FMLC published paper on new approach to financial market regulation
20 December 2010
The paper addresses the division of the FSA’s power, functions and rules, and the need for cooperation between the Prudential Regulation Authority and the Consumer Protection and Markets Authority.
The Financial Markets Law Committee (FMLC) published a paper in response to the Financial Services Authority’s July paper, A New Approach to Financial Regulation: Judgment, Focus and Stability. The paper addresses the division of the FSA’s power, functions and rules; the need for cooperation between the Prudential Regulation Authority (PRA) and the Consumer Protection and Markets Authority (CPMA); the authorization process; enforcement; administrative discretion and bank regulation; and other difficulties that may give rise to legal uncertainty in the future. The paper argues that there is potential for legal uncertainty to arise in connection with the proposed reforms, in particular with the split of responsibilities between the PRA and CPMA.
© FMLC - Financial Markets Law Committee
