Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

FSMA 2000 definition

What does FSMA 2000 mean? FSMA 2000 refers, in legal practice, to the UK’s core statutory framework for financial services regulation: the financial services and markets act 2000, as amended (including by the Financial Services Act 2012 and the Financial Services and Markets Act 2023). Practitioners use “FSMA 2000” to denote the regime setting the regulatory perimeter and the powers of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Key features include: - Regulated activities defined via the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO). - Authorisation and permissions (Part 4A) and threshold conditions. - The financial promotion restriction (section 21). -...

FSMA 2000 and UK employee incentive arrangements: s.19 General Prohibition, s.21 financial promotions, RAO Art 71/FPO Art 60 exemptions, CIS and phantom options

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Practice notes

The Financial Services and Markets Act 2000 (fsma 2000) is the primary statute overseeing the UK financial services industry and the regulation of securities and investments, and it carries various implications for running employee incentive arrangements. FSMA 2000 is bolstered by a wide suite of further statutory instruments, rules and guidance issued by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). This Practice Note sets out the impact of FSMA 2000 on employee incentive arrangements and highlights key considerations that employers must address when inviting employees in the UK to participate in such incentives.

FSMA 2000

FSMA 2000 regulates securities and investments in the UK to protect consumers, uphold and strengthen the integrity of the financial system, and foster effective competition within the financial services sector. It achieves this by banning and limiting a wide range of activities relating to specific kinds of investments unless undertaken by an authorised person, or where an exclusion or exemption applies.

A contravention of either the General Prohibition or the Financial Promotion Restriction under FSMA 2000 (each as referenced below) may give rise to criminal liability and can render any arrangements, activities and investments under FSMA 2000 across the UK accordingly...

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Web page updated on 21/05/2026

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