Financial Services and Markets Act 2000, section 417

Definitions

Part XXIX Interpretation

(1)In this Act [F3228and in any order or regulations made under this ActF3228] —

  • [F3229 “AIF” has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013 ; F3229]

  • “appointed representative” has the meaning given in section 39(2 );

  • “auditors and actuaries rules” means rules made under section 340;

  • “authorisation offence” has the meaning given in section 23(2);

  • “authorised open-ended investment company” has the meaning given in section 237(3);

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

  • [F3230 “Bank of England” is to be read in accordance with section 2A(4) to (6); F3230]

  • F3231 ...

  • “body corporate” includes a body corporate constituted under the law of a country or territory outside the United Kingdom;

  • [F3232 “capital requirements directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms , amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC [F3233 , as it had effect immediately before IP completion day F3233] . F3232]

  • [F3232 “capital requirements regulation” means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 [F3234 , as it [F3235 forms part of [F3236 assimilated F3236] law F3235,F3234]] . F3232]

  • [F3237 “central securities depository” [F3238 means a CSD or third-country CSD as defined in F3238] Article 2(1) of the CSD regulation; F3237]

  • “chief executive”—

    (a)

    in relation to a body corporate whose principal place of business is within the United Kingdom, means an employee of that body who, alone or jointly with one or more others, is responsible under the immediate authority of the directors, for the conduct of the whole of the business of that body; and

    (b)

    in relation to a body corporate whose principal place of business is outside the United Kingdom, means the person who, alone or jointly with one or more others, is responsible for the conduct of its business within the United Kingdom;

  • [F3239 “claim”, in relation to the Financial Services Compensation Scheme under Part XV, is to be construed in accordance with section 214(1B); F3239]

  • “collective investment scheme” has the meaning given in section 235;

  • F3240 “the Commission” means the European Commission ...;

  • “the compensation scheme” has the meaning given in section 213(2);

  • “control of information rules” has the meaning given in [F3241 section 137P F3241] ;

  • [F3242 “core activities” has the meaning given in section 142B; F3242]

  • [F3242 “core services” has the meaning given in section 142C; F3242]

  • [F3243 “credit-related regulated activity” has the meaning given in section 23(1B); F3243]

  • [F3244 “credit institution” means an undertaking the business of which is to take deposits or other repayable funds from the public and to grant credits for its own account; F3244]

  • [F3245 “CRR rules” has the meaning given in section 144A; F3245]

  • [F3246 “cryptoasset” means any cryptographically secured digital representation of value or contractual rights that—

    (a)

    can be transferred, stored or traded electronically, and

    (b)

    that uses technology supporting the recording or storage of data (which may include distributed ledger technology).F3246]

  • [F3247 “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 [F3248 , as it [F3249 forms part of [F3236 assimilated F3236] law F3249,F3248]] ; F3247]

  • [F3250 “the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act ); F3250]

  • [F3251 “designated activity” has the meaning given in section 71K; F3251]

  • “director”, in relation to a body corporate, includes—

    (a)

    a person occupying in relation to it the position of a director (by whatever name called); and

    (b)

    a person in accordance with whose directions or instructions (not being advice given in a professional capacity) the directors of that body are accustomed to act;

  • “documents” includes information recorded in any form and, in relation to information recorded otherwise than in legible form, references to its production include references to producing a copy of the information in legible form [F3252 , or in a form from which it can readily be produced in visible and legible form F3252] ;

  • F3253 ...

  • F3253 ...

  • F3254 ...

