At FSA's February board meeting it made several new rules:

  • the SYSC (Amendment No 2) Instrument 2009 amends SYSC from 1 April: these minor changes ensure consistency between rules dealing with apportionment of responsibilities;  
  • the GENPRU (Notification of Redemption or Repayment) Instrument 2009 amends GENPRU from 6 March: the changes clarify notification requirements for redemption or repayment of Tier 1 or 2 capital instruments;  
  • the SUP (Passporting and Reinsurance) (Amendment) Instrument 2009 amends the Glossary and SUP from 6 March: this updates FSA guidance on passporting arrangements for pure reinsurers following changes to FSMA when Treasury implemented the RID;  
  • the SUP (Amendment No 15) Instrument 2009 amends SUP from 21 September: this adds a new rule to SUP 17 for reporting transactions in OTC derivatives. Generally, FSA will not expect firms routinely to report certain OTC derivatives, unless multiple financial instruments have a common issuer. It has also introduced three new derivative type classifications;  
  • the COLL (Amendment No 4) Instrument 2009 amends COLL from 6 March: these changes extend the COLL rules on currency hedging of unit classes and allow UCITS schemes to invest in more equivalent schemes than previously;  
  • the Trading Plan Instrument 2009 amends the Glossary, LR and DTR from 6 March: these amendments clarify that a person discharging managerial responsibilities can enter into a trading plan in order to deal in securities without breaching the Model Code or being suspected of insider dealing. The plan must meet certain requirements; and  
  • the DTR (Disclosure of Contracts for Differences) Instrument 2009 amends DTR from 1 June: these changes implement a general disclosure regime to disclose all economic interests held through CfDs aggregated with other holdings above a 3% threshold. FSA says the changes will improve market transparency.