摘要
The Financial Services and Markets Act 2000 (FSMA) is the principal statute governing the regulation of financial services in the United Kingdom. It established the Financial Services Authority (now replaced by the FCA and PRA) and provides the regulatory framework for authorisation, supervision, and enforcement of firms carrying on regulated activities.
要点
- General prohibition: no person may carry on a regulated activity unless authorised or exempt (s.19)
- Financial promotion restriction: communications inviting or inducing engagement in investment activity must be approved by an authorised person (s.21)
- The FCA and PRA have rule-making, enforcement, and disciplinary powers
- Market abuse regime: civil and criminal sanctions for insider dealing and market manipulation
- Financial Ombudsman Service established for consumer complaints (Part XVI)
- Financial Services Compensation Scheme for failed firms (Part XV)
章节
修正历史
2012 — Financial Services Act 2012
Replaced the FSA with the FCA and PRA twin-peak regulatory system.
2023 — Financial Services and Markets Act 2023
Adapted the UK regulatory framework post-Brexit, giving regulators power to replace retained EU financial services law.