  • [F3255 “ESMA” means the European Securities and Markets Authority established by Regulation ( EU ) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority) ; F3255]

  • [F3256 “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 [F3257 , as it forms part of [F3236 assimilated F3236] law F3257] ; F3256]

  • [F3258 “excluded activities” has the meaning given in section 142D; F3258]

  • “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 F3259[F3260 ... 285 F3260] ;

  • [F3261 “the FCA” means the Financial Conduct Authority; F3261]

  • “financial promotion rules” means rules made under [F3262 section 137R F3262] ;

  • [F3263 “Financial Stability Objective” means the objective set out in section 2A of the Bank of England Act 1998 ; F3263]

  • “friendly society” means an incorporated or registered friendly society;

  • [F3229 “full-scope UKAIFM” has the meaning given in regulation 2(1) of the Alternative Investment Fund Managers Regulations 2013 ; F3229]

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

  • [F3264 “general rules”—

    (a)

    in relation to the FCA, has the meaning given in section 137A(2), and

    (b)

    in relation to the PRA, has the meaning given in section 137G(2);F3264]

  • [F3265 “Gibraltar-based person” has the meaning given in paragraph 1 of Schedule 2A (read with Part 14 of that Schedule) ; F3265]

  • M50 “incorporated friendly society” means a society incorporated under the Friendly Societies Act 1992 ;

  • F3266 ...

  • F3254 ...

  • [F3267 “insurance undertaking” means—

    (a)

    an undertaking which is authorised by or under this Act to carry on the regulated activity of effecting or carrying out contracts of insurance as principal, or

    (b)

    the association of underwriters known as Lloyd’s;F3267]

  • [F3268 “investment services and activities” means any of the services and activities listed in Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ( S.I. 2001/544 ), relating to any of the instruments listed in Part 1 of that Schedule; F3268]

  • F3269 ...

  • [F3270 “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 [F3271 , as it [F3272 forms part of [F3236 assimilated F3236] law F3272,F3271]] ; F3270]

  • [F3273 “markets in financial instruments regulation” means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2004 on markets in financial [F3274 instruments, as it forms part of [F3236 assimilated F3236] law; F3274,F3273]]

  • F3275 ...

  • “Minister of the Crown” has the same meaning as in the Ministers of the Crown Act 1975 ;

  • [F3276 “MMF Regulation” means Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds [F3277 , as it forms part of [F3236 assimilated F3236] law F3277] ; F3276]

  • F3253 ...

  • F3253 ...

  • F3278 ...

  • F3279 ...

  • “the ombudsman scheme” has the meaning given in section 225(3);

  • “open-ended investment company” has the meaning given in section 236;

  • [F3280 “Part 4A permission” has the meaning given in section 55A(5); F3280]

  • [F3281 “Part 9C prohibition order” has the meaning given in section 143S; F3281]

  • [F3281 “Part 9C rules” has the meaning given in section 143F; F3281]

  • [F3282 “Part 18 prohibition order” has the meaning given in section 309B; F3282]

  • “partnership” includes a partnership constituted under the law of a country or territory outside the United Kingdom;

  • [F3283 “the Payment Systems Regulator” means the body established under section 40(1) of the Financial Services (Banking Reform) Act 2013 ; F3283]

  • [F3284 “the PRA” means the Prudential Regulation Authority;

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

  • “PRA-regulated activity” has the meaning given in section 22A; F3284]

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

  • “price stabilising rules” means rules made under [F3285 section 137Q F3285] ;

  • [F3286 “principal” in relation to an appointed representative, is to be read in accordance with section 39; F3286]

  • “private company” has [F3287 the same meaning as in the Companies Acts (see section 4 of the Companies Act 2006 ) F3287] ;

  • “prohibition order” [F3288 (except in the expression “Part 9C prohibition order” [F3289 or “Part 18C prohibition order” F3289] ) F3288] has the meaning given in section 56(2);

  • [F3290 “qualifying credit institution” means a credit institution which—

    (a)

    is a person who—

    (i)

    has Part 4A permission to carry on the regulated activity of accepting deposits, or

    (ii)

    satisfies the conditions for being given permission under Part 4A to carry on that activity, or

    (iii)

    is a body corporate incorporated in the United Kingdom and would satisfy those conditions—

    (aa)

    were its head office in the United Kingdom, or

    (bb)

    if it has a registered office, were its registered office, or its registered office and its head office, in the United Kingdom,

