Financial Services and Markets Act 2000, section 391

Publication

Part XXVI Notices

[F2931 (1)In the case of a warning notice falling within subsection (1ZB)—

(a)neither the regulator giving the notice nor a person to whom it is given or copied may publish the notice,

(b)a person to whom the notice is given or copied may not publish any details concerning the notice unless the regulator giving the notice has published those details, and

(c)after consulting the persons to whom the notice is given or copied, the regulator giving the notice may publish such information about the matter to which the notice relates as it considers appropriate.

(1ZA)In the case of a warning notice not falling within subsection (1ZB), neither the regulator giving the notice nor a person to whom it is given or copied may publish the notice or any details concerning it.

(1ZB)A warning notice falls within this subsection if it is given under—

(a)section 63B;

(b)section 67;

F2932 (c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d)section 88B;

(e)section 89K;

(f)section 89R;

(g)section 92;

(h)section 126;

F2933 (i). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2934 (ia)section 142N;F2934]

[F2935 (ib)section 143T;

(ic)section 143X;F2935]

(j)section 192L;

(k)section 207;

[F2936 (ka)section 309V;

(kb)section 309Z4;F2936]

(l)section 312G;

[F2937 (la)section 312S;F2937]

(m)section 345B (whether as a result of section 345(2) or 345A(3) or section 249(1) [F2938 or 261K(1)F2938] ).F2931]

[F2939 (n) regulation 41(1) of the Public Offers and Admissions to Trading Regulations 2024.F2939]

[F2940 (1A)A person to whom a decision notice is given or copied may not publish the notice or any details concerning it unless the [F2941 regulator giving the noticeF2941] has published the notice or those details.F2940]

(2)A notice of discontinuance must state that, if the person to whom the notice is given consents, the [F2942regulator giving the noticeF2942] may publish such information as it considers appropriate about the matter to which the discontinued proceedings related.

(3)A copy of a notice of discontinuance must be accompanied by a statement that, if the person to whom the notice is copied consents, the [F2943regulator giving the noticeF2943] may publish such information as it considers appropriate about the matter to which the discontinued proceedings related, so far as relevant to that person.

(4)[F2944 The regulator giving a decision or final noticeF2944] must publish such information about the matter to which [F2945the noticeF2945] relates as it considers appropriate.

[F2946 (4A)Subsection (4) is subject to [F2947 sections 391A [F2948 , 391B [F2949 , 391C [F2950 391D, 391E and 391FF2950,F2949,F2948,F2947]]]] .F2946]

(5)When a supervisory notice takes effect, the [F2951regulator giving the noticeF2951] must publish such information about the matter to which the notice relates as it considers appropriate.

[F2952 (5A)Subsection (5) does not apply in relation to a notice given in accordance with section 137S(5) or (8)(a) (but see section 137S(11)).F2952]

[F2953 (6)The FCA may not publish information under this section if, in its opinion, publication of the information would be—

(a)unfair to the person with respect to whom the action was taken (or was proposed to be taken),

(b)prejudicial to the interests of consumers, or

(c)detrimental to the stability of the dfnUK financial system.

(6A)The PRA may not publish information under this section if, in its opinion, publication of the information would be—

(a)unfair to the person with respect to whom the action was taken (or was proposed to be taken),

(b)prejudicial to the safety and soundness of PRA-authorised persons, or

(c)in a case where section 2C applies, prejudicial to securing the appropriate degree of protection for policyholders.F2953]

(7)Information is to be published under this section in such manner as the [F2954regulatorF2954] considers appropriate.

F2955 (7A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2955 (7B). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8)For the purposes of determining when a supervisory notice takes effect, a matter to which the notice relates is open to review if—

(a)the period during which any person may refer the matter to the Tribunal is still running;

(b)the matter has been referred to the Tribunal but has not been dealt with;

(c)the matter has been referred to the Tribunal and dealt with but the period during which an appeal may be brought against the Tribunal’s decision is still running; or

(d)such an appeal has been brought but has not been determined.

