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The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

Type Statutory-Instrument
Publication 2013-03-07
Last updated 2025-01-14
State In force
Department King's Printer of Acts of Parliament
Source legislation.gov.uk
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articles 4
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Made: 7th March 2013

Laid before Parliament: 8th March 2013

Coming into force: 1st April 2013

The Treasury in exercise of the powers conferred by sections 115(2), 118 and 119(3) of the Financial Services Act 2012[^f00001], makes the following Order:

Citation, commencement and interpretation

1

  • (1) This Order may be cited as the Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 and comes into force on 1st April 2013.
  • (2) In this Order—
  • “the Act” means the Financial Services Act 2012;
  • “subordinate legislation” has the meaning given by the Interpretation Act 1978[^f00002].

Revocations

2

The subordinate legislation specified in the first column of the table in Schedule 1 is, to the extent specified in the second column of that table, revoked.

3

Schedule 2 (which contains amendments to subordinate legislation in consequence of any provision made by or under the Act and related transitional provisions) has effect.

Amendment of subordinate legislation (references to Part IV of the Financial Services and Markets Act 2000)

4

In subordinate legislation for references to Part IV of the Financial Services and Markets Act 2000[^f00003] (however expressed) substitute references to Part 4A of that Act.

Amendments of subordinate legislation (references to Part X of the Financial Services and Markets Act 2000)

5

In subordinate legislation for references to Part X of the Financial Services and Markets Act 2000 (however expressed) substitute references to Part 9A of that Act.

Amendments of subordinate legislation (references to the UK Listing Authority or the Competent Authority for Listing)

6

  • (1) In subordinate legislation for references to the UK Listing Authority (however expressed) substitute references to the Financial Conduct Authority.
  • (2) In subordinate legislation for references to the Competent Authority for Listing in the UK (however expressed) substitute references to the Financial Conduct Authority.

SCHEDULE 1 — Revocations

Enactment Extent of revocation
The Financial Services and Markets Act 2000 (Misleading Statements and Practices) Order 2001[^f00004] The whole instrument
The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 Regulation 5
The Financial Services and Markets Act 2000 (Variation of Threshold Conditions) Order 2002[^f00005] The whole instrument
The Financial Services and Markets Act 2000 (Misleading Statements and Practices) (Amendment) Order 2003[^f00006] The whole instrument
The Transfer of Tribunal Functions Order 2010[^f00007] Paragraph 146(c) of Schedule 3

SCHEDULE 2 — Amendments of subordinate legislation

The Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975

1

  • (1) The Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975[^f00008] is amended as follows.
  • (2) In article 2(1)—
  • (a) omit the definition of “the competent authority for listing”;
  • (b) at the appropriate place in each case insert—
  • “the FCA” means the Financial Conduct Authority;
  • “the PRA” means the Prudential Regulation Authority;
  • (c) for the definition of “key worker” substitute—
  • “key worker” means— any individual who is likely, in the course of exercising the duties of that individual’s office or employment, to play a significant role in the decision making process of the FCA, the PRA or the Bank of England in relation to the exercise of its public functions (within the meaning of section 349(5) of the 2000 Act[^f00009]); or any individual who is likely, in the course of exercising the duties of that individual’s office or employment, to support directly an individual mentioned in paragraph (a);
  • (d) for the definition of “Part IV permission” substitute—
  • “Part 4A permission” has the meaning given by section 55A(5) of the 2000 Act[^f00010];
  • (3) In article 3—
  • (a) in paragraph (b) for “or the Financial Services Authority” substitute “the FCA or the PRA”;
  • (b) in paragraph (g) for the table substitute the following table—
Status Status Status Questioner
1 A person with Part 4A permission. A person with Part 4A permission. The FCA, the PRA or the Bank of England.
2 (a) A person in relation to whom an approval is given under section 59 of the 2000 Act[^f00011] (approval for particular arrangements). The FCA, the PRA or the authorised person (within the meaning of section 31(2) of the 2000 Act[^f00012]) or the applicant for Part 4A permission who made the application for the approval of the appropriate regulator (within the meaning of section 59(4) of the 2000 Act) under section 59 of the 2000 Act in relation to the person mentioned in sub-paragraph (a) of the first column.
(b) An associate of the person (whether or not an individual) mentioned in sub-paragraph (a). The FCA, the PRA or the authorised person (within the meaning of section 31(2) of the 2000 Act[^f00012]) or the applicant for Part 4A permission who made the application for the approval of the appropriate regulator (within the meaning of section 59(4) of the 2000 Act) under section 59 of the 2000 Act in relation to the person mentioned in sub-paragraph (a) of the first column.
3 (a) The manager or trustee of an authorised unit trust scheme (within the meaning of section 237 of the 2000 Act[^f00013]). The FCA or the unit trust scheme mentioned in the first column.
(b) An associate of the person (whether or not an individual) mentioned in sub-paragraph (a). The FCA or the unit trust scheme mentioned in the first column.
4 (a) A director of an open-ended investment company. The FCA, the PRA or the open-ended investment company mentioned in the first column.
(b) An associate of that person (whether or not an individual) mentioned in sub-paragraph (a). The FCA, the PRA or the open-ended investment company mentioned in the first column.
5. An associate of the operator or trustee of a relevant collective investment scheme. An associate of the operator or trustee of a relevant collective investment scheme. The FCA, the PRA or the collective investment scheme mentioned in the first column.
6. An associate of a UK recognised investment exchange or UK recognised clearing house. An associate of a UK recognised investment exchange or UK recognised clearing house. The FCA, the PRA, the Bank of England or the investment exchange or clearing house mentioned in the first column.
7. A controller of a person with Part 4A permission. A controller of a person with Part 4A permission. The FCA, the PRA or the person with Part 4A permission mentioned in the first column.
8. (a) A person who carries on a regulated activity (within the meaning of section 22 of the 2000 Act[^f00014]) but to whom the general prohibition does not apply by virtue of section 327 of the 2000 Act (exemption from the general prohibition for members of a designated professional body). The FCA or the PRA.
(b) An associate of the person (whether or not an individual) mentioned in sub-paragraph (a). In the case of a person mentioned in sub-paragraph (b) of the first column, the person mentioned in sub-paragraph (a) of that column.
9. A key worker of the FCA, the PRA or the Bank of England. A key worker of the FCA, the PRA or the Bank of England. The FCA, the PRA or the Bank of England.
10. An ombudsman (within the meaning of Schedule 17 to the 2000 Act) of the Financial Ombudsman Service. An ombudsman (within the meaning of Schedule 17 to the 2000 Act) of the Financial Ombudsman Service. The scheme operator (within the meaning of section 225 of the 2000 Act) of the Financial Ombudsman Service.
11. An associate of the issuer of securities which have been admitted to the official list maintained by the FCA for listing under section 74 of the 2000 Act[^f00015]. An associate of the issuer of securities which have been admitted to the official list maintained by the FCA for listing under section 74 of the 2000 Act[^f00015]. The FCA.
12. A sponsor (within the meaning of section 88(2) of the 2000 Act[^f00016]). A sponsor (within the meaning of section 88(2) of the 2000 Act[^f00016]). The FCA.
13. (a) A Primary information provider (within the meaning of section 89P of the 2000 Act[^f00017]). The FCA or the PRA.
(b) An associate of the person (whether or not an individual) mentioned in sub-paragraph (a). In the case of a person mentioned in sub-paragraph (2) of the first column, the person mentioned in sub-paragraph (1) of that column.
14. An associate of a person who has a Part 4A permission and who is admitted to Lloyd’s as an underwriting agent (within the meaning of section 2 of Lloyd’s Act 1982). An associate of a person who has a Part 4A permission and who is admitted to Lloyd’s as an underwriting agent (within the meaning of section 2 of Lloyd’s Act 1982). (a) The Council of Lloyd’s. (b) The person with Part 4A permission specified in the first column (or a person applying for such permission).
15. An associate of the Council of Lloyd’s. An associate of the Council of Lloyd’s. The Council of Lloyd’s.
16. (a) A member of a UK recognised investment exchange or UK recognised clearing house. The UK recognised investment exchange or UK recognised clearing house specified in the first column.
(b) An associate of the person (whether or not an individual) mentioned in sub-paragraph (a). In the case of a person mentioned in sub-paragraph (b) of the first column, the person mentioned in sub-paragraph (a) of that column.
17 A director or person responsible for the management of the electronic money or payment services business of an electronic money institution. A director or person responsible for the management of the electronic money or payment services business of an electronic money institution. The FCA.
18 A controller of an electronic money institution. A controller of an electronic money institution. The FCA.
19 A director or a person responsible for the management of an authorised payment institution or a small payment institution. A director or a person responsible for the management of an authorised payment institution or a small payment institution. The FCA.
20 A person responsible for the management of payment services provided, or to be provided, by an authorised payment institution or a small payment institution. A person responsible for the management of payment services provided, or to be provided, by an authorised payment institution or a small payment institution. The FCA.
21 A controller of an authorised payment institution or a small payment institution. A controller of an authorised payment institution or a small payment institution. The FCA.
  • (4) In article 4 —
  • (a) in paragraph (d) —
  • (i) for “any decision by the Financial Services Authority” substitute “any decision by the FCA, the PRA or the Bank of England”;
  • (ii) in sub-paragraph (i) for “Part IV permission” substitute “Part 4A permission”;
  • (iii) in sub-paragraph (ii) for “section 43” substitute “section 55L, 55M or 55O[^f00018]”;
  • (iv) in sub-paragraph (iv) omit “the Authority’s”;
  • (v) in sub-paragraph (x) after “section 296” insert “or 296A[^f00019]”;
  • (vi) in sub-paragraph (xii) for “the Authority” substitute “the FCA or the PRA”;
  • (vii) at the end of sub-paragraph (xv) omit “or”;
  • (viii) after sub-paragraph (xvi) insert—

