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FINANCIAL SERVICES AND MARKETS ACT 2000. THE AUTHORITY'S GENERAL DUTIES
- In discharging its general functions the Authority must, so far as is reasonably possible, act in a way- (a) which is compatible with the regulatory objectives; and
(b) which the Authority considers most appropriate for the purpose of meeting those objectives. (2) The regulatory objectives are- (a) market confidence; (b) public awareness; (c) the protection of consumers; and (d) the reduction of financial crime. (3) In discharging its general functions the Authority must have regard to- (a) the need to use its resources in the most efficient and economic way; (b) the responsibilities of those who manage the affairs of authorised persons; (c) the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction.
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FINANCIAL SERVICES AND MARKETS ACT 2000. AUTHORISATION AND EXEMPTION
- A person who is exempt as a result of subsection (1) is referred to in this Act as an appointed representative. (3) The principal of an appointed representative is responsible, to the same extent as if he had expressly permitted it, for anything done or omitted by the representative in carrying on the business for which he has accepted responsibility. (4) In determining whether an authorised person has complied with a provision contained in or made under this Act, anything which a relevant person has done or omitted as respects business for which the authorised person has accepted responsibility is to be treated as having been done or omitted by the authorised person. (5) "Relevant person" means a person who at the material time is or was an appointed representative by virtue of being a party to a contract with the authorised person. (6) Nothing in subsection (4) is to cause the knowledge or intentions of an appointed representative to be attributed to his principal for the purpose of determining whether the principal has committed an offence, unless in all the circumstances it is reasonable for them to be attributed to him.
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