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FINANCIAL SERVICES AND MARKET ACT (FSA).   Term Paper ID:29035 Click to get this paper

Essay Subject: Discusses various aspects of the 2000 UK Act.... More...

4 Pages / 900 Words 2 sources, 2 Citations, APA Format $16.00 Return to List of Papers

Paper Abstract: Discusses various aspects of the 2000 UK Act. Original intention. Criticisms of the Act. Large number of amendments. Direct effect on financial services related business. Far-reaching powers of the Act. Framework of the FSA. Controversial elements. Interpretation and effect of the Act. Paper Introduction: Introduction The Financial Services and Markets Act of 2000 received royal assent on June 14, 2000. The original intention of the Act was to provide the entire financial and services industry within the United Kingdom, the advantages associated with having a single regulator. It has had approximately 2,000 amendments since its inception as well as widespread criticism by professionals and other interested parties (Fladgate-Fiedler, 2000). While the temptation for many will be to ignore the Act, it will have a direct effect on any financial services related business, including insurance companies (Mitchell, 2001), carrying on operations within the United Kingdom. In order for a business to be in compliance they will require an authorization Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. Introduction The Financial Services and Markets Act of 2 received royal assenton June 14, 2 . Maintaining market confidence in the financial system. Regardless ofparticipation, all market participants will be required to conform to the"Code of Market Conduct." The code function is for the purpose of stampingout abuse in the financial services marketplace. In practice, however, it is believed thatthe FSA seeks only to enforce the rules where the particular investmentadvertisement raises concerns with respect to investor protection. 3. It has alsoassumed authority for listing from the London Stock Exchange. References Fladgate-Fiedler Solicitors (2 ). The powers of the associated Financial Services Authority (FSA) willbe far-reaching and will include the following: . Available on-line at http://www.fladgate. This means thatpotentially all websites that are accessible in the United Kingdom, willalso be subject to regulation. By definition, financial promotion will be any form ofcommunicating in the course of business any form of invitation or incentiveto engage in an investment activity. Reduction of financial crime by reducing the extent to which it is possible for a business to be used for purposes connected with financial crime.Once its Conduct of Business Sourcebook and Code of Market Conduct havebeen approved, as well as draft manuals on authorization, supervision andenforcement, it is expected that the FSA will go into full implementationby the middle of this year. Theyhave also indicated that they do not view the providers of thetechnological infrastructure as responsible for the content of the websitewhere there is clearly no commercial interest or control over content. Mitchell, E. This assumesthe journalist and publisher/broadcaster is not receiving a direct orindirect benefit from the person and/or group whose services and/orinvestments are being advertised. . The original intention of the Act was to provide theentire financial and services industry within the United Kingdom, theadvantages associated with having a single regulator. Similarly, there will nolonger be a distinction between advertisements and "unsolicited calls."Additional suggestions include running a limited test on as small group ofpersons prior to full launch of a promotion and the introduction of amonetary threshold that would exempt personal communications relating tothose investments exceeding a specified amount. Promoting public understanding of the financial system. All of the above, when taken together, willformulate the FSA's Handbook of Rules and Guidance. Another example would be the posting of an inaccurate story inorder to create a false or misleading impression of the market condition.Similarly, creating a market distortion by undertaking trades prior to theclosing of the exchange with the purpose of positioning the price of ashare of stock, or lot of shares, at a distorted level so as to avoidhaving to pay out on a related derivative-related transaction. This handbook willprovide a single, fully integrated source of all of the detailedsupervisory and regulatory provisions applicable to the conduct of bankingand financial services within the United Kingdom. Power to take disciplinary action. The financial services and marketsact 2 . Power of investigation. While the temptation for many will be to ignore the Act, it will havea direct effect on any financial services related business, includinginsurance companies (Mitchell, 2 1), carrying on operations within theUnited Kingdom. 4. . . com (28 April 2 1). Power to impose unlimited fines.Furthermore it is expected that the FSA will utilize these powersextensively in fulfilling its mission.Framework Separate city regulators will be replaced by the FSA which will be astatutory body absorbing the regulatory functions of city regulators (IMRO,SFA and PIA) as well as the Building Societies Commission and FriendlySocieties Commission. Protecting consumers by securing the appropriate level of protection. Power to seek criminal sanctions and restraining orders against authorized and unauthorized businesses and individuals. The Act has impact on journalists as well since it is proposed toprovide an exemption from the financial prohibition for thosecommunications in periodical publications and/or broadcasts. The FSA has already assumed the responsibility forbanking supervision from the Bank of England and the Treasury. The Act gives the FSA the following statutory objectives: 1. Organizations such as these will be regulatedin the manner in which they seek to solicit funding. Anexample would be those businesses that are seeking capital whether or notthrough financial markets. Businesses that are already authorized will be required to becompliant with the new rules from the date of implementation of the Act.Those that are not authorized need to quickly review their operations inlight of how to quickly move into a state of either full compliance or seekthe appropriate level of exemption.Interpretation Under the Act, a contract that is entered into as a result of anunapproved advertisement that does not fall within an exemption will notgenerally be enforceable against the customer. The effect of the Act will also bring within its scope all Internetcommunications issued within the United Kingdom. Among some of the more controversial points in the Act is the offensefor "market abuse." An example of market abuse might include the purchaseof shares in a company that has been slated takeover, having full knowledgeof this and consummating the purchase ahead of a general disclosure-i.e.,the condition of prior/insider knowledge which is not fully available tothe public. In order for a business to be in compliance they willrequire an authorization to do business or face very severe penalties. The Act intends, here, to make adistinction between journalism that is purely financially related and thatwhich is related to pure advertising. For those organizations that do not carry on a regulated activity,there may be subjectivity to the provisions of this legislation. It is important to note that anytype of financial promotion without proper approval will also be considereda criminal action. Under the Act, it will become a criminal offense to carry on aregulated financial activity that has not been properly authorized (orofficially exempted from authorization). It has hadapproximately 2, amendments since its inception as well as widespreadcriticism by professionals and other interested parties (Fladgate-Fiedler,2 ). (2 1). 2. The financial Services and Markets Act (FMSA).Available on-line at http://www.elbornes.com (28 April 2 1). If this paper is not what you are looking for, you can search again: Search for: or Click here to request an essay written just for you.