The Financial Services Authority issued on 18 December 2012 a consultation paper (CP12/37) on the FCA’s market powers, decision making procedures and penalties policies. Press release here. From the CP:
“This paper is structured as follows:
• Chapter 2 explains our proposed amendments to the Listing Rules sourcebook (LR) arising from the new statutory powers that the FCA will acquire at LCO to supervise and discipline sponsors.
• Chapter 3 explains our proposed amendments to the Listing Rules sourcebook (LR) regarding the notification requirements regarding suspensions or cancellations of an issuer’s securities at the request of an issuer, which arise from the new statutory powers that the FCA will acquire at LCO.
• Chapter 4 sets out our proposed amendments to the Disclosure and Transparency Rules sourcebook (DTR) regarding the approval of primary information providers, their continuing obligations and supervision.
• Chapter 5 explains our proposed amendments to Recognised Investment Exchanges and Recognised Clearing House sourcebook (REC) to reflect relevant changes in the FCA’s role and powers from LCO.
• Chapter 6 explains our proposed amendments to DEPP arising from new statutory notice powers that the FCA will acquire at LCO. These amendments will fulfil the requirements that the FCA issue policy statements setting out: the FCA’s decision-making procedures for giving statutory notices (i.e. warning notices, decision notices and supervisory notices); the FCA’s decision-making procedures for refusing consent to the PRA granting applications for authorisation or approval; the FCA’s decision-making procedures for publishing information about warning notices; the FCA’s policy regarding the imposition and amount of penalties under FSMA; and the FCA’s policy regarding the imposition of suspensions or restrictions, and the period for which those suspension or restrictions are to have effect, under FSMA.”
The consultation closes on 1 February 2013.