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Financial Services And Markets Act 2000
The Financial Services and Markets Act 2000c 8 is an Act of the Parliament of the United Kingdom that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking, and the Financial Ombudsman Service to resolve disputes as a free alternative to the courts. The Act was considerably amended by the Financial Services Act 2012 and the Bank of England and Financial Services Act 2016. Contents Some of the key sections of this act are: ;Part I The Regulator * Section 1A outlines the regulatory objectives of the Financial Conduct Authority: (a) market confidence; (b) financial stability (c) public awareness; (d) the protection of consumers; and (e) the reduction of financial crime. * Section 2A establishes the Prudential Regulation Authority ;Part II Regulated And Prohibited Activities * Section 19 requires firms to be authorised to conduct regulated activities. * Section 21 makes it a criminal offence to issue a financial promotion ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alun Milburn
Alan Milburn (born 27 January 1958) is a British Labour Party politician who was Member of Parliament (MP) for Darlington from 1992 to 2010. He served for five years in the Cabinet, first as Chief Secretary to the Treasury from 1998 to 1999, and subsequently as Secretary of State for Health until 2003, when he resigned. He briefly rejoined the Cabinet as Chancellor of the Duchy of Lancaster in order to manage Labour's 2005 re-election campaign. He did not seek re-election in the 2010 election. Milburn was Chair of the Social Mobility Commission from 2012 to 2017. Since 2015, he has been Chancellor of Lancaster University. Early life and career Milburn was born in Whitehaven, and brought up in the village of Tow Law in County Durham and in Newcastle-upon-Tyne. He was educated at John Marley School in Newcastle and, after his mother married, Stokesley Comprehensive School in North Yorkshire. He went on to Lancaster University, where he lived in Morecambe and Galgate, gradu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services And Markets Tribunal
The United Kingdom's Financial Services and Markets Tribunal was an independent judicial body established under Section 132 of the Financial Services and Markets Act 2000, which heard references arising from decision notices issued by the Financial Services Authority (FSA). In April 2010 the tribunal was abolished and its functions were transferred to the Upper Tribunal. Examples of such decisions that the tribunal could review included: * the giving, variation and revocation of authorisations to conduct regulated activities, or on the imposition of requirements for such authorisation (e.g. requirements for a firm to maintain a particular level of resources); * penalties for market abuse, including civil penalties for insider dealing; * disciplinary measures being taken against authorised persons who have failed to comply with regulatory requirements; * decisions by the FSA in its role as a competent authority in relation to the listing of shares on recognised exchanges - for exam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Acts Of Parliament 2000
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965-19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Part VII Transfer
A Part VII transfer, also known as ''insurance business transfer scheme'', is a transfer of business or parts of a business under Part VII of the Financial Services & Markets Act 2000 in the United Kingdom. Part VII transfers are a common tool used by insurance businesses to address required business transformation in preparation for or in response to Brexit. Background Insurance companies based in the United Kingdom can operate in other parts of the European Union under a so-called EU passport arrangement for financial services. Under this arrangement, insurance policies for risks elsewhere in the EU, can be underwritten in the UK. With the UK's departure from the EU, insurers would not be able to pay out claims under such policies. According to the Financial Conduct Authority, this could affect 38 million policyholders with policy values of up to GBP 55 billion. Transfer Under a Part VII transfer, an insurance company will set up a separate legal entity in an EU country that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union Law
European Union law is a system of rules operating within the member states of the European Union (EU). Since the founding of the European Coal and Steel Community following World War II, the EU has developed the aim to "promote peace, its values and the well-being of its peoples". The EU has political institutions, social and economic policies, which transcend nation states for the purpose of cooperation and human development. According to its Court of Justice the EU represents "a new legal order of international law".''Van Gend en Loos v Nederlandse Administratie der Belastingen'' (1963Case 26/62/ref> The EU's legal foundations are the Treaty on European Union and the Treaty on the Functioning of the European Union, currently unanimously agreed on by the governments of 27 member states. New members may join if they agree to follow the rules of the union, and existing states may leave according to their "own constitutional requirements".TEart 50 On the most sophisticated discu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Banking Law
United Kingdom banking law refers to banking law in the United Kingdom, to control the activities of banks. History The Bank of England was originally established as a corporation with private shareholders under the Bank of England Act 1694, to raise money for war with Louis XIV, King of France. After the South Sea Company collapsed in a speculative bubble in 1720, the Bank of England became the dominant financial institution, and acted as a banker to the UK government and other private banks. The Bank of England could, simply by being the biggest financial institution, influence interest rates that other banks charged to businesses and consumers by altering its interest rate for the banks' bank accounts. The Bank of England Act 1716 widened its borrowing power. The Bank Restriction Act 1797 removed a requirement to convert notes to gold on demand. The Bank Charter Act 1844 gave the bank sole rights to issue notes and coins. It also acted as a lender through the 19th century in e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Commercial Law
