The FSA has published Consultation Paper 07/16, Consequential Handbook Amendments (CP07/16). In CP07/16 the FSA seeks views on proposed consequential amendments to the FSA Handbook to reflect the changes the FSA has made in implementing MiFID, and in reforming conduct of business regulation by creating the new Conduct of Business sourcebook (NEWCOB).
CP07/16 is divided into 2 parts. The first part sets out proposals on a range of policy matters including:
- the application of the 'customer principles' in the Principles for Businesses sourcebook (PRIN) to non-designated investment businesses;
- amendments to the rules in the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) relating to apportionment and oversight and senior management responsibility; and
- amending Chapter 17 of the Supervision Manual (SUP 17) to take into account CESR MiFID Level 3 guidance on transaction reporting.
The second part of CP07/16 covers more technical consequential amendments to the FSA Handbook.
Comments on CP07/16 are due by 14 September 2007, except for comments on Chapter 6 (post-trade transparency and trade data monitors) which are due by 15 August 2007.
CP07/16 is part of the FSA's broader programme of consultation and FSA Handbook revision to implement MiFID and create NEWCOB. The other papers in this programme will include a:
- Policy Statement in July setting out final decisions on the material relating to the FSA's notifications to the European Commission under Article 4 of the MiFID implementing Directive.
- Feedback Statement in August on DP06/3, Implementing MiFID's best execution requirements and the best execution elements in Consultation Paper 06/19, Reforming Conduct of Business Regulation.
- Policy Statement in early autumn on Consultation Paper 07/7, Permitted links for long-term insurance business.
- Policy Statement in October on Consultation Paper 07/9, Conduct of Business regime: non-MiFID defered matters.
Policy Statement on CP07/6 in October.