Recent releases from the FSA

United Kingdom

Update: The FSA recently released the following Consultation and Policy Papers:

CP 89: 'Grandfathering Concessions and Individual Guidance': This CP sets out the FSA's detailed proposals for 'grandfathering concessions' i.e. carrying forward after N2, written concessions which may have been given to firms prior to N2; and grandfathering individual guidance i.e. guidance given to a particular firm in relation to its own particular circumstances or plans by its current regulator under the current regimes.

CP90: 'Procedural Formalities for the Handbook': The purposes of this CP is to endure beyond doubt the completion of certain procedures which the FSA are required to follow when consulting on materials for the Handbook of Rules & Guidance. The areas covered include a 'Purpose Statement', 'Compatibility Statements' and a cost benefit analysis.

CP91: 'Reports by Skilled Persons': This CP discusses the FSA's new approach to the use of skilled persons as a regulatory tool for diagnostic, monitoring, preventative and remedial purposes.

Policy Paper: 'Code of Market Conduct: Feedback on CP59 & CP76': This Policy Paper reflects changes made as a result of consultations in the two previous Consultation Papers. The Code seeks to establish guidance on what the FSA considers Market Abuse coupled with the flexibility to allow for unforeseen forms of Market Abuse. The Policy Paper goes on to explain the FSA's views on 'Regular User Test', misuse of information, false or misleading impressions, distortion, statutory exceptions, requiring or encouraging and finally, scope of the Market Abuse regime. Also contained in the Policy Paper is the 'final' text of the Code of Market Conduct.

All the above Papers are available on the FSA's website.

For further information, please contact Nick Paul by e-mail at nick.paul@cms-cmck.com or by telephone on +44 (0)20 7367 2806.