Here (dated “Spring 2013″).
25 March 2013
Financial services regulatory reform: FSA consultation paper on warning notices
The Financial Services Authority published on 18 March 2013 a consultation paper (CP 13/8) on the Financial Conduct Authority’s approach to the issue of warning notices. Press release here and consultation paper here.
“The main point of our proposals is to be transparent about our enforcement action early on. The financial services industry and consumers will be able to understand the types of behaviour that we consider unacceptable at an earlier stage, which will help promote credible deterrence.”
The consultation closes on 18 June 2013.
25 March 2013
The Financial Services Act 2012 (Commencement No. 2) Order 2013: provisions of the FSA coming into force on 1 April 2013
Sets out those provisions of the Financial Services Act 2012 which come into force on 1 April 2013.
7 March 2013
Financial Services Act 2012, the FSMA and the FCA
A good overview from Gibson Dunn on the Financial Services Act 2012 and how it changes the UK financial services regulatory regime.
6 March 2013
Consumer credit: Government confirms regulation will move from OFT to FCA in April 2014, Treasury and FSA issue consultation papers
The Government today confirmed that the regulation of consumer credit will move from the Office of Fair Trading to the new Financial Conduct Authority in April 2014.
HM Treasury / BIS announcement here.
HM Treasury press release here and consultation document here.
Financial Service Authority press release here and consultation document here.
6 March 2013
LIBOR: The FSA’s report into itself
The Financial Services Authority yesterday published its Internal Audit Report on LIBOR. In short, the FSA was aware of some evidence of low-balling in the 2007 to 2009 period, but not of manipulation for profit (query whether the distinction can be that exact).
The FSA’s press release is here and its Internal Audit Report is here. Much more on LIBOR here.
From the press release:
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31 January 2013
The FSA’s pilot findings on interest rate hedging products; discussion of “sophistication”
21 January 2013
Financial Services Act 2012: Explanatory Notes published
116 pages here.
See also: The Financial Services Bill is now the Financial Services Act
2 January 2013
The Financial Services Bill is now the Financial Services Act
The Bill received Royal Assent on 19 December 2012, becoming the Financial Services Act 2012.
HM Treasury confirmed on the same day that the Prudential Regulation Authority and the Financial Conduct Authority will start work on 1 April 2013: i.e. that is the legal cutover day to the new regulators.
The Treasury also confirmed that the FCA will take on responsibility for consumer credit regulation from 1 April 2014.
11 December 2012
FSA consultation on the regulation and supervision of benchmarks
FSA consultation launched 5 December 2012; press release here; consultation document here. The consultation closes on 13 February 2013.
read more »
11 December 2012
FCA consultation on the use of temporary product intervention rules
11 December 2012
Martin Wheatley on the FCA’s approach to markets regulation; supervision of sponsors, corporate governance structures, RIEs and PIPs
The chief executive-designate of the Financial Conduct Authority, Martin Wheatley, gave an overview of the new regulator’s approach to client assets and market regulation in a speech on 20 November 2012. On markets regulation, Mr Wheatley said:
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10 December 2012
FSA speech on “Challenging the culture of market behaviour”
4 December 2012 speech by Jamie Symington, Head of Wholesale Enforcement at the Financial Services Authority; covers:
- The FSA’s policy of “credible deterrence:
- Rising number of STRs;
- SMARTS software to improve surveillance and detection of market abuse;
- Build-out of enforcement capability;
- Decline in suspicious activity pre-announcement of takeovers, to 20% in 2011;
- Market abuse successes;
- An overview of the Einhorn / Greenlight Capital case;
- Thematic and educational work; and
- The future approach of the FCA.
See also: Einhorn / Greenlight Capital posts.
16 October 2012
The “Journey to the Financial Conduct Authority”
The FSA has today published a document, “Journey to the Financial Conduct Authority“, setting out how the UK’s new financial services conduct and markets regulator will operate when it comes in being in 2013. An accompanying speech from Martin Wheatley, CEO-designate of the FCA, is here. Excerpts from the speech:
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12 October 2012
How the FCA will tackle financial crime
Tracey McDermott speech of 26 September 2012 here.
12 October 2012
“It felt like being appointed captain of the Titanic after we’d hit the iceberg but before we’d actually sunk”
Lord Turner’s Mansion House speech on the:
- Causes of the financial crisis
- Policy response and the redesigned regulatory structure
- Need for new policies in a deleveraging economy.
read more »
4 October 2012
Consultation on the PRA and FCA regimes for Approved Persons
The Financial Services Authority yesterday published a consultation paper (CP12/26) on some proposed changes to the existing regulatory rules and guidance relating to approved persons. These changes are part of the creation of the new regulatory framework for financial services in the UK, to be effected by the Financial Services Bill and which will see the Prudential Regulation Authority and the Financial Conduct Authority take over the responsibilities of the FSA.
The consultation paper sets out proposed changes to the approved persons regime, to:
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28 September 2012
Financial services: regulatory landscape map
A well-designed graphic of the financial services regulatory landscape from the International Regulatory Strategy Group.
24 September 2012
Financial promotions and digital media: FSA guidance
In a speech on 21 September 2012 Clive Gordon, Head of Conduct Risk at the Financial Services Authority, gave some guidance on the regulator’s approach to using digital media for making financial promotions. Mr Gordon specifically discussed Facebook, risk warnings (particularly “roll-over” risk warning), image advertising, the absence of a “one-click rule” and the unsuitability of Twitter for many financial promotions. Excerpt (our emphasis added):
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19 September 2012
The FCA’s approach to conduct regulation: pre-emptive, judgement-led, interventionist
Martin Wheatley, the chief executive-designate of the new Financial Conduct Authority – which will become the UK’s lead financial services conduct regulator in 2013 – yesterday summarised the new agency’s overall approach to conduct regulation in this speech to the ABI. Excerpts:
read more »
14 September 2012
The new Prudential Regulation Authority and Financial Conduct Authority authorisation and supervision regimes: consultation paper 12/24
The Financial Services Authority issued a consultation paper (CP12/24) on 12 September 2012 on changes to the FSA Handbook that will will result from the ongoing reform of the UK’s financial services regulatory regime, and specifically the creation of the new Prudential Regulation Authority and Financial Conduct Authority.
The FSA’s press release is here, more background on the consultation paper is here and the consultation paper itself is here. The most interesting part of the CP is the proposed changes to the skilled persons report regime.
From the FSA’s background release:
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