Financial Services And Markets Act 2000

• Section 2 outlines the regulatory objectives of the FSA: (a) market confidence; (b) public awareness; (c) the protection of consumers; and (d) the reduction of financial crime.

• Section 19 requires firms to be authorised to conduct regulated activities.

• Section 21 makes it a criminal offence to issue a financial promotion in the United Kingdom unless it is issued or approved by an authorised firm or exempt via the Financial Promotions Order.

• Section 59 states that a person can not carry out certain controlling functions in a firm without approval by the FSA.

• Section 71 allows private persons to sue a firm for damages if a person performing a controlled function is not approved.

• Section 118 concerns market abuse.

• Section 138 grants the FSA rule-making power.

• Section 150 allows private persons to sue for damages if an authorised firm has breached certain rules.

• Section 165 gives the FSA power to require certain information.

• Section 397 makes it a criminal offence to mislead a market or investors.

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