financial services law

financial services law
the law applying to financial services such as investments and pensions. This area was thoroughly overhauled by the Financial Services Act 1986, passed to implement the recommendations of the Gower Report on Investor Protection. The regime put in place by that Act operated through the Securities and Investments Board (SIB), which authorised bodies to act as regulators. The SIB has now been replaced by the Financial Services Authority (FSA), created by the Financial Services and Markets Act 2000. This authority takes over the regulatory functions previously divided between a wide range of other organisations. For example, it will be responsible for the regulation of the Lloyds Insurance market, building societies and banks as well as companies in the investment industry. It has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime. The range of this newly organised law is wider than often thought: it has been held that authorisation is required to market and sell a computer package that gave advice on trading equity options: In Re Market Wizard Systems (UK) Ltd 1998 TLR 495.

Collins dictionary of law. . 2001.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

  • Financial Services Authority — (FSA) see financial services law. Collins dictionary of law. W. J. Stewart. 2001. Financial Services Authority …   Law dictionary

  • Financial Services Modernization Act of 1999 — Gramm Leach Bliley Act (GLBA) USA Also known as the Financial Services Modernization Act of 1999. The GLBA repealed provisions of the Banking Act of 1933 (Glass Steagall Act) which prohibited one institution from acting as an investment bank,… …   Law dictionary

  • Financial Services and Markets Tribunal — (FSMT) An independent judicial body established under section 132 of the Financial Services and Markets Act 2000. It hears references arising from the Financial Services Authority s (FSA) decision notices on regulatory and disciplinary matters… …   Law dictionary

  • Financial Services and Markets Act 2000 — (FSMA) The key statute that regulates the financial services industry in the UK. For further information, see the Financial Services Authority website. Related links FSMA overview …   Law dictionary

  • Financial Services Action Plan — (FSAP) A programme of EC legislation which aims to achieve an integrated European financial sector and a fully integrated securities and risk capital market by 2005. Related links FSMA overview Mark …   Law dictionary

  • Financial services — refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance… …   Wikipedia

  • Financial Services Act — Fiˌnancial ˈServices ˌAct noun LAW in Britain, a law that in 1986 Regulated (= established rules and laws for) investment advice and services in order to protect investors, and that prepared for Big Bang: • The aim of the Financial Services Act… …   Financial and business terms

  • Financial Services and Markets Act — Fiˌnancial ˌServices and ˈMarkets ˌAct noun LAW in Britain, a law passed in 2000 stating the legal powers of the Financial Services Authority …   Financial and business terms

  • Financial services in South Korea — refers to the services provided in ROK by the finance industry: banks, investment banks, insurance companies, credit card companies, consumer finance companies, government sponsored enterprises, and stock brokerages.Foreign banksForeign banks… …   Wikipedia

  • Financial Services Authority — The Financial Services Authority ( FSA ) is an independent non governmental body, quasi judicial body and a company limited by guarantee that regulates the financial services industry in the United Kingdom. Its main office is based in Canary… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”