Financial Services and Markets Act 2000, section 168

Appointment of persons to carry out investigations in particular cases

Part XI Information Gathering and Investigations

(1)Subsection (3) applies if it appears to an investigating authority that there are circumstances suggesting that—

F1297 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)F1300a person may be guilty of an offence under section [F1298122F,F1298] 177, [F1299191FF1299] , 346 or 398(1) ....

(2)Subsection (3) also applies if it appears to an investigating authority that there are circumstances suggesting that—

(a)F1301,M7an offence under section 24(1) ... [F1302or under Part 7 of the Financial Services Act 2012F1302] or under Part V of the Criminal Justice Act 1993 may have been committed;

(b)there may have been a breach of the general prohibition;

[F1303 (ba)an authorised person may have contravened section 20 in relation to a credit-related regulated activity;F1303]

(c)there may have been a contravention of section 21 or 238; or

[F1304 (d)a person has contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation.F1304]

(3)The investigating authority may appoint one or more competent persons to conduct an investigation on its behalf.

(4)Subsection (5) applies if it appears to [F1305an investigating authorityF1305] that there are circumstances suggesting that—

(a)a person may have contravened section 20;

(b)a person may be guilty of an offence under prescribed regulations relating to money laundering;

[F1306 (ba)a person may be guilty of an offence under Schedule 7 to the Counter-Terrorism Act 2008 (terrorist financing or money laundering);F1306]

(c)[F1307 a personF1307] may have contravened a rule made by the [F1308investigating authorityF1308] ;

[F1309 (ca)a recognised investment exchange may have contravened the recognition requirements (within the meaning of Part 18) [F1310 or a rule made by the FCA under section 300HF1310] ;F1309]

(d)an individual may not be a fit and proper person to perform functions in relation to a regulated activity carried on by an authorised or exempt person;

(e)an individual may have performed or agreed to perform a function in breach of a prohibition order;

(f)[F1311 a personF1311] may have failed to comply with section 56(6);

(g)an authorised person may have failed to comply with section 59(1) or (2);

(h)F1313a person in relation to whom [F1312a regulatorF1312] has given its approval under section 59 may not be a fit and proper person to perform the function to which that approval relates; . . .

[F1314 (ha)a person may have performed a controlled function without approval for the purposes of section 63A;F1314]

(i)a person may be guilty of misconduct for the purposes of section 66 [F1315; F1316...

[F1317 (iza)a person has effected, or has purported to effect, a unilateral change under subsection (1) of section 117B (unilateral changes by providers of pension schemes), but any of the provisions mentioned in subsection (3) of that section may have been contravened in relation to it;F1317]

[F1318 (ia)a person may have failed to comply with section 143R;

(ib)an individual may have performed or agreed to perform a function in breach of a Part 9C prohibition order;

(ic)a person may have failed to comply with section 143S(6);F1318]

[F1319 (id)a person may have contravened any provision made by or under the Securitisation Regulations 2024;F1319]

(j)a person may have contravened any provision made by or under this Act for the purpose of implementing the markets in financial instruments directive F1320...F1315]

[F1321 (ja)a person may have contravened—

(i)any provision made by or under this Act for the purpose of implementing the alternative investment fund managers directive; F1322...

(ii)any provision made by the Alternative Investment Fund Managers Regulations 2013; F1323...

[F1324 (iii)any provision made by or under this Act for the purpose of implementing the dfnUCITS Directive; or

(iv)any provision made by the Undertakings for Collective Investment in Transferable Securities Regulations 2011; F1325....F1324,F1321]]

[F1326 (jb)a person may have contravened—

(i)any provision made by or under this Act for the purposes of the market abuse regulation; or

(ii)a requirement imposed on that person under sections 122A to 122C, 122G to 122I, 123A or 123B;

(jc)a person may have been knowingly concerned in the contravention of—

(i)a provision of the market abuse regulation other than Article 14 (prohibition of insider dealing) or 15 (prohibition of market manipulation) of that regulation; or

(ii)[F1327 any [F1328 assimilated directF1328] legislation originally made under the market abuse regulation or any subordinate legislation (within the meaning of the Interpretation Act 1978) made on or after IP completion dayF1327] under the market abuse regulation; orF1326]

[F1329 (k)a person may have contravened a [F1330 qualifying provisionF1330] that is specified, or of a description specified, for the purposes of this subsection by the Treasury by order.F1329]

[F1331 (4A)Subsection (5) applies if it appears to the investigating authority that there are circumstances suggesting that—

(a)an individual may not be a fit and proper person to perform functions in relation to an activity carried on by a relevant recognised body;