[F2956 (8A)Where a decision notice or final notice relates to any decision or action under a provision of this Act in relation to the contravention of a [F2957 CSD requirementF2957] , this section has effect subject to Article 62 of the CSD regulation (publication of decisions).F2956]

[F2958 (8AA) A “CSD requirement” is a requirement imposed by—

(a)the CSD regulation,

(b)any EU regulation, originally made under the CSD regulation, which is [F2959 assimilated directF2959] legislation, or

(c)any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the CSD regulation on or after IP completion day.F2958]

[F2960 (8B)Where a decision notice or final notice relates to any decision or action under a provision of this Act in relation to the contravention of a [F2961 market abuse requirementF2961] , this section has effect subject to Article 34 of the market abuse regulation (publication of decisions).F2960]

[F2962 (8BA) A “market abuse requirement” is a requirement imposed by—

(a)the market abuse regulation,

(b)any EU regulation, originally made under the market abuse regulation, which is [F2963 assimilated directF2963] legislation, or

(c)any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the market abuse regulation on or after IP completion day.F2962]

[F2964 (8C)Where a decision notice, final notice or supervisory notice relates to any decision or action under a provision of this Act in relation to the contravention of a requirement imposed by or under Article 4 or 15 of the SFT regulation, this section has effect subject to Article 26 of the SFT regulation (publication of decisions).F2964]

F2965 (8D). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2966 (8E)Where a decision notice or final notice relates to any decision or action under a provision of this Act in relation to the contravention of a requirement [F2967 imposed by—

(a)the EU Benchmarks Regulation 2016,

(b)any EU regulation, originally made under the EU Benchmarks Regulation 2016, which is [F2968 assimilated directF2968] legislation, or

(c)any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the EU Benchmarks Regulation on or after IP completion day,

this sectionF2967] has effect subject to Article 45 of the dfnEU Benchmarks Regulation 2016 (publication of decisions).F2966]

F2969 (8F). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2970 (8G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(9) “Notice of discontinuance” means a notice given under section 389.

(10) “Supervisory notice” has the same meaning as in section 395.

[F2971 (11) Section 425A (meaning of “consumers”) applies for the purposes of this section. F2971]

Read section 391 in the full Act → Definitions (11) Cases (15)

Definitions used in section 391

regulator

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

Defined in s.417(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
the PRA

“the PRA” means the Prudential Regulation Authority;

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

(5) In this Act “PRA-authorised person” means an authorised person who has permission—

(a)given under Part 4A, or

(b)resulting from any other provision of this Act,

Defined in s.2B(5) · see it in the full Act

“PRA-authorised person” has the meaning given in section 2B(5);

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

(2) In this Act “policy” and “policyholder”, in relation to a contract of insurance, have such meaning as the Treasury may by order specify.

Defined in s.424(2) · see it in the full Act
the Tribunal

“the Tribunal” means the Upper Tribunal;

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

“the CSD regulation” means Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories , as it forms part of assimilated law ;

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
SFT regulation

“SFT regulation” means Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 ;

Defined in s.417(1) · see it in the full Act
the EU Benchmarks Regulation 2016

“the EU Benchmarks Regulation 2016” means Regulation EU 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 , as it forms part of assimilated law ;

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

(6A) For the purposes of subsection (1A)(c), “benchmark” has the meaning given by Article 3 of the EU Benchmarks Regulation 2016, and “administering” a benchmark means acting as an administrator of that benchmark within the meaning of that Article.

Defined in s.22(6A) · see it in the full Act

Cases considering section 391 (15)

Real Estate Opportunities Ltd v Aberdeen Asset Managers Jersey Ltd & Ors

[2007] EWCA Civ 197 · 9 March 2007Interprets

Interprets publication of warning and decision notices as dissemination with a view to making information available to the public. Inspection under court rules does not itself amount to publication. (see paras [75]-[78]) Applies the prohibition on publishing warning or decision notices. Inspection between litigation parties is not publication, but use in open court may require restrictions or a private hearing. (see paras [75]; [78])

Kiakiafx Limited v The Financial Conduct Authority

[2026] UKUT 99 (TCC) · 3 March 2026

Confirms the presumption that Decision Notices will be published, subject to the Tribunal’s discretionary power to prohibit publication. The Applicant did not establish the unfairness required to displace that presumption. (see paras [74]–[75])

Heather Dunne v Financial Conduct Authority

[2024] UKUT 416 (TCC) · 11 December 2024

The Tribunal treated section 391 as imposing a strong statutory presumption that Financial Conduct Authority decision notices are published. That presumption advances transparency and open justice and is displaced only where the statutory privacy considerations justify it (see paras [40]; [42]; [105]). The duty to publish appropriate information formed part of the statutory context for the presumption of publication. The Tribunal applied that context when rejecting a requirement for the Authority to show an additional consumer-protection imperative (see para [105]). The Tribunal applied unfairness as the relevant statutory basis on which publication could be withheld. The applicant did not establish, by cogent evidence, a significant likelihood that publication would cause unfair psychological or physical harm (see paras [40]-[42]; [46]; [77]).

What each judgment says about section 391 is in the case-law panel in the full Act.

