FSA consults on implementation of Financial Services Act 2010
26 April 2010
The FSA has published a consultation paper, CP10/11: Implementing aspects of the Financial Services Act 2010. The CP contains proposals on:
- The new short selling disclosure rule-making power;
- New disciplinary powers to impose: suspensions and restrictions on firms and approved persons; penalties on persons that perform controlled functions without approval; and financial penalties on persons who breach short selling prohibition rules or short-selling disclosure requirements;
- A new power to gather information and documents that are relevant to UK financial stability from certain authorised and unauthorised entities; and
- Amendments to fees rules to enable the FSCS to recoup its management costs when acting on behalf of other compensation schemes from FSCS levy payers if it is unable to recoup those costs from the relevant compensation scheme and to reflect Special Resolution Regime funding changes.
The consultation closes on 25 June 2010.
To read more, go to http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/072.shtml
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