At FSA's July Board meeting, it made the following Rules:  

  • the Handbook Administration (No 14) Instrument 2009: this takes effect mainly on 6 August and makes minor amendments to several parts of the Handbook;  
  • the Dormant Bank and Building Society Accounts Instrument 2009: this takes effect on 6 August and amends the Glossary, PRIN, SYSC, FEES, SUP, DISP, COMP and PERG to bring firms that carry on regulated activities relating to reclaim funds within the relevant parts of the Handbook and keep protection for customers whose dormant funds are transferred to a reclaim fund;  
  • the Threshold Conditions (Banking Act 2009) Instