- accounting information
means— a a balance sheet that, in the opinion of the person making the report, gives a true and fair view of the state of affairs of the bank or bridge bank as at the reporting date, and b a profit and loss account that, in the opinion of the person making the report, gives a true and fair view of the profit or loss of the bank or bridge bank for the reporting period. 3 In this section— a “reporting period” means the period to which the report relates, and b “reporting date” means the last day of the reporting period.”
- agreement
means an agreement— a which is made after this section comes into force, and b the making or performance of which constitutes, or is part of, the credit-related regulated activity. 4 If the administration of an agreement involves the carrying on of a credit-related regulated activity, the agreement may not be enforced by a person for the time being exercising the rights of the lender under the agreement unless that person has permission, given under Part 4A or resulting from any other provision of this Act, in relation to that activity. 5 If the taking of steps to procure payment of debts due under an agreement involves the carrying on of a credit-related regulated activity, the
- annual accounts
has the meaning given by section 471 of the Companies Act 2006.”
- appointed representative
means— a a person who is exempt as a result of subsection (1), or b a person carrying on a regulated activity in circumstances where, as a result of subsection (1D), sections 20(1) and (1A) and 23(1A) do not apply.”
- appropriate comparison
means— a in relation to section 138I(2)(a) or 138J(2)(a), a comparison between the overall position if the rules are made and the overall position if the rules are not made;
- appropriate regulator
means— a in a case where the application is made to the FCA, the FCA;
- Approval
means an approval under section 59. 5 Any expression which is used both in this section and section 59 has the same meaning in this section as in that section. 59B 1 The FCA may arrange with the PRA that in such cases as may be described in the arrangements the PRA may give approval under section 59 without obtaining the consent of the FCA. 2 Arrangements under this section must be in writing, and must specify the date on which they come into force. 3 The regulators must publish any arrangements under this section in such manner as they think fit. 4 Section 59(4)(b) has effect subject to any arrangements in force under this section.”
- Assets requirement
means a requirement under section 55L or 55M— a prohibiting the disposal of, or other dealing with, any of A's assets (whether in the United Kingdom or elsewhere) or restricting such disposals or dealings, or b that all or any of A's assets, or all or any assets belonging to consumers but held by A or to A's order, must be transferred to and held by a trustee approved by the appropriate regulator. 5 If the appropriate regulator— a imposes a requirement of the kind mentioned in subsection (4)(a), and b gives notice of the requirement to any institution with whom A keeps an account, the notice has the effects mentioned in subsection (6). 6 Those effects are that— a the institution does not act in breach of any contract with A if, having been instructed by A (or on A's behalf) to transfer any sum or otherwise make any payment out of A's account, it refuses to do so in the reasonably held belief that complying with the instruction would be incompatible with the requirement, and b if the institution complies with such an instruction, it is liable to pay to the appropriate regulator an amount equal to the amount transferred from, or otherwise paid out of, A's account
- Auditor
means an auditor appointed under or as a result of a statutory provision.”
- authorised person
has the same meaning as in FSMA 2000;
- bank
has the meaning given by section 2 of the Banking Act 2009, • “bank administration” has the same meaning as in that Act (see section 136 of that Act), • “bank insolvency” has the same meaning as in that Act (see section 90 of that Act), • “building society”, “building society insolvency” and “building society special administration” have the same meaning as in the Building Societies Act 1986 (see section 119 of that Act), • “credit union” means a credit union as defined by section 31 of the Credit Unions Act 1979 or a credit union as defined by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985, • “investment bank insolvency” means any procedure established by regulations under section 233 of the Banking Act 2009, • “investment firm” has the same meaning as in that Act (see section 258A of that Act), • “public funds” means the Consolidated Fund and any other account or source of money which cannot be drawn or spent other than by, or with the authority of, the Treasury, • “recognised central counterparty” has the meaning given by section 285 of FSMA 2000, and an event has implications for public funds if it would or might involve or lead to a need for the applica
- bank administration
has the same meaning as in that Act (see section 136 of that Act), • “bank insolvency” has the same meaning as in that Act (see section 90 of that Act), • “building society”, “building society insolvency” and “building society special administration” have the same meaning as in the Building Societies Act 1986 (see section 119 of that Act), • “credit union” means a credit union as defined by section 31 of the Credit Unions Act 1979 or a credit union as defined by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985, • “investment bank insolvency” means any procedure established by regulations under section 233 of the Banking Act 2009, • “investment firm” has the same meaning as in that Act (see section 258A of that Act), • “public funds” means the Consolidated Fund and any other account or source of money which cannot be drawn or spent other than by, or with the authority of, the Treasury, • “recognised central counterparty” has the meaning given by section 285 of FSMA 2000, and an event has implications for public funds if it would or might involve or lead to a need for the application of public funds.
- bank insolvency
has the same meaning as in that Act (see section 90 of that Act), • “building society”, “building society insolvency” and “building society special administration” have the same meaning as in the Building Societies Act 1986 (see section 119 of that Act), • “credit union” means a credit union as defined by section 31 of the Credit Unions Act 1979 or a credit union as defined by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985, • “investment bank insolvency” means any procedure established by regulations under section 233 of the Banking Act 2009, • “investment firm” has the same meaning as in that Act (see section 258A of that Act), • “public funds” means the Consolidated Fund and any other account or source of money which cannot be drawn or spent other than by, or with the authority of, the Treasury, • “recognised central counterparty” has the meaning given by section 285 of FSMA 2000, and an event has implications for public funds if it would or might involve or lead to a need for the application of public funds.
- banking group company
means an undertaking— a which is (or, but for the exercise of a stabilisation power, would be) in the same group as a bank, and b in respect of which any conditions specified in an order made by the Treasury are met. 2 An order may require the Bank of England to consult specified persons before determining whether the conditions are met. 3 An order— a is to be made by statutory instrument, and b may not be made unless a draft has been laid before and approved by resolution of each House of Parliament. 4 If an order contains a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the order without complying with subsection (
- benchmark
has the meaning given in section 22(6) of FSMA 2000.
- Cash
includes money in any form. 4 It is immaterial for the purposes of sub-paragraph (1) whether or not the obligation of the borrower is secured on property of any kind.”
- Charge
includes a mortgage (or in Scotland a security over property). 12 Subsections (7) and (9) do not affect any equitable interest or remedy in favour of a person who is a beneficiary of a trust as a result of a requirement of the kind mentioned in subsection (4)(b). 55Q 1 Either UK regulator's own-initiative powers may be exercised in respect of an authorised person at the request of, or for the purpose of assisting, an overseas regulator of a prescribed kind. 2 Subsection (1) applies whether or not the UK regulator has powers which are exercisable in relation to the authorised person by virtue of any provision of Part 13. 3 Subsection (1) does not affect any duty of one UK regulator to consult or obtain the consent of the other UK regulator in relation to the exercise of its own-initiative powers. 4 If a request to a UK regulator for the exercise of its own-initiative powers has been made by an overseas regulator who is— a of a prescribed kind, and b acting in pursuance of provisions of a prescribed kind, the UK regulator must, in deciding whether or not to exercise those powers in response to the request, consider whether it is necessary to do so in order to comply with an
- Charges
means charges payable, by way of interest or otherwise, in connection with the provision of credit under the regulated credit agreement, whether or not the agreement itself makes provision for them and whether or not the person to whom they are payable is a party to the regulated credit agreement or an authorised person. 3 “The borrower” includes— a any person providing a guarantee or indemnity under the regulated credit agreement, and b a person to whom the rights and duties of the borrower under the regulated credit agreement or a person falling within paragraph (a) have passed by assignment or operation of law. 4 In relation to an agreement entered into or obligation imposed in contravention of the rules, the rules may— a provide for the agreement or obligation to be unenforceable against any person or specified person;
- collective investment scheme
has the same meaning as in FSMA 2000;
- commencement
means the commencement of such provisions of this Act as may be specified by the order;
- conduct
includes any failure to act (whether or not intentional) and any other unintentional conduct. 140B 1 In this Chapter, any reference to the giving of “section 140B advice” to a regulator is to be read in accordance with this section. 2 The OFT gives “section 140B advice” to a regulator if— a it gives advice to the regulator under section 7 of the Enterprise Act 2002 (provision of competition advice to Ministers etc.), and b the advice states that in the opinion of the OFT one or more of the things mentioned in subsection (4) may cause, or contribute to, the effect mentioned in subsection (5), or might be expected to do so in the future. 3 The Competition Commission gives “section 140B advice” to a regulator if a report published by it under section 136 of the Enterprise Act 2002 (investigations and reports on market investigation reference) contains— a a decision that one or more of the things mentioned in subsection (4) may cause, or contribute to, the effect mentioned in subsection (5), and b a recommendation that any action should be taken by that regulator. 4 Those things are— a a regulating provision or practice of the regulator, b two or more regulating provisions or
- Consolidated supervision
includes supplementary supervision. 3 The “relevant directives” are— a the banking consolidation directive;
- consumer
has the meaning given in section 1G of FSMA 2000;
- consumer credit business
has the same meaning as in the Consumer Credit Act 1974;
- consumer financial education body
means the body corporate originally established by the Financial Services Authority under section 6A of this Act (as it had effect before the passing of the Financial Services Act 2012). 3 The consumer financial education function is to enhance— a the understanding and knowledge of members of the public of financial matters (including the UK financial system), and b the ability of members of the public to manage their own financial affairs. 4 The consumer financial education function includes, in particular— a promoting awareness of the benefits of financial planning;
- consumers
has the meaning given in section 1G of FSMA 2000;
- Cost benefit analysis
means— a an analysis of the costs together with an analysis of the benefits that will arise— i if the proposed rules are made, or ii if subsection (5) applies, from the rules that have been made, and b subject to subsection (8), an estimate of those costs and of those benefits. 8 If, in the opinion of the FCA— a the costs or benefits referred to in subsection (7) cannot reasonably be estimated, or b it is not reasonably practicable to produce an estimate, the cost benefit analysis need not estimate them, but must include a statement of the FCA's opinion and an explanation of it. 9 The FCA may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1)(b). 10 Subsection (1)(a) does not apply to rules made by the FCA in relation to recognised investment exchanges under Part 18. 11 This section is subject to section 138L. 138J 1 Before making any rules, the PRA must— a consult the FCA, and b after doing so, publish a draft of the proposed rules in the way appearing to the PRA to be best calculated to bring them to the attention of the public. 2 The draft must be accompanied by— a a cost benefit analysis, b an explanation
- Credit
includes any cash loan or other financial accommodation. 1F A person guilty of an offence under subsection (1A) is liable— a on summary conviction, to imprisonment for a term not exceeding the applicable maximum term or a fine not exceeding the statutory maximum, or both;
- credit growth
means the growth in lending by the financial sector to individuals in the United Kingdom and businesses carried on in the United Kingdom;
- Credit institution
has the meaning given in section 1H(8). 55Z3 1 An applicant who is aggrieved by the determination of an application made under this Part may refer the matter to the Tribunal. 2 An authorised person who is aggrieved by the exercise by either regulator of its own-initiative variation power or its own-initiative requirement power may refer the matter to the Tribunal. 55Z4 In this Part— • “own-initiative requirement power”, in relation to the FCA or the PRA, is to be read in accordance with section 55L(4) or 55M(4);
- credit union
means a credit union as defined by section 31 of the Credit Unions Act 1979 or a credit union as defined by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985, • “investment bank insolvency” means any procedure established by regulations under section 233 of the Banking Act 2009, • “investment firm” has the same meaning as in that Act (see section 258A of that Act), • “public funds” means the Consolidated Fund and any other account or source of money which cannot be drawn or spent other than by, or with the authority of, the Treasury, • “recognised central counterparty” has the meaning given by section 285 of FSMA 2000, and an event has implications for public funds if it would or might involve or lead to a need for the application of public funds.
- credit-related regulated activity
has the meaning given in section 23(1B);”
- debt
means debt owed to the financial sector by individuals in the United Kingdom and businesses carried on in the United Kingdom;
- debt services
means debt advice or assistance with the management of debt. 6 Schedule 1A makes further provision about the consumer financial education body.”
- deposit taker
means— a a person who has permission under Part 4A of the Financial Services and Markets Act 2000 to accept deposits, or b an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits. 3B A reference in subsection (3A) to a person or firm with permission to accept deposits does not include a person or firm with permission to do so only for the purposes of, or in the course of, carrying on another regulated activity in accordance with that permission. 3C Subsections (3A) and (3B) must be read with— a s
- Designated consumer body
means a body designated by the Treasury by order. 3 The Treasury— a may designate a body only if it appears to them to represent the interests of consumers of any description, and b must publish in such manner as they think fit (and may from time to time vary) criteria to be applied by them in determining whether to make or revoke a designation. 4 Sections 425A and 425B (meaning of “consumers”) apply for the purposes of this section, but the references to consumers in this section do not include consumers who are authorised persons. 5 In this section— a “market in the United Kingdom” has the meaning given in section 140A;
- Direction
means a direction under this section. 138B 1 Subject to subsection (2), a direction must be published by the regulator concerned in the way appearing to the regulator to be best calculated for bringing it to the attention of— a persons likely to be affected by it, and b persons who are, in the opinion of the regulator, likely to make an application for a similar direction. 2 Subsection (1) does not apply if the regulator is satisfied that it is inappropriate or unnecessary to publish the direction. 3 In deciding whether it is satisfied as mentioned in subsection (2), the regulator must— a consider whether the publication of the direction would be detrimental to the stability of the UK financial system, b take into account whether the direction relates to a rule contravention of which is actionable in accordance with section 138D, c consider whether publication of the direction would prejudice, to an unreasonable degree, the commercial interests of the person concerned or any other member of the person's immediate group, and d consider whether its publication would be contrary to an international obligation of the United Kingdom. 4 The FCA must consult the PRA before pub
- e the FCA
means the Financial Conduct Authority, f “Part 4A permission” has the meaning given by section 55A of the Financial Services and Markets Act 2000, g “the PRA” means the Prudential Regulation Authority, h “PRA-regulated activity” has the meaning given by section 22A of the Financial Services and Markets Act 2000, and i “recognised investment exchange” has the meaning given by section 285 of that Act.”
- electronic money
has the same meaning as in the Electronic Money Regulations 2011;
- electronic money issuer
means a person who is an electronic money issuer as defined in regulation 2(1) of the Electronic Money Regulations 2011 other than a person falling within paragraph (f), (g) or (j) of the definition;
- Eligible practitioners
means authorised persons of a description specified in a statement maintained by the FCA. 3 The FCA must appoint one of the members of the Smaller Business Practitioner Panel to be its chair. 4 The Treasury's approval is required for the appointment or dismissal of the chair. 5 The FCA must appoint to the Smaller Business Practitioner Panel such— a individuals who are eligible practitioners, and b persons representing eligible practitioners, as it considers appropriate. 6 The FCA may appoint to the Smaller Business Practitioner Panel such other persons as it considers appropriate. 7 In making the appointments, the FCA must have regard to the desirability of ensuring the representation of eligible practitioners carrying on a range of regulated activities. 8 The FCA may revise the statement maintained under subsection (2). 9 The FCA must— a give the Treasury a copy of the statement or revised statement without delay, and b publish the statement as for the time being in force in such manner as it thinks fit. 1P 1 Arrangements under section 1M must include the establishment and maintenance of a panel of persons (to be known as “the Markets Practitioner Panel”)
- enactment
includes—
- engage in investment activity
has the meaning given in section 21;
- failing
has the same meaning as in section 57A, • “insolvency or administration procedure” means— (a) bank insolvency, (b) building society insolvency, (c) investment bank insolvency, (d) bank administration, or (e) building society special administration, (and those terms have the same meaning as in section 57A);
- Financial assistance
includes giving guarantees or indemnities and any other kind of financial assistance (actual or contingent).
- financial assistance case
means a case in which the Treasury notify the Bank of England that they have provided financial assistance in respect of a bank in the same group for the purpose of resolving or reducing a serious threat to the stability of the financial systems of the United Kingdom. 81C 1 In the following provisions references to banks include references to banking group companies— a section 10(1), and b section 75(5)(a). 2 Where the Bank of England exercises a stabilisation power in respect of a banking group company in reliance on section 81B, the provisions relating to the stabilisation powers and the bank administration procedure contained in this Act (except sections 7 and
- Financial crime
has the meaning given in section 1H(3). 354B 1 The PRA must take such steps as it considers appropriate to co-operate with— a other persons (whether in the United Kingdom or elsewhere) who have functions similar to those of the PRA, and b other bodies that have functions relevant to financial stability. 2 The persons referred to in subsection (1) do not include the Bank of England or the FCA (but see sections 3D and 3Q). 3 Co-operation may include the sharing of information which the PRA is not prevented from disclosing. 354C 1 The PRA must disclose to the Bank of England (“the Bank”) any information in its possession that it thinks will or may assist the Bank in achieving its financial stability objective. 2 The duty in subsection (1) applies whether or not the Bank has requested that the information be disclosed to it. 3 Subsection (1) does not require or authorise the disclosure of information whose disclosure— a is prohibited by or under section 348 or any other enactment;
- Financial instrument
has the meaning given in section 102A(4). 7 “Securities” has the meaning given in section 102A(2). 8 In this section— • “accepting”, in relation to deposits, includes agreeing to accept;
- Gain
includes a gain by keeping what one has, as well as a gain by getting what one does not have.
- General guidance
has the meaning given in section 139B(5). 1C 1 The consumer protection objective is: securing an appropriate degree of protection for consumers. 2 In considering what degree of protection for consumers may be appropriate, the FCA must have regard to— a the differing degrees of risk involved in different kinds of investment or other transaction;
- Goods
has the meaning given in section 61(1) of the Sale of Goods Act 1979. 3 It is immaterial for the purposes of sub-paragraph (1) whether the rights of the person to whom the goods are bailed or hired have been assigned to a body corporate.”
- Group resolution plan
means a group resolution plan drawn up by the Bank under Part 5 of that Order.
- harm or damage
includes in particular—
- immediate group
has the meaning given by section 421ZA of the Financial Services and Markets Act 2000;
- Independent
means appearing to the Treasury to be independent of the FCA. 1T 1 A person conducting a review under section 1S— a has a right of access at any reasonable time to all such documents as the person may reasonably require for the purposes of the review, and b may require any person holding or accountable for any such document to provide such information and explanation as are reasonably necessary for that purpose. 2 Subsection (1) applies only to documents in the custody of or under the control of the FCA. 3 An obligation imposed on a person as a result of the exercise of the powers conferred by subsection (1) is enforceable by injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988. 2A 1 The body corporate originally incorporated as the Prudential Regulation Authority Limited is renamed as the Prudential Regulation Authority. 2 The Prudential Regulation Authority is in this Act referred to as “the PRA”. 3 The PRA is to have the functions conferred on it by or under this Act. 4 The PRA must comply with the requirements as to its constitution set out in Schedule 1ZB. 5 Schedule 1ZB also confers on the Bank of Eng
- insolvency
includes—
- insolvency or administration procedure
means— (a) bank insolvency, (b) building society insolvency, (c) investment bank insolvency, (d) bank administration, or (e) building society special administration, (and those terms have the same meaning as in section 57A);
- Investment
includes any asset, right or interest.
- investment bank insolvency
means any procedure established by regulations under section 233 of the Banking Act 2009, • “investment firm” has the same meaning as in that Act (see section 258A of that Act), • “public funds” means the Consolidated Fund and any other account or source of money which cannot be drawn or spent other than by, or with the authority of, the Treasury, • “recognised central counterparty” has the meaning given by section 285 of FSMA 2000, and an event has implications for public funds if it would or might involve or lead to a need for the application of public funds.
- investment firm
has the same meaning as in that Act (see section 258A of that Act), • “public funds” means the Consolidated Fund and any other account or source of money which cannot be drawn or spent other than by, or with the authority of, the Treasury, • “recognised central counterparty” has the meaning given by section 285 of FSMA 2000, and an event has implications for public funds if it would or might involve or lead to a need for the application of public funds.
- leverage
means the leverage of the financial sector in the United Kingdom. 9D 1 The Treasury may by notice in writing to the Financial Policy Committee specify for the purposes of section 9C(1)(b) what the economic policy of Her Majesty's Government is to be taken to be. 2 The Treasury must specify under subsection (1) the matter mentioned there— a before the end of the period of 30 days beginning with the day on which section 9C comes into force, and b at least once in every calendar year following that in which the first notice under that subsection is given. 3 Where the Treasury give notice under this section they must— a publish the notice in such manner as they think fit, and b lay a copy of it before Parliament. 9E 1 The Treasury may at any time by notice in writing to the Financial Policy Committee make recommendations to the Committee about— a matters that the Committee should regard as relevant to the Committee's understanding of the Bank's Financial Stability Objective;
- listed securities
means anything which has been admitted to the official list under Part 6 of FSMA 2000;
- Loss
includes a loss by not getting what one might get, as well as a loss by parting with what one has.
- Market abuse regulation
means Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.
- market in the United Kingdom
includes— (a) so far as it operates in the United Kingdom or a part of the United Kingdom, any market which operates there and in another country or territory or in a part of another country or territory, and (b) any market which operates only in a part of the United Kingdom;
- mutual society
has the same meaning as in section 3 of that Act.”
- notified person
means a person to whom notice under subsection (1) is given. 3 A direction under section 192C takes effect— a immediately, if the notice under subsection (1) states that that is the case, b on such other date as may be specified in the notice, or c if no date is specified in the notice, when the matter to which the notice relates is no longer open to review. 4 A direction may be expressed to take effect immediately (or on a specified date) only if the regulator reasonably considers that it is necessary for the direction to take effect immediately (or on that date). 5 The notice under subsection (1) must— a give details of the direction, b state the regulator's reasons for the direction and for its determination as to when the direction takes effect, c inform the notified person that the person may make representations to the regulator within such period as may be specified in the notice (whether or not the notified person has referred the matter to the Tribunal), and d inform the notified person of the person's right to refer the matter to the Tribunal. 6 The regulator may extend the period allowed under the notice for making representations. 7 If, having consider
- offence
means— a an offence under this Act, b an offence under subordinate legislation made under this Act, or c an offence under Part 7 of the Financial Services Act 2012 (offences relating to financial services).”
- overseas regulator
means a regulator outside the United Kingdom;
- Part 4A permission
has the meaning given by section 55A of the Financial Services and Markets Act 2000, g “the PRA” means the Prudential Regulation Authority, h “PRA-regulated activity” has the meaning given by section 22A of the Financial Services and Markets Act 2000, and i “recognised investment exchange” has the meaning given by section 285 of that Act.”
- payment service provider
means a person who is a payment service provider as defined in regulation 2(1) of the Payment Services Regulations 2009 other than a person falling within paragraph (g) or (h) of the definition;
- payment services
has the same meaning as in the Payment Services Regulations 2009;
- Policyholder
has the same meaning as in FSMA 2000.
- Primary information provider
means a person approved by the FCA for the purposes of this section. 3 “Specified” means specified in the Part 6 rules. 4 Part 6 rules made by virtue of subsection (1) may— a provide for the FCA to maintain a list of providers;
- primary legislation
means—
- Public body
means a person or body whose functions are of a public nature.
- Public consultation requirement
means a requirement (however expressed) to publish a draft of the instrument or other document with or without other material and to invite representations about it.
- public funds
means the Consolidated Fund and any other account or source of money which cannot be drawn or spent other than by, or with the authority of, the Treasury, • “recognised central counterparty” has the meaning given by section 285 of FSMA 2000, and an event has implications for public funds if it would or might involve or lead to a need for the application of public funds.
- qualifying activity
means a regulated activity which is of a prescribed kind and relates— i to rights under a contract of the kind mentioned in paragraph 23 of Schedule 2, other than one under which the obligation of the borrower to repay is secured on land, or ii to rights under a contract of the kind mentioned in paragraph 23B of that Schedule;
- qualifying authorised person
means an authorised person satisfying the following conditions. 2 Condition A is that the authorised person is a body corporate incorporated in the United Kingdom. 3 Condition B is that the authorised person is— a a PRA-authorised person, or b an investment firm. 4 The Treasury may by order— a amend subsection (3) so as to add to or restrict the descriptions of authorised person who can be qualifying authorised persons, or b provide that while the order is in force subsection (3) is not to have effect. 5 Except as provided by subsection (6), an order under subsection (4) is not to be made unless a draft of the order has been laid before Parliament and approved by a resolution of each House. 6 An order under subsection (4) may be made without a draft having been laid and approved as mentioned in subsection (5) if the order contains a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the order without a draft being so laid and approved. 7 An order under subsection (4) made in accordance with subsection (6)— a must be laid before Parliament after being made, and b ceases to have effect at the end of the re
- qualifying EU provision
means a provision of— a a directly applicable EU regulation, or b an EU decision for whose enforcement the United Kingdom is required by an EU obligation to make provision. 2 In subsection (1)(b) “EU decision” means a decision under an EU directive or EU regulation.”
- recognised central counterparty
has the meaning given by section 285 of FSMA 2000, and an event has implications for public funds if it would or might involve or lead to a need for the application of public funds.
- recognised clearing house
has the same meaning as in FSMA 2000;
- recognised CSD
has the same meaning as in FSMA 2000;
- recognised investment exchange
has the same meaning as in FSMA 2000;
- Recognised UK investment exchange
means a recognised investment exchange that is not an overseas investment exchange as defined in section 313(1). 6 The Treasury may by order— a amend subsection (4) by omitting the words “a financial institution”, and b make any amendment of subsection (2) that they consider desirable in connection with an amendment made under paragraph (a). 192C 1 The appropriate regulator may give a direction under this section to a qualifying parent undertaking if either the general condition or the consolidated supervision condition is satisfied. 2 The general condition is that the appropriate regulator considers that it is desirable to give the direction in order to advance— a in the case of the FCA, one or more of its operational objectives;
- recognised... payment system
means a payment system, as defined by section 182 of the Banking Act 2009, that is a recognised system for the purposes of Part 5 of that Act.
- regulated activity
has the same meaning as in FSMA 2000;
- Regulated financial services
means services provided— a by authorised persons in carrying on regulated activities;
- Regulated person
means—
- regulating provisions
means— (a) in relation to the FCA, any— (i) rules of the FCA;
- regulator
means the FCA, the PRA or the Payment Systems Regulator.
- relevant additional activity
means a regulated activity which— i is not one to which A's permission relates, and ii is comprised in the carrying on of the business for which A's principal has accepted responsibility.”
- Relevant agreement
means an agreement—
- relevant ancillary service
means any service of a kind mentioned in Section B of Annex I to the markets in financial instruments directive the provision of which does not involve the carrying on of a regulated activity;
- Relevant benchmark
means a benchmark of a kind specified in an order made by the Treasury.
- Relevant events
means events that have occurred in relation to—
- relevant instrument
means rules, guidance, requirements or a code, scheme, statement or direction.
- Relevant investment
means an investment of a kind specified in an order made by the Treasury.
- relevant offence
means an offence under FSMA 2000 committed in relation to such an activity.
- Relevant provision
means a provision of, or made under, FSMA 2000.
- relevant regulated activity
means an activity that is a regulated activity for the purposes of FSMA 2000 by virtue of—
- relevant regulator
means— a if the transferee is a PRA-authorised person, the PRA;
- Relevant requirement
means a requirement imposed— a by or under this Act, or b by a qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order. 3 The PRA is “the appropriate regulator” in the case of a contravention of— a a requirement that is imposed under any provision of this Act by the PRA;
- reporting date
means the last day of the reporting period.”
- reporting period
means the period to which the report relates, and b “reporting date” means the last day of the reporting period.”
- request
means a request of a kind mentioned in subsection (1). 9 In this section— a “UK regulator” means the FCA or the PRA;
- requirement
means a requirement imposed under section 55L or 55M. 55O 1 This section applies if it appears to the appropriate regulator that— a a person has acquired control over a UK authorised person who has a Part 4A permission, but b there are no grounds for exercising its own-initiative requirement power. 2 If it appears to the appropriate regulator that the likely effect of the acquisition of control on the UK authorised person, or on any of its activities, is uncertain, the appropriate regulator may— a impose on the UK authorised person a requirement that could be imposed by that regulator under section 55L or 55M (as the case may be) on the giving of permission, or b vary a requirement imposed by that regulator under that section on the UK authorised person. 3 “The appropriate regulator” means— a in a case where the UK authorised person is a PRA-authorised person, the FCA or the PRA;
- Resolution plan
means a resolution plan drawn up by the Bank under Part 5 of that Order.
- Rules
means general rules of the FCA. 5 “Specified” means specified in the rules. 137C 1 The power of the FCA to make general rules includes power to make rules prohibiting authorised persons from— a entering into a regulated credit agreement that provides for— i the payment by the borrower of charges of a specified description, or ii the payment by the borrower over the duration of the agreement of charges that, taken with the charges paid under one or more other agreements which are treated by the rules as being connected with it, exceed, or are capable of exceeding, a specified amount;
- Section 178 notice
means a notice given under section 178.”
- Securities
has the meaning given in section 102A(2). 8 In this section— • “accepting”, in relation to deposits, includes agreeing to accept;
- Significant-influence function
has the same meaning as in section 59. 1C Before one regulator withdraws an approval given by the other regulator, it must consult the other regulator.”
- Specified
means specified in the Part 6 rules. 4 Part 6 rules made by virtue of subsection (1) may— a provide for the FCA to maintain a list of providers;
- Specified agreements
means agreements of a description specified in general rules made by the FCA. 4 “Specified persons” means persons of a description specified in general rules made by the FCA. 5 It is of no relevance— a whether the entering into of a specified agreement itself constitutes the carrying on of a regulated activity, or b whether, in a case within subsection (2)(c) or (d), the specified agreements are with the authorised persons concerned or anyone else. 6 The requirements that may be specified under subsection (2)(b) or (d) include in particular— a requirements as to the terms and conditions that are to be, or are not to be, included in specified or other agreements, and b requirements limiting invitations or inducements to enter into specified or other agreements to those made to specified persons. 7 In relation to contraventions of product intervention rules, the rules may— a provide for a relevant agreement or obligation to be unenforceable against any person or specified person;
- specified amount
means an amount specified in or determined in accordance with the rules;
- specified period
means a period of a duration specified in or determined in accordance with the rules;
- specified person
means a person of a description specified in the rules;
- Specified persons
means persons of a description specified in general rules made by the FCA. 5 It is of no relevance— a whether the entering into of a specified agreement itself constitutes the carrying on of a regulated activity, or b whether, in a case within subsection (2)(c) or (d), the specified agreements are with the authorised persons concerned or anyone else. 6 The requirements that may be specified under subsection (2)(b) or (d) include in particular— a requirements as to the terms and conditions that are to be, or are not to be, included in specified or other agreements, and b requirements limiting invitations or inducements to enter into specified or other agreements to those made to specified persons. 7 In relation to contraventions of product intervention rules, the rules may— a provide for a relevant agreement or obligation to be unenforceable against any person or specified person;
- sponsor
has the meaning given in section 88(2). 1I In this Act “the UK financial system” means the financial system operating in the United Kingdom and includes— a financial markets and exchanges, b regulated activities, and c other activities connected with financial markets and exchanges. 1J The Treasury may by order amend any of the following provisions— a in section 1E(1), paragraphs (a) and (b), b section 1G, and c section 1H(2) and (5) to (8). 1K 1 The general guidance given by the FCA under section 139A must include guidance about how it intends to advance its operational objectives in discharging its general functions in relation to different categories of authorised person or regulated activity. 2 Before giving or altering any guidance complying with subsection (1), the FCA must consult the PRA. 1L 1 The FCA must maintain arrangements for supervising authorised persons. 2 The FCA must maintain arrangements designed to enable it to determine whether persons other than authorised persons are complying— a with requirements imposed on them by or under this Act, in cases where the FCA is the appropriate regulator for the purposes of Part 14 (disciplinary measures), or b with
- Stabilisation power
has the same meaning as in section 1(4) of the Banking Act 2009.
- systemic risk
means a risk to the stability of the UK financial system as a whole or of a significant part of that system. 6 For the purposes of subsection (5) it is immaterial whether the risk arises in the United Kingdom or elsewhere. 7 In subsection (3)(c)— • “credit growth” means the growth in lending by the financial sector to individuals in the United Kingdom and businesses carried on in the United Kingdom;
- the 2007 Act
means the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007;
- The applicant
means an applicant for permission under section 55A. 2 If the applicant— a in relation to a particular regulated activity, is exempt from the general prohibition as a result of section 39(1) or an order made under section 38(1), but b has applied for permission in relation to another regulated activity, the application is to be treated as relating to all the regulated activities which, if permission is given, the applicant will carry on. 3 If the applicant— a in relation to a particular regulated activity, is exempt from the general prohibition as a result of section 285(2) or (3), but b has applied for permission in relation to another regulated activity, the application is to be treated as relating only to that other regulated activity. 4 If the applicant— a is a person to whom, in relation to a particular regulated activity, the general prohibition does not apply as a result of Part 19, but b has applied for permission in relation to another regulated activity, the application is to be treated as relating only to that other regulated activity. 5 Subsection (6) applies where either regulator (“the responsible regulator”) receives an application for permission unde
- The appropriate regulator
means— a where a direction relates to a qualifying authorised person or recognised investment exchange who is a PRA-authorised person, the FCA or the PRA;
- the appropriate UK regulator
means— a where any of the activities to which the notification under that sub-paragraph relates is a PRA-regulated activity, the PRA;
- the Bank
means the Bank of England;
- The borrower
includes— a any person providing a guarantee or indemnity under the regulated credit agreement, and b a person to whom the rights and duties of the borrower under the regulated credit agreement or a person falling within paragraph (a) have passed by assignment or operation of law. 4 In relation to an agreement entered into or obligation imposed in contravention of the rules, the rules may— a provide for the agreement or obligation to be unenforceable against any person or specified person;
- the corresponding UK regulator
means such one or more of the FCA, PRA and the Bank of England as appears to the Secretary of State to exercise functions corresponding to the regulatory functions for the purposes of which the request is made.”
- The court
means—
- the FCA
means the Financial Conduct Authority;
- the Financial Policy Committee
means the Financial Policy Committee of the Bank of England;
- the financial sector
means financial institutions generally;
- the FSA
means the Financial Services Authority.
- The legislation relating to mutual societies
means—
- The limitation period
means the period of 3 years beginning with the first day on which the regulator knew of the contravention. 6 For this purpose a regulator is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred. 192L 1 If a regulator proposes to take action against a person under section 192K, it must give the person a warning notice. 2 A warning notice about a proposal to impose a penalty must state the amount of the penalty. 3 A warning notice about a proposal to publish a statement must set out the terms of the statement. 4 If the regulator decides to take action against a person under section 192K, it must give t
- the OFT
means the Office of Fair Trading.
- the PRA
means the Prudential Regulation Authority (and see section 2A of the Financial Services and Markets Act 2000 for the interpretation of references to the Prudential Regulation Authority);
- The prohibited period
means the period of 12 months beginning with the day on which the period mentioned in subsection (2) ends (whether or not the initial rules have been revoked before the end of the period mentioned there). 138N 1 The FCA must prepare and issue a statement of its policy with respect to the making of temporary product intervention rules. 2 The FCA may at any time alter or replace a statement issued under this section. 3 If a statement issued under this section is altered or replaced, the FCA must issue the altered or replacement statement. 4 The FCA must, without delay, give the Treasury a copy of any statement which it publishes under this section. 5 A statement issued under this section must be published by the FCA in the way appearing to the FCA to be best calculated to bring it to the attention of the public. 6 The FCA may charge a reasonable fee for providing a person with a copy of the statement. 138O 1 Before issuing a statement under section 138N, the FCA must publish a draft of the proposed statement in the way appearing to the FCA to be best calculated to bring it to the attention of the public. 2 The draft must be accompanied by notice that represent
- the relevant commencement
means the time when section 6 comes into force in relation to section 1A(1) of FSMA 2000, (which renames the Financial Services Authority as the Financial Conduct Authority).
- The relevant firm
means— a in a case falling within section 26, the person in breach of the general prohibition;
- the relevant markets
means— a the financial markets, b the markets for regulated financial services (see section 1H(2)), and c the markets for services that are provided by persons other than authorised persons in carrying on regulated activities but are provided without contravening the general prohibition. 1G 1 In sections 1B to 1E “consumers” means persons who— a use, have used or may use— i regulated financial services, or ii services that are provided by persons other than authorised persons but are provided in carrying on regulated activities, b have relevant rights or interests in relation to any of those services, c have invested, or may invest, in financial instruments, or d have relevant rights or interests in relation to financial instruments. 2 A person (“P”) has a “relevant right or interest” in relation to any services within subsection (1)(a) if P has a right or interest— a which is derived from, or is otherwise attributable to, the use of the services by others, or b which may be adversely affected by the use of the services by persons acting on P's behalf or in a fiduciary capacity in relation to P. 3 If a person is providing a service within subsection (1)(a) as
- the UK economy
means the economy of the United Kingdom;
- the UK financial system
means the financial system of the United Kingdom.
- Transfer order
means—
- Transferred function
means a function that has been or is being transferred by an order under section 50;