The Financial Services and Markets Act 2000 (FSMA 2000) is the principal legislation governing the financial services sector and regulating securities and investments in the UK and has a number of implications for the operation of employee incentive arrangements. FSMA 2000 is supplemented by a broad range of additional statutory instruments, rules and guidance issued by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). This Practice Note explains how FSMA 2000 affects employee incentive arrangements and identifies some of the key areas which employers must take into account when offering participation in incentive arrangements to employees in the UK. FSMA 2000 FSMA 2000 regulates securities and investments in the UK in order to protect consumers, protect and enhance the integrity of the financial system and promote effective competition within the financial services sector. It does so by prohibiting and restricting a broad range of activities in relation to certain types of investments unless they are carried out by an authorised person or

Scope of this Practice Note The principal role of the Financial Services and Markets Act 2000 (FSMA 2000) was to establish and transfer power to the then Financial Services Authority (FSA) following the government’s decision to create a single regulator of financial services in the UK. It is intended to act as a general framework for financial services legislation and regulation in the UK. FSMA 2000 came into force (and the FSA became the single regulator for the UK financial services industry) on 1 December 2001. As part of government proposals to overhaul the UK financial services regulatory structure, the FSA was disbanded on 1 April 2013 and its functions were split between two new bodies: the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). FSMA 2000 was retained as the primary legislation for the UK financial services industry although the Financial Services Act 2012 (FSA 2012) made significant amendments to most of FSMA 2000. Also, following the UK’s decision to leave the European Union (EU), the government established the Future

The Practice Note states the law prior to 18 May 2021. It provides an overview of the post-Brexit issues faced by UK financial institutions that previously carried out business in the EU using passporting rights. It also considers issues around the UK’s status as a third country (a jurisdiction outside of the European Economic Area (EEA)), equivalence issues and the status of the UK post-Brexit for financial services firms. Brexit and financial services This note provides and overview of the issues faced by UK financial institutions that previously carried on business in the EU using passporting rights and the consequences for UK financial institutions following the loss of passporting. This Practice Note forms part of a suite of key notes on Brexit and financial services. Other guides include the following: • Brexit—Financial Services—overview • Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime [Archived] • Brexit—impact on financial services [Archived] • Brexit and financial services—the temporary permissions regime (TPR) [Archived] At the end

Ireland-Banking & Financial Services analysis: This article was written by A&L Goodbody LLP and discusses multiple regulatory initiatives launched by the European Insurance and Occupational Pensions Authority (EIOPA) in February 2025, including consultations on market share determination methods and artificial intelligence governance. EIOPA also announced the liquidation of FWU Life Insurance Luxembourg and published guidance on dividend deductions under Solvency II. In Ireland, the Central Bank (Amendment) Bill 2025 was initiated, aiming to prevent insurers from discriminating against cancer survivors in financial services applications five years post-treatment. EIOPA's annual IORP report showed total assets under management reached €2.72trn, up from €2.3trn in 2022.

This week's edition of Financial Services weekly highlights includes: FCA takes first enforcement action against firm enabling cryptoasset trading; FCA publishes update on motor finance work; FCA publishes consultations and policy statement aimed at capital markets reform; FCA announces Call for Input on refining retail conduct rules, plus dates for your diary over the coming week.

This week's edition of Financial Services weekly highlights includes: Kirstene Baillie’s video on being sufficiently innovative in the asset management sector; PRA fines HSBC £57m for breaches of the Depositor Protection Rules; UK government finds EEA states equivalent under the Overseas Funds Regime; Council of EU publishes final compromise text of Solvency II amendment, and HMT and BoE publish their response to digital pound consultation and outline next steps, plus dates for your diary over the coming week.

This week's edition of Financial Services weekly highlights includes: BoE speech on strategy for modernising wholesale payments; EIOPA opens six consultations on the EU IRRD; IAIS publishes Year in Review 2024 report; plus dates for your diary over the coming week.

This week's edition of Financial Services weekly highlights includes: FCA opens crypto authorisation gateway and publishes finalised guidance on prudential regime; ESMA proposes simplifying the MiCA framework; ICMA paper explores challenges and opportunities; plus dates for your diary.

This week's edition of Financial Services weekly highlights includes: PRA’s Dear CFO letter on significant risk transfer financing; ESMA’s first code package of GitHub; CRR: European Commission proposes permanent NSFR treatment for securities financing transactions; BIS launches Project AISE; plus dates for your diary over the coming week.

This week's edition of Financial Services weekly highlights includes: a BoE and PRA letter on the 2024 Cyber Stress Test findings; a new streamlined authorisation process for managing agents announced by the PRA, FCA, and Society of Lloyd’s; an EBA consultation on amending RTS to shorten the application timeframe for own funds and eligible liabilities under the EU CRR; and an IAIS Application Paper on the fair treatment of a wide range of consumers; plus dates for your diary over the coming week.

This week's edition of Financial Services weekly highlights includes: FCA Dear CEO letters set out its expectations on compliance with APP fraud reimbursement requirements; CRR: HMT sets out plans on the treatment of overseas investment exchanges; UNEP FI publishes new member guidance on climate change and sustainability; plus dates for your diary over the coming week.

This week's edition of Financial Services weekly highlights includes: FCA holds joint session with MoD on defence, security and resilience; Prospectus Regulation: ESMA consults on disclosure requirements and updates guidelines and Q&As; FATF publishes research on emerging risks in gaming and gambling; plus dates for your diary.