(xvii) in a case requiring any decision referred to in paragraphs (i) to (xvi), where the FCA, the PRA or the Bank of England has the function of deciding whether to give consent or conditional consent in relation to the decision which is proposed in that case, to give or refuse to give consent or to give conditional consent, or (xviii) in a case requiring any decision referred to in paragraphs (i) to (xvi), where the FCA, the PRA or the Bank of England has the power under the 2000 Act to direct another regulator as to the decision to be taken in that case, to decide whether to give a direction and, if a direction is to be given, what direction to give,

  • (b) in paragraph (f) —
  • (i) for “any decision of the competent authority for listing” substitute “any decision of the FCA”;
  • (ii) at the end of sub-paragraph (ii) omit “or”;
  • (iii) in sub-paragraph (iii) for “the competent authority for listing,” substitute “the FCA in relation to the exercise of its functions under Part 6 of the 2000 Act, or”;
  • (iv) after sub-paragraph (iii) insert—

(iv) to refuse to grant a person’s application under information provider rules (within the meaning of section 89P(9) of the 2000 Act) for approval as a Primary information provider, to impose limitations or other restrictions on the giving of information to which such an approval relates or to cancel such an approval,

  • (c) in paragraph (g) for “the Authority” substitute “the FCA or the PRA”;
  • (d) in paragraph (i) for “Part IV permission” substitute “Part 4A permission”.

The Consumer Credit Licensing (Representations) Order 1976

2

In the Consumer Credit Licensing (Representations) Order 1976[^f00020]—

  • (a) in article 1(2) (interpretation)—
  • (i) in the definition of “the person affected” after “section” insert “32A(2)(e) or (3)(e) or”;
  • (ii) in the definition of “oral representations” after “section 34” insert “or 34ZA”;
  • (b) in article 3 (notice of hearing), after “section 34(1)” insert “or 34ZA(1)”;
  • (c) in article 6(1) (notice of Director’s determination), after “section 34(3)” insert “or 34ZA(3)”.

The Rehabilitation of Offenders (Exceptions) Order (Northern Ireland) 1979

3

  • (1) The Rehabilitation of Offenders (Exceptions) Order (Northern Ireland) 1979[^f00021] is amended as follows.
  • (2) In Article 1(2)—
  • (a) omit the definition of “the competent authority for listing”;
  • (b) at the appropriate place in each case insert—
  • “the FCA” means the Financial Conduct Authority;
  • “the PRA” means the Prudential Regulation Authority;
  • (c) for the definition of “key worker” substitute—
  • “key worker” means— any individual who is likely, in the course of exercising the duties of that individual’s office or employment, to play a significant role in the decision making process of the FCA, the PRA or the Bank of England in relation to the exercise of its public functions (within the meaning of section 349(5) of the 2000 Act[^f00022]); or any individual who is likely, in the course of exercising the duties of that individual’s office or employment, to support directly an individual mentioned in paragraph (a);
  • (d) for the definition of “Part IV permission” substitute—
  • “Part 4A permission” has the meaning given by section 55A(5) of the 2000 Act[^f00023];
  • (3) In Article 2—
  • (a) in paragraph (b) for “the Financial Services Authority” substitute “the FCA, the PRA”;
  • (b) in paragraph (e) for the table substitute the following table—
Status Status Status Questioner
1 A person with Part 4A permission. A person with Part 4A permission. The FCA, the PRA or the Bank of England.
2 (a) A person in relation to whom an approval is given under section 59 of the 2000 Act[^f00024] (approval for particular arrangements). The FCA, the PRA or the authorised person (within the meaning of section 31(2) of the 2000 Act[^f00025]) or the applicant for Part 4A permission who made the application for the approval of the appropriate regulator (within the meaning of section 59(4) of the 2000 Act) under section 59 of the 2000 Act in relation to the person mentioned in sub-paragraph (a) of the first column.
(b) An associate of the person (whether or not an individual) mentioned in sub-paragraph (a). The FCA, the PRA or the authorised person (within the meaning of section 31(2) of the 2000 Act[^f00025]) or the applicant for Part 4A permission who made the application for the approval of the appropriate regulator (within the meaning of section 59(4) of the 2000 Act) under section 59 of the 2000 Act in relation to the person mentioned in sub-paragraph (a) of the first column.
3 (a) The manager or trustee of an authorised unit trust scheme (within the meaning of section 237 of the 2000 Act[^f00026]). The FCA or the unit trust scheme mentioned in the first column.
(b) An associate of the person (whether or not an individual) mentioned in sub-paragraph (a). The FCA or the unit trust scheme mentioned in the first column.
4 (a) A director of an open-ended investment company. The FCA or the PRA or the open-ended investment company mentioned in the first column.
(b) An associate of that person (whether or not an individual) mentioned in sub-paragraph (a). The FCA or the PRA or the open-ended investment company mentioned in the first column.
5. An associate of the operator or trustee of a relevant collective investment scheme. An associate of the operator or trustee of a relevant collective investment scheme. The FCA, the PRA or the collective investment scheme mentioned in the first column.
6. An associate of a UK recognised investment exchange or UK recognised clearing house. An associate of a UK recognised investment exchange or UK recognised clearing house. The FCA, the PRA, the Bank of England or the investment exchange or clearing house mentioned in the first column.
7. A controller of a person with Part 4A permission. A controller of a person with Part 4A permission. The FCA, the PRA or the person with Part 4A permission mentioned in the first column.
8. (a) A person who carries on a regulated activity within the meaning of section 22 of the 2000 Act [^f00027]) but to whom the general prohibition does not apply by virtue of section 327 of the 2000 Act (exemption from the general prohibition for members of a designated professional body). The FCA or the PRA.
(b) An associate of the person (whether or not an individual) mentioned in sub-paragraph (a). In the case of a person mentioned in sub-paragraph (b) of the first column, the person mentioned in sub-paragraph (a) of that column.
9. A key worker of the FCA, the PRA or the Bank of England. A key worker of the FCA, the PRA or the Bank of England. The FCA, the PRA or the Bank of England.
10. An ombudsman (within the meaning of Schedule 17 to the 2000 Act) of the Financial Ombudsman Service. An ombudsman (within the meaning of Schedule 17 to the 2000 Act) of the Financial Ombudsman Service. The scheme operator (within the meaning of section 225 of the 2000 Act) of the Financial Ombudsman Service.
11. An associate of the issuer of securities which have been admitted to the official list maintained by the FCA for listing under section 74 of the 2000 Act[^f00028]. An associate of the issuer of securities which have been admitted to the official list maintained by the FCA for listing under section 74 of the 2000 Act[^f00028]. The FCA.
12. A sponsor (within the meaning of section 88(2) of the 2000 Act[^f00029]). A sponsor (within the meaning of section 88(2) of the 2000 Act[^f00029]). The FCA.
13. (a) A Primary information provider (within the meaning of section 89P of the 2000 Act[^f00030]). The FCA or the PRA.
(b) An associate of the person (whether or not an individual) mentioned in sub-paragraph (a). In the case of a person mentioned in sub-paragraph (2) of the first column, the person mentioned in sub-paragraph (1) of that column.
14. An associate of a person who has a Part 4A permission and who is admitted to Lloyd’s as an underwriting agent (within the meaning of section 2 of Lloyd’s Act 1982). An associate of a person who has a Part 4A permission and who is admitted to Lloyd’s as an underwriting agent (within the meaning of section 2 of Lloyd’s Act 1982). (a) The Council of Lloyd’s. (b) The person with Part 4A permission specified in the first column (or a person applying for such permission).
15. An associate of the Council of Lloyd’s. An associate of the Council of Lloyd’s. The Council of Lloyd’s.
16. (a) A member of a UK recognised investment exchange or UK recognised clearing house. The UK recognised investment exchange or UK recognised clearing house specified in the first column.
(b) An associate of the person (whether or not an individual) mentioned in sub-paragraph (a). In the case of a person mentioned in sub-paragraph (b) of the first column, the person mentioned in sub-paragraph (a) of that column.
  • (4) In Article 3 —
  • (a) in paragraph (d) —
  • (i) for “any decision by the Financial Services Authority” substitute “any decision by the FCA, the PRA or the Bank of England”;
  • (ii) in sub-paragraph (i) for “Part IV permission” substitute “Part 4A permission”;
  • (iii) in sub-paragraph (ii) for “section 43” substitute “section 55L, 55M or 55O[^f00031]”;
  • (iv) in sub-paragraph (iv) omit “the Authority’s”;
  • (v) in sub-paragraph (x) after “section 296” insert “or 296A[^f00032]”;
  • (vi) at the end of sub-paragraph (xi) omit “or”;
  • (vii) in sub-paragraph (xii) for “the Authority,” substitute “the FCA or the PRA,”;
  • (viii) after sub-paragraph (xii) insert—

