The Financial Services and Markets Act 2000 (Controllers) Regulations 2009 come into force on 21 March. The Regulations implement the Acquisitions Directive into UK law and replace the parts of FSMA dealing with notification of changes of control over authorised firms and recognised bodies. Treasury was not able to keep to the usual 21 day rule before bringing the instrument into force because of the implementation deadline and the significant changes it made to the Regulations following its consultation last year. The Regulations bring some technical changes in percentage holdings requiring notification and procedural changes.
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Treasury publishes new controllers regulations
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