FSMA 2000 controllers regime—impact of the Financial Services Act 2012
FSMA 2000 controllers regime—impact of the Financial Services Act 2012

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • FSMA 2000 controllers regime—impact of the Financial Services Act 2012
  • The FSMA 2000 controllers regime
  • What provisions of FSA 2012 are relevant to the controllers regime?
  • What provisions of the FSMA 2000 were amended?
  • Secondary legislation
  • The regulators

The Financial Services Act 2012 (FSA 2012) set out a new framework for financial regulation in the UK, and transferred the powers of the Financial Services Authority (FSA) to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), including responsibilities under the Financial Services and Markets Act 2000 (FSMA 2000) controllers regime. The relevant provisions came into force on 1 April 2013. This Practice Note provides an overview of the changes made by FSA 2012 to the controllers regime.

For further reading on the FSMA 2000 controllers regime as amended by FSA 2012, see Practice Notes:

  1. FSMA 2000 controllers regime—key concepts

  2. Obligations of controllers—acquiring and increasing control

  3. Obligations of controllers—reducing or ceasing control

  4. FSMA 2000 controllers regime—obligations for firms

  5. FSMA 2000 controllers regime—fund managers

  6. Enforcement of the FSMA 2000 controllers regime

For practical steps that controllers and proposed controllers need to consider when acquiring/increasing or disposing/decreasing control, see Change in control process—checklist.

The FSMA 2000 controllers regime

The regime for changes of control in authorised firms is set out in FSMA 2000, Pt XII. The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009, SI 2009/774 (Controllers Exemption Order) was made under FSMA 2000, ss 192(a) and 4