Blackstone's Guide to the Financial Services and Markets Act 2000

by Blair, Michael; Minghella, Loretta; Taylor, Michael; Threipland, Mark; Walker, George

• ISBN13: 9781841741161
• ISBN10: 1841741167
• Format: Paperback
• Copyright: 2002-11-07
• Publisher: Blackstone Press

Summary

The Financial Services and Markets Act 2000 is the most important piece of legislation in the financial services area for many years. It overhauls and unifies the arrangement for oversight of banking, insurance and other investment services. Under the title of Market Abuse, it introducesradical new sanctions to restrain abuse of financial markets. It establishes the Financial Services Authority as a powerful, active and near-universal regulator of the United Kingdom's financial services industry. It also creates, for the benefit of consumers, a statutory Financial Ombudsman Serviceto enable financial disputes to be resolved quickly and informally, and a Financial Services Compensation Scheme to unify arrangements for depositor and policyholder protection and investor compensation. The Act will have widespread influence in the lives and businesses of all concerned withfinancial services, whether as part of the marketplace or as users of the services which it provides. This new book provides a clear exposition of the new statutory framework, with an emphasis on practical matters. it describes a complicated and multi-faceted Act in a simple and straightforward way.The Guide takes the Act as its framework, but includes some general background material and details the more important subordinate material that is still to be finalised. Blackstone's Guide to the Financial Services and Markets Act 2000 is essential reading for anyone with responsibility in thefinancial services marketplace, and for all those advising financial firms, including accountants, solicitors, barristers, compliance officers, auditors and actuaries. Equally, financial consumers and those advising them, whether in contentious or non-contentious matters, will find this book ofinestimable value in coming to grips with the new regime. The book contains a copy of the Act.

Author Biography

Michael Blair QC was, until March 2000, the General Counsel to the Board of the Financial Services Authority (FSA), and is now in private practice, as well as Chairman of the Personal Investment Authority and of the Investment Management Regulatory Organisation. Loretta Minghella is the FSA's Head of Enforcement Law and Policy. Michael Taylor is a Senior Economist working on banking regulatory matters at the International Monetary Fund (IMF) in Washington DC, and is also a Visiting Professorial Fellow at the Centre for Commercial Law Studies (CCLS), University of London. Mark Threipland is a solicitor in the FSA's General Counsel's Division and was formerly with Linklaters & Alliance. George Walker is a Legal Consultant at the IMF and Lecturer with the International Banking and Finance Law Unit at the CCLS, University of London.

Table of Contents

Introduction and Overview

Leasehold Houses: Enfranchisement and Lease Extension

Houses and Premises

Qualifying Leases

Qualifying Tenants and Sub-tenants

The Procedures

Valuations and the Terms of the Transfer

Lease Extensions

The Procedures, Valuation and Terms of the New Lease

Landlord's Overriding Rights and Special Classes of Landlord

Leasehold Flats: Enfranchisement and Lease Extension

Qualifying Premises

Qualifying Tenants

Participating Tenants and the Nominee Purchaser

The Initial Procedures

The Position of Landlords and Freeholders

The Final Procedures

Valuation and the Terms of the Acquisition of the Freehold

Lease Extension: Qualifying Leases and Tenants

Lease Extensions: The Procedures

Valuation and the Terms of the New Lease

Statutory Tenancies at the End of a Long Lease of a House or Flat

The Entitlement to a Statutory or an Assured Tenancy at the End of a Long

Lease of a House or a Flat

The Procedures and the Terms of the Tenancy

The Position of the Landlord and the Tenant Under the New Tenancy

Managing Leasehold Properties

Interpreting the Leasehold Covenants

Variation of Leases

Regulation of Service and Administration Charges

References to the Leasehold Valuation Tribunal (LVT)

Applications to the LVT

Jurisdiction of the LVT and the Scope of its Orders

Applying to the LVT for a Manager to be Appointed

The Right to Manage

The Tenant's Right of First Refusal

Commonhold: The Alternative to Leaseholds

Setting Up and Managing a Commonhold

Comparison Between a Commonhold and a Leasehold Residential Development

Concluding Remarks

Appendices - Extracts from Statutes

Landlord and Tenant Act 1954, Part 1

Leasehold Reform Act 1967

Landlord and Tenant Act 1985

Landlord and Tenant Act 1987

Local Government and Housing Act 1989, Schedule 10

Leasehold Reform, Housing and Urban Development Act 1993, Part 1

Commonhold and Leasehold Reform Act 2002, Part 2

Extracts from Statutory Instruments

Leasehold Reform Act 1967 Regulations (as amended in 2002)

Landlord and Tenant Act 1985 Regulations (to be amended)

Landlord and Tenant Act 1987 Regulations (to be amended)

Commonhold and Leasehold Reform Act 2002, Service Charge Regulations, Forms, etc. (to be amended)

Commonhold and Leasehold Reform Act 2002, Right to Manage Regulations (to beamended)

Precedents

Participation Agreement

Informal Notices

Table of Contents provided by Publisher. All Rights Reserved.