    (b)

    is not a friendly society, and

    (c)

    is not a society registered as a credit union under—

    (i)

    the Co-operative and Community Benefit Societies Act 2014,

    (ii)

    the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)), or

    (iii)

    the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 (c. 24 (N.I.));F3290]

  • [F3291 “recognised CSD”, F3291] “recognised clearing house” and “recognised investment exchange” have the meaning given in section 285;

  • “registered friendly society” means a society which is—

    (a)

    M51 a friendly society within the meaning of section 7(1)(a) of the Friendly Societies Act 1974; and

    (b)

    registered within the meaning of that Act;

  • [F3292 “registered society” (except where otherwise indicated) means—

    (a)

    a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, or

    (b)

    a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969;F3292]

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

  • [F3293 “regulated claims management activity” means activity of a kind specified in an order under section 22(1B) (regulated activities: claims management services) ; F3293]

  • “regulating provisions” has the meaning given in [F3294 section 140A F3294] ;

  • [F3295 “regulator” has the meaning given in section 3A(2); F3295]

  • [F3296 “reinsurance undertaking” means—

    (a)

    an undertaking which is authorised by or under this Act to carry on the regulated activity of effecting or carrying out contracts of insurance that are limited to reinsurance contracts as principal, or

    (b)

    the association of underwriters known as Lloyd’s;F3296]

  • [F3297 “relevant designated activity” has the meaning given in section 71T(1); F3297]

  • [F3297 “relevant Part 5A requirement” is to be read in accordance with section 71T(2); F3297]

  • [F3298 “ring-fencing rules” has the meaning given in section 142H; F3298]

  • [F3298 “ring-fenced body” has the meaning given in section 142A; F3298]

  • F3299 ...

  • F3299 ...

  • [F3300 “rule” means a rule made by the FCA or the PRA under this Act; F3300]

  • “rule-making instrument” has the meaning given in [F3301 section 138G F3301] ;

  • [F3265 “Schedule 2A permission” has the meaning given in paragraph 12(4) of Schedule 2A; F3265]

  • [F3265 “Schedule 2B permission” has the meaning given in paragraph 7(6) of Schedule 2B; F3265]

  • “the scheme manager” has the meaning given in section 212(1);

  • “the scheme operator” has the meaning given in section 225(2);

  • “scheme particulars rules” has the meaning given in section 248(1);

  • “Seventh Company Law Directive” means the European Council Seventh Company Law Directive of 13 June 1983 on consolidated accounts ( No. 83/349/ EEC );

  • [F3302 “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 ; F3302]

  • F3303 ...

  • F3304 ...

  • [F3305 “Takeovers Directive” means Directive 2004/25/ EC of the European Parliament and of the Council; F3305]

  • F3306 ...

  • [F3307 “threshold conditions”, in relation to a regulated activity, has the meaning given in section 55B(1); F3307]

  • F3253 ...

  • F3254 ...

  • [F3308 “the Tribunal” means the Upper Tribunal; F3308]

  • “trust scheme rules” has the meaning given in section 247(1);

  • [F3276 “UCITS” has the meaning given in [F3309 section 236A F3309] ; F3276]

  • “UK authorised person” has the meaning given in [F3310 section 191G(1) F3310] ;

  • [F3311 “the UK financial system” has the meaning given in [F3312 section 1I F3312] ; F3311] and

  • “unit trust scheme” has the meaning given in section 237.

F3313 (1A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)In the application of this Act to Scotland, references to a matter being actionable at the suit of a person are to be read as references to the matter being actionable at the instance of that person.

(3)For the purposes of any provision of this Act [F3314(other than a provision of Part 6)F3314] authorising or requiring a person to do anything within a specified number of days no account is to be taken of any day which is a public holiday in any part of the United Kingdom.

F3315 (4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F3316 (5) The Treasury may by regulations amend the definition of “cryptoasset” in subsection (1). F3316]

Read section 417 in the full Act → Definitions (7) Cases (5)

Definitions used in section 417

third country CSD

(g) “third country CSD” means a central securities depository, established in a country other than the United Kingdom, which is recognised by the Bank of England pursuant to Article 25 of the CSD regulation.

