Financial Services and Markets Act 2000

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The Financial Services and Markets Act 2000 (FSMA 2000) is an act of the United Kingdom parliament which created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking.

Some of the key sections of this act are:

  • Section 2 outlines the regulatory objectives of the FSA: (a) market confidence; (b) public awareness; (c) the protection of consumers; and (d) 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 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 can not 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 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.

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