NFA has published a summary of its work to make effective information sharing between regulators better. The report includes a section looking at how to address concerns that reporting suspected or confirmed fraud to FSA may have legal and financial consequences, and so there may be instances of under-reporting. The report says there should be an open and cooperative relationship between FSA and the firms it regulates, which may mean FSA does not take formal action in certain cases. The report also notes FSA's early settlement discount scheme which firms can benefit from if FSA takes action against them. (Source: Information Sharing Report: Progress Update: August 2010)