Explanatory note

687.This section establishes common rules on publication of decisions which:

  • prevent the Authority from publishing details about warning and decision notices;

  • enable the Authority to publish appropriate details of a discontinued decision, but only if the person to whom the notice is given consents; and

  • require the Authority to publish appropriate information about a final notice, but omitting information which would be unfair to the person to whom the notice relates or prejudicial to the interests of consumers.

688.The provision for publishing details of a final notice applies equally to a supervisory notice (as defined in section 395) but only when such a notice takes effect.  The procedure on giving a supervisory notice is set out under the description of section 53 above.  If the notice so states, it may take effect immediately, or on a particular date.  Otherwise it will take effect only once it is no longer “open to review”.  Subsection (8) of this section provides that a supervisory notice is “open to review” until after the period for referring the matter to the Tribunal has expired and until any reference or further appeal has been finally determined.

All the explanatory notes for the Act

Amendments and notes

65 notes from legislation.gov.uk

Amendments

  1. F2931S. 391(1)(1ZA)(1ZB) substituted for s. 391(1) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 30(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  2. F2932S. 391(1ZB)(c) omitted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 17(a)(i) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
  3. F2933S. 391(1ZB)(i) omitted (14.1.2025 for specified purposes, 13.7.2026 in so far as not already in force) by virtue of The Short Selling Regulations 2025 (S.I. 2025/29), reg. 2(2)(3), Sch. 2 para. 1(5); S.I. 2026/587, reg. 2(b)
  4. F2934S. 391(1ZB)(ia) inserted (1.1.2019) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(3), 148(5); S.I. 2018/1306, art. 2(d)
  5. F2935S. 391(1ZB)(ib)(ic) inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 12 (with Sch. 2 Pt. 3); S.I. 2021/671, reg. 4(b)
  6. F2936S. 391(1ZB)(ka)(kb) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 13 text inserted for certain specified purposes only, see the commentary.
  7. F2937S. 391(1ZB)(la) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 19(4), 86(3); S.I. 2023/779, reg. 4(n)
  8. F2938Words in s. 391(1ZB)(m) inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(18) (with reg. 24)
  9. F2939S. 391(1ZB)(n) inserted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 17(a)(ii) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
  10. F2940S. 391(1A) inserted (12.10.2010) by Financial Services Act 2010 (c. 28), ss. 13(3), 26(3); S.I. 2010/2480, art. 2 (with art. 4)
  11. F2941Words in s. 391(1A) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 30(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  12. F2942Words in s. 391(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 30(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  13. F2943Words in s. 391(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 30(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  14. F2944Words in s. 391(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 30(4)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  15. F2945Words in s. 391(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 30(4)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  16. F2946S. 391(4A) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 22
  17. F2947Words in s. 391(4A) substituted (26.11.2015) by The Transparency Regulations 2015 (S.I. 2015/1755), regs. 1(3), 4(5)
  18. F2948Words in s. 391(4A) substituted (18.3.2016) by The Undertakings for Collective Investment in Transferable Securities Regulations 2016 (S.I. 2016/225), regs. 1, 2(7)
  19. F2949Words in s. 391(4A) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 45(a) (with reg. 7)
  20. F2950Words in s. 391(4A) substituted (21.7.2019) by The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 33(1)(a) (with reg. 40)
  21. F2951Words in s. 391(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 30(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  22. F2952S. 391(5A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 24(2), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  23. F2953S. 391(6)(6A) substituted for s. 391(6) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 30(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  24. F2954Word in s. 391(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 30(7) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  25. F2955S. 391(7A)(7B) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 74(2); 2020 c. 1, Sch. 5 para. 1(1)
  26. F2956S. 391(8A) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 6(2)
  27. F2957Words in s. 391(8A) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 74(3); 2020 c. 1, Sch. 5 para. 1(1)
  28. F2958S. 391(8AA) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 74(4) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 33(g)(i)); 2020 c. 1, Sch. 5 para. 1(1) Edit
  29. F2959Words in s. 391(8AA)(b) 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(4)(t)
  30. F2960S. 391(8B) inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(17)(b)
  31. F2961Words in s. 391(8B) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 74(5); 2020 c. 1, Sch. 5 para. 1(1)
  32. F2962S. 391(8BA) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 74(6) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 33(g)(ii)); 2020 c. 1, Sch. 5 para. 1(1)
  33. F2963Words in s. 391(8BA)(b) 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(4)(t)
  34. F2964S. 391(8C) inserted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 1 para. 1(4)
  35. F2965S. 391(8D) omitted (22.11.2024 for specified purposes, 6.4.2026 in so far as not already in force) by virtue of The Consumer Composite Investments (Designated Activities) Regulations 2024 (S.I. 2024/1198), reg. 2(1)(c)(2), Sch. 2 para. 1; S.I. 2025/1078, reg. 7(b)
  36. F2966S. 391(8E) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 46
  37. F2967Words in s. 391(8E) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 74(8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 33(g)(iv)); 2020 c. 1, Sch. 5 para. 1(1)
  38. F2968Words in s. 391(8E)(b) 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(4)(t)
  39. F2969S. 391(8F) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 74(9); 2020 c. 1, Sch. 5 para. 1(1)
  40. F2970S. 391(8G) omitted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 17(b) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
  41. F2971S. 391(11) substituted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(1)(l), Sch. 2 para. 28