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

(6) The power conferred by sub-paragraph (1) may not be exercised so as to restrict or prohibit discretionary payments to employees or shareholders of a recognised central counterparty (and for this purpose “discretionary payment” has the meaning given by paragraph 13(11) of Schedule 11 to the Financial Services and Markets Act 2023 and “employee” has the meaning given by paragraph 154 of that Schedule).

Defined in Sch.17A para.9B(6) · see it in the full Act
the compensation scheme

(2) The rules (taken together) are to be known as the Financial Services Compensation Scheme (but are referred to in this Act as “the compensation scheme”).

Defined in s.213(2) · see it in the full Act
securities

(a) section 102A(1), (2) and (6) (meaning of “securities” and “issuer”);

Defined in Sch.10A para.8(6) · 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
appointed representative

(2) In this Act “appointed representative” means—

(a)a person who is exempt as a result of subsection (1), or

(b)a person carrying on a regulated activity in circumstances where, as a result of subsection (1D), sections 20(1) and (1A) and 23(1A) do not apply.

Defined in s.39(2) · 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

Cases considering section 417 (5)

Asset Land Investment Plc and another v The Financial Conduct Authority

[2016] UKSC 17 · 20 April 2016

The general interpretation provision adopts the section 235 definition of collective investment scheme for purposes outside Part XVII (see para [79]).

Afan Valley Ltd & Ors v Lupton Fawcett LLP

[2026] EWCA Civ 2 · 5 January 2026Defines

The provision was identified as part of the statutory meaning of collective investment scheme. The question whether the schemes fell within that statutory concept framed the alleged advice and the resulting regulatory exposure (see para [9]).

Brinphar Ltd & Ors v Ever Bright Inn Ltd & Ors

[2026] EWHC 644 (Ch) · 17 March 2026Defines

Cited only.

What each judgment says about section 417 is in the case-law panel in the full Act.