(xiii) in a case requiring any decision referred to in paragraphs (i) to (xii), where the FCA, the PRA or the Bank of England has the function of deciding whether to give consent or conditional consent in relation to the decision which is proposed in that case, to give or refuse to give consent or to give conditional consent, or (xiv) in a case requiring any decision referred to in paragraphs (i) to (xii), where the FCA, the PRA or the Bank of England has the power under the 2000 Act to direct another regulator as to the decision to be taken in that case, to decide whether to give a direction and, if a direction is to be given, what direction to give,

  • (b) in paragraph (f)—
  • (i) for “any decision of the competent authority for listing” substitute “any decision of the FCA”;
  • (ii) at the end of sub-paragraph (ii) omit “or”;
  • (iii) in sub-paragraph (iii) for “competent authority for listing” substitute “the FCA in relation to the exercise of its functions under Part 6 of the 2000 Act, or”;
  • (iv) after sub-paragraph (iii) insert—

(iv) to refuse to grant a person’s application under information provider rules (within the meaning of section 89P(9) of the 2000 Act) for approval as a Primary information provider, to impose limitations or other restrictions on the giving of information to which such an approval relates or to cancel such an approval,

  • (c) in paragraph (g) for “the authority” substitute “the FCA or the PRA”;
  • (d) in paragraph (i) for “Part IV permission” substitute “Part 4A permission”.

The Stamp Duty Reserve Tax Regulations 1986

4

In the Stamp Duty Reserve Tax Regulations 1986[^f00033]—

  • (a) in regulation 2 (interpretation), in the definition of “accountable date”, for “Financial Services Authority” in each place it appears, substitute “Financial Conduct Authority”;
  • (b) in regulation 4A(1)(a)(ii) (notice of charge and payment), for “Financial Services Authority”, substitute “Financial Conduct Authority”.

The Insolvency Rules 1986

5

  • (1) The Insolvency Rules 1986[^f00034] are amended as follows.
  • (2) In rule 0.2(1) (construction and interpretation), insert in the appropriate places—
  • “the FCA” means the Financial Conduct Authority;
  • “the PRA” means the Prudential Regulation Authority;
  • (3) In rule 4.1(1)(b) (voluntary winding up; winding up by the court) for “Financial Services Authority” substitute “FCA, the PRA”.
  • (4) In rule 4.7(4)(e) (presentation and filing of petition), for “Financial Services Authority, one copy to be sent to the Authority” substitute “the FCA or the PRA, one copy to be sent to each of the FCA and the PRA”.
  • (5) In rule 4.10(4) (other persons to receive copies of petition), for “Financial Services Authority. This does not apply if the petitioner is the Financial Services Authority itself.” substitute “the FCA and the PRA. This does not apply to the extent the petitioner is the FCA or the PRA.”.
  • (6) In rule 4.72 (additional provisions as regards certain meetings)—
  • (a) in paragraph (2), for “Financial Services Authority” substitute “FCA, the PRA”;
  • (b) in paragraphs (3), (4), (5) and (6) for “Authority” in each place substitute “FCA, the PRA”.
  • (7) In rule 4.152(7) (membership of committee) for “Financial Services Authority” substitute “FCA or the PRA”.

The Personal Pension Schemes (Disclosure of Information) Regulations 1987

6

In the Personal Pension Schemes (Disclosure of Information) Regulations 1987[^f00035]—

  • (a) in regulation 6(5) (availability of other information), for “Chapter 10 (reports and accounts) of the Collective Investment Schemes Sourcebook made by the Financial Services Authority under Part X of the Financial Services and Markets Act 2000” substitute “section 4.5 (reports and accounts) of the Collective Investment Schemes Sourcebook made by the Financial Conduct Authority under Part 9A[^f00036] of the Financial Services and Markets Act 2000”;
  • (b) in paragraph 4 of Schedule 3 (other information), for “by section 10.3 (contents of annual and half-yearly reports) of the Collective Investment Schemes Sourcebook made by the Financial Services Authority under Part X of the Financial Services and Markets Act 2000” substitute “by section 4.5.7 (contents of the annual long report) and 4.5.8 (contents of the half-yearly long report) of the Collective Investment Schemes Sourcebook made by the Financial Conduct Authority under Part 9A of the Financial Services and Markets Act 2000”.

The Insolvency (Northern Ireland) Order 1989

7

In the Insolvency (Northern Ireland) Order 1989[^f00037]—

  • (a) in article 17A(5) (approval of arrangement)[^f00038], for “Financial Services Authority” substitute “Financial Conduct Authority and, where the regulated company is a PRA-authorised person (within the meaning of the Financial Services and Markets Act 2000), the Prudential Regulation Authority”;
  • (b) in article 366 (formerly authorised banks)[^f00039], for “Financial Services Authority” substitute “Financial Conduct Authority and the Prudential Regulation Authority”;
  • (c) in paragraph 54 of Schedule A1 (functions of the Financial Services Authority)[^f00040]—
  • (i) in the heading, for “the Financial Services Authority” substitute “the Financial Conduct Authority and the Prudential Regulation Authority”;
  • (ii) in each of sub-paragraphs (2), (3), (4), (6), (8), (10), (11), (13) and (15), for “Authority” substitute “Financial Conduct Authority and, if the regulated company is a PRA-regulated company, the Prudential Regulation Authority”;
  • (iii) in each of sub-paragraphs (9) and (17), for “Authority” substitute “Financial Conduct Authority or, if the regulated company is a PRA-regulated company, the Prudential Regulation Authority”;
  • (iv) in each of sub-paragraphs (5), (7), (12), (14) and (16)—
  • (aa) for “Financial Services Authority” in the first place those words appear substitute “Financial Conduct Authority or, if the regulated company is a PRA-regulated company, the Prudential Regulation Authority”;
  • (bb) for “Financial Services Authority” in the second place those words appear, substitute “Financial Conduct Authority and, if the regulated company is a PRA-regulated company, the Prudential Regulation Authority”;
  • (v) in sub-paragraph (18)—
  • (aa) for the definition of “the Authority” and the “and” following it substitute—
  • “PRA-authorised” person has the meaning given by the Financial Services and Markets Act 2000;
  • “PRA-regulated activity” has the meaning given by the Financial Services and Markets Act 2000;
  • “PRA-regulated company” means a regulated company which— is, or has been, a PRA-authorised person, is, or has been, an appointed representative within the meaning given by section 39 of the Financial Services and Markets Act 2000, whose principal (or one of whose principals) is, or was, a PRA-authorised person, or is carrying on, or has carried on, a PRA-regulated activity in contravention of the general prohibition within the meaning of section 19 of that Act;
  • (bb) after the definition of “regulated company” insert—
  • “regulator” means the Financial Conduct Authority or the Prudential Regulation Authority.
  • (cc) after sub-paragraph (18) insert—

(19) If either regulator makes an application to the court under any of the provisions mentioned in this article in relation to a PRA-regulated company, the other regulator is entitled to be heard on the application.

  • (d) in paragraphs 41(2)(c), 43(4)(c) and 83(1)(c) of Schedule B1 (administration)[^f00041] for “Financial Services Authority” in each place it appears substitute “Financial Conduct Authority or the Prudential Regulation Authority”.

The Insolvency Rules (Northern Ireland) 1991

8

The Insolvency Rules (Northern Ireland) 1991[^f00042] are amended as follows—

  • (a) in rule 0.2 (interpretation), insert in the appropriate places—
  • “the FCA” means the Financial Conduct Authority;
  • “the PRA” means the Prudential Regulation Authority;
  • (b) in rule 4.001 (voluntary winding up; winding up by the court), for “Financial Services Authority” substitute “FCA, the PRA”;
  • (c) in rule 4.007(4)(f) (presentation and filing of petition), for “Financial Services Authority, one copy to be sent to the Authority” substitute “FCA or the PRA, one copy to be sent to each of the FCA and the PRA”;
  • (d) in rule 4.010 (other persons to receive copies of petition)—
  • (i) in paragraph (4) for “Financial Services Authority” substitute “FCA and the PRA”;
  • (ii) for paragraph (5) substitute—

(5) Paragraph (4) does not apply to the extent the petitioner is the FCA or the PRA.

  • (e) in rule 4.078 (additional provisions as regards certain meetings)—
  • (i) in paragraph (2), for “Financial Services Authority” substitute “FCA, the PRA”;
  • (ii) in paragraphs (3), (4), (5) and (6) for “Authority” in each place substitute “FCA, the PRA”.
  • (f) in rule 4.160(7) (membership of committee) for “Financial Services Authority” substitute “FCA or PRA”.

The Financial Markets and Insolvency Regulations 1991

9

In regulation 16 of the Financial Markets and Insolvency Regulations 1991[^f00043] (circumstances in which member or designated non-member dealing as principal to be treated as acting in different capacities) for paragraph (1D) substitute—

(1D) In paragraph (1), “rules relating to clients’ money” are rules made by the Financial Conduct Authority under sections 137A and 137B of the Financial Services and Markets Act 2000[^f00044].

The Act of Sederunt (Rules of the Court of Session 1994) 1994

10

In Schedule 2 to the Act of Sederunt (Rules of the Court of Session 1994) 1994[^f00045] (the rules of the Court of Session 1994)—

  • (a) in paragraphs 62.90(3) and 62.91(3)(i), for “Financial Services Authority” substitute “Financial Conduct Authority or the Prudential Regulation Authority”;
  • (b) in paragraph 74.36(1)(a)(iii), for “Financial Services Authority” substitute “Financial Conduct Authority”;
  • (c) after paragraph 74.36(1)(a)(iii) insert—

(iiia) the Prudential Regulation Authority, if it is not the petitioner;

  • (d) in paragraphs 74.36(1)(a)(vii) and 74.45(2)(f), for “Financial Services Authority” substitute “Financial Conduct Authority or the Prudential Regulation Authority”;
  • (e) in paragraph 74.46(2), for paragraph (b) substitute—

(b) the Financial Conduct Authority; (ba) the Prudential Regulation Authority;

  • (f) in paragraph 74.54(2)(k), for “Financial Services Authority” substitute “Financial Conduct Authority or the Prudential Regulation Authority”.

The Insolvent Partnerships Order 1994

11

In the Insolvent Partnerships Order 1994[^f00046]—

  • (a) in Part 1 of Schedule 1, in modified section 4A of the Insolvency Act 1986 (approval of arrangement)—
  • (i) for subsection (5) substitute—

(5) Where a member of an insolvent partnership which is regulated applies to the court under subsection (3), the appropriate regulator is entitled to be heard on the application. (5A) “The appropriate regulator” means— (a) where the partnership is a PRA-regulated partnership, the Prudential Regulation Authority and the Financial Conduct Authority; (b) in any other case the Financial Conduct Authority. (5B) For the purposes of subsection (5A), a “PRA-regulated partnership” means a partnership which— (a) is or has been, a PRA–authorised person (within the meaning of the Financial Services and Markets Act 2000), (b) is, or has been, an appointed representative within the meaning given by section 39 of that Act, whose principal (or one of whose principals) is, or was, a PRA-authorised person, or (c) is carrying on, or has carried on, a PRA-regulated activity (within the meaning of that Act) in contravention of the general prohibition under section 19 of that Act.

  • (b) in paragraph 17 of Schedule 2, in modified paragraph 42 of Schedule B1 to the Insolvency Act 1986, for “(petition by Financial Services Authority)” substitute “(winding-up petitions)”.

The Credit Institutions (Protection of Depositors) Regulations 1995

12

In the Credit Institutions (Protection of Depositors) Regulations 1995[^f00047]—

  • (a) in regulation 2(1) (interpretation)—
  • (i) omit the definition of “the Authority”,
  • (ii) at the appropriate places insert—
  • “the FCA” means the Financial Conduct Authority;
  • “the PRA” means the Prudential Regulation Authority;
  • (b) in regulation 46(8) (information to be supplied on request)—
  • (i) for “Authority” substitute “FCA or the PRA”;
  • (ii) for “authority” substitute “regulator”;
  • (c) in regulation 49 (enforcement: UK and non-EEA institutions)—
  • (i) for paragraph (2) substitute—

(2) In its application to a UK institution or building society, subsection (1) of section 55J (variation or cancellation on initiative of regulator) and subsection (2) of each of sections 55L and 55M of the 2000 Act (imposition of requirements) have effect as if— (a) at the end of paragraph (b), “or” were omitted; (b) at the end of paragraph (c) there were inserted— or (d) it is desirable to exercise the power in order to— (i) secure the payment by the institution or building society of unpaid contributions; or (ii) in the case of a UK institution, secure that the institution complies with any obligation imposed by or under the law of another EEA State in connection with its participation in a scheme for the protection of depositors or investors which is in force in that State.

  • (ii) in paragraph (3)—
  • (aa) in the first place in which it appears, for “Authority” substitute “FCA or the PRA”;
  • (bb) in the second place in which it appears, for “the Authority” substitute “that regulator”;
  • (cc) for “section 45 of the 2000 Act” substitute “section 55J, 55L or 55M of the 2000 Act”.

The Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996

13

In paragraph 3 of Schedule 1 to the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996[^f00048] for “Financial Services Authority” substitute “Financial Conduct Authority”.

The Occupational Pension Schemes (Transfer Values) Regulations 1996

14

In paragraph 3 of Schedule 1 to the Occupational Pension Schemes (Transfer Values) Regulations 1996[^f00049], for “the Financial Services Authority” substitute “the Financial Conduct Authority”.

The Teachers’ Superannuation (Provision of Information and Administrative Expenses etc.) Regulations 1996

15

In the Teachers’ Superannuation (Provision of Information and Administrative Expenses etc.) Regulations 1996[^f00050]—

  • (a) in regulation 3(2)(f) for “Financial Services Authority” substitute “Financial Conduct Authority”;
  • (b) after that sub-paragraph insert—

(fa) the Prudential Regulation Authority;

The National Health Service Pension Scheme (Provision of Information and Administrative Expenses etc.) Regulations 1996

16

In the National Health Service Pension Scheme (Provision of Information and Administrative Expenses etc.) Regulations 1996[^f00051]—

  • (a) in regulation 3(2) (application of the regulations), for “150 of the FSM Act (actions for damages in respect of contravention of rules etc)” substitute “138D of the FSM Act (actions for damages)”;
  • (b) in regulation 5—
  • (i) in sub-paragraph (e) for “Financial Services Authority” substitute “Financial Conduct Authority”;
  • (ii) after that sub-paragraph insert—

(ea) the Prudential Regulation Authority;

The Insurance Companies (Reserves) (Tax) Regulations 1996

17

In the Insurance Companies (Reserves) (Tax) Regulations 1996[^f00052]—

  • (a) in regulation 2(1) (interpretation)—
  • (i) for the definition of “equalisation reserves rules” substitute—
  • “equalisation reserve rules” means the rules in Chapter 1.4 of INSPRU made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000;
  • (ii) for the definition of “INSPRU” substitute—
  • “INSPRU” means the Prudential Sourcebook for Insurers made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000;
  • (iii) after the definition of “INSPRU” insert—
  • “IPRU(INS)” means the Interim Prudential Sourcebook for Insurers made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000;
  • (iv) for the definition of “return period” substitute—
  • “return period” means the period covered in a document prepared by an insurance company for the purposes of section 9.3 of IPRU(INS);
  • (b) in regulation 8A (certain insurance business carried on outside the United Kingdom by a controlled foreign company—non-annual accounts but returns prepared on an annual basis)—
  • (i) for paragraph (6) substitute—

(6) For the purposes of paragraph (4), accounts are prepared on an accident year basis where the accounts and statements required to be deposited with the Prudential Regulation Authority pursuant to Chapter 9 of IPRU(INS) are prepared using Forms 21, 22 and 23 prescribed by the Accounts and Statements Rules contained in that Chapter.

  • (ii) omit paragraph (7).

The Local Government Pension Scheme Regulations 1997

18

In the Local Government Pension Scheme Regulations 1997[^f00053]—

  • (a) in paragraph 1 of Schedule 5A, in sub-paragraph (e) for “Financial Services Authority” substitute “Financial Conduct Authority”;
  • (b) after that sub-paragraph insert—

(ea) the Prudential Regulation Authority;

The Firemen’s Pensions (Provision of Information) Regulations 1997

19

In the Firemen’s Pensions (Provision of Information) Regulations 1997[^f00054]—

  • (a) in sub-paragraph (f) of regulation 3(2), for “Financial Services Authority” substitute “Financial Conduct Authority”;
  • (b) after that sub-paragraph insert—

(fa) the Prudential Regulation Authority;

The Police Pensions (Provision of Information) Regulations 1997

20

In the Police Pensions (Provision of Information) Regulations 1997[^f00055]—

  • (a) in sub-paragraph (f) of regulation 3(2), for “Financial Services Authority” substitute “Financial Conduct Authority”;
  • (b) after that sub-paragraph insert—

(fa) the Prudential Regulation Authority;

21

In paragraph 5 of Schedule 11 to the Building Societies (Accounts and Related Provisions) Regulations 1998[^f00056] for “which meets the criteria established by the competent authority (within the meaning of section 72 of the Financial Services and Markets Act 2000) and is included in a list maintained by that authority”, substitute “which meets the criteria established by the Financial Conduct Authority in exercise of its functions under Part 6 (official listing etc.) of the Financial Services and Markets Act 2000 and is included in a list maintained by the Financial Conduct Authority”.

The Individual Savings Account Regulations 1998

22

  • (1) The Individual Savings Account Regulations 1998[^f00057] are amended as follows.
  • (2) In regulation 2(1) (interpretation)—
  • (a) in the definition of “authorised unit trust” omit “made by the Financial Services Authority”;
  • (b) for the definition of “the Collective Investment Schemes Sourcebook” substitute—
  • “COLL” means the Collective Investment Schemes Sourcebook made by the Financial Conduct Authority under FISMA 2000;
  • (c) for the definition of “non-UCITS retail scheme” substitute—
  • “non-UCITS retail scheme”— has the meaning in COLL (that is, a scheme to which, or to whose authorised fund manager and depositary, sections 5.1, 5.4 and 5.6 of COLL apply), includes a “recognised scheme” by virtue of section 270 or 272 of FISMA 2000, which would fall within paragraph (a) of this definition if it were an authorised fund, and includes a sub-fund of an umbrella which the terms of the scheme identify as a sub-fund which would fall within paragraph (a) or (b) of this definition if it were itself an authorised fund or a recognised scheme. In this definition, expressions defined in the Glossary of the Financial Conduct Authority Handbook have those defined meanings;
  • (d) in the definition of “qualifying units in or shares of a non-UCITS retail scheme”—
  • (i) for “Collective Investment Schemes Sourcebook” substitute “COLL”;
  • (ii) for “that Sourcebook”, substitute “the COLL”;
  • (e) in the definition of “recognised UCITS”, for “Collective Investment Schemes Sourcebook (see in particular COLL 1.2.2)” substitute “COLL”;
  • (f) in the definition of “UK UCITS”—
  • (i) for “authorised under section 31(1)(a) of FISMA 2000” substitute “with Part 4A permission under FISMA 2000”;
  • (ii) for “Collective Investments Scheme Sourcebook (see in particular COLL 1.2.2.)” substitute “the COLL”;
  • (g) in the definition of “umbrella scheme”, for “Financial Services Authority” substitute “Financial Conduct Authority”.
  • (3) In regulation 4(8) (general conditions for accounts and subscriptions for accounts)[^f00058] for “the Collective Investment Schemes Sourcebook (COLL 7.2)”, substitute “COLL”.
  • (4) In regulation 6(1) (general investment rules)[^f00059] for “the Collective Investment Schemes Sourcebook” in each place those words appear, substitute “COLL”.
  • (5) In regulation 14 (account manager – qualifications and Board’s approval)—
  • (a) in paragraph 2(b), for “section 31(1)(a) or (c) of, or Schedule 5 to, the Financial Services and Markets Act 2000” substitute “FISMA 2000”;
  • (b) for paragraph 2(c) substitute—

(c) an account manager must not be prevented from acting as such by any requirement imposed under Part 4A of FISMA 2000, or by any prohibition imposed by or under any rules made by the Financial Conduct Authority or the Prudential Regulation Authority under that Act; and

The Public Interest Disclosure (Prescribed Persons) Order (Northern Ireland) 1999

23

In the Schedule to the Public Interest Disclosure (Prescribed Persons) Order (Northern Ireland) 1999[^f00060]—

  • (a) omit the entry beginning “Financial Services Authority”;
  • (b) omit the entry beginning “The competent authority under Part IV of the Financial Services and Markets Act 2000”;
  • (c) at the appropriate places insert—
Financial Conduct Authority The listing of securities on a stock exchange; prospectuses on offers of transferable securities to the public; the carrying on of investment business or of insurance business; the operation of banks and building societies, deposit-taking businesses and wholesale money market regimes; the operation of friendly societies, benevolent societies, working men’s clubs, specially authorised societies, and industrial and provident societies; the functioning of financial markets and investment exchanges; money laundering, financial crime, and other serious financial misconduct, in connection with activities regulated by the Financial Conduct Authority.
Prudential Regulation Authority The carrying on of investment business or of insurance business; the operation of banks and building societies, deposit-taking businesses and wholesale money market regimes; the operation of friendly societies, benevolent societies, working men’s clubs, specially authorised societies, and industrial and provident societies.
The Bank of England The functioning of clearing houses.

The Personal Portfolio Bonds (Tax) Regulations 1999

24

In regulation 2(1) (interpretation) of the Personal Portfolio Bonds (Tax) Regulations 1999[^f00061], for the definition of “internal linked fund” substitute—

  • “internal linked fund” has the meaning given by section 11.1 of the Interim Prudential Sourcebook for Insurers made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000;

The Public Interest Disclosure (Prescribed Persons) Order 1999

25

In the Schedule to the Public Interest Disclosure (Prescribed Persons) Order 1999[^f00062]—

  • (a) omit the entry beginning “The competent authority under Part IV of the Financial Services and Markets Act 2000”;
  • (b) for the entry beginning “Financial Services Authority” substitute the following—
Financial Conduct Authority. The listing of securities on a stock exchange; prospectuses on offers of transferable securities to the public; the carrying on of investment business or of insurance business; the operation of banks and building societies, deposit-taking businesses and wholesale money market regimes; the operation of friendly societies, benevolent societies, working men’s clubs, specially authorised societies, and industrial and provident societies; the functioning of financial markets and investment exchanges; money laundering, financial crime, and other serious financial misconduct, in connection with activities regulated by the Financial Conduct Authority.
Prudential Regulation Authority. The carrying on of investment business or of insurance business; the operation of banks and building societies, deposit-taking businesses and wholesale money market regimes; the operation of friendly societies, benevolent societies, working men’s clubs, specially authorised societies, and industrial and provident societies.
The Bank of England. The functioning of clearing houses.

The Unfair Terms in Consumer Contracts Regulations 1999

26

In the Unfair Terms in Consumer Contracts Regulations 1999[^f00063]—

  • (a) in regulation 5(7), for “Financial Services Authority” substitute “Financial Conduct Authority or the Prudential Regulation Authority”;
  • (b) in regulation 16, for “Financial Services Authority” in each place (including the heading) substitute “Financial Conduct Authority”;
  • (c) in paragraph 10 of Schedule 1 for “Financial Services Authority” substitute “The Financial Conduct Authority”.

The Financial Markets and Insolvency (Settlement Finality) Regulations 1999

27

In the Financial Markets and Insolvency (Settlement Finality) Regulations 1999[^f00064]—

  • (a) in regulation 2(1)—
  • (i) for the definition of “designating authority” substitute—
  • “designating authority” means— in the case of a system which is, or the operator of which is, a recognised investment exchange for the purposes of the 2000 Act, the FCA; in any other case, the Bank of England;
  • (ii) at the appropriate places insert—
  • “the FCA” means the Financial Conduct Authority;
  • “the PRA” means the Prudential Regulation Authority;
  • (b) in regulation 4(3), for “Financial Services Authority” substitute “FCA”;
  • (c) in regulation 7(2)—
  • (i) omit sub-paragraph (c);
  • (ii) for sub-paragraph (d) substitute—

(d) subsection (4) shall have effect as if for “two months” there were substituted “three months” and as if for “the appropriate regulator” there were substituted “the designating authority”.

  • (d) in regulation 10(5), for “the Financial Services Authority which it has given or furnished to the Authority” substitute “the FCA or the Bank of England where the notice or information has already been given or furnished to the FCA or the Bank of England (as the case may be)”;
  • (e) in paragraph 4 of the Schedule—
  • (i) for “Financial Services Authority” substitute “FCA”;
  • (ii) at the appropriate place insert—

(ba) the PRA,

Transitional provision in connection with the Financial Markets and Insolvency (Settlement Finality) Regulations 1999

28

For the purposes of regulation 7 of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999, the Bank of England may exercise the power to revoke a designation order where—

  • (a) the designation order was made before 1st April 2013, and
  • (b) if an application for the designation order had been made on 1st April 2013, it would have been made to the Bank of England as the designating authority.

The Local Government Pension Scheme (Management and Investment of Funds) Regulations (Northern Ireland) 2000

29

In regulation 3 (definition of “investment”) of the Local Government Pension Scheme (Management and Investment of Funds) Regulations (Northern Ireland) 2000[^f00065], for paragraphs (6) and (7) substitute—

(6) A stock lending arrangement is an investment if, and only if, in respect of it, the conditions in paragraphs 5.4.4R and 5.4.6R (modified as specified in paragraph (7)) of the Collective Investment Scheme Sourcebook made by the Financial Conduct Authority under the Financial Services and Markets Act 2000 (as amended from time to time) are complied with. (7) For the purposes of paragraph (6), references in paragraphs 5.4.4R and 5.4.6R to the trustee must be read as if they were references to the Committee.

The Stakeholder Pension Schemes Regulations (Northern Ireland) 2000

30

In the Stakeholder Pension Schemes Regulations (Northern Ireland) 2000[^f00066]—

  • (a) in regulation 1(3) (citation, commencement and interpretation)—
  • (i) for the definition of “dilution levy” substitute—
  • “dilution levy” has the meaning given by the FCA Handbook;
  • (ii) for the definition of “the FSA Handbook” substitute—
  • “the FCA Handbook” means the Handbook made by the Financial Conduct Authority under the 2000 Act;
  • (b) for regulation 15(6) (requirement for trustees or manager to satisfy certain conditions in relation to with-profits funds) substitute—

(6) In this regulation the “actuary to the insurer” means a person appointed to perform, in relation to the insurer, either or both of the functions specified in paragraph 4.3.1 of the Supervision Sourcebook made by the Prudential Regulation Authority under the 2000 Act.

The Stakeholder Pension Schemes Regulations 2000

31

In the Stakeholder Pension Schemes Regulations 2000[^f00067]—

  • (a) in regulation 1(3) (citation, commencement and interpretation)—
  • (i) for the definition of “dilution levy” substitute—
  • “dilution levy” has the meaning given by the FCA Handbook;
  • (ii) for the definition of “the FSA Handbook” substitute—
  • “the FCA Handbook” means the Handbook made by the Financial Conduct Authority under the Financial Services and Markets Act 2000;
  • (b) for regulation 15(6) (requirement for trustees or manager to satisfy certain conditions in relation to with-profits funds) substitute—

(6) In this regulation the “actuary to the insurer” means a person appointed to perform, in relation to the insurer, either or both of the functions specified in paragraph 4.3.1 of the Supervision Sourcebook made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000.

The Terrorism Act 2000 (Crown Servants and Regulators) Regulations 2001

32

In the Terrorism Act 2000 (Crown Servants and Regulators) Regulations 2001[^f00068]—

  • (a) in regulation 4(b), for “Financial Services Authority” substitute “Financial Conduct Authority”;
  • (b) after that paragraph insert—

(ba) the Prudential Regulation Authority;

The Representation of the People (England and Wales) Regulations 2001

33

In the Representation of the People (England and Wales) Regulations 2001[^f00069]—

  • (a) in regulation 113 (sale of full register to government departments and other bodies)—
  • (i) in paragraph (1)(c), for “Financial Services Authority; or” substitute “Financial Conduct Authority;”;
  • (ii) after that sub-paragraph insert—

(ca) the Prudential Regulation Authority; or

  • (iii) in sub-paragraph (d), for “(c)” substitute “(ca)”;
  • (b) in regulation 114(3)(b) (sale of full register to credit reference agencies), for “or any rules made pursuant to section 146 of the Financial Services and Markets Act 2000” substitute “or any rules made by the Financial Conduct Authority under section 137A of the Financial Services and Markets Act 2000 which relate to the prevention and detection of money laundering in connection with the carrying on of regulated activities by authorised persons”.

The Representation of the People (Scotland) Regulations 2001

34

In the Representation of the People (Scotland) Regulations 2001[^f00070]—

  • (a) in regulation 112 (sale of full register to government departments and other bodies)—
  • (i) in paragraph (1)(c) for “Financial Services Authority; or” substitute “Financial Conduct Authority;”;
  • (ii) after that sub-paragraph insert—

(ca) the Prudential Regulation Authority; or

  • (b) in regulation 113(3)(b) (sale of full register to credit reference agencies), for “or any rules made pursuant to section 146 of the Financial Services and Markets Act 2000” substitute “or any rules made by the Financial Conduct Authority under section 137A of the Financial Services and Markets Act 2000 which relate to the prevention and detection of money laundering in connection with the carrying on of regulated activities by authorised persons”.

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

35

In the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001[^f00071]—

  • (a) in articles 9C(1) and (3); 9D; 9E(1); 9F; 9G(1), (4) and (8); 9H(1); 9K; 54(3); 92; 93(1); 94(1), (3), (4) and (5); 95(1) to (9) and 96, for “the Authority” (wherever appearing) substitute “the FCA”;
  • (b) in article 9C(3) (persons certified as small issuers etc), for “the authority” substitute “the FCA”;
  • (c) in article 9D (applications for certificates), for paragraphs (a) to (c), substitute—

(a) section 55U(1)(b) and (4) to (8); (b) section 55V; (c) section 55X(2) and (4)(f); and (d) section 55Z3(1).

  • (d) in article 9E (revocation of certificate on Authority’s own initiative)—
  • (i) in the heading, for “Authority’s” substitute “FCA’s”;
  • (ii) in paragraph (3)—
  • (aa) for “54 and 55(2)” substitute “55Z and 55Z3(2)”;
  • (bb) for “the Authority’s” substitute “the FCA’s”;
  • (e) in article 9G (obtaining information from certified persons etc)—
  • (i) in subsection (2), for “Section 148” substitute “Section 138A”;
  • (ii) in subsection (3), for “Section 150” substitute “Section 138D”;
  • (iii) in subsection (6) for “Authority’s” substitute “Regulator’s”;
  • (iv) in subsection (7) omit paragraph (a);
  • (f) in article 9H(2) (rules prohibiting the issue of electronic money at a discount), for “Section 148” substitute “Section 138A”;
  • (g) in article 35(3)(c) and (d) (international securities self-regulating organisations), for “the Authority” substitute “the FCA and the PRA”;
  • (h) in article 93(1)(a) (duty to maintain a record of persons carrying on insurance mediation activities), for “section 51(3)” substitute “section 55U(4)”;
  • (i) in article 95(10) (exclusion from record where no fit and proper to carry on insurance mediation activities), for “Authority” substitute “FCA or PRA”;
  • (j) in article 96 (exclusion from record where regulator has exercised its powers under Part 20 of the Act), in the heading for “Authority” substitute “FCA”.

The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001

36

In the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001[^f00072]—

  • (a) in regulation 3(1) (interpretation), insert the following definitions in the appropriate places—
  • “the appropriate regulator” has the meaning given in section 285A of the Act[^f00073];
  • “the FCA” means the Financial Conduct Authority;
  • (b) in regulation 6(1) (method of satisfying recognition requirements), for “the Authority” substitute “the appropriate regulator”;
  • (c) in regulation 7 (dealings and transactions not involving investments), omit “recognised investment exchange or”;
  • (d) in the Schedule—
  • (i) in Part 1 (recognition requirements for investment exchanges), for “the Authority”, in each place, substitute “the FCA”;
  • (ii) omit paragraph 15 of Part 2 (recognition requirements for investment exchanges: default rules in respect of market contracts);
  • (iii) in Part 3 (recognition requirements for clearing houses), for “the Authority”, in each place, substitute “the Bank of England”;
  • (iv) in paragraph 28 of Part 4 (recognition requirements applying to clearing houses: default rules in respect of market contracts), for “the Authority under sections 138 and 139 of the Act” substitute “the FCA under sections 137A and 137B of the Act”.

The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001

37

In the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001[^f00074]—

  • (a) in article 30, for “Authority” substitute “FCA”;
  • (b) in the Schedule, in each place, for “by the Financial Services Authority” substitute “under the Financial Services and Markets Act 2000”.

The Financial Services and Markets Act 2000 (Exemption) Order 2001

38

In paragraph 51(2)(b) (policyholder Advocates) of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001[^f00075], for “Authority” substitute “FCA”.

Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001

39

In regulation 3(5) of the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001[^f00076], for “Authority” substitute “FCA”.

The Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001

40

In article 2(1) (interpretation) of the Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001[^f00077], in the definition of “record of insurance intermediaries”, for “Authority” substitute “FCA”.

The Open-Ended Investment Companies Regulations 2001

41

  • (1) The Open-Ended Investment Companies Regulations 2001[^f00078] are amended as follows.
  • (2) For each reference to “FSA rules”, including in the headings to regulations 6 and 7, substitute “FCA rules”.
  • (3) In regulation 2 (interpretation), after the definition of “authorisation order” insert—
  • “the Authority” means the FCA;
  • (4) In regulation 7 (modification or waiver of FSA rules)—
  • (a) in paragraph (3)—
  • (i) for “sections 148(3) to (9) and (11) of the Act” substitute “sections 138A(3) to (7) and 138B of the Act”;
  • (ii) for “section 148(2)” substitute “section 138A(1)”;
  • (iii) for “subsection (7)(b)” substitute “section 138B(3)(c)”;
  • (b) in paragraph (4)—
  • (i) for “sections 148(3) to (9) and (11) of the Act” substitute “sections 138A(3) to (7) and 138B of the Act”;
  • (ii) for “section 148(2)” substitute “section 138A(1)”;
  • (iii) for “subsection (4)(a)” substitute “section 138A(4)(a)”;
  • (iv) for “subsections (7)(b), (8) and (11)” substitute “section 138B(3)(c) and (5)”;
  • (v) for “subsection (7)(b)” substitute “section 138B(3)(c)”;
  • (vi) for “subsection (9)” substitute “section 138A(7)”.
  • (5) In regulation 10 (the Authority’s procedures), for “(the Authority’s procedures)” substitute “(the FCA’s and the PRA’s procedures)”.
  • (6) In regulation 25(6) (directions) for “section 150” substitute “section 138D”.
  • (7) In regulation 27(15) (procedure on giving directions under regulation 25 and varying them on Authority’s own initiative) for “(the Authority’s procedures)” substitute “(the FCA’s and PRA’s procedures)”.
  • (8) In regulation 42(6) (restraint and ratification by shareholders), for “section 150” substitute “section 138D”.
  • (9) In regulation 80 (contraventions), for “section 138 of the Act (general rule-making power)” substitute “section 137A of the Act (FCA’s general rules)”.

The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001

42

In the Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001[^f00079]—

  • (a) in regulation 1(2)[^f00080]—
  • (i) in the definition of “an investigating authority” for “the Authority” substitute “the FCA, the PRA, the Bank of England”;
  • (ii) in paragraph (a) of the definition of “nominee”—
  • (aa) for “the Authority” substitute “the FCA, the PRA or the Bank of England”;
  • (bb) for “any relevant authority” substitute “that authority and any other relevant authority”;
  • (iii) in the definition of “relevant authority” for paragraph (a) substitute—

(a) the FCA, (aa) the PRA, (b) the Bank of England,

  • (b) in regulation 4(1)(a) for “the Authority an address of a place in the United Kingdom for the service of documents, is the address so provided” substitute “the FCA, the PRA or the Bank of England an address of a place in the United Kingdom for the service of documents, is the address provided to that regulator”;
  • (c) after regulation 4(3) insert—

(4) Where, prior to 1st April 2013, a person (“A”) was required by any provision of or made under the Act to provide to the Financial Services Authority an address in the United Kingdom for the service of documents, the proper address is the address provided to the Financial Services Authority except to the extent that A subsequently provides a different address to the FCA, PRA or Bank of England.

  • (d) in regulation 5—
  • (i) in paragraph (4)—
  • (aa) for “the Authority” substitute “the FCA, the PRA or the Bank of England”;
  • (bb) for “any relevant authority” substitute “that regulator”;
  • (ii) after regulation 5(4) insert—

(5) Where, before 1st April 2013, a person (“A”) provided to the Financial Services Authority a fax number, e-mail address or other electronic identification for the purpose of accepting the service of relevant documents, that is sufficient indication for each relevant authority for the purposes of paragraph (1) or (3), except to the extent that A subsequently provides to the FCA, PRA or Bank of England further information.

  • (e) in regulation 6(3)[^f00081]—
  • (i) in sub-paragraph (a)—
  • (aa) for “section 53(4)” substitute “section 55Y[^f00082]”;
  • (bb) for “variation of an authorised person’s Part IV permission” substitute “variation of Part 4A permission or the imposition or variation of a requirement”;
  • (ii) after sub-paragraph (a) insert—

(aa) a notice given under section 137S(4)(a) (financial promotion rules: directions given by FCA)[^f00083] of the Act which states that the requirements contained in the direction have effect immediately;

  • (iii) in sub-paragraph (b)—
  • (aa) after “(discontinuance or suspension: procedure)” insert “, section 88F(2)[^f00084] (action under section 88E: procedure) or 89V(1) (action under section 89U: procedure)”;
  • (bb) for “or suspension of the listing of any securities” substitute “, suspension of the listing of any securities or action”;
  • (iv) in sub-paragraph (c) for “Authority’s” in each place it appears substitute “FCA’s”;
  • (f) in regulation 8(2)—
  • (i) for “the Authority” in the first place it appears substitute “the FCA, the PRA or the Bank of England (“the Bank”)”;
  • (ii) for “the Authority” in the second place it appears substitute “the FCA, the PRA or the Bank (as the case may be)”;
  • (g) in regulation 9(2)—
  • (i) for “the Authority” in the first place it appears substitute “the FCA, the PRA or the Bank of England”;
  • (ii) for “the Authority” in the second and third places it appears substitute “it”;
  • (h) in regulation 10—
  • (i) in the heading for “the Authority” substitute “regulators”;
  • (ii) for “the Authority” where first place it appears substitute “the FCA, the PRA or the Bank of England (“the relevant regulator”);
  • (iii) for each of the remaining references to “the Authority” substitute “the relevant regulator”;
  • (iv) after “applicable directions” insert “given by that regulator”.

The Criminal Defence Service (General) (No.2) Regulations 2001

43

In regulations 3(2)(h) and 13(1)(c) of the Criminal Defence Service (General) (No.2) Regulations 2001[^f00085], for “Financial Services Authority” substitute “Financial Conduct Authority or the Prudential Regulation Authority”.

The Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Rules) Order 2001

44

In the Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Rules) Order 2001[^f00086]—

  • (a) in article 7 (verification of continued rules)—
  • (i) in paragraph (1), for “section 154” substitute “section 138H”;
  • (ii) in paragraph (2)—
  • (aa) for “Authority” substitute “Financial Services Authority, the Financial Conduct Authority or the Prudential Regulation Authority”;
  • (bb) for “the Authority’s staff” substitute “staff of that regulator”;
  • (iii) in paragraph (3) for “Authority” substitute “Financial Services Authority”;
  • (iv) in paragraph (6) for “Authority” substitute “Financial Conduct Authority or the Prudential Regulation Authority”;
  • (b) in article 8(5) (waiver or modification as respects particular persons), for “section 148(9)” substitute “section 138A(7)”.

The Financial Services and Markets Act 2000 (Consequential and Transitional Provisions) (Miscellaneous) Order 2001

45

In the Financial Services and Markets Act 2000 (Consequential and Transitional Provisions) (Miscellaneous) Order 2001[^f00087], omit article 3 (application of definition of “consumer” to users of regulated services before commencement).

The Financial Services and Markets Act 2000 (Disclosure of Information by Prescribed Persons) Regulations 2001

46

In the Financial Services and Markets Act 2000 (Disclosure of Information by Prescribed Persons) Regulations 2001[^f00088]—

  • (a) in regulation 3 (permitted disclosure)—
  • (i) in paragraph (1)—
  • (aa) for “Authority” in the first place it appears substitute “FCA or the PRA”;
  • (bb) for “the Authority” in the second place it appears substitute “that regulator”;
  • (ii) in paragraph (2), for “the Authority” substitute “the FCA or the PRA”;
  • (b) in the Schedule—
  • (i) in paragraph (a), for “the Authority” substitute “the FCA or the PRA”;
  • (ii) in paragraph (b), for “the Authority” substitute “the FCA or the PRA”;
  • (iii) in paragraph (c), after “section 166” insert “or 166A”.

The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

47

  • (1) The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001[^f00089] are amended as follows.
  • (2) In regulation 2 (interpretation)[^f00090]—
  • (a) omit the definition of “Authority worker”;
  • (b) in the definition of “markets in financial instruments directive information”, for “Authority” substitute “FCA or the PRA”;
  • (c) after the definition of “prescribed disciplinary proceedings” insert—
  • “regulators” means the FCA, the PRA and the Bank of England, and “regulator” means any one of the regulators;
  • “regulator worker” means— a person who is or has been employed by one of the regulators; or an auditor or expert instructed by one of the regulators;
  • (d) in the definition of “short selling regulation information”, for “Authority” substitute “FCA”;
  • (e) in the definition of “single market information”, for “Authority” substitute “FCA or the PRA”.
  • (3) In regulation 3 (disclosure by and to the Authority, the Secretary of State and the Treasury etc.)[^f00091]—
  • (a) in the heading, for “Authority” substitute “regulators”;
  • (b) in paragraph (1)—
  • (i) for sub-paragraph (a) substitute—

(a) by one of the regulators or a regulator worker for the purposes of enabling or assisting the person making the disclosure to discharge any public functions of that regulator or (if different) the regulator worker;

  • (ii) after sub-paragraph (c) insert—

(d) by one of the regulators or a regulator worker to one of the other regulators or a regulator worker employed or instructed by one of the other regulators for the purpose of enabling or assisting the recipient to discharge any public functions of the regulator or (if different) the regulator worker.

  • (c) in paragraph (2)—
  • (i) for “the Authority” in the first place those words appear, substitute “one of the regulators”;
  • (ii) for “the Authority” in the second place those words appear, substitute “that regulator”.
  • (4) In regulation 5 (disclosure for the purposes of certain other proceedings)—
  • (a) in paragraph (2), for “the Authority” substitute “one of the regulators”;
  • (b) in paragraph (3)(a), for “the Authority” substitute “the regulators”;
  • (c) in paragraph (6)(c), for “the Authority” substitute “one of the regulators”.
  • (5) In regulation 7 (restrictions on use of confidential information), for “the Authority” substitute “the FCA, the PRA,”.
  • (6) In regulation 9 (disclosure by the Authority or Authority workers to certain other persons)[^f00092]—
  • (a) in the heading, for “the Authority or Authority workers” substitute “regulators or regulator workers”;
  • (b) in paragraph (1), for “the Authority or an Authority worker” substitute “any of the regulators or a regulator worker”;
  • (c) in paragraph (4), for “in the course of discharging the Authority’s functions” substitute “by the FCA or the PRA in the course of discharging its functions”.
  • (7) In regulation 12B (electronic commerce)[^f00093], for “The Authority” substitute “The FCA or the PRA”.
  • (8) In regulation 13 (interpretation of Part 5), after “In this Part—” insert—
  • “the Authority” means the Financial Services Authority;
  • (9) In Schedule 1 (disclosure of confidential information whether or not subject to single market restrictions)[^f00094]—
  • (a) in Part 1—
  • (i) in the entry beginning “The Bank of England”, after “payment systems” insert “and clearing and settlement systems”;
  • (ii) after that entry insert, in the first column “The FCA” and in the second column “The functions conferred on it by or under the Act”;
  • (iii) after the entry for “the FCA” (inserted by paragraph (ii)), in the first column insert “The PRA” and in the second column “The functions conferred on it by or under the Act”;
  • (iv) in the entry for “a person appointed to make a report under section 166 of the Act”, in the first column after “section 166” insert “or 166A”;
  • (v) in the entry beginning “The investigator appointed by the Authority”, in the first column for “The investigator appointed by the Authority in accordance with paragraph 7 of Schedule 1 to the Act” substitute “The investigator appointed under section 84 of the Financial Services Act 2012”;
  • (vi) in the entry beginning “A person appointed by the Treasury to hold an inquiry into matters relating to financial services”, in the first column for “section 15 of the Act” substitute “section 68 of the Financial Services Act 2012”;
  • (b) in Part 4, in the entry for “a person included on the list maintained by the Authority for the purposes of section 301 of the Act”, in the first column for “the Authority” substitute “the Bank of England”.
  • (10) In Schedule 3 (prescribed disciplinary proceedings) for “the Authority” substitute “any of the regulators”.

The Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001

48

In the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001[^f00095]—

  • (a) in regulations 4(1) (authorised person acting otherwise than in accordance with permission) and 7(1) (incoming firms), for “the Authority” substitute “the FCA or the PRA”;
  • (b) in regulation 6 (Authority rules)—
  • (i) in the heading omit “Authority”;
  • (ii) in paragraph (1), for “150(5)” substitute “138D(6)”;
  • (iii) in paragraph (2), for “150(3)” substitute “138D(4)”;
  • (iv) in paragraph (4)(b), for “150(4)” substitute “138D(5)”.

The Financial Services and Markets Act 2000 (Transitional Provisions) (Ombudsman Scheme and Complaints Scheme) Order 2001

49

In the Financial Services and Markets Act 2000 (Transitional Provisions) (Ombudsman Scheme and Complaints Scheme) Order 2001[^f00096]—

  • (a) in article 15 (record-keeping and reporting requirements relating to relevant complaints), for “Authority” substitute “Financial Conduct Authority”;
  • (b) in article 18 (transitional complaints against the Authority etc)—
  • (i) in paragraph (1)—
  • (aa) for “The Authority” substitute “The Financial Conduct Authority or the Prudential Regulation Authority”;
  • (bb) for “the Authority” substitute “the Financial Services Authority”;
  • (ii) in paragraph (2)—
  • (aa) for “Authority” in the first two places substitute “Financial Conduct Authority or the Prudential Regulation Authority”;
  • (bb) for “sub-paragraphs (2) to (14) of paragraph 7 of Schedule 1” substitute “sections 84 to 86 of the Financial Services Act 2012”;
  • (cc) for “paragraph 7(1)(a) of Schedule 1” substitute “section 84(1)(a) of that Act”;
  • (dd) for “paragraph 7(1)(b) of that Schedule” in both places those words appear substitute “section 84(1)(b) of that Act”;
  • (ee) for “paragraph 8 of that Schedule” substitute “section 87 of that Act”;
  • (ff) for “the investigator appointed by the Authority in accordance with paragraph 7 of Schedule 1 to the Act” substitute “the investigator appointed under section 84 of the Financial Services Act 2012”;
  • (iii) omit paragraph (3).

The Financial Services and Markets Act 2000 (Variation of Threshold Conditions) Order 2001

50

In the Financial Services and Markets Act 2000 (Variation of Threshold Conditions) Order 2001[^f00097]—

  • (a) in paragraph (2) of article 1 (citation, commencement and interpretation)—
  • (i) omit the definitions of “section 41” and “Schedule 6”;
  • (ii) in the appropriate place, insert—
  • “the Act” means the Financial Services and Markets Act 2000;
  • (b) for article 2 (limited liability partnerships) substitute—

(2A) The PRA is specified for the purposes of paragraph 8(2)(b) of Schedule 6 to the Act.

  • (c) in article 3 (non-EEA insurers)—
  • (i) in paragraph (1), for “section 41 and Schedule 6” substitute “section 55B(3) of the Act”;
  • (ii) in paragraph (1)(a), for “the Authority” substitute “the PRA”;
  • (iii) in paragraph (2), for “the Authority”, in both places it appears, substitute “the PRA”;
  • (iv) in paragraph (3), for “paragraphs 4 and 5 of Schedule 6 (adequate resources and suitability) are removed” substitute “paragraphs 3D and 4E (suitability) and paragraph 4D (business to be conducted in a prudent manner) (in so far as it relates to appropriate financial resources) of Schedule 6 do not apply”;
  • (v) after paragraph (4) insert—

(5) The additional conditions specified in this article are relevant to the discharge by the PRA of its functions under the Act in relation to the person concerned. (6) Any agreement made for the purpose of paragraph (2) by the Financial Services Authority before 1st April 2013, and in effect immediately before that date, is to be treated for the purposes of this article as if it had been made by the PRA.

  • (d) in article 4 (Swiss general insurance companies)—
  • (i) in the opening words of paragraph (1), for “section 41 and Schedule 6” substitute “section 55B(3) of the Act”;
  • (ii) in paragraph (1)(c), for each reference to “Authority” substitute “PRA”;
  • (iii) after paragraph (2) insert—

(3) The additional conditions specified in this article are relevant to the discharge by the PRA of its functions under the Act in relation to the person concerned.

The Financial Services and Markets Act 2000 (Communications by Auditors) Regulations 2001

51

  • (1) The Financial Services and Markets Act 2000 (Communications by Auditors) Regulations 2001[^f00098] are amended as follows.
  • (2) In regulation 1(2) (interpretation)—
  • (a) in the definition of “the person concerned”, after “authorised person”, in each place those words appear, insert “, recognised investment exchange or recognised clearing house”;
  • (b) in the definition of “relevant requirement”—
  • (i) at the end of paragraph (a), delete “or”;
  • (ii) after paragraph (a), insert—

(aa) a requirement which is a relevant requirement within the meaning of section 312E(2) or (3) of the Act[^f00099]; or

  • (iii) in paragraph (b) for “Authority” substitute “FCA, the PRA or the Bank of England as appropriate”.
  • (3) In regulation 2 (circumstances in which an auditor is to communicate)—
  • (a) in paragraph (1)—
  • (i) for “Authority”, substitute “FCA, the PRA or, the Bank of England”;
  • (ii) after “authorised person”, in each place those words appear, insert “, recognised investment exchange or recognised clearing house”;
  • (b) in paragraph (2)(a)(ii), for “the Authority”—
  • (i) in the first place, substitute “the FCA, the PRA or the Bank of England”;
  • (ii) in the second place, substitute “that regulator”;
  • (c) in paragraph (2)(b)—
  • (i) for “the Authority”, substitute “the FCA, the PRA or the Bank of England”;
  • (ii) after “the threshold conditions” insert “or, in the case of a recognised investment exchange or recognised clearing house, the requirements set out in relation to recognised investment exchanges or (as the case may be) recognised clearing houses under section 286 of the Act (qualifications for recognition)”.

Transitional provision in relation to the Financial Services and Markets Act 2000 (Communications by Auditors) Regulations 2001

52

For the purposes of the Financial Services and Markets Act 2000 (Communications by Auditors) Regulations 2000 any obligation under regulation 2 of those Regulations to supply information or an opinion to the PRA is to be treated as satisfied if the information or opinion was provided before 1st April 2013 to the Financial Services Authority.

The Financial Services and Markets Act 2000 (Transitional Provisions) (Controllers) Order 2001

53

In the Financial Services and Markets Act 2000 (Transitional Provisions) (Controllers) Order 2001[^f00100]—

  • (a) in article 2(1) (interpretation), after the definition of “the Act” insert—
  • “the Authority” means the Financial Services Authority;
  • (b) in article 12(1) (objection to existing controller: no action taken before commencement), for “Authority” substitute “Financial Conduct Authority or the Prudential Regulation Authority”;
  • (c) in article 13 (improperly acquired shares)—
  • (i) in paragraph (3)—
  • (aa) for “Authority” in the first place it appears substitute “Financial Services Authority”;
  • (bb) for “Authority” in the second place it appears substitute “Financial Conduct Authority or the Prudential Regulation Authority”;
  • (ii) in paragraph (4)—
  • (aa) for “Authority” in the first place it appears substitute “Financial Services Authority”;
  • (bb) for “Authority” in the second place it appears substitute “Financial Conduct Authority or the Prudential Regulation Authority”;
  • (d) in article 14 (notification on becoming aware of acquisition), for “Authority” substitute “Financial Services Authority, the Financial Conduct Authority or the Prudential Regulation Authority”.

The Financial Services and Markets Act 2000 (Own-initiative Power) (Overseas Regulators) Regulations 2001

54

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