Outline
Some of the key sections of this act are:
- Section 2 outlines the regulatory objectives of the FSA: (a) market confidence; (b) financial stability (c) public awareness; (d) the protection of consumers; and (e) the reduction of financial crime.
- Section 19 requires firms to be authorised to conduct regulated activities.
- Section 21 makes it a criminal offence to issue a financial promotion (an invitation to engage in investment activity) in the United Kingdom unless it is issued or approved by an authorised firm or exempt via the Financial Promotions Order.
- Section 59 states that a person cannot carry out certain controlling functions in a firm without approval by the FSA.
- Section 71 allows private persons to sue a firm for damages if a person performing a controlled function is not approved.
- Section 118 concerns market abuse.
- Section 132 establishes the Financial Services and Markets Tribunal.
- Section 138 grants the FSA rule-making power.
- Section 150 allows private persons to sue for damages if an authorised firm has breached certain rules.
- Section 165 gives the FSA power to require certain information.
- Section 213 establishes the Financial Services Compensation Scheme.
- Section 397 makes it a criminal offence to mislead a market or investors.
- Section 412 "Gaming contracts. (1) No contract to which this section applies is void or unenforceable because of– (a) Article 170 of the Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985; or (2) This section applies to a contract if– (a) it is entered into by either or each party by way of business; (b) the entering into or performance of it by either party constitutes an activity of a specified kind or one which falls within a specified class of activity; and (c) it relates to an investment of a specified kind or one which falls within a specified class of investment. (3) Part II of Schedule 2 applies for the purposes of subsection (2)(c), with the references to section 22 being read as references to that subsection. (4) Nothing in Part II of Schedule 2, as applied by subsection (3), limits the power conferred by subsection (2)(c). (5) "Investment" includes any asset, right or interest. (6) "Specified" means specified in an order made by the Treasury."
Read more about this topic: Financial Services And Markets Act 2000
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