An authority designated under Schedule 8 to the Financial Services and Markets Act 2000 as responsible for performing those functions under the Act or an authority exercising functions corresponding to those functions under the laws of another EEA state. In the UK, the relevant designated body (that is, the competent authority) is the Financial Services Authority. Section 73 of the Financial Services and Markets Act 2000 sets out the general duties and functions of the competent authority.
Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.