(b)an individual may have performed, or agreed to perform, a function in breach of a Part 18 prohibition order;

(c)a person may have failed to comply with section 309F(1);

(d)a relevant recognised body may have failed to comply with section 309G(1);

(e)a person in relation to whom the FCA has given approval under section 309G may not be a fit and proper person to perform the function to which that approval relates;

(f)a person may have performed a designated senior management function without approval under section 309G (see section 309U(3));

(g)a person may be guilty of misconduct for the purposes of section 309Z2.F1331]

[F1332 (4B)Subsection (5) also applies if it appears to the investigating authority that there are circumstances suggesting that a person may have contravened a relevant Part 5A requirement.F1332]

(5)The [F1333investigating authorityF1333] may appoint one or more competent persons to conduct an investigation on its behalf.

[F1334 (6)Investigating authority” means—

(a)in subsections (1) to (3), the FCA, the PRA or the Secretary of State;

(b)in subsections (4) and (5), the FCA or the PRA.F1334]

[F1335 (c)in [F1336 subsections (4A) and (4B)F1336] , the FCA.F1335]

[F1337 (7) “Relevant recognised body” has the same meaning as in Chapter 2A of Part 18 (see section 309A) . F1337]

Read section 168 in the full Act → Definitions (23) Cases (12)

Definitions used in section 168

general prohibition

“general prohibition” has the meaning given in section 19(2);

Defined in s.417(1) · see it in the full Act
authorised person

“authorised person” has the meaning given in section 31(2);

Defined in s.417(1) · see it in the full Act

(2) In this Act “authorised person” means a person who is authorised for the purposes of this Act.

Defined in s.31(2) · see it in the full Act
credit-related regulated activity

(1B) In this Act “credit-related regulated activity” means a regulated activity of a kind designated by the Treasury by order.

Defined in s.23(1B) · see it in the full Act

“credit-related regulated activity” has the meaning given in section 23(1B);

Defined in s.417(1) · see it in the full Act
market abuse regulation

“market abuse regulation” means Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC , 2003/125/EC and 2004/72/EC , as it forms part of assimilated law ;

Defined in s.417(1) · see it in the full Act
prescribed

“prescribed” (where not otherwise defined) means prescribed in regulations made by the Treasury;

Defined in s.417(1) · see it in the full Act
rule

“rule” means a rule made by the FCA or the PRA under this Act;

Defined in s.417(1) · see it in the full Act
recognised investment exchange

“recognised CSD”, “recognised clearing house” and “recognised investment exchange” have the meaning given in section 285;

Defined in s.417(1) · see it in the full Act

(a) “recognised investment exchange” means an investment exchange in relation to which a recognition order is in force;

Defined in s.285(1) · see it in the full Act
the FCA

(2) The Financial Conduct Authority is in this Act referred to as “the FCA”.

Defined in s.1A(2) · see it in the full Act

“the FCA” means the Financial Conduct Authority;

Defined in s.417(1) · see it in the full Act
functions

(4) Neither section 2AB(3)(d) nor the definition of “functions” in paragraph 1 applies for the purposes of sub-paragraph (2).

Defined in Sch.1ZB para.31(4) · see it in the full Act

(2A) The functions referred to in sub-paragraph (1)(a) include functions of the FCA under the Competition Act 1998 or the Enterprise Act 2002 as a result of Part 16A of this Act ; but this sub-paragraph is not to be regarded as limiting the effect of the definition of “functions” in paragraph 1.

Defined in Sch.1ZA para.23(2A) · see it in the full Act

(4) Neither section 1A(6)(d) nor the definition of “functions” in paragraph 1 applies for the purposes of sub-paragraph (2).

Defined in Sch.1ZA para.23(4) · see it in the full Act
regulated activity

“regulated activity” has the meaning given in section 22;

Defined in s.417(1) · see it in the full Act
exempt person

“exempt person”, in relation to a regulated activity, means a person who is exempt from the general prohibition in relation to that activity as a result of an exemption order made under section 38(1) or as a result of section 39(1) or ... 285 ;

Defined in s.417(1) · see it in the full Act
prohibition order

“prohibition order” (except in the expression “Part 9C prohibition order” or “Part 18C prohibition order” ) has the meaning given in section 56(2);

Defined in s.417(1) · see it in the full Act
regulator

“regulator” has the meaning given in section 3A(2);

Defined in s.417(1) · see it in the full Act
Part 9C prohibition order

“Part 9C prohibition order” has the meaning given in section 143S;

Defined in s.417(1) · see it in the full Act

“prohibition order” (except in the expression “Part 9C prohibition order” or “Part 18C prohibition order” ) has the meaning given in section 56(2);

Defined in s.417(1) · see it in the full Act
markets in financial instruments directive

(a) “alternative investment fund managers directive”, “capital requirements directive”, ... ... ... “EEA firm”, “EEA right”, “EEA State”, “emission allowance auctioning regulation”, ..., ... ... ... “insurance distribution directive”, ... “markets in financial instruments directive”, “mortgages directive”, “single market directives” ... , “tied agent” and “UCITS directive” have the meaning given in Schedule 3; ...

