HM Treasury consults on Civil Actionability of FSA Rules

In this article Joanna Gray examines the main issues in the current HM Treasury Consultation process on the Draft Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001.

Joanna Gray

During December HM Treasury has issued a fresh round of consultation in relation to the forthcoming implementation of the Financial Services and Markets Act 2000 (“FSMA”). Draft secondary legislation has been issued for comment in relation to the following issues : the Prescribed Markets and Qualifying Investments encompassed by the Market Abuse regime in Part VIII of the FSMA, the service of notices under the Act, the recognition requirements for investment exchanges and clearing houses, Repeals, Transitional Provisions and Savings, Disclosure of Information by Prescribed Persons, and the rights of civil action in damages conferred under FSMA.