At FSA’s September Board meeting, it made:
- The Handbook Administration (No. 23) Instrument 2011: This makes minor changes to the Glossary, the Financial Stability and Market Confidence Sourcebook (FINMAR), the Insurance: Conduct of Business Sourcebook (ICOBS), the Supervision Manual (SUP), the Collective Investment Schemes Sourcebook (COLL) and the Prospectus Rules (PR) with effect from 1 October.
- The Senior Management Systems and Controls (SYSC) (Amendment No. 3) Instrument 2011: This amends SYSC from 1 October to clarify that common platform firms that passport on a branch basis into another Member State must obey that state’s requirements for the purposes of key articles of the Markets in Financial Instruments Directive (MiFID).
- The Training and Competence Sourcebook (TC) (Accredited Bodies and Qualifications Amendment No. 2) Instrument 2011: This amends the Glossary and TC from 1 October in respect of appropriate qualifications and accredited bodies, which will issue annual statements of professional standing.
- The Prudential Sourcebook for Banks, Building Societies and Investment Firms (BIPRU) (Group Risk Consolidation) Instrument 2011: This amends BIPRU and SUP from 31 December to remove the use of non-EEA rules in calculating group capital resources. FSA also published a Policy Statement describing the responses to its consultation and its final rules.
- The Liquidity Standards (Miscellaneous Amendments No. 3) Instrument 2011: This amends the Glossary, BIPRU and SUP from 1 November and makes various changes to the liquidity rules and guidance, including widening criteria for low-frequency reporting and extending the transitional period for former mismatch firms.
- The Financial Promotion Guidance (Amendment) Instrument 2011: This amends the Conduct of Business Sourcebook (COBS) and ICOBS from 22 March 2012 and gives guidance on use of the words “guaranteed”, “protected” and “secure”.
- The Client Assets Sourcebook (CASS) (Collateral Transfer and Liens Amendment) Instrument 2011: This amends CASS from 1 October to give some interim relief in respect of the prohibition on general liens over custody assets, and to extend the ban on using title transfer collateral arrangements to include certain rolling spot forex contracts.
- The SUP (Amendment No. 18) Instrument 2011: This makes a minor change to SUP from 1 October.
- The Integrated Regulatory Reporting (Amendment No. 12) Instrument 2011: This amends various data items required by SUP from 1 October.
- The Compensation Sourcebook (COMP) (Occupational Pension Scheme Trustees) Instrument 2011: This amends COMP from 1 October to enable trustees of Occupational Pension Schemes to claim on the Financial Services Compensation Scheme if a life insurer fails.
(Source: Handbook Notice 113 and Policy Statement 11/11)