FSA Circulates "Dear CEO" Letter on Transition to New Regulatory Structure


On February 7, the UK Financial Services Authority (FSA) published a "Dear CEO" letter from Hector Sants, FSA Chief Executive, about the transition to the new regulatory structure first announced in June 2010 (see the June 18, 2010, edition of Corporate and Financial Weekly Digest) under which the FSA will, by late 2012, be replaced by two separate regulators (the Prudential Regulation Authority (PRA) and the Consumer Protection and Markets Authority (CPMA).

This week's letter states that the process of implementing the new regime will commence on April 4, when a Prudential Business Unit (PBU) and a Consumer & Markets Business Unit (CMBU) will replace the FSA's current Supervision and Risk business units. Mr. Sants will head the PBU and Martin Wheatley, CEO designate of the CPMA, will head the CMBU.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

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

Written by:


Katten Muchin Rosenman LLP on:

Popular Topics
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*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. Or, sign up using your email address.