The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019

Made: 24th June 2019

Laid before Parliament: 25th June 2019

Coming into force: 21st July 2019

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PART 1 — General

Citation, commencement and interpretation

1

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Designation of competent authority

2

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PART 2 — Amendments of the Financial Services and Markets Act 2000

Introduction

3

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Part 6 rules

4

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Matters which may be dealt with by prospectus rules

5

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Prohibition of dealing etc in transferable securities without approved prospectus

6

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Exempt offers to the public

7

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Election to have prospectus

8

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Criteria for approval of prospectus by FCA

9

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Exemptions from disclosure

10

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Consideration of application for approval

11

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Procedure for decision on application for approval

12

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Repeal of sections 87E and 87F

13

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Repeal of sections 87FA and 87FB

14

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Supplementary prospectus

15

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Repeal of sections 87H and 87I

16

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Power of FCA to suspend scrutiny of prospectus

17

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Power to restrict offer to the public

18

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Power of FCA to restrict admission to trading on a regulated market

19

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Power of FCA to suspend or prohibit trading on a trading facility

20

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Public censure of issuer

21

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Procedure under sections 87K and 87L

22

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Exercise of powers at request of competent authority of another EEA State

23

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Repeal of section 87Q

24

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Compensation for false or misleading statements

25

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Penalties for breach of Part 6 rules

26

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Appointment by FCA of persons to carry out investigations

27

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Reporting of infringements

28

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Exercise of powers where UK is host member state

29

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Meaning of “securities” etc

30

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Meaning of “home State” in relation to transferable securities

31

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Interpretation of Part 6

32

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Publication of Notices

33

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Misleading FCA or PRA: residual cases

34

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Amendments of Schedule 11A

35

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PART 3 — Amendments of primary legislation

Amendments of the Financial Services Act 2012

36

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Amendments of the Data Protection Act 2018

37

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PART 4 — Amendments of secondary legislation

Amendments of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

38

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Amendments of the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013

39

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PART 5 — Transitional provisions

40

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PART 6 — Review

Review

41

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Signed

Rebecca Harris — Mike Freer — Two of the Lords Commissioners of Her Majesty's Treasury — 2019-06-24

Explanatory note

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Footnotes

[^f00001]: S.I. 2012/1759.

[^f00002]: 1972 c. 68; section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c.7). By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51) regulations may be made under section 2(2) of the European Communities Act to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1993 (Cm 2183). The European Communities Act 1972 is repealed on exit day by section 1 of the European Union (Withdrawal) Act 2018 (c.16).

[^f00003]: 2000 c. 8.

[^f00004]: OJ No. L168 30.06.2017, p.12.

[^f00005]: Inserted by S.I. 2005/381; subsection (5) inserted by S.I. 2005/1433.

[^f00006]: Section 84 was substituted by S.I. 2005/1433 and subsections (1) and (2) subsequently amended by section 16 of the Financial Services Act 2012 c. 21.

[^f00007]: Section 85 was substituted by S.I. 2005/1433.

[^f00008]: Section 86 was substituted by S.I. 2005/1433 and subsequently amended, most by S.I. 2012/1538, 2013/1125 and 2018/786.

[^f00009]: Section 87 was substituted by S.I. 2005/1433.

[^f00010]: Section 87A to 87R were inserted by S.I. 2005/1433. Section 87A was amended by section 16 of the Financial Services and Markets Act 2012, c. 21 and S.i. 2012/1538.

[^f00011]: Section 87D was substituted by S.I. 2005/1433 and (1A) subsequently inserted by S.I. 2016/1095.

[^f00012]: Sections 87FA and 87FB were inserted by S.I. 2014/3293.

[^f00013]: Subsection (11) was inserted by S.I. 2005/1433.

[^f00014]: Subsection (12) was substituted by S.I. 2012/1538.

[^f00015]: Inserted by S.I. 2005/1433.

[^f00016]: Paragraphs (a) and (b) were substituted by paragraph 6 of Schedule 15 to the Companies Act 2006 Schedule 15, paragraph 6, and subsequently amended by S.I. 2015/1755.

[^f00017]: 1996 c. 18.

[^f00018]: Inserted by the Companies Act 2006 section 1271 and subsequently amended by Financial Services Act 2012 (c. 21).

[^f00019]: Sections 102A to 102C were inserted by S.I. 2005/1433.

[^f00020]: Substituted by S.I. 2005/1433.

[^f00021]: OJ No. L168 30.06.2017, p.12.

[^f00022]: Subsection (4A) was inserted by S.I. 2013/3115.

[^f00023]: S.I. 2018/546 omitted to amend (4A) in consequence of inserting section 391E. This amendment is made in this S.I instead.

[^f00024]: Subsection (8F) was inserted by S.I. 2018/1288.

[^f00025]: Section 398 (including the heading) is amended by paragraph 36 of Schedule 9 to the Financial Services Act 2012.

[^f00026]: Paragraph (1A) was inserted by S.I. 2013/1773, and amended by S.I. 2015/1882, S.I. 2016/680, S.I. 2017/701, S.I. 2018/135 and S.I. 2018/698.

[^f00027]: Inserted by S.I. 2005/1433.

[^f00028]: 2012 c. 21.

[^f00029]: 2018 c. 12.

[^f00030]: S.I. 2005/1529.

[^f00031]: Sub-paragraph (c) was substituted by S.I. 2007/2615.

[^f00032]: Paragraph 1A was inserted by SI. 2007/2615.

[^f00033]: This definition is substituted in section 103(1) of FSMA by regulation 32(a) of these Regulations.

[^f00034]: S.I. 2013/419.

[^f00035]: The definition of “the EU Benchmarks Regulation 2016” was inserted by S.I. 2018/135.

[^f00036]: Paragraph (13) was inserted by S.I. 2018/135.

[^f00037]: Article 5 was amended by S.I. 2013/1773, 2014/2879, 2014/3348, 2015/1882, 2016/680, 2016/715, 2016/936 and 2017/1127.

[^f00038]: Article 5 was amended by S.I. 2013/1773, 2014/2879, 2014/3348, 2015/1882, 2016/680, 2016/715, 2016/936, 2017/7001, 2017/1127, 2018/698 and 2018/1288.

[^f00039]: 2015 c. 26. Section 30(3) was amended by section 19 of the Enterprise Act 2016 (c. 12).

Editorial notes

[^M_F_14673d0e-0250-4187-f5c5-f0bdcf36640c]: Regulations revoked (14.12.2023 for the revocation of reg. 41, 19.1.2026 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xxiv); S.I. 2025/1078, reg. 5(c)(i)

Designation of supervisory authority for the purposes of Article 1(6a)(b) of the EU Prospectus Regulation

2A

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