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After first being issued in draft in July 1998 and then taking a year to go through Parliament, the Financial Services and Markets Act 2000 (FISMA) finally became law on 14th June, 2000. The Treasury, the government department responsible for the UK financial services industry, has, however, just announced that the FISMA will not come fully into force until summer 2001, although some sections may perhaps come into force earlier.

The Economic Secretary to HM Treasury, Miss Melanie Johnson, announced on 15th March that ‘N2’, the date on which most of the Financial Services and Markets Act 2000 will be implemented, will definitely take place before the end of November 2001. That important and long awaited announcement has been followed by a spate of government and parliamentary activity in order to put in place essential elements of the secondary legislation that HM. Treasury has the power to make under the Financial Services and Markets Act 2000 (FISMA). Much of that Act, important as it is to changing the structure, policy grounding and direction of UK financial regulation, is enabling in effect and leaves many key areas, such as, the scope of the general prohibition on carrying on regulated activities without authorisation or exemption, to be detailed by secondary legislation. On 9th May Miss Melanie Johnson made a further significant announcement in response to a parliamentary question, namely that the provisions of FISMA which confer rule‐making powers and status as the sole financial regulator on the Financial Services Authority (FSA) will be commenced on 18th June, 2001. This is necessary in order to enable it legally to ‘make’ and therefore finalise its by now very extensive Handbook of Rules and Guidance so that firms can prepare for N2 on the basis of its content. The following Orders and Regulations have already been made with the main effects as described.

Abstract We examine the impact of the events leading up to and including the passage of the Financial Services Modernization Act (FSMA) of 1999 on the stock returns of banks, brokerage firms, and insurance companies. We find that the impact is positive for all institutions. Bank gains are positively related to size and capitalization. Brokerage firms gain regardless of size, but the gains are inversely related to capitalization and insurance companies gain regardless of size or capital position. The strong positive reaction suggests that the market expects the institutions to benefit from the new opportunities created by the FSMA's passage.