Defined in s.425(1) · see it in the full Act
Investment

(4) “Investment” includes any asset, right or interest (including where an asset, right or interest is, or comprises or represents, a cryptoasset) .

Defined in s.22(4) · see it in the full Act
Manager

(3) “Manager”, in relation to a body corporate, means a person (other than an employee of the body) who is appointed by the body to manage any part of its business and includes an employee of the body corporate (other than the chief executive) who, under the immediate authority of a director or chief executive of the body corporate, exercises managerial functions or is responsible for maintaining accounts or other records of the body corporate.

Defined in s.423(3) · see it in the full Act

(1) In this Act, except in relation to a unit trust scheme or a registered friendly society, “manager” means an employee who—

(a)under the immediate authority of his employer is responsible, either alone or jointly with one or more other persons, for the conduct of his employer’s business; or

(b)under the immediate authority of his employer or of a person who is a manager by virtue of paragraph (a) exercises managerial functions or is responsible for maintaining accounts or other records of his employer.

Defined in s.423(1) · see it in the full Act
UCITS

“UCITS” has the meaning given in section 236A ;

Defined in s.417(1) · see it in the full Act

(1) For the purposes of this Act, and subject to subsection (4), “UCITS” means an undertaking established in the United Kingdom or an EEA State—

(a)with the sole object of collective investment, operating on the principle of risk-spreading, in transferable securities or other liquid financial assets mentioned in subsection (3), of capital raised from the public; and

(b)with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of the undertaking's assets.

Defined in s.236A(1) · see it in the full Act
qualifying provision

(1) In this Act “qualifying provision” means a provision of any of the following—

(a) assimilated direct legislation;

(b)technical standards made in accordance with Chapter 2A of Part 9A;

(ba)other subordinate legislation made under assimilated direct legislation;

(c)subordinate legislation ... made by virtue of regulations made under section 8 of the European Union (Withdrawal) Act 2018.

Defined in s.425C(1) · see it in the full Act
Specified

(5) “Specified” means specified in an order made by the Treasury.

Defined in s.22(5) · see it in the full Act
Part 18 prohibition order

“Part 18 prohibition order” has the meaning given in section 309B;

Defined in s.417(1) · see it in the full Act
relevant Part 5A requirement

“relevant Part 5A requirement” is to be read in accordance with section 71T(2);

Defined in s.417(1) · see it in the full Act

(2) In this Act “relevant Part 5A requirement” means, in relation to a provision of this Act listed in the first column of the Table in Part 2 of Schedule 6C, a requirement that—

(a)is imposed by virtue of any of the designated activity regulations specified in the corresponding entry in the second column, and

(b)is of any of the descriptions specified in the corresponding entry in the third column.

Defined in s.71T(2) · see it in the full Act
the PRA

“the PRA” means the Prudential Regulation Authority;

Defined in s.417(1) · see it in the full Act

Cases considering section 168 (12)

Financial Services Authority (FSA) & Ors v Amro International SA & Ors

[2010] EWCA Civ 123 · 24 February 2010Interprets

Cited only. The court interpreted section 169(2) as conferring on a section 169(1)(b) investigator the same powers as an investigator appointed under section 168(3), without importing section 170’s notice duties. (see paras [27], [44]-[45]) Cited only. Cited only.

Secretary of State for Business Enterprise & Regulatory Reform v Aaron & Ors

[2008] EWCA Civ 1146 · 16 October 2008

The Financial Services Authority investigators were appointed under this provision. Their resulting statutory investigative material fell within the implied evidential exception (see paras [1]-[2]; [6]; [29]-[31]).

The Financial Conduct Authority v Neville Registrars Ltd

[2019] EWHC 1611 (Ch) · 21 June 2019Interprets

Section 168 permits an investigating authority to appoint a competent person to conduct an investigation on its behalf. That relationship supported the conclusion that the authority could certify non-compliance with a requirement imposed by the investigator (see paras [17], [22], [27]).

What each judgment says about section 168 is in the case-law panel in the full Act.