Modifications

  1. C1302Ss. 385-391 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(r) (with art. 11)
  2. C1397S. 391 applied (1.12.2001) by S.I. 2001/1228, regs. 1(2)(c), 9 (with reg. 1(2)(3)); S.I. 2001/3538, art. 2(1)
  3. C1398S. 391 applied (N.I.) (1.11.2004) by Open-Ended Investment Companies Regulations (Northern Ireland) 2004 (S.R. 2004/335), regs. 1(1)(b), 9 (with reg. 1(2))
  4. C1399S. 391: power to amend conferred (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 37(2)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  5. C1400S. 391 applied (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 56 (with regs. 52-58)
  6. C1401S. 391 applied (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 5(11)
  7. C1402S. 391 applied (with modifications) by S.I. 2014/2879, reg. 5C(11) (as inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(9) (with regs. 7(4), 9(1)))
  8. C1403S. 391 applied (31.5.2021) by The Civil Liability Act 2018 (Financial Conduct Authority) (Whiplash) Regulations 2021 (S.I. 2021/594), regs. 1, 2(8)(e)
  9. C1404S. 391 applied (with modifications) (1.1.2026) by The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 (S.I. 2025/1145), regs. 1(2), 32(6)
  10. C1405S. 391 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, 26, Sch. 1 Pts. 1, 2, 3; S.I. 2026/587, reg. 2(b)
  11. C1406S. 391(1)(c) restricted (1.4.2013) by The Financial Services Act 2012 (Transitional Provisions) (Enforcement) Order 2013 (S.I. 2013/441), arts. 1(1), 33
  12. C1407S. 391(4)(6)(7) applied (1.12.2001) by S.I. 2001/2957, arts. 1, 13(8)(a), S.I. 2001/3538, art. 2(1)
  13. C1408S. 391(4) applied (1.12.2001) by S.I. 2001/3592, arts. 1(2), 61(7), 85(5)(b), 110(7), 115(5), 122(4), 129 (with art. 23(2))
  14. C1409S. 391(6)(b) modified (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), 65(3)(c)
  15. C1410S. 391(8) applied (N.I.) (1.11.2004) by Open-Ended Investment Companies Regulations (Northern Ireland) 2004 (S.R. 2004/335), regs. 1(1)(b), 27(14) (with reg. 1(2))
  16. C1411S. 391(8) applied (with modifications) by S.I. 2011/99, Sch. 2A para. 1(9)(10)(12) (as inserted (14.2.2014 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) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 18(3))
  17. C1412S. 391(8) applied (with modifications) by S.I. 2009/209, Sch. 4A para. 1(9)(10) (as inserted (14.2.2014 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) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 12(4))
  18. C1413S. 391(8) applied (1.1.2019) by The Securitisation Regulations 2018 (S.I. 2018/1288), regs. 1, 15(8)
  19. C1414S. 391(8) applied (1.1.2019) by The Securitisation Regulations 2018 (S.I. 2018/1288), regs. 1, 22(8)
  20. C1415S. 391(8) applied (1.7.2021) by Regulation (EU) No. 600/2014, Art. 49A(13) (as inserted by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 10 para. 9; S.I. 2021/739, reg. 3(o))
  21. C1416S. 391(8) applied (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)(b)(e)(2), 7(12), 10(10), 20(12), 30(8) (with reg. 52(1)(3)); as amended by S.I. 2024/705, regs. 1(2), 2(2)
  22. C1417S. 391(8) applied (1.1.2026) by The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 (S.I. 2025/1145), regs. 1(2), 17(12)
  23. C1418S. 391(8)(a)-(d) applied (1.5.2009 for certain purposes and 1.11.2009 otherwise) by The Payment Services Regulations 2009 (S.I 2009/209), regs. 1(2)(b)(v)(c), {11(13)} (with reg. 3)
  24. C1419S. 391(11) modified (18.6.2001) by S.I. 2001/1821, arts. 1(1), 3(5)