Consultation and Legislation: Bulletin 3
FINANCIAL SERVICES AND MARKETS ACT 2000:
RECENT DEVELOPMENTS
Bulletin number three from HM Treasury
This is the third bulletin covering developments on the Financial Services and Markets Act 2000 (FSMA).
Date of N2
On 21 December Melanie Johnson MP, Economic Secretary to the Treasury, issued a statement on implementation of the Financial Services and Markets Act. She welcomed progress so far and said:
"The target I set last July of N2 in about one year remains. It is still
too early to be more precise on when the Act will come into force. As soon as I can give a firm date, I will do so. I plan to do so during the Spring. There will be a reasonable time for industry preparations between announcing a firm date and N2."
The full text of the statement can be found in a Treasury press release of 21 December.
Internal links
New consultation document
The Lord Chancellor's Department is consulting on the conduct of proceedings before the Financial Services and Markets Tribunal, rules on which will be made under section 132(3) of FSMA. The consultation document is on the Lord Chancellor's Department's website .We have also created a link from the page on the Treasury's website containing the other consultation documents on the Act The Lord Chancellor's Department seeks responses by 30 March 2001.
External links
Previous consultation document
A reminder that on 7 December the Treasury published consultation documents on six pieces of legislation:
i. Redress for contravention of an FSA requirement or rule (sections 20, 71,
150 and 202 of FSMA refer);ii. Disclosure of information (section 353);
iii. Service of notices under FSMA (section 414);
iv. Recognition requirements for Recognised Investment Exchanges and
Recognised Clearing Houses (section 286);v. Investments and markets prescribed for market abuse (section 118);
vi. Transitional provisions (section 426).
Responses are sought to these consultation documents by 2 February 2001.
The consultation documents are on this website. Printed copies are also available; please telephone Deirdre Barrie on 020 7270 1634 to order copies.