Financial Services Act 2012

16 FCA to exercise functions under Part 6 of FSMA 2000 U.K.

(1) FSMA 2000 is amended as follows.

(2) In each of the provisions of Part 6 (official listing etc) mentioned in subsection (3)—

(a) for “competent authority” or “competent authority's”, in each place, substitute “ FCA ” or “FCA's”, and

(b) for “the authority” or “the Authority”, in each place, substitute “ the FCA ”.

(3) Those provisions are—

(a) sections 73A to 84;

F1 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) sections 87B to 87D;

(d) section 87G;

(e) sections 87J to 87O (including the italic heading before section 87J);

(f) sections 87Q to 88;

(g) sections 89A to 97 (including the italic heading before section 89H and the heading to that section);

(h) section 101(2);

(i) section 103(1).

(4) Before section 73A insert an italic heading “Rules”.

(5) In section 77(3) (discontinuance and suspension of listing), for “sections 96 and 99” substitute “ section 96 and paragraph 23(6) of Schedule 1ZA ”.

(6) In section 87A (criteria for approval of prospectus)—

(a) in subsection (1), for “competent authority” substitute “ “FCA”,

F2 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) in the heading, for “competent authority” substitute “ FCA ”.

F3 (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3 (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3 (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3 (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(11) In section 87P (exercise of powers at request of competent authority of another EEA State)—

(a) in subsection (1)(c), for “competent authority”, in the second place, substitute “ FCA ”, and

(b) in subsection (2), for “competent authority” substitute “ FCA ”.

(12) In section 100A (exercise of powers where UK is host member State)—

(a) in subsections (1) and (2), for “competent authority” substitute “ FCA ”,

(b) in subsection (3), for “the authority”, in both places, substitute “ the FCA ”,

(c) in subsection (4), for “The authority” substitute “ The FCA ”, and

(d) in subsections (5) and (6), for “the authority” substitute “ the FCA ”.

(13) In Schedule 10 (compensation: exemptions), for “competent authority”, in each place, substitute “ FCA ”.

(14) Omit the following provisions—

(a) section 72 (Financial Services Authority to exercise functions of the competent authority under Part 6) and the italic heading before it;

(b) section 73 (general duty of the competent authority);

(c) section 99 (fees);

(d) section 100 (penalties);

(e) in section 101 (general provisions), subsections (1) and (3) to (8);

(f) section 102 (exemption from liability in damages);

(g) in section 103 (interpretation), subsections (2) and (3);

(h) in section 195 (exercise of power in support of overseas regulator), subsection (4)(b);

(i) in section 410 (international obligations), subsection (4)(b);

(j) in section 415 (jurisdiction in civil proceedings), subsection (1)(b);

(k) Schedule 7 (modification of Act in its application to the Financial Services Authority when acting as competent authority for purposes of Part 6);

(l) Schedule 8 (power to transfer functions under Part 6 to other persons).

Textual Amendments

F1 S. 16(3)(b) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 36

F2 S. 16(6)(b) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 36

F3 S. 16(7)-(10) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 36

Commencement Information

I1 S. 16 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3

I2 S. 16 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.