HM Treasury today announced a consultation on secondary legislation to support the Financial Services Bill. The Treasury press release is here and the consultation paper is here. From the press release:
“A new approach to financial regulation: draft secondary legislation is a consultation document on the key secondary legislation that will underpin the Bill:
- Section 22A of the Financial Services and Markets Act 2000 as amended by the Bill (“FSMA”), covering the allocation of regulator responsibility between the PRA and the FCA;
- Section 55C of FSMA, setting out the threshold conditions that authorised persons must meet in order to become and remain authorised;
- Clause 47 of the Bill, transferring regulation of mutual societies to the PRA and FCA;
- Section 192 A-N of FSMA regarding the regulators’ power of direction and information gathering rules over parent undertakings of authorised persons or recognised UK investment exchanges and, by virtue of Schedule 7 of the Bill, recognised UK clearing houses;
- Section 213 of FSMA on the allocation of responsibility for rule-making with regards to the FSCS between the FCA and PRA; and
- Section 234B of FSMA on the power to designate bodies that can make super-complaints about the impact of the market in the UK for financial services on the interests of consumers.”
The consultation closes on 24 December 2012.
