Friday 15 July 2005

Financial Services and Markets Act 2000 (FSMA): Recent developments

Bulletin number 43 from HM Treasury

This is the forty-third bulletin covering developments on the Financial Services and Markets Act 2000 (FSMA).

The following Statutory Instruments have now come into force following FSMA Bulletin number 39 of 23 December 2004. The majority of these Statutory Instruments implement the FSMA Two Year Review.

Details of all of these Statutory Instruments are as follows:

SI 2005/922
The Financial Services and Markets Act 2000 (Carrying on Regulated Activities By Way of Business) (Amendment) Order 2005
6 April 2005

This implements the changes outlined in chapter 7 of the Government’s consultation feedback statement of 2 December 2004 on ‘FSMA Two Year Review: Changes to Secondary Legislation’.

SI 2005/923
The Open-Ended Investment Companies (Amendment) Regulations 2005
6 April 2005

This implements the changes outlined in chapter 10 of the Government’s consultation feedback statement of 2 December 2004 on ‘FSMA Two Year Review: Changes to Secondary Legislation’.

SI 2005/592
The Financial Services And Markets Act 2000 (Exemption) (Amendment) Order 2005
1 April 2005

This implements the changes outlined in chapter 9 of the Government’s consultation feedback statement of 2 December 2004 on ‘FSMA Two Year Review: Changes to Secondary Legislation’, in particular changes relating to the New Electricity Trading Arrangements (NETA).

SI 2005/680
The Financial Services And Markets Act 2000 (Variation of Threshold Conditions) (Amendment) Order 2005
6 April 2005

SI 2005/593
The Financial Services And Markets Act 2000 (Regulated Activities) (Amendment) Order 2005
6 April 2005

This implements the changes outlined in chapter 8 of the Government’s consultation feedback statement of 2 December 2004 on ‘FSMA Two Year Review: Changes to Secondary Legislation’.

SI 2005/1529
The Financial Services And Markets Act 2000 (Financial Promotions) Order 2005
1 July 2005

This implements the changes outlined in chapters 3, 4, and 5 of the Government’s consultation feedback statement of 2 December 2004 on ‘FSMA Two Year Review: Changes to Secondary Legislation’. This Order revokes and re-enacts, with certain amendments the Financial Services and Markets Act (Financial Promotions) Order 2001 (SI 2001/1335).

SI 2005/57
The Financial Services and Markets Act (Collective Investment Schemes) (Amendment) Order 2005
8 February 2005

This implements the changes outlined in the Government’s consultation feedback statement of 2 December 2004 on ‘Informal Capital Raising’.

SI 2005/1532
The Financial Services and Markets Act (Promotion of Collective Investment Schemes) (Exemptions) (Amendment) Order 2005
1 July 2005

This makes complementary changes to those set out in SI 2005/1529,
The Financial Services And Markets Act 2000 (Financial Promotions) Order 2005.

SI 2005/272
The Financial Services And Markets Act 2000 (Disclosure of Information by Prescribed Persons) (Amendment) Regulations 2005
6 April 2005

This implements the changes outlined in chapter 9 of the Government’s consultation feedback statement of 2 December 2004 on ‘FSMA Two Year Review: Changes to Secondary Legislation’, in particular relating to the disclosure of information by actuaries.

SI 2005/274
The Financial Services And Markets Act 2000 (Services of Notices) (Amendment) Regulations
6 April 2005

SI 2005/270
The Financial Services and Markets Act (Collective Investment Schemes) (Miscellaneous Amendments) Order 2005
3 March 2005

This Order amends the exemptions contained in both the Financial Services and Markets Act (Financial Promotion) Order (SI 2001/1335) and the Financial Services and Markets Act (Collective Investment Schemes) (Exemptions) Order (SI 2001/1060) relating to certified high net worth individuals and certified sophisticated investors.

SI 2005/381
The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2005
17 March 2005/1 July 2005

This implements Directive 2003/6/EC of the European Parliament and of the Council which introduces a common EC legal regime on insider dealing and market manipulation.

SI 2005/382
Investment Recommendation (Media) Regulations 2005
1 July 2005

This implements, in part, Directive 2003/6/EC of the European Parliament and of the Council which introduces a common EC legal regime on insider dealing and market manipulation. The balance of implementation is effected by the Financial Services and Markets Act 2000 (Market Abuse) Regulations 2005, SI 2005/381 and by rules made by the Financial Services Authority.

SI 2005/1433
The Prospectus Regulations 2005
1 July 2005

This implements Directive 2003/71/EC of the European Parliament and of the Council of 4th November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market.

If your contact details change, or if you would like to receive these bulletins by e-mail, please contact Eve Engledow at:

Eve Engledow
Financial Stability and Regulatory Policy Team
HM Treasury
Room 4/23
Horse Guard Road
London
SW1A 2HQ

Telephone: 020 7270 4381
Email: eve.engledow@hm-treasury.x.gsi.gov.uk