The FSA has published Consultation Paper 12/35 (CP12/35), which sets out its proposals for the Financial Conduct Authority (FCA) to be able to make temporary product intervention rules. In addition to providing examples of when it may be necessary for the FCA to make temporary product intervention rules, CP 12/35 sets out how the FSA envisages the rules will be published, maintained and enforced. The impact of any temporary product intervention rules on innovation and products that are already in the market is also considered.
A draft statement of policy is also included with CP 12/35. The statement sets out the proposed policy and the process the FCA will follow when it is considering making temporary product intervention rules.
The consultation period for CP 12/35 will end on 4 February 2013. The FSA is aiming to have the final version of the statement of policy in place in time for legal cutover (currently expected to be 1 April 2013) and the final text will appear on the FCA's website following that date.