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HM Treasury

Financial services

Financial Services and Markets Act 2000: recent developments

Consultation and Legislation: Bulletin 6

Bulletin number 6 from HM Treasury

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

New consultation documents 

We have published a new batch of FSMA consultation documents and draft orders and regulations. Click on the links below to view these documents:

Internal links

Responses to consultation are requested by 25 May 2001.

Commencement Orders

SI 2001 No 516:  The Financial Services and Markets Act 2000 (Commencement No 1) Order 2001 was made in February 2001.

Approval of affirmative resolution secondary legislation under the FSMA

We are pleased to inform you that the following orders and regulations have now been approved by Parliament.  We are grateful to all those who contributed to consultation on these orders.

(1)   SI 2001 No 544: The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

(2)   SI 2001 No 1177: The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001.

(3)   SI 2001 No 1201: The Financial Services and Markets Act 2000 (Exemption) Order 2001.

(4)   SI 2001 No 1226  Financial Services and Markets Act 2000 (Designated Professional  Bodies) Order 2001.  This order, having been made, is in force with immediate effect.  

(5)   SI 2001 No 1227: The Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001.

(6)   SI 2001 No 1228: The Open-Ended Investment Companies Regulations 2001. 

(7)   The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (awaiting SI number).

Status of negative resolution secondary legislation

The following pieces of secondary legislation have been made and laid before Parliament.

(1)   SI 2001 No 995: The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001.

(2)   SI 2001 No  996:  The Financial Services and Markets Act 2000 (Prescribed Markets and Qualifying Investments) Order 2001.

(3)   SI 2001 No 1060: The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001.

(4)   SI 2001 No 1062: The Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001.

(5)   SI 2001 No 1217: The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001.

(6)   SI 2000 No 1734: The Financial Services and Markets (Transitional Provisions) (Designated Date for Certain Self-Regulating Organisations) Order 2000.

N2

On 15 March, the Economic Secretary, Melanie Johnson MP, announced the aim of commencing the key provisions of the Financial Services and Markets Act 2000, known as N2, no later than the end of November.  The press release can be found on this website, The regulation of funeral plan contracts will come into force on 1 January 2002 and regulation of deposit taking by credit unions will take place from 1 July 2002, and the regulation by the FSA of mortgages will begin nine months after N2.

Consultation closed

Consultation by the Lord Chancellor's Department, on the rules of the Financial Services and Markets  Tribunal, closes today, the 30th March.

Address

If your address has changed or if you no longer require this bulletin please contact Deirdre Barrie  In particular we would be pleased to send future issues of the bulletin by E-mail.  

Internal links

Consultations full index

Financial Services and Markets Act: Bulletins index

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