Financial Conduct Authority meaning

This timeline shows key developments relating to the UK securitisation regime from January 2024 onwards For earlier milestones, see EU and UK Securitisation Regulations—timeline [Archived]. On 1 November 2024, Assimilated Regulation (EU) 2017/2402 (the UK Securitisation Regulation) no longer applied in the UK, and new securitisation rules issued by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) came into effect. For insight into the revised UK framework, see Practice Note: The UK securitisation regime. 2026 17 February 2026 — PRA/FCA CP2/26 – Reforms to securitisation requirements; CP26/6: Rules for reforming the UK Securitisation Framework; Applying the FSMA 2000 model of regulation to the Capital Requirements Regulation The PRA and FCA have opened consultations on changes to the UK securitisation framework. The FCA suggests simplifying reporting, disclosure and due diligence obligations. The PRA intends to lessen firms’ compliance load by making the regime less prescriptive and adjusting the capital treatment of loans under the Mortgage Guarantee...

FCA and PRA senior management arrangements, systems and controls requirements The Financial Conduct Authority’s (FCA) expectations for senior management arrangements, systems and controls are outlined in the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) within the FCA Handbook, as set out in SYSC. For the Prudential Regulation Authority (PRA), equivalent obligations appear across sections of the PRA Rulebook and in PRA Supervisory Statements (SSs). This checklist offers a mapping of the requirements in the various SYSC chapters alongside the corresponding senior management arrangements, systems and controls provisions contained in the PRA Rulebook and SSs. The mapping links each SYSC chapter to the parallel PRA materials. Details of the entities within the scope of SYSC are summarised in SYSC 1.1A.1G, and set out in full in SYSC 1 Annex 1 and in the relevant SYSC chapter...

ARCHIVED: This Practice Note is archived and is no longer maintained This tracker outlines the Financial Conduct Authority (FCA) consultation papers issued in 2023, together with any subsequent rules and guidance. For FCA consultation papers from other years, see: FCA consultation paper trackers. For Prudential Regulation Authority (PRA) papers from 2017 and Financial Services Authority (FSA) papers from 2008 to 2013, see: PRA consultation paper tracker [Archived] FSA consultation paper tracker [Archived] Regulation of capital markets CP23/33: Payments to data providers and forms for Data Reporting Services Providers, including Policy Statement for the framework for UK consolidated tape (CP23/15) The FCA has released consultation paper CP23/33. Responses are invited by 9 February 2024. Publication date: 20 December 2023. End of consultation: 9 February 2024. Policy Statement/Handbook Notice: Handbook Notice 117 (5 April 2024). CP23/32: Improving transparency for bond and derivatives markets The FCA has published consultation paper CP23/32, Improving...

Aim of this flowchart Under section 19 of the Financial Services and Markets Act 2000, anyone who carries on a regulated activity in the UK in the course of business, without an applicable exclusion or exemption, must hold authorisation from the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA). This requirement is referred to as the general prohibition. For further detail on the general prohibition and the scope of regulated activities, consult the Practice Notes: The general prohibition and implications of its breach, and What are regulated activities? This flowchart is intended to assist in deciding whether a person is undertaking the regulated activities of effecting and carrying out contracts of insurance as principal, pursuant to article 10(1) and (2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). Any references here to PERG are to the FCA’s Perimeter Guidance Manual, which provides regulatory guidance within the FCA Handbook. It serves as a guide to the FCA Handbook...

The defined terms in the flowchart shall have the following meaning: Appointed Representative Regulations — the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001, SI 2001/1217 Business Order — the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001, SI 2001/1177 Exemption Order — the Financial Services and Markets Act 2000 (Exemption) Order 2001, SI 2001/1201 Non-Exempt Activities Order — the Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001, SI 2001/1227 PRA-regulated activities — denotes regulated activities designated as PRA‑regulated activities under the Financial Services and Markets Act 2000 (PRA‑regulated Activities) Order 2013, SI 2013/556 RAO — the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 UCITS qualifier — carries the meaning attributed to it in the Glossary of the Financial Conduct Authority (FCA) Handbook To determine whether an activity is regulated, follow the flowchart below. Click below to view or print...

