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Financial Services and Markets Act 2000
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- UK Public General Acts
- 2000 c. 8
- SCHEDULE 2A
- PART 6
- Assets requirements
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Changes to legislation:
Financial Services and Markets Act 2000, Cross Heading: Assets requirements is up to date with all changes known to be in force on or before 22 May 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Schedule 2A Part 6 Crossheading Assets-requirements:
- Act power to apply conferred (temp. until 15.5.2039) by 2014 c. 21 s. 79(4)
- Act power to apply conferred (temp. until 15.5.2039) by 2014 c. 21 s. 81(10)
- Pt. 20C inserted by 2016 c. 14 s. 30(3)
- s. 31(1)(aa) inserted by 2021 c. 22 s. 22(2)
- s. 32A inserted by 2021 c. 22 s. 22(3)
- s. 32A power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
- s. 36A and cross-heading inserted by 2021 c. 22 s. 22(4)
- s. 71J and cross-heading inserted by 2021 c. 22 Sch. 8 para. 4
- s. 213(5A)(5B) inserted by 2025 c. 15 s. 6(2)(b)
- s. 214(5A) inserted by 2021 c. 22 Sch. 8 para. 8
- s. 214E inserted by 2025 c. 15 s. 1
- s. 214F inserted by 2025 c. 15 s. 2
- s. 214G inserted by 2025 c. 15 s. 3
- s. 214H inserted by 2025 c. 15 s. 4
- s. 223(3)(ca) inserted by 2025 c. 15 s. 6(3)
- s. 367A inserted by 2021 c. 22 Sch. 8 para. 10
- s. 395(13)(h)(i) inserted by 2021 c. 22 Sch. 8 para. 12(2)(c)
- s. 395(13)(bc)-(be) word inserted by 2021 c. 22 Sch. 8 para. 12(2)(b)
- s. 395(14) inserted by 2021 c. 22 Sch. 8 para. 12(3)
- Sch. 1ZA para. 32(c) and word inserted by 2021 c. 22 Sch. 8 para. 18
- Sch. 2A 2B power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
- Sch. 2A power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
- Sch. 2B inserted by 2021 c. 22 Sch. 7
- Sch. 2B power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
- Act power to apply conferred (temp. until 15.5.2039) by 2014 c. 21 s. 79(4)
- Act power to apply conferred (temp. until 15.5.2039) by 2014 c. 21 s. 81(10)
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- Pt. 20C inserted by 2016 c. 14 s. 30(3)
- s. 31(1)(aa) inserted by 2021 c. 22 s. 22(2)
- s. 32A inserted by 2021 c. 22 s. 22(3)
- s. 32A power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
- s. 36A and cross-heading inserted by 2021 c. 22 s. 22(4)
- s. 71J and cross-heading inserted by 2021 c. 22 Sch. 8 para. 4
- s. 213(5A)(5B) inserted by 2025 c. 15 s. 6(2)(b)
- s. 214(5A) inserted by 2021 c. 22 Sch. 8 para. 8
- s. 214E inserted by 2025 c. 15 s. 1
- s. 214F inserted by 2025 c. 15 s. 2
- s. 214G inserted by 2025 c. 15 s. 3
- s. 214H inserted by 2025 c. 15 s. 4
- s. 223(3)(ca) inserted by 2025 c. 15 s. 6(3)
- s. 367A inserted by 2021 c. 22 Sch. 8 para. 10
- s. 395(13)(h)(i) inserted by 2021 c. 22 Sch. 8 para. 12(2)(c)
- s. 395(13)(bc)-(be) word inserted by 2021 c. 22 Sch. 8 para. 12(2)(b)
- s. 395(14) inserted by 2021 c. 22 Sch. 8 para. 12(3)
- Sch. 1ZA para. 32(c) and word inserted by 2021 c. 22 Sch. 8 para. 18
- Sch. 2A 2B power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
- Sch. 2A power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
- Sch. 2B inserted by 2021 c. 22 Sch. 7
- Sch. 2B power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
[F1Assets requirementsU.K.
Textual Amendments
F1Sch. 2A inserted (1.9.2023 for specified purposes) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 6 (as amended (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 100(3)(b)); S.I. 2023/934, reg. 2(a)
53(1)This paragraph makes provision about a requirement imposed on a Gibraltar-based person (“G”) by a UK regulator under this Part of this Schedule—U.K.
(a)prohibiting the disposal of, or other dealing with, any of G's assets (whether in the United Kingdom, Gibraltar or elsewhere) or restricting such disposals or dealings, or
(b)requiring that some or all of G's assets, or some or all assets belonging to consumers (as defined in section 1G) but held by G or to G's order, must be transferred to and held by a trustee approved by the UK regulator.
(2)If a UK regulator—
(a)imposes a requirement described in sub-paragraph (1)(a), and
(b)gives notice of the requirement to an institution with whom G keeps an account,
the notice has the effects set out in sub-paragraph (3).
(3)Those effects are that—
(a)the institution does not act in breach of a contract with G if, having been instructed by G (or on G's behalf) to transfer a sum or otherwise make a payment out of G's account, it refuses to do so in the reasonably held belief that complying with the instruction would be incompatible with the requirement, and
(b)if the institution complies with such an instruction, it is liable to pay to the UK regulator an amount equal to the amount transferred from, or otherwise paid out of, G's account in contravention of the requirement.
(4)If a UK regulator imposes a requirement described in sub-paragraph (1)(b), no assets held by a person as trustee in accordance with the requirement may, while the requirement is in force, be released or dealt with except with the consent of the UK regulator.
(5)If, while a requirement described in sub-paragraph (1)(b) is in force, G creates a charge over any assets of G held in accordance with the requirement, the charge is (to the extent that it confers security over the assets) void against the liquidator and G's creditors.
(6)Assets held by a person as trustee are to be taken to be held by the trustee in accordance with a requirement mentioned in sub-paragraph (1)(b) only if—
(a)G has given the trustee a written notice that those assets are to be held by the trustee in accordance with the requirement, or
(b)they are assets into which assets to which paragraph (a) applies have been transposed by the trustee on the instruction of G.
(7)A person who contravenes sub-paragraph (4) commits an offence and is liable—
(a)on summary conviction in England and Wales, to a fine;
(b)on summary conviction in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale.
(8)In this paragraph, references to imposing a requirement (however expressed) include imposing a requirement by varying an existing requirement.
(9)In this paragraph, “charge” includes a mortgage (or, in Scotland, a security over property).
(10)Sub-paragraphs (4) and (6) do not affect any equitable interest or remedy in favour of a person who is a beneficiary of a trust as a result of a requirement described in sub-paragraph (1)(b).]
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