News & Analysis as of September 21, 2024

Prudential Regulation Authority (PRA)

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The Financial Services Authority is an independent financial regulatory body within the United Kingdom. The FSA establishes standards for most financial services markets, exchanges, and firms and pursues legal... more +

Financial Services Quarterly Report - Second Quarter 2013: UK: New Regulators; New Powers

Dechert LLP on 6/28/2013

The UK Financial Services Authority (“FSA”) was abolished on 1 April 2013 and replaced by three new regulators. The Financial Services Act 2012 introduced the Financial Conduct Authority (“FCA”), the Prudential Regulatory...more

Has the FCA started as it means to go on?

Dechert LLP on 5/18/2013

Has the Financial Conduct Authority (“FCA”) in the UK started as it means to go on? The FCA recently fined a UK subsidiary of a private Swiss Bank for failing to establish and maintain effective anti-money laundering controls...more

FCA Urges Firms to Update Status Disclosures to Reflect Creation of the FCA and PRA

Orrick - Finance 20/20 on 5/9/2013

On May 1, the FCA published a press release stating that it expects firms to review their regulatory status disclosures as a priority and ensure that they are up to date and accurate following the creation of the FCA and PRA...more

New UK Financial Regulation Architecture Takes Effect

Morgan Lewis on 4/8/2013

The Financial Conduct Authority and the Prudential Regulation Authority begin work as the two new regulators in the wake of the long-heralded abolition of the Financial Services Authority....more

FSA Updates Guide to the New PRA and FCA Handbooks

Katten Muchin Rosenman LLP on 2/27/2013

On February 19, the UK Financial Services Authority (FSA) published an updated “one-minute guide” summarizing the changes to the FSA Handbook that will come into effect when the FSA’s two successor regulatory bodies, the...more

Preparing for UK Regulatory Change: An Overview of the New Framework

Katten Muchin Rosenman LLP on 12/20/2012

In the aftermath of the 2008 financial crisis, all of the major political parties in the UK proposed significant change to the system of financial regulation. On election in 2010, the coalition government set out its belief...more

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