The regulator is consulting on the new rulebooks and policies for the successor organisations to the FSA. Deadline for comments is 1 February, 2013.
This consultation is part of a series of papers setting out proposed changes to the regulatory requirements needed to create the new rulebooks and policies for the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). These changes are intended to be in place for when the new regulators acquire their legal powers in 2013.
The Financial Services Bill (the Bill) that has been considered by Parliament, and the necessary secondary legislation that will support it, will establish the new UK regulatory architecture. This includes creating the PRA and the FCA. The PRA, a subsidiary of the Bank of England, will prudentially supervise deposit takers, insurers and a small number of significant investment firms. The FCA will regulate conduct in retail and wholesale markets; supervise the trading infrastructure that supports those markets; and, prudentially regulate firms not regulated by the PRA.
This paper covers only changes to certain parts of the FCA’s new Handbook, not the PRA’s. A separate consultation is being published setting out the proposed
PRA enforcement policies and procedures.
Who is this consultation paper aimed at?
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This paper should be read by all sponsors, issuers, regulated information services, prospective primary information providers and recognised investment exchanges or prospective recognised investment exchanges.
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All firms should read the proposals for decision-making in Chapter 6.
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The proposals may be of general interest to consumers, as they concern various obligations on firms and amended regulatory processes that relate to these obligations.
Comments on this consultation paper should reach the FSA by 1 February, 2013.
Press release
Consultation Paper
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