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The FSA published a consultation paper on amendments to the sponsor regime for listed companies.
The key proposals are to:
- clarify the application of the Principles for sponsors;
- remove the existing concept of the suitability experienced employee to demonstrate competence and replace it with a firm-wide approach to sponsor competence;
- modernise the approach to sponsor independence by focusing on procedures for identifying and managing conflicts; and
- revise guidance as to what will generally be accepted as appropriate systems and controls for sponsors.
Deadline for consultation is