In this issue: Horizon scanning Status and worker categories Benefits Prohibited conduct Unfair dismissal Settlement Employment tribunals Dates for your diary Trackers New Q&As Employment resources on Lexis+® LexTalk®Employment: a Lexis®Nexis community Daily and weekly news alerts Horizon scanning What to watch in Employment law this winter In 2025, the government’s suite of employment reforms has set the pace, yet noteworthy shifts in case law and workplace culture also merit close attention as winter draws in. Some updates will stem from regulators, including the Financial Conduct Authority, which is anticipated to finalise guidance on tackling non-financial misconduct. Practitioners should also be mindful of the broader adoption of artificial intelligence, alongside a rise in employees voicing politically sensitive opinions at work, both of which demand vigilance as 2026 approaches. See Law360: What to watch in employment law this winter. Status and worker categories European Parliament ready to negotiate better...

Financial services adviser Broadstone reported its review of the Financial Conduct Authority (FCA)’s most recent Financial Lives Survey, released on 16 May 2025, indicated that one in three savers who moved were dissatisfied with the result. Around 12% of members with a DB pension are thinking of moving to a DC arrangement, Broadstone added, citing the FCA figures, which drew on responses from 17,950 people questioned between February and June 2024...

In this issue: Economic Crime and Corporate Transparency Act 2023 Equity capital markets Private M&A (share purchase) Corporate governance—EU Members Company restoration Daily and weekly news alerts Dates for your diary Trackers Useful information New Q&As Economic Crime and Corporate Transparency Act 2023 Companies and Limited Liability Partnerships (Protection and Disclosure of Information and Consequential Amendments) Regulations 2024 SI 2024/1377: These Regulations update LLP company law to reflect recent changes under the Economic Crime and Corporate Transparency Act 2023 and expand the scenarios in which a person’s residential address can be withheld from the company register, covering former registered office addresses, while maintaining corporate openness and aligning LLP provisions. They commence on 27 January 2025. See: LNB News 07/11/2024 27. Equity capital markets The Financial Conduct Authority has released Policy Statement PS24/19: Enhancing the National Storage Mechanism, setting out the feedback to Consultation Paper CP24/17, its longer-term vision for the NSM, and...

Resource Note This Resource Note signposts key commentary, analysis and materials to aid interpretation and offer practical direction on using Chapter 2 of the Disclosure Guidance and Transparency Rules (DTR 2). Where relevant, it draws on: the Financial Conduct Authority (FCA) Handbook FCA Knowledge Base—Procedural and Technical notes (formal guidance binding on the FCA) FCA consultation and discussion papers, policy and feedback statements, and warnings Primary Market Bulletins and other FCA publications legacy UKLA technical and procedural notes and the UKLA’s newsletter List!, where still pertinent assimilated EU legislation EU Directives and EU Regulations, where helpful to construing a provision Lexis+® UK analysis and resources Setting the scene What it covers: DTR 2 prescribes the framework for issuers to disclose and manage inside information, supporting timely and even-handed release of market-sensitive information. It also identifies specific situations permitting a delay to public disclosure of inside information, together with the safeguards required to keep such information...

This Resource Note spotlights commentary, analysis and materials to aid interpretation and give practical guidance on applying Chapters 1, 1A, 1B and 1C of the Disclosure Guidance and Transparency Rules: DTR 1, DTR 1A, DTR 1B and DTR 1C respectively. Materials referenced here include, where pertinent: the Financial Conduct Authority (FCA) Handbook FCA Knowledge Base guidance—Procedural notes and Technical notes (constituting formal guidance and binding on the FCA) FCA consultation papers, discussion papers, policy statements, feedback statements and warnings Primary Market Bulletins and other FCA publications former UKLA technical and procedural notes and the UKLA newsletter List!, where still relevant to interpreting or applying a provision assimilated EU legislation EU Directives and EU Regulations, where relevant to interpreting a provision Lexis+ UK analysis and resources Setting the scene What it covers: DTR 1 sets out the Disclosure guidance, explaining its scope and purpose; DTR 1A sets out the transparency rules with their scope and purpose;...