United Kingdom commercial law is the law which regulates the sale and purchase of goods and services, when doing business in the United Kingdom. History *Lex Mercatoria * Hanseatic league *Guild * Mercantilism * Freedom of contract *''Laissez faire'' Foundations Personal property * Real property and personal property * Ownership * Equitable ownership * Possession * Attornment *Bailment Contracts *Commercial contracts Agency In the case of ''Watteau v Fenwick'', Lord Coleridge CJ on the Queen's Bench concurred with an opinion by Wills J that a third party could hold personally liable a principal who he did know about when he sold cigars to an agent that was acting outside of its authority. Wills J held that "the principal is liable for all the acts of the agent which are within the authority usually confided to an agent of that character, notwithstanding limitations, as between the principal and the agent, put upon that authority." This decision is heavily criticised and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Company Law
The United Kingdom company law regulates corporations formed under the Companies Act 2006. Also governed by the Insolvency Act 1986, the UK Corporate Governance Code, European Union Directives and court cases, the company is the primary legal vehicle to organise and run business. Tracing their modern history to the late Industrial Revolution, public companies now employ more people and generate more of wealth in the United Kingdom economy than any other form of organisation. The United Kingdom was the first country to draft modern corporation statutes, where through a simple registration procedure any investors could incorporate, limit liability to their commercial creditors in the event of business insolvency, and where management was delegated to a centralised board of directors. An influential model within Europe, the Commonwealth and as an international standard setter, UK law has always given people broad freedom to design the internal company rules, so long as the mandato ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services Act 1986
The Financial Services Act 1986 (1986 c.60) was an Act of the Parliament of the United Kingdom passed by the government of Margaret Thatcher to regulate the financial services industry. The Act used a mixture of governmental regulation and self-regulation, and created a Securities and Investments Board (SIB) presiding over various new self-regulating organisations (SROs). It was superseded by the Financial Services and Markets Act 2000. Context The Act may be thought of as an “emasculated Gower”. Professor Laurence Gower had been asked to produce a report on financial regulation, followed by a draft bill. He tended towards a tighter and more top-heavy regime. The Thatcher government became impatient with this process and pushed a second bill through in place of Gower with more emphasis on self-regulation but containing most of the regulatory content of the Gower bill. This relatively light approach to regulation followed a trend taking place in America under the Reagan admin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crime
In ordinary language, a crime is an unlawful act punishable by a State (polity), state or other authority. The term ''crime'' does not, in modern criminal law, have any simple and universally accepted definition,Farmer, Lindsay: "Crime, definitions of", in Cane and Conoghan (editors), ''The New Oxford Companion to Law'', Oxford University Press, 2008 (), p. 263Google Books). though statutory definitions have been provided for certain purposes. The most popular view is that crime is a Category of being, category created by law; in other words, something is a crime if declared as such by the relevant and applicable law. One proposed definition is that a crime or offence (or criminal offence) is an act harmful not only to some individual but also to a community, society, or the state ("a public wrong"). Such acts are forbidden and punishable by law. The notion that acts such as murder, rape, and theft are to be prohibited exists worldwide. What precisely is a criminal offence is de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services Compensation Scheme
The Financial Services Compensation Scheme (FSCS) is the UK's statutory deposit insurance and investors compensation scheme for customers of authorised financial services firms. This means that FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. The FSCS is an operationally independent body, set up under the Financial Services and Markets Act 2000 (FSMA), and funded by a levy on authorised financial services firms. The scheme rules of the FSCS are made by the Financial Conduct Authority (FCA) and are contained in the FCA's Handbook. The FCA also appoint its Board and the FSCS is ultimately accountable to the FCA. The scheme covers deposits, insurance policies, insurance brokering, investments, mortgages and mortgage arrangement. FSCS is free to consumers and, since 2001, has helped more than 4.5 million people and paid out more than £26 billion. Since 31 December 2010, maintaining a single customer view has become mandatory for Unit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Abuse
In economics and finance, market abuse may arise in circumstances where investors in a financial market have been unreasonably disadvantaged, directly or indirectly, by others who: * have used information which is not publicly available ( insider dealing) * have distorted the price-setting mechanism of financial instruments * have disseminated false or misleading information (market manipulation) Market abuse is split into two different aspects (under EU definitions): # Insider dealing: where a person who has information not available to other investors (for example, a director with knowledge of a takeover bid) makes use of that information for personal gain #Market manipulation: where a person knowingly gives out false or misleading information (for instance, about a company's financial circumstances) in order to influence the price of a share for personal gain In 2013/2014, the EU updated its legislation on market abuse, and harmonised criminal sanctions. In the 2015 Danish E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
