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HM Treasury

Financial services

Financial Services and Markets Act 2000: recent developments

Consultation and Legislation: Bulletin 1

Bulletin From HM Treasury

This Bulletin is the first of a series on developments on the Financial Services and Markets Act 2000 (the Act).

The Act received Royal Assent on 14 June. It is available, with detailed explanatory notes, from the Stationery Office (the Act, ISBN 0-10-540800-X, £21.70 and explanatory notes, ISBN 0-10-560800-9, £14.50).

The Economic Secretary to the Treasury, Melanie Johnson MP, set on 18 July a target of about a year's time for the Act to come into force. A further announcement on timing will be made before Christmas.

We are beginning further consultation on the secondary legislation required before the Act comes into force. We recently published two consultation documents comprising:-

  1. A draft of the Regulated Activities Order (which will be made using powers under Section 22 of the Act), together with draft Orders on: when regulated activities are and are not being carried on by way of business (Section 419); persons who will be exempt from the requirement for FSA authorisation (Section 38); the exemption of appointed representatives of authorised persons (Section 39); and activities which will not be exempt regulated activities under Part XX of the Act (Section 327);
  2. Draft Orders on financial promotion (Section 21) and on the promotion of collective investment schemes (Section 238).

A separate consultation document on the regulation of mortgages has also been issued.

Responses are sought to these consultation documents by Wednesday 20 December.

The consultation documents, a list of the secondary legislation which Parliament will be asked to approve before the Act comes into force, and a document setting out a broad timetable for implementation of the Act are available on this site. Printed copies of the consultation documents are also available. Please ring Tima Musa on 020 7270 1634 to order copies of the consultation documents on regulated activities and on financial promotion, and Gerard Foley on 020 7270 5292 to order a copy of the consultation document on the regulation of mortgages.

Internal links

Preparations are continuing on other pieces of secondary legislation under the Act. The next pieces of secondary legislation which we expect to publish in draft will be on transitional arrangements and amendments to legislation relating to mutual societies.

Financial Services and Markets Act: Bulletins index

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