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The Financial Services & Markets Act 2000 (Regulated Activities ) Order 2001 is secondary legislation. It contains details of what is a regulated activity and what are regulated investments.
It also lists statutory exclusions from the regulated activities
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UK Solvency II鈥攖imeline This timeline shows key developments relating to the UK's Solvency II regime. For earlier developments see Solvency II鈥攖imeline (2007鈥2023) [Archived]. 2025 Date Source Document Description 10 April 2025 PRA Prudential Regulation Authority Business Plan 2025/26 The Prudential Regulation Authority (PRA) has announced its business plan for 2025/2026, outlining its strategic priorities and objectives. The strategy focuses on maintaining the safety and soundness of the banking and insurance sectors, identifying new and emerging risks, supporting competitive and innovative markets, and running an inclusive and efficient regulator. The PRA also mentions work it has already completed, ongoing and future initiatives. Key regulatory initiatives include stress testing in the banking and insurance sector, preparation for the implementation of the Basel 3.1 standards by January 2027 and enhancing operational and cyber resilience. 8 April 2025 PRA PRA launches consultation to help insurers accelerate investment in the UKCP7/25 鈥 Matching Adjustment Investment Accelerator The PRA has published a consultation paper, CP7/25, proposing the introduction of a new framework called the...
Financial services outsourcing checklist This Checklist covers the outsourcing rules applicable to common platform firms in the UK, which are set out in: 鈥 Chapter 8 of the Systems and Controls Sourcebook in the Financial Conduct Authority (FCA) Handbook (SYSC 8), and 鈥 Articles 30鈥32 of Commission Delegated Assimilated Regulation (EU) 2017/565 (the UK MiFID II Organisational Regulation) For more detailed information on the outsourcing rules which apply to all firms (including common platform firms), see Practice Note: Financial services outsourcing. Which financial services firms do the outsourcing rules apply to? The outsourcing rules described in this Checklist apply to common platform firms, including banks, building societies and investment firms. For a detailed definition of common platform firm, see the FCA Handbook Glossary. Dual regulated firms should also refer to the parallel rules contained in the Outsourcing Part of the Prudential Regulation Authority (PRA) Rulebook. Firms outsourcing to cloud service providers should also see the FCA鈥檚 FG 16/5 - Guidance for firms outsourcing to the 鈥榗loud鈥 and other third-party IT...
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Regulated mortgage contracts鈥攆lowchart Background to and scope of this flowchart On 31 October 2004 (a date known as 鈥楳 Day鈥), lenders and intermediaries of regulated mortgage contracts (RMCs) became regulated. A person that carries on a regulated activity in the UK by way of business, where there is no applicable exclusion or exemption, must be authorised under the Financial Services and Markets Act 2000 (FSMA 2000). The purpose of this flowchart is to set out the main questions to ask a person to determine whether or not they are carrying on the following RMC activities that are regulated under the Financial Services and Markets Act 2000聽(Regulated Activities) Order 2001, SI 2001/544 (RAO): 鈥 arranging (bringing about) RMCs (RAO, SI 2001/544, art 25A(1)) 鈥 making arrangements with a view to a person who participates in the arrangements entering into a RMC as a borrower (RAO, SI 2001/544, art 25A(2)) 鈥 making arrangements to enter into a RMC with a borrower on behalf of a lender (RAO, SI 2001/544, art 25A(2A)) 鈥...
Regulated activities鈥攆lowchart The defined terms in the flowchart shall have the following meaning: 鈥 Appointed Representative Regulations鈥攖he Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001, SI 2001/1217 鈥 Business Order鈥攖he Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001, SI 2001/1177 鈥 Exemption Order鈥攖he Financial Services and Markets Act 2000 (Exemption) Order 2001, SI 2001/1201 鈥 Non-Exempt Activities Order鈥攖he Financial Services and Markets Act 2000 (Professions)
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As a result of the 2008 banking crisis, the government made a number of changes to the UK financial services regulatory structure. As part of the changes, the Prudential Regulation Authority (the PRA) was established. It is a legally distinct subsidiary of the Bank of England (the Bank) and is accountable to the Bank's Court of Directors. Both the chairman and the chief executive of the PRA are Bank executives. For more information on the structure of the PRA, see Practice Note: Prudential Regulation Authority鈥攕tructure, constitution, functions and duties. The PRA has responsibility for micro to prudential regulation of firms that carry on PRA-regulated activities. The Financial Conduct Authority (FCA) is the prudential regulator for firms that do not carry on PRA-regulated activities, and is the conduct regulator for all firms that are prudentially regulated by either the PRA or FCA. The purpose of this Practice Note is to describe those regulated activities that fall within the scope of PRA regulation.PRA-regulated activitiesThe Financial Services and Markets Act 2000 (PRA-regulated Activities)...
