Here (dated “Spring 2013″).
A good overview from Gibson Dunn on the Financial Services Act 2012 and how it changes the UK financial services regulatory regime.
116 pages here.
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.
PRA should have to approve major bank M&A, says Treasury Committee in report on the FSA’s failures on RBS/ABN Amro
In its report on “The FSA’s report into the failure of RBS”, the Treasury Committee recommends that:
“that Government include an explicit requirement for the Prudential Regulation Authority to approve major bank acquisitions and mergers in forthcoming legislation and that HM Treasury, working with the relevant public bodies, report on the legislative or other changes it proposes to make to the current regime regulating acquisitions in the banking sector”.
Excerpts from the summary:
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:
The Bank of England (in its guise as the Prudential Regulation Authority) has published an document setting out its approach to banking supervision.
“Next year, the Prudential Regulation Authority (PRA) will take up its responsibilities as part of the new approach to financial regulation in the United Kingdom. The PRA, which will be responsible for the prudential regulation of deposit-takers, insurers and major investment firms, will be part of the Bank of England and will make an important contribution to the Bank’s core purpose of maintaining financial stability in the United Kingdom.
This document sets out the PRA’s intended approach towards regulating deposit-takers and investment firms. A companion document covers insurers.”
PRA approach document to banking supervision here (dated October 2012)
PRA approach document to insurance supervision here (dated October 2012).
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:
A well-designed graphic of the financial services regulatory landscape from the International Regulatory Strategy Group.
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: