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 controllers regime: UK authorised firms’ change-in-control notifications, ongoing monitoring, REP002 Annual Controllers Report obligations and enforcement risks (FCA/PRA)

Published by a LexisNexis Financial Services expert

Practice notes

Part XII of the Financial Services and Markets Act 2000 (fsma 2000)

Under Part XII, any controller or would-be controller must secure consent from the financial conduct authority (FCA) or the Prudential Regulation authority (PRA) before taking or increasing control of a UK authorised firm, and must notify the relevant regulator when reducing or ceasing control. The FCA and PRA likewise require UK authorised firms to inform them whenever a person acquires, increases or reduces control in the firm, with the notification made by the firm alone or jointly with the controller or proposed controller. Firms must also monitor their controllers and submit an annual report to the appropriate regulator, identifying all controllers. These requirements are designed to ensure the appropriate regulator receives the information needed to fulfil its responsibility to monitor and, in some instances, provide prior approval of firms’ controllers. This Practice Note offers an overview of the obligations of authorised firms under the controllers regime, both when a change in control arises and on an ongoing basis. For more detail on the key concepts within the controllers regime, including the notions of ‘control’, ‘controller’ and ‘change in...

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Web page updated on 21/05/2026

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