Explanatory note

323.In addition to the general power under section 167 to investigate the business of authorised persons and appointed representatives where there is “good reason” to do so, this section gives the Authority or the Secretary of State (“the investigating authority”) the power to appoint competent persons (who can be employees of the investigating authority) to conduct investigations where it appears that there are circumstances suggesting that some specific contravention or offence may have taken place.  The more specific grounds for the exercise of the powers under this section are reflected in the wider powers of the investigators (see notes on sections 171 to 173 below).

324.Among the contraventions that may be investigated by either the Authority or the Secretary of State under this section are a breach by an unauthorised person of the general prohibition, the commission of the misleading statements and practices offence under section 397, market abuse under section 118, or insider dealing under Part V of the Criminal Justice Act 1993. The Authority, but not the Secretary of State, may also launch an investigation under this section where a person is suspected of having committed an offence under prescribed money laundering regulations.

325.The Authority may also appoint investigators under this section to look into suspected contraventions of rules or regulations made under the Act, failures to comply with statements of principle made under section 64, or to investigate the fitness and properness of approved persons under Part V of the Act.  The fitness and properness of authorised persons may be investigated under section 167.

All the explanatory notes for the Act

Amendments and notes

59 notes from legislation.gov.uk

Amendments

  1. F1297S. 168(1)(a) omitted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 8(2)(a) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
  2. F1300Words in s. 168(1)(b) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 11 (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)
  3. F1298Word in s. 168(1)(b) inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(8)(a)
  4. F1299Word in s. 168(1)(b) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 8(2)(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
  5. F1301Words in s. 168(2)(a) omitted (1.1.2019) by virtue of Financial Guidance and Claims Act 2018 (c. 10), s. 37(5), Sch. 3 para. 18; S.I. 2018/1330, reg. 2(g)(v)
  6. F1302Words in s. 168(2)(a) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 8(3)(a) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
  7. F1303S. 168(2)(ba) inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 8(3)(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
  8. F1304S. 168(2)(d) substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(8)(b)
  9. F1305Words in s. 168(4) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 8(4)(a) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
  10. F1306S. 168(4)(ba) inserted (27.11.2008) by Counter-Terrorism Act 2008 (c. 28), ss. 62, 100(2), Sch. 7 para. 33(3) (with s. 101(2), Sch. 7 para. 43)
  11. F1307Words in s. 168(4)(c) substituted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(1), Sch. 2 para. 16(2)
  12. F1308Words in s. 168(4)(c) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 8(4)(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
  13. F1309S. 168(4)(ca) inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 8(4)(c) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
  14. F1310Words in s. 168(4)(ca) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 11(4), 86(3); S.I. 2023/779, reg. 4(g)
  15. F1311Words in s. 168(4)(f) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 8(4)(d) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
  16. F1313Word in s. 168(4) omitted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(5), Sch. 5 para. 8(a)
  17. F1312Words in s. 168(4)(h) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 8(4)(e) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
  18. F1314S. 168(4)(ha) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 16(3)
  19. F1315S. 168(4)(j) and preceding word inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(5), Sch. 5 para. 8(b)
  20. F1316Word in s. 168(4)(i) omitted (1.11.2012) by virtue of The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 2(11)(a)
  21. F1317S. 168(4)(iza) inserted (29.4.2026 for specified purposes) by Pension Schemes Act 2026 (c. 22), ss. 49(4), 133(1)(4)(e) text inserted for certain specified purposes only, see the commentary.
  22. F1318S. 168(4)(ia)-(ic) inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 8(1) (with Sch. 2 Pt. 3); S.I. 2021/671, reg. 4(b)
  23. F1319S. 168(4)(id) inserted (30.1.2024 for specified purposes, 1.11.2024 in so far as not already in force) by The Securitisation Regulations 2024 (S.I. 2024/102), reg. 2(1)(e)(2), Sch. 1 para. 5 (with Sch. 3); as amended by S.I. 2024/705, regs. 1(2), 2(2)
  24. F1320Words in s. 168(4)(j) omitted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 8(4)(f) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
  25. F1321S. 168(4)(ja) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 10
  26. F1322Word in s. 168(4)(ja)(i) omitted (18.3.2016) by virtue of The Undertakings for Collective Investment in Transferable Securities Regulations 2016 (S.I. 2016/225), regs. 1, 2(4)(a)
  27. F1323Word in s. 168(4)(ja)(ii) omitted (18.3.2016) by virtue of The Undertakings for Collective Investment in Transferable Securities Regulations 2016 (S.I. 2016/225), regs. 1, 2(4)(a)
  28. F1324S. 168(4)(ja)(iii)(iv) inserted (18.3.2016) by The Undertakings for Collective Investment in Transferable Securities Regulations 2016 (S.I. 2016/225), regs. 1, 2(4)(b)
  29. F1325Word in s. 168(4)(ja)(iv) omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(8)(c)
  30. F1326S. 168(4)(jb)(jc) substituted for s. 168(4)(jb) (3.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(b), 3(4)
  31. F1327Words in s. 168(4)(jc)(ii) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 45(a) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 33(e)) (with transitional provisions in S.I. 2019/710, regs. 1(4), 37); 2020 c. 1, Sch. 5 para. 1(1) this amendment is subject to savings and/or transitional provisions, see the commentary.
  32. F1328Words in s. 168(4)(jc)(ii) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 44(3)(b)
  33. F1329S. 168(4)(k) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 8(4)(g) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
  34. F1330Words in s. 168(4)(k) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 45(b) (with transitional provisions in S.I. 2019/710, regs. 1(4), 37); 2020 c. 1, Sch. 5 para. 1(1) this amendment is subject to savings and/or transitional provisions, see the commentary.
  35. F1331S. 168(4A) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 8(2) text inserted for certain specified purposes only, see the commentary.
  36. F1332S. 168(4B) inserted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 9(2)
  37. F1333Words in s. 168(5) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 8(5) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
  38. F1334S. 168(6) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 8(6) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
  39. F1335S. 168(6)(c) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 8(3) text inserted for certain specified purposes only, see the commentary.
  40. F1336Words in s. 168(6)(c) substituted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 9(3)
  41. F1337S. 168(7) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 8(4) text inserted for certain specified purposes only, see the commentary.

