments of Banking Act 2009

Special resolution regime and bank administration

84   

Private sector purchasers

85   

Property transfer instruments: property held on trust

86   

Reports following exercise of a stabilisation power

87   

State aid

Inter-bank payment systems

88   

Inter-bank payment systems

89   

International obligations

Further amendments

90   

Amendments relating to new regulators

Part 8

Miscellaneous

Amendments of Companies Act 1989

91   

Amendments of Companies Act 1989

Settlement systems

92   

Evidencing and transfer of title to securities without written instrument

Director of Savings

93   

Provision of services by Director of Savings

Part 9

General

Further amendments and repeals

94   

Further minor and consequential amendments and repeals

Orders

95   

Orders: general

96   

Orders: Parliamentary control

Interpretation

97   

Interpretation

 

 

Financial Services Bill

vi

 

Consequential and transitional provisions

98   

Power to make further consequential amendments etc

99   

Transitional provisions and savings

Final provisions

100   

Financial provision

101   

Extent

102   

Commencement

103   

Short title

Schedule 1   —   

Bank of England Financial Policy Committee

Part 1   —   

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

1998

Part 2   —   

Other amendments relating to Financial Policy Committee

Schedule 2   —   

Further amendments relating to Bank of England

Schedule 3   —   

Financial Conduct Authority and Prudential Regulation

Authority: Schedules to be substituted as Schedules 1ZA and

1ZB to FSMA 2000

Schedule 4   —   

EEA passport rights and treaty rights

Part 1   —   

Amendments of Schedule 3 to FSMA 2000: EEA passport

rights

Part 2   —   

Amendments of Schedule 4 to FSMA 2000: Treaty rights

Part 3   —   

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

and Treaty firms

Part 4   —   

Amendments of Part 13 of FSMA 2000: Powers of intervention

Schedule 5   —   

Performance of regulated activities

Schedule 6   —   

Control of business transfers

Schedule 7   —   

Application of provisions of FSMA 2000 to Bank of England

etc

Schedule 8   —   

Sections 26 to 31: minor and consequential amendments

Schedule 9   —   

Discipline and enforcement

Part 1   —   

Introductory

Part 2   —   

Authorised persons acting without permission

Part 3   —   

Market abuse

Part 4   —   

Disciplinary measures

Part 5   —   

Injunctions and restitution

Part 6   —   

Notice procedures

Part 7   —   

Offences

Part 8   —   

Co-operation

Schedule 10   —   

The Financial Services Compensation Scheme

Schedule 11   —   

The financial ombudsman service

Schedule 12   —   

Amendments of Parts 11 and 23 of FSMA 2000

Part 1   —   

Part 11 of FSMA 2000: information gathering and

investigations

Part 2   —   

Part 23 of FSMA 2000: public record, disclosure of information

and co-operation

Schedule 13   —   

Auditors and actuaries

Schedule 14   —   

Amendments of Part 24 of FSMA 2000: insolvency

Schedule 15   —   

The consumer financial education body

 

 

Financial Services Bill

vii

 

Schedule 16   —   

Provision of financial services by members of the professions

Schedule 17   —   

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

Part 1   —   

Amendments of Part 1 of the Act

Part 2   —   

Amendments of Part 2 of the Act

Part 3   —   

Amendments of Part 3 to the Act

Part 4   —   

Amendments of Parts 4 to 6 of the Act

Schedule 18   —   

Further minor and consequential amendments

Part 1   —   

Amendments of FSMA 2000

Part 2   —   

Amendments of other Acts of Parliament

Part 3   —   

Amendment of Act of the Scottish Parliament

Part 4   —   

Amendments of Northern Ireland legislation

Schedule 19   —   

Repeals

Schedule 20   —   

Transitional provisions

Schedule 21   —   

Transfer schemes

 

 

 
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Revised 23 March 2012