Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Related legal acts
View More View Less
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). -...

Read More Right Arrow

UK SM&CR for FCA solo-regulated firms: practitioner guide to classifications, SMFs, certification, conduct rules, responsibilities, fitness and propriety, EEA/overseas branches, governance and reform timeline

Practice notes
imgtext

SM&CR—essentials for solo-regulated firms

Note: the SM&CR is in the midst of reform. In July 2025, government unveiled the Leeds Reforms, setting out plans to simplify the SM&CR. Concurrently, the PRA and FCA issued consultation papers CP18/25 and CP25/21. The supervisors envisage a two-stage programme of change, with Phase Two contingent on legislative amendments following HM Treasury consultation. Finalised Phase One obligations are anticipated around mid-2026, while any subsequent Phase Two measures will depend on HMT legislation. See News Analysis: Reform of the SM&CR—Proposals and next steps. For current developments, including those tied to the Leeds Reforms and non-financial misconduct, see: SM&CR—timeline and Culture and social governance in financial services—timeline.

On 9 December 2019 (commencement), the Senior Managers and Certification Regime was extended to firms authorised under the Financial Services and Markets Act 2000 (FSMA 2000) that are regulated by the FCA and not the PRA (‘solo-regulated firms’, also known as ‘FCA-only firms’). From that date, the SM&CR supplanted the Approved Persons Regime (APR) for almost all solo-regulated firms. This Practice Note outlines the statutory framework, Rules and guidance relevant to solo-regulated firms, and gives a comprehensive overview of how the SM&CR applies to such firms...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.
Web page updated on 27/05/2026

Popular documents

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Read More Right Arrow

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Read More Right Arrow

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Read More Right Arrow

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...

Read More Right Arrow