At FSA’s Board meeting on 28 July it made the following new rules:
- UCITS IV Directive Instrument 2011. This amended the Glossary, Senior Management Arrangements, Systems and Controls (SYSC), General Provisions (GEN), the General Prudential Sourcebook (GENPRU), the Prudential Sourcebook for Banks, Building Societies and Investment Firms (BIPRU), the Prudential Sourcebook for UCITS Firms (UPRU), the Interim Prudential Sourcebook for Investment Businesses (IPRU(INV), the Conduct of Business Sourcebook (COBS), the Supervision Manual (SUP), the Decision Procedure and Penalties Manual (DEPP), the Compensation Sourcebook (COMP), the Collective Investment Schemes Sourcebook (COLL), the Regulated Covered Bonds Sourcebook (RCB) and the Disclosure Rules and Transparency Rules (DTR) from 1 July. It implements the changes to the UCITS Directive known as UCITS IV.
- Glossary Amendment (Definition of Holloway Sickness Policy) Instrument 2011. This amends the glossary from 1 August 2011 to clarify the definition of a "Holloway sickness policy" by setting out the features of a policy offered or effected under the Holloway system.
- Financial Services Compensation Scheme (Payment of Levies) (Amendment) Instrument 2011. This amends the Fees Manual (FEES) from 1 October to restrict the discretion of the Financial Services Compensation Scheme (FSCS) to raise exit levies from a firm to the levy year when the firm exits the scheme.
- Venture Capital Investments Instrument 2011. This amends GENPRU and BIPRU from 1 August to establish the prudential treatment for the UK Business Growth Fund and other venture capital investment vehicles invested in by firms.
- Capital Requirements Directive (Handbook Amendments No. 3) Instrument 2011. This amends SYSC and BIPRU from 1 August to implement the guidelines published by CEBS in October 2010 on managing operational risks in market-related activities.
- Capital Resources Requirements for Personal Investment Firms (Amendment) Instrument 2011. This amends IPRU(INV) from 1 August to defer new capital and connected reporting rules for personal investment firms under the Retail Distribution Review (RDR) until 31 December 2013.
- Liquidity Reporting (Miscellaneous Amendments) Instrument 2011. This amends SUP from 1 November to clarify which liquidity reporting items firms are required to submit and makes existing guidance, relating to completing these, clearer.
- Consumer Redress Schemes Instrument 2011. This amends the Glossary, DEPP, Dispute Resolution Handbook (DISP), COMP and the Enforcement Guide (EG) from 1 August to introduce consequential amendments to the Handbook resulting from section 14 of the Financial Services Act 2010.
- Retail Distribution Review (Platforms) Instrument 2011. This amends the Glossary, COBS and COLL from 31 December 2012 to introduce new obligations to ensure that platform services used to buy and manage investments after 31 December 2012 are fully aligned with standards required by the RDR, that investments can be re-registered from one nominee to another, and that investors investing through platforms or other nominees receive the same information as direct investors.
(Source: Handbook Notice 112)