Amendments and notes

96 notes from legislation.gov.uk

Amendments

  1. F3228Words in s. 417(1) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 85(2); 2020 c. 1, Sch. 5 para. 1(1)
  2. F3229Words in s. 417(1) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 31
  3. F3230Words in s. 417(1) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 49 (with Sch. 3); S.I. 2017/43, reg. 2(g)
  4. F3231Words in s. 417(1) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 48(1)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  5. F3232Words in s. 417(1) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 24
  6. F3233Words in s. 417(1) inserted (29.12.2020) by The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1406), regs. 1(4), 2(10) (with reg. 5)
  7. F3234Words in s. 417(1) inserted (23.3.2019) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(2)(b), 85(3)
  8. F3235Words in s. 417(1) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 38(3)(a)(i)
  9. F3236Word in s. 417(1) 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(2)(h)
  10. F3237Words in s. 417(1) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(38)(a) (with regs. 7(4), 9(1))
  11. F3238Words in s. 417(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 85(4); 2020 c. 1, Sch. 5 para. 1(1)
  12. F3239S. 417(1): definition of "claim" inserted (17.2.2009 for certain purposes and 21.2.2009 otherwise) by Banking Act 2009 (c. 1), ss. 174(2), 263(1) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 4
  13. F3240Words in s. 417 omitted (1.4.2014) by virtue of The Enterprise and Regulatory Reform Act 2013 (Competition) (Consequential, Transitional and Saving Provisions) Order 2014 (S.I. 2014/892), art. 1(1), Sch. 1 para. 131 (with art. 3)
  14. F3241Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  15. F3242Words in s. 417(1) inserted (1.3.2014 for specified purposes, 1.1.2019 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(5)(a), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2018/1306, art. 2(d)
  16. F3243Words in s. 417(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  17. F3244Words in s. 417(1) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 85(5); 2020 c. 1, Sch. 5 para. 1(1)
  18. F3245Words in s. 417(1) inserted (9.6.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 3 para. 18 (with Sch. 3 Pt. 4); S.I. 2021/671, reg. 2(d)
  19. F3246Words in s. 417(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 69(4)(a), 86(3); S.I. 2023/779, reg. 4(uu)
  20. F3247Words in s. 417(1) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 6(3)
  21. F3248Words in s. 417(1) inserted (23.3.2019) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(2)(b), 85(6)
  22. F3249Words in s. 417(1) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 38(3)(a)(ii)
  23. F3250Words in s. 417(1) inserted (25.5.2018) by Data Protection Act 2018 (c. 12), s. 212(1), Sch. 19 para. 53 (with ss. 117, 209, 210); S.I. 2018/625, reg. 2(1)(g)
  24. F3251Words in s. 417 inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 8(7), 86(3); S.I. 2023/779, reg. 4(e)
  25. F3252S. 417(1): words in definition of "documents" inserted (1.4.2003) by 2001 c. 16, ss. 70, 138(2), Sch. 2 Pt. 2 para. 16(2)(f); S.I. 2003/708, art. 2(c)(k)
  26. F3253Words in s. 417(1) 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), 85(13); 2020 c. 1, Sch. 5 para. 1(1)
  27. F3254Words in s. 417(1) omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 3(a) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)
  28. F3255Words in s. 417(1) inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 2(14)(b)
  29. F3256Words in s. 417(1) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 49(1)
  30. F3257Words in s. 417(1) inserted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 38(3)(a)(iii)
  31. F3258Words in s. 417(1) inserted (1.3.2014 for specified purposes, 1.1.2019 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(5)(b), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2018/1306, art. 2(d)
  32. F3259Words in s. 417(1) omitted (28.11.2017) by virtue of The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(38)(b) (with regs. 7(4), 9(1))
  33. F3260Words in s. 417(1) substituted (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), 3(15) (with regs. 52-58)
  34. F3261S. 417(1): definition of “the FCA” inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(d), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
  35. F3262Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(e), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  36. F3263Words in s. 417(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 9(6), 86(3); S.I. 2023/779, reg. 4(f)
  37. F3264Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(f), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  38. F3265Words in s. 417(1) inserted (1.9.2023 for specified purposes) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 8 para. 14; S.I. 2023/934, reg. 2(b)(v) text inserted for certain specified purposes only, see the commentary.
  39. F3266Words in s. 417(1) omitted (1.8.2014) by virtue of Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 71(1) (with Sch. 5)
  40. F3267Words in s. 417(1) substituted (31.12.2024) by The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 (S.I. 2024/1083), regs. 1(2)(b), 7(a)
  41. F3268Words in s. 417(1) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 38(3)(a)(iv)
  42. F3269Words in s. 417(1) 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(21)(a)
  43. F3270Words in s. 417(1) inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(21)(b)
  44. F3271Words in s. 417(1) inserted (23.3.2019) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(2)(b), 85(8)
  45. F3272Words in s. 417(1) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 38(3)(a)(v)
  46. F3273Words in s. 417(1) inserted (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. 51(3) (with reg. 7)
  47. F3274Words in s. 417(1) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 38(3)(a)(vi)
  48. F3275Words in s. 417(1) omitted (31.12.2024) by virtue of The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 (S.I. 2024/1083), regs. 1(2)(b), 7(b)
  49. F3276Words in s. 417(1) inserted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(17)
