Financial Services Authority Financial Conduct Authority

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 +
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 action against parties failing to comply with those standards.   less -
News & Analysis as of

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

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

Structured Thoughts -- Volume 4, Issue 9 -- June 17, 2013

In This Issue: UK’s FCA Restricts Marketing of Unregulated Collective Investment Schemes and Similar Products to Retail Investors; Electronic Structured Note Systems and U.S. Securities Regulation; and Reminders from...more

Has the FCA started as it means to go on?

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

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

Corporate Aspects of the UK Financial Services Act 2012

Long-heralded reform of the UK financial services regulation architecture impacts the listed company regime. On 1 April, a new financial regulation architecture became operative in the UK through the Financial...more

UK Financial Services Regulatory Handover

On April 1, the long-awaited handover of power from the FSA to the “twin-peaks system,” consisting of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), took place. The PRA, a branch of the Bank...more

New UK Financial Regulation Architecture Takes Effect

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

European Securities and Markets Authority Guidelines on Sound Remuneration Policies under the AIFMD

More than seven months after publishing its consultation paper, the European Securities and Markets Authority (ESMA) recently published final guidelines (Guidelines) on sound remuneration policies under the Alternative...more

UK Regulators Propose Implementing Rules and Regulations on AIFMD

On 19 March 2013, the UK Financial Services Authority (FSA) published Part II (CP2) of its three-part consultation series on Implementation of the Alternative Investment Fund Managers Directive (AIFMD). The consultation...more

The UK’s New Financial Services Act – a Guide to the Main Changes

The UK’s Financial Services Act 2012 (the Act) will come into force on 1 April 2013. On implementation, the Act will amend many of the UK’s existing financial services legislative measures and give effect to several of the...more

Orrick's Financial Industry Week in Review - March 25, 2013

In This Issue: *Financial Industry Developments - Agencies Issue Updated Leveraged Lending Guidance - CFTC No-Action Relief from Required Clearing for Some Partial Swap Novations and Terminations - FHFA...more

U.K. FSA Seeks Comments On New Consumer Credit Regulatory Regime

On March 6, the U.K. Financial Services Authority (FSA) issued a consultation paper (CP) to outline the regulatory regime for consumer credit markets after its regulatory powers transfer to the Financial Conduct Authority...more

UK Financial Services Authority Releases Draft Handbooks for New Regulators

Handbooks for Financial Conduct Authority and Prudential Regulation Authority will replace FSA Handbook on 1 April. On 8 March, the UK Financial Services Authority (FSA) published draft handbooksfor the two new...more

FSA Updates Guide to the New PRA and FCA Handbooks

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

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

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

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....more

FSA Consultation on the PRA and FCA Regimes for Approved Persons

On October 3, the FSA published consultation paper 12/26 ‘Regulatory reform: the PRA and FCA regimes for Approved Persons’ (CP12/26). As part of the reform of the supervisory structure of financial services in the UK, the...more

FSA Warns Firms About Financial Promotions

On September 21, the UK Financial Services Authority (FSA) released a speech entitled “Financial Promotions: Keeping Connected and Compliant” delivered by Clive Gordon, FSA’s Head of Conduct Risk. The speech highlighted...more

UK’s FSA Publishes Consultation Paper on Regulatory Reform Implementation

On September 12, in advance of expected legislation that will restructure the United Kingdom’s financial services regulatory framework, the Financial Services Authority (FSA) published the first in a series of Consultation...more

FSA Consults on Rules Changes Linked to Handover to PRA and FCA

On September 12, the UK Financial Services Authority (FSA) published a consultation paper (CP12/24- Regulatory Reform) regarding changes to the existing FSA Handbook on aspects of the regulatory regime which will apply after...more

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