At FSA’s Board Meeting on 23 June it made the following new rules:

  • The Handbook Administration (No. 22) Instrument 2011. This changes the Prudential Sourcebook for Banks, Building Societies and Investment Firms (BIPRU), the Supervision Manual (SUP), the Decision Procedure and Penalties Manual (DEPP) and the Enforcement Guide (EG) from 1 July to make minor administrative changes.
  • The Senior Management Arrangements, Systems and Controls (Remuneration Code)(No. 3) Instrument 2011. This amends SYSC from 1 July to give certain firms until 1 July 2012 to comply with the Remuneration Code rule on retained shares or other instruments.
  • The Fees (Miscellaneous Amendments and Financial Ombudsman Service (FOS) Rules) (No. 2) Instrument 2011. This is a joint FSA/FOS rule, amending the Glossary, Fees Manual (FEES) and the Dispute Resolution: Complaints Sourcebook (DISP) from 1 July to make minor changes to the structure of the fees rules and the provisions relevant to electronic money issuers.
  • The Retail Distribution Review (Holloway Sickness Policies) Instrument 2011. This amends the Glossary, Training and Competence Sourcebook (TC) and Conduct of Business Sourcebook (COBS) from 31 December 2012 to clarify the effect of the RDR adviser charging and professionalism rules on “Holloway sickness policies”.
  • The Money Market Funds Instrument 2011. This amends the Glossary, COBS and the Collective Investment Schemes Sourcebook (COLL) from 1 July to incorporate the (then) Committee of European Securities Regulators’ guidelines on a common definition of money market funds into FSA rules.

(Source: Handbook Notice 111)