Background to the regulated activities relating to benchmarksBenchmarks are vital to the pricing of numerous financial instruments and commercial and non-commercial contracts. Following reports of the manipulation of various benchmarks, such as 聽London Interbank Offered Rate (LIBOR), there were widespread concerns as to the integrity of benchmarks generally.Following numerous concerns about the way LIBOR was functioning, in 2009 the Financial Services Authority (FSA), along with other overseas regulators, started to investigate a number of institutions for alleged misconduct relating to LIBOR, the Euro Inter-Bank Offered Rate (EURIBOR) and other benchmarks. As part of its response to these investigations, in July 2012, the UK Government established an independent review into the setting and usage of LIBOR. The review was led by Martin Wheatley, then managing director of the FSA and former CEO of the FSA鈥檚 successor, the Financial Conduct Authority (FCA). The Wheatley Review identified a number of failings in the production and oversight of the process of determining LIBOR, which at the time was administered by the British Bankers' Association...
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Terms of Business Agreement (TOBA)鈥攊nsurer and managing agent/broker An Agreement dated [date] governing the conduct of Insurance Business between: 1 [Full name of insurance company][(insert company acronym)] incorporated and registered in [country] with company number [number] whose registered office is at [registered office address OR (the Insurer) full name of managing agent] on behalf of the underwriting members of all Lloyd鈥檚 syndicates as managed by it from time to time (the Managing Agent) AND 2 [Full name of broking company] incorporated and registered in [country] with company number [number] whose registered address is at [registered office address] (the Broker) (collectively the 鈥淧arties鈥 and each individually a 鈥淧arty鈥) AGREED TERMS 1 Definitions and interpretation 1.1 The following definitions and rules of interpretation apply in this Agreement: Agreement 鈥 means this agreement, the 鈥淭erms of Business Agreement Non Risk Transfer or Risk Transfer". Appointed Representative 鈥 means a person who satisfies the conditions of section 39(1) of FSMA. Business Day 鈥 means a day,...
Unsecured employee loan agreement鈥攃ompany and employee鈥攕hort-form This Agreement is made on [insert date] Parties 1 [insert name of employee borrower], of [insert address] (Employee); and 2 [insert name of employer lender], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (Employer). It is agreed as follows: 1 Definitions 1.1 In this Agreement, unless otherwise provided: Drawdown Date 鈥 means [insert date]; Event of Default 鈥 has the meaning given to it in Clause 6; Loan 鈥 means the sum of 拢[insert figure] (拢[insert amount in words] to be lent by the Employer to the Employee under this Agreement, to the extent not repaid; Repayment Date 鈥 has the meaning given to it in Clause 4. 2 The Loan 2.1 Subject to the terms of this Agreement, the Employer makes the Loan available to the Employee for the purpose of [buying an annual gym membership OR buying an annual travel season ticket OR [insert description]]. 2.2 The Loan will...
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Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: 鈥 a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person 鈥 a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom 鈥 a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...
I act for a small company which is having trouble obtaining bank finance鈥攚ould an issue of mini-bonds be a viable alternative? IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK鈥檚 withdrawal from the EU. At this point in time (referred to in UK law as 鈥業P completion day鈥), key transitional arrangements come to an end and significant changes begin to take effect across the UK鈥檚 legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for DCM lawyers? [Archived] BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU鈥檚 political institutions, agencies, offices, bodies and governance structures (except to the...
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Law360, Expert analysis: Since 2023, the UK government has engaged with the cryptoasset industry as part of its efforts to develop a regulatory regime for cryptoasset activities and services. On 29 April 2025, HM Treasury published a draft statutory instrument to create new regulated activities for cryptoassets, and on 2 May 2025, the Financial Conduct Authority (FCA) published a discussion paper on regulating cryptoasset activities. Mark Chalmers counsel at Davis Polk & Wardwell LLP, discusses the main takeaways from these recently published documents.
This week's edition of Banking and Finance weekly highlights includes: (1) our Sustainable finance and ESG monthly round-up; (2) FMSB publishes Statement of Good Practice on governance of sustainability-linked products; and (3) ISDA publishes April 2025 Benchmark Module for the Fallbacks Protocol.
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