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27 February 2004

FINANCIAL SERVICES AND MARKETS ACT 2000:  RECENT DEVELOPMENTS

Bulletin number 38 from HM Treasury  

FSMA two year review: changes to secondary legislation

The Treasury issued today a public consultation document on a number of proposed changes to secondary legislation under FSMA.
The proposals in the consultation document are part of the two year review of FSMA.  There are three strands to the review.  First, an assessment of the impact of FSMA on competition in financial services.  Second, changes to aspects of the FSA’s practices and possible changes to the Financial Ombudsman Service.  Third, changes to the boundary of regulation.  The consultation document contains our main proposals for implementation of the third strand.

The public consultation document can be accessed via the Treasury’s website.

A separate consultation document on promotions to high net worth and sophisticated investors was issued on 26 January is on the HM Treasury website.

Other developments

On 12 February the Treasury laid The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2004 (S.I. 2004/355). The Order will come into force on 4 March. Regrettably, a copy is not available yet in electronic form.

Future bulletins

If your details change, or, if you are not doing so already, you wish to receive the bulletin in future by e-mail, please get in touch with Eve Engledow at the following address:

Eve Engledow
Financial Stability and Regulatory Policy Team
HM Treasury
Room 4/23
Horse Guards Road
London
SW1A 2HQ
Telephone: 020 7270 4381
Email Eve Engledow

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