The Financial Services and Markets Act 2000 was the most important piece of legislation in the financial services area for many years. It made a number of important changes, including overhauling and unifying the arrangement for oversight of banking, insurance and other investment services; introducing new sanctions to restrain abuse of financial markets; establishing the Financial Services Authority as regulator of the UK's financial services industry; creating a statutory Financial Ombudsman Service to enable financial disputes to be resolved

Introduction, Michael Blair QC 1. The Policy Background, Paul Kennedy Background to the Establishment of the FSA Delivering the Policy Objectives International Influences Early Challenges The Banking Crisis of 2007-8 Proposals for Reform 2. Accountability and Objectives of the FSA, Paul Kennedy Introduction A Private Company Discharging a Public Function Institutional Mechanisms for Accountability Objectives and Principles Principles of Regulation The Accountability Mechanisms in Practice 3. Regulated and Prohibited Activities, Paul Kennedy Introduction The General Prohibition Regulated Activities Activities Carried on 'By Way Of Business' Territorial Scope of the General Prohibition False Claims to be Authorised or Exempt Sanctions for Breach of the General Prohibition 4. Financial Promotion, Paul Kennedy Introduction Other UK Legislation Relevant to Financial Promotion Other Parts of the FSMA Relevant to Financial Promotion Why is a Financial Promotion Regime Needed At All? Restriction on Financial Promotion Territorial Scope Introduction to the Financial Promotion Order Sanctions Financial Promotion by Authorised Persons 5. Authorisation and Exemption, David Simpson Introduction Authorisation Passport Rights Treaty Rights Ending of Authorisation Exemption Orders Exemption of Appointed Representatives 6. Permission to Carry on Regulated Activities, David Simpson What is Permission? Conditions, Limitations and Requirements The Threshold Conditions Variation and Cancellation of Permission Assets Requirements Overseas Regulators 7. Performance of Regulated Activities, David Simpson Prohibition Orders Positive Power of Approval Statements of Principle on the Conduct of Approved Persons Disciplinary Powers Statement of Policy 8. Official Listing, Andrew Henderson Introduction Part 6 and the FSA Listing Offers to the Public Sponsors Continuing Obligations Compensation, Penalties, and Investigations 9. Control of Business Transfers, David Simpson Introduction Control of Business Transfers 10. Penalties for Market Abuse, Helen Marshall Introduction Market Offences Drafting and Revision Framework for Market Abuse Regime Behaviours Constituting Market Abuse Procedure Penalties 11. Hearings and Appeals, Helen Marshall Introduction Composition of the Tribunal References to the Tribunal Proceedings before the Tribunal Decisions of the Tribunal Appeals 12. Rules and Guidance, Andrew Henderson Introduction Rules Guidance Competition Scrutiny 13. Information Gathering and Investigations, Helen Marshall Introduction Powers to Gather Information Reports by Skilled Persons General Investigations Particular Investigations Investigation into Collective Investment Schemes Investigations in Support of Overseas Regulators Investigation Powers: General Provisions Powers of Investigators Admissibility of Statements made to Investigators Entry of Premises under Warrant Consequences of Failure to Co-operate 14. Control over Authorised Persons, Andrew Henderson Introduction EC Legislation: The Acquisitions Directive Notices of Acquisition Assessment by the FSA Enforcement Powers Offences 15. Incoming Firms: Intervention by the FSA, Helen Marshall Introduction Domestic Ground for Intervention Scope of the Power of Intervention Exercise of Powers in Support of Overseas Regulators Consumer Credit 16. Disciplinary Measures, Helen Marshall Introduction Which Contraventions may be Disciplined? The FSA's Approach to Discipline The FSA's Approach to Public Censure The FSA's Approach to Financial Penalties Early Settlement Scheme Disciplinary Procedure Financial Penalties: What Happens to the Money? Article 6 of the European Convention on Human Rights 17. Financial Services Compensation Scheme, Alex Kuczynski Introduction The Scheme Manager European Directives The Scheme Funding Claims Experience 18. Financial Ombudsman Service, Alex Kuczynski Introduction The Scheme Operator Jurisdiction - Compulsory and Voluntary Dispute Resolution Funding FOS'S Experience 19. Collective Investment Schemes, Andrew Henderson Introduction Restrictions on Promotion Authorised Unit Trust Schemes Open-Ended Investment Companies Overseas Recognised Schemes Investigations 20. Recognised Investment Exchanges and Clearing Houses, Emma Vick Introduction The Investment Exchanges The Clearing Houses Today The Recognition Regime Applications for Recognition as an RIE or RCH Overseas Investment Exchanges and Clearing Houses The Recognition Requirements Default Rules The RIE and RCH Sourcebook Complaints against a Recognised Body Competition Scrutiny The FSA's Rule-Making Powers Investment Exchanges and Clearing Houses Act 2006 MiFID Revocation of a Recognition Order 21. Lloyd's of London, David Simpson Introduction Powers Exercised by the FSA Other Lloyd's Participants Regulated under FSMA 2000 22. Provision of Financial Services by Members of the Professions, Andrew Henderson Introduction Exemption from the General Prohibition Professional Designated Bodies Role of the FSA Disclosure of Exempt Status Authorised Professional Firms 23. Mutual Societies, Paul Kennedy Introduction The Mutual Societies Order 24. Auditors and Actuaries, Andrew Henderson Introduction Appointment Information Disclosure and Immunity Notification on Leaving Office Disqualification 25. Public Record, Disclosure of Information and Co-operation, Helen Marshall The Public Record to be Maintained by the FSA Restrictions on Disclosure of Confidential Information Duty of the FSA to Co-operate with other Authorities 26. Insolvency, Helen Marshall Introduction Voluntary Arrangements Administration Orders Receiverships Voluntary Winding Up Winding Up by the Court Winding Up Petitions for EEA and Treaty Firms Bankruptcy Provisions against Debt Avoidance Supplemental Provisions in Insurance Cases 27. Injunctions and Restitution, Helen Marshall Introduction Contravention of Relevant Requirements Market Abuse Restitution Required by the FSA 28. Notices, Helen Marshall Statutory Notices Warning Notices Decision Notices Notices of Discontinuance Final Notices Publication Third-Party Rights Access to FSA Material Supervisory Notices 29. Criminal Offences and their Prosecution, Helen Marshall Introduction Prosecution of Offences Specific Offences 30. Miscellaneous, Interpretation and Supplemental, Paul Kennedy Introduction Reviews of Compliance Failures Third Countries: Community Measures International Obligations Gaming Interpretation Supplemental Provisions Appendix 1: Financial Services and Markets Act 2000 (as amended)