  50. F3277Words in s. 417(1) inserted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 38(3)(a)(vii)
  51. F3278Words in s. 417(1) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 48(1)(g), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  52. F3279Words in s. 417(1) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 48(1)(h), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  53. F3280Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  54. F3281Words in s. 417(1) inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 15(2) (with Sch. 2 Pt. 3); S.I. 2021/671, reg. 4(b)
  55. F3282Words in s. 417(1) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 16(2) text inserted for certain specified purposes only, see the commentary.
  56. F3283Words in s. 417(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 52(2), 86(2)(b)
  57. F3284S. 417(1): definitions of "the PRA", "PRA-authorised person" and "PRA-regulated activity" inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(j), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
  58. F3285Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(k), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  59. F3286Words in s. 417(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(l), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  60. F3287S. 417(1): words in definition of "private company" substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 2(1), Sch. 1 para. 181(4) (with art. 10)
  61. F3288Words in s. 417(1) inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 15(3) (with Sch. 2 Pt. 3); S.I. 2021/671, reg. 4(b)
  62. F3289Words in s. 417(1) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 16(3) text inserted for certain specified purposes only, see the commentary.
  63. F3290Words in s. 417(1) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 85(9); 2020 c. 1, Sch. 5 para. 1(1)
  64. F3291Words in s. 417(1) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(38)(c) (with regs. 7(4), 9(1))
  65. F3292Words in s. 417(1) inserted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 71(2) (with Sch. 5)
  66. F3293Words in s. 417(1) inserted (E.W.S.) (6.10.2018) by Financial Guidance and Claims Act 2018 (c. 10), ss. 27(10), 37(5); S.I. 2018/1045, reg. 2(a)
  67. F3294Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(m), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  68. F3295S. 417(1): definition of "regulator" inserted (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(n), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1
  69. F3296Words in s. 417(1) substituted (31.12.2024) by The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 (S.I. 2024/1083), regs. 1(2)(b), 7(c)
  70. F3297Words in s. 417(1) 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. 23
  71. F3298Words in s. 417(1) inserted (1.3.2014 for specified purposes, 21.4.2016 for specified purposes, 1.1.2019 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(5)(c), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2016/512, art. 2(a); S.I. 2018/1306, art. 2(d)
  72. F3299Words in s. 417(1) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 48(1)(o), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  73. F3300Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(p), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  74. F3301Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(q), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  75. F3302Words in s. 417(1) 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(5)
  76. F3303Words in s. 417(1) 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(9); S.I. 2026/587, reg. 2(b)
  77. F3304Words in s. 417(1) omitted (31.12.2024) by virtue of The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 (S.I. 2024/1083), regs. 1(2)(b), 7(d)
  78. F3305S. 417(1): definition inserted (6.4.2007) by Companies Act 2006 (c. 46), ss. 964(6), 1300(2); S.I. 2007/1093, art. 2(1)(b) (with arts. 4, 11)
  79. F3306Words in s. 417(1) omitted (31.12.2024) by virtue of The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 (S.I. 2024/1083), regs. 1(2)(b), 7(e)
  80. F3307Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(r), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  81. F3308S. 417: definition of "the Tribunal" inserted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), arts. 1(2)(e), 5(1), Sch. 2 para. 48
  82. F3309Words in s. 417(1) substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 30 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1) this amendment is subject to savings and/or transitional provisions, see the commentary.
  83. F3310Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(s), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  84. F3311S. 417(1): definition of "the UK financial system" inserted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(1)(l), Sch. 2 para. 31
  85. F3312Words in s. 417(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 48(1)(t), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  86. F3313S. 417(1A) omitted (31.12.2020 immediately before IP completion day) by virtue of The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 38(3)(b)
  87. F3314Words in s. 417(3) inserted (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(1), Sch. 1 para. 15
  88. F3315S. 417(4) omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 3(b) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)
  89. F3316S. 417(5) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 69(4)(b), 86(3); S.I. 2023/779, reg. 4(uu)

Modifications

  1. C1578S. 417 modified (22.2.2008) by The Northern Rock plc Transfer Order 2008 (S.I. 2008/432), art. 17
  2. C1579S. 417 modified (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 13
  3. C1580S. 417 excluded (1.3.2016) by The NRAM plc (formerly Northern Rock plc) Consequential and Supplementary Provisions Order 2016 (S.I. 2016/114), arts. 1(1), 7
  4. C1581S. 417 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(11)
  5. C1582S. 417(1) modified (30.3.2009 at 8.00 a.m.) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), art. 7(2)-(4)

Marginal citations

  1. M501992 c. 40.
  2. M511992 c. 40.