This Practice Note examines core aspects of the UK framework for money market funds (MMFs) that stems from Regulation (EU) 2017/1131 (the EU MMF Regulation). It also looks at suggested changes to the framework, with the Financial Conduct Authority (FCA), HM Treasury and the Bank of England (BoE) working jointly to bolster its resilience and align it with post‑Brexit regulatory objectives. For background on the EU MMF Regulation, see Practice Note: EU MMF Regulation—essentials. What is an MMF? Money market funds (MMFs) are investment funds that invest in short‑term debt instruments and so play a significant role in the short‑term financing of the economy. In particular, MMFs are open‑ended, liquid investment funds that invest in fixed income through short‑term debt, for example money market instruments issued by banks, governments or companies (including treasury bills, commercial paper and certificates of deposit) which pay interest. They therefore form an important connection between demand for, and the supply of, short‑term debt. Further information on the eligible assets of an MMF is...

VERIFICATION NOTES These verification notes concern the prospectus (the Prospectus ) to be issued in connection with the proposed [ placing OR placing and open offer OR rights issue ] ( Capital Raising ) of [ up to ] [ insert number ] new [ insert class ] shares of [ insert nominal value ] each (the Shares ) of [ insert name of the Company ] together with the admission of the Shares to listing on the Official List of the Financial Conduct Authority ( FCA ) and to trading on the Main Market of the London Stock Exchange ( Main Market ). These Verification Notes (the Notes ) have been prepared by [ insert details of Company's solicitors ] for the purposes of protecting the Company, the directors of the Company (the Directors ) [ , the Proposed Directors of the Company (the Proposed Directors ) ] and others involved with the Capital Raising and the drafting of the Prospectus, which relates to the application for the...

[ TO BE TYPED ON THE HEADED NOTEPAPER OF THE SPECIAL ADMINISTRATORS’ FIRM ] TO ALL KNOWN CREDITORS [ ENTER DATE ] [ name of Investment Bank ]—in special administration (the ‘Investment Bank’) I am writing to inform you that I was appointed Joint Special Administrator of the Investment Bank on [ date ], together with my colleague, [ name of other special administrator ]. A formal notice of our appointment accompanies this letter. In accordance with the Investment Bank Special Administration Regulations 2011, SI 2011/245 (the ‘Regulations’), the purpose of the special administration is to pursue the following objectives: secure the return of client assets as soon as reasonably practicable maintain prompt engagement with market infrastructure bodies and the authorities pursuant to Regulation 13; and to either: rescue the investment bank as a going concern; or place it into winding up in the best interests of creditors In this...

Parties Issuer [ • ] Guarantor [ • ] Lead Manager [ • ] Settlement Manager [ • ] Principal Paying Agent [ • ] Trustee [ • ] Registrar [ • ] Auditors [ • ] Tax Advisers Lead Manager Legal Advisers [ • ], acting as legal counsel to the Lead Manager, and [ • ], acting as legal counsel to the Trustee Issuer Legal Advisers [ • ], serving as legal counsel to the Issuer and the Guarantor The Depository Trust Company ( DTC ) Euroclear Bank SA/NV ( Euroclear ) Clearstream Banking S.A. ( Clearstream ) Common Depositary [ • ], in its role as Common Depositary [ The London Stock Exchange plc ] ( Stock Exchange ) [ The Financial Conduct Authority ] ( FCA ) [ Regulatory News Service of the Stock Exchange ] ( RNS ) SIGNING AGENDA ...

The regulation of consumer credit Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), no one may perform a regulated activity, or even hold themselves out as doing so, within the UK unless they are an authorised person—authorised by the Prudential Regulation Authority and/or the Financial Conduct Authority (FCA)—or an exempt person, for example as an appointed representative. For a high-level outline of the UK regulated activities regime, see Practice Note: What are regulated activities? An activity is regulated where it is of a ‘specified kind’—that is, specified in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), SI 2001/544—and is carried on by way of business...

What is the regulatory regime under the Financial Services and Markets Act 2000 (FSMA 2000) Under section 19 of the Financial Services and Markets Act 2000, the general prohibition applies: a person must not carry on a regulated activity in the UK, or even purport to do so, unless they are within one of the permitted categories below. An authorised person (that is, authorised by the Prudential Regulation Authority and/or the Financial Conduct Authority) An exempt person (for example, an appointed representative) For an outline of the UK regime governing regulated activities, see Practice Note: What are regulated activities? An activity is regulated if it is of a ‘specified kind’—as listed in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO 2001), SI 2001/544—and it is carried on by way of business. For further detail on what amounts to carrying on a regulated activity ‘by way of business’ in the UK, refer to Practice Notes: What does ‘by...