The FSA's powers and responsibilities are set out in the Financial Services and Markets Act 2000. It is responsible for:
■ the authorisation and prudential supervision of firms providing financial services;
■ the supervision of financial markets, securities listings and of clearing and settlement systems;
■ the conduct of operations in response to problem cases affecting firms, markets and clearing and settlements systems within its responsibilities, and within Tripartite arrangements in the Memorandum of Understanding on financial stability. For instance, the FSA may change regulatory requirements and facilitate the introduction of new capital into a troubled firm by third parties.