Authorisation: Financial Services

An overview of the regime under the Acquisitions Directive (2007/44/EC), sometimes referred to as the Qualifying Holdings Directive or the Change of Control Directive. The Acquisitions Directive was intended to improve the supervisory approval process for mergers and acquisitions in the banking, insurance and securities sectors. The note also considers developments in EU legislation relating to qualifying holdings and changes of control since the adoption of the Acquisitions Directive. For information on the UK implementation of the Acquisitions Directive, see Practice note, UK implementation of the Acquisitions Directive.

An overview of the requirements for a firm applying to the FCA or the PRA for authorisation under Part 4A of the Financial Services and Markets Act 2000 (FSMA). Subscribers wishing to review the process in force prior to 1 April 2013, see Practice note, Applying to the FSA for authorisation: overview.

An overview of the procedure by which authorised firms apply to the FCA or the PRA to vary their permission, or to impose, vary or cancel a requirement under Part 4A of the Financial Services and Markets Act 2000 (FSMA).

An overview of the procedure for cancelling the Part 4A permission of FCA-authorised and PRA-authorised firms under the Financial Services and Markets Act 2000 (FSMA) at the authorised firm's request. The note also provides information for firms that may need to vary their Part 4A permission before cancelling their Part 4A permission.

This practice note considers the FCA's rule-making powers to require a firm to establish and operate a consumer redress scheme under sections 404 and 404A to 404G of the Financial Services and Markets Act 2000 (FSMA). The note outlines the scope of these powers, related FSA and FCA guidance on the use of these powers and some examples of how the power has been used.

An overview of the designated professional bodies regime under Part 20 of the Financial Services and Markets Act 2000 (FSMA).

A note discussing the advantages, practicalities and procedures of banking business transfers under Part 7 of the Financial Services and Markets Act 2000 (FSMA).

In this practice note, originally co-authored by Adam Levitt while he was a partner at Herbert Smith LLP, Geoffrey Maddock, a corporate partner at Herbert Smith Freehills LLP, and Barnaby Hinnigan, a senior associate at the firm, explain the regime for transferring insurance business and banking business contained in Part VII of the Financial Services and Markets Act 2000 (FSMA). The tax issues section of this note has been prepared by Howard Murray, a partner in Herbert Smith Freehills LLP's tax group. This note is in the process of being updated by its authors to reflect the new UK regulatory structure that came into effect on 1 April 2013.

This document brings together key pre-implementation developments relating to the Markets in Financial Instruments Directive (2004/39/EC) (MiFID), that is, MiFID related developments prior to 1 November 2007. It also provides links to relevant primary sources and PLC Financial Services content. For key source material on MiFID-related developments since 1 November 2007, see Practice note, MiFID Resources: post-implementation developments. For developments relating specifically to the European Commission's review of MiFID and the subsequent legislative proposals to amend MiFID, see Practice note, Hot topics: European Commission's MiFID review. 

This practice note is one of two notes summarising the European Commission's consultation proposals to amend the requirements of the Markets in Financial Instruments Directive (2004/39/EC) and its implementing legislation, which were published in October 2010 following the Commission's review of the effectiveness of the Directive. This note focuses specifically on the proposals that will impact on market structure and the way those markets, and those operating within them, function. It includes proposals to enhance requirements relating to the disclosure of trade transparency data, transaction reporting, the trading of derivatives on organised venues, oversight of derivatives trading and commodity derivative markets. This note does not comment on the Commission's legislative proposals to amend MiFID, which were published in October 2011. For details of the legislative proposals, see Practice note, Hot topics: MiFID II.

An overview of the procedures to be followed by firms wishing to establish branches or provide cross-border services in the European Economic Area (EEA) using passport rights under one of the single market directives. It focuses on the procedures that apply to firms wishing to passport into or out of the UK.

A note setting out the procedures for the establishment and authorisation of an authorised unit trust (AUT) in the UK.

A note on the FCA's standard for independent investment advice, which was revised as part of the retail distribution review (RDR). It explains what it means to provide independent advice or restricted advice, and the related FCA requirements investment firms must comply with, in particular regarding disclosure to clients. The note provides examples of when firms can hold themselves out as independent, and outlines how firms' use of advice tools and investment strategies interacts with the standard for independent advice.

An overview of the regulatory treatment of insurance business in the United Kingdom. The following multi-jurisdictional guide is also available to PLC Financial Services' subscribers: Insurance and Reinsurance Handbook. This guide brings together a range of information on cross-border issues and includes country-specific Q&A guides. Each jurisdiction is described in a separate chapter, written by one of the leading firms on the subject in that jurisdiction.

A note on the threshold conditions that FCA-authorised firms must satisfy in order to become and remain authorised under the Financial Services and Markets Act 2000 (FSMA).