Modifications

  1. C710S. 168 amended (18.7.2002 for certain purposes and 21.8.2002 otherwise) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), regs. 1, 12(3)
  2. C711S. 168 applied (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), regs. 1, 52(4), 53(3)
  3. C712S. 168 applied (with modifications) (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 50(2)
  4. C713S. 168 modified (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 23(3) (with Pt. 4)
  5. C714S. 168 applied (with modifications) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 57(2)(3)
  6. C715S. 168 modified (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 55(5)
  7. C716S. 168 applied (with modifications) (31.5.2021) by The Civil Liability Act 2018 (Financial Conduct Authority) (Whiplash) Regulations 2021 (S.I. 2021/594), regs. 1, 2(4)(c)
  8. C717S. 168 applied (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), art. 1(2), Sch. para. 1(h) (with art. 11)
  9. C718S. 168 applied (with modifications) (14.1.2025 for specified purposes, 13.7.2026 in so far as not already in force) by The Short Selling Regulations 2025 (S.I. 2025/29), regs. 2(2)(3), 24, 25, Sch. 1 Pts. 1, 2; S.I. 2026/587, reg. 2(b)
  10. C719S. 168(3)(5) applied (1.12.2001) by S.I. 2001/2657, arts. 1(1), 18(1)(3) (which was revoked 8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1)
  11. C720S. 168(3)(5) applied (3.11.2025) by S.I. 2024/105, reg. 44(2) (as substituted by The Public Offers and Admissions to Trading (Amendment and Consequential and Transitional Provisions) Regulations 2025 (S.I. 2025/1076), regs. 1(2), 2)
  12. C721S. 168(4) applied (with modifications) (11.4.2002 for certain purposes and 27.4.2002 otherwise) by The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), art. 9G(8) (as inserted by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2), 4)
  13. C722S. 168(4)-(6) applied (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 23(2)(d) (with Pt. 4)
  14. C723S. 168(4)(c) amended (18.7.2002 for certain purposes and 21.8.2002 otherwise) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), regs. 1, 12(5)
  15. C724S. 168(4)(c) applied (with modifications) (1.4.2013) by The Financial Services Act 2012 (Transitional Provisions) (Miscellaneous Provisions) Order 2013 (S.I. 2013/442), arts. 1(3), 19(10)
  16. C725S. 168(4)(ja)(ii) modified (30.1.2024 for specified purposes, 1.11.2024 in so far as not already in force) by The Securitisation Regulations 2024 (S.I. 2024/102), regs. 2(1)(e)(2), 34(7)(8)(b) (with Sch. 3); as amended by S.I. 2024/705, regs. 1(2), 2(2)

Commencement

  1. I25S. 168 wholly in force at 3.9.2001; s. 168 not in force at Royal Assent see s. 431(2); s. 168(4)(b) in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 168 in force in so far as not already in force at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2

Marginal citations

  1. M71993 c. 36.