FSA Consults on Operation of FCA and Sets Out PRA's Approach

more+
less-

On October 16, the UK Financial Services Authority (FSA) published a consultation paper entitled Journey to the FCA, regarding how its successor regulator the Financial Conduct Authority (FCA) will operate.

The issues addressed in the paper include the FCA’s proposed approach to:

  • New powers and responsibilities, including powers relating to product governance and intervention, financial stability, market conduct and super-complaints; 
  • Its competition objective, including steps it will take to promote competition and to embed competition in its regulatory approach; 
  • Regulatory processes, including applications for authorization, threshold conditions, approved persons, changes in control, waivers and passporting; and 
  • Supervision of regulated firms, including details of its approach to supervision and categorization of firms and its approach to enforcement.

The consultation period ends on December 14, 2012.

Read more.

In a linked development, on October 15, the FSA and the Bank of England issued a document setting out the proposed approach to banking supervision of the FSA’s successor regulator, the Prudential Regulation Authority.

Read more.

 

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Katten Muchin Rosenman LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×