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Jurisdiction(s):
United Kingdom
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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). -...

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UK controllers regime for fund managers under FSMA 2000 Part XII: FCA/PRA pre-notification, pre-approval up to one year, and post-event monthly reporting of changes in control

Practice notes
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Part XII of the Financial Services and Markets Act 2000 (FSMA 2000) obliges controllers and prospective controllers to obtain approval from the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) before acquiring or increasing control in a UK‑authorised firm, and to notify the appropriate regulator when reducing or ceasing control in a firm. To accommodate fund management activity, the FCA permits investment managers to pre‑notify proposed changes of control and may authorise such changes for periods of up to a year.

This Practice Note summarises the controllers regime as it applies to fund managers. For more detail on the FSMA 2000 controllers regime, see the following Practice Notes:

  • FSMA 2000 controllers regime—key concepts
  • Obligations of controllers—acquiring and increasing control
  • Obligations of controllers—reducing or ceasing control
  • FSMA 2000 controllers regime—obligations for firms
  • Enforcement of the FSMA 2000 controllers regime

What is an investment manager?

The tailored accommodation applies to investment managers, which are defined in the FCA Handbook Glossary as...

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Web page updated on 22/05/2026

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