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Financial Services and Markets Act 2000

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Financial Services and Markets Act 2000

The Financial Services and Markets Act 2000 (c.8) (FSMA 2000) is an Act

Act of Parliament

An act of Parliament is a statute wikt:enacted as primary legislation by a national or sub-national parliament. It is broadly equivalent to an act of Congress in the United States....
of the Parliament

Parliament

A parliament is a legislature, especially in those countries whose system of government is based on the Westminster system modeled after that of the United Kingdom....
of the United Kingdom

United Kingdom

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom , the UK or Britain,is a sovereign state located off the northwestern coast of continental Europe....
that created the Financial Services Authority

Financial Services Authority

The Financial Services Authority is an independent non-governmental body, quasi-judicial body and a company limited by guarantee that regulates the financial services industry in the United Kingdom....
(FSA) as a regulator for insurance, investment business and banking.

Some of the key sections of this act are:

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The Financial Services and Markets Act 2000 (c.8) (FSMA 2000) is an Act

Act of Parliament

An act of Parliament is a statute wikt:enacted as primary legislation by a national or sub-national parliament. It is broadly equivalent to an act of Congress in the United States....
of the Parliament

Parliament

A parliament is a legislature, especially in those countries whose system of government is based on the Westminster system modeled after that of the United Kingdom....
of the United Kingdom

United Kingdom

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom , the UK or Britain,is a sovereign state located off the northwestern coast of continental Europe....
that created the Financial Services Authority

Financial Services Authority

The Financial Services Authority is an independent non-governmental body, quasi-judicial body and a company limited by guarantee that regulates the financial services industry in the United Kingdom....
(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 118 concerns market abuse
Market abuse

Market abuse may refer to:*Anti-competitive practices*Insider trading...
.

Section 132 establishes the Financial Services and Markets Tribunal
Financial Services and Markets Tribunal

The United Kingdom Financial Services and Markets Tribunal is an independent judicial body established under Section 132 of the Financial Services and Markets Act 2000, which hears references arising from decision notices issued by the Financial Services Authority ....
.

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 397 makes it a criminal offence
Crime

Societies define Crime as the breach of one or more rules or laws for which some Government or force may ultimately prescribe a punishment.The word crime originates from the Latin crimen , from the Latin root cerno and Greek ????? = "I judge"....
to mislead a market or investors.

External links

.
, as originally enacted, from the Office of Public Sector Information
Office of Public Sector Information

The Office of Public Sector Information is the body responsible for the operation of Her Majesty's Stationery Office and of other public information services of the United Kingdom....
.
to the Financial Services and Markets Act 2000 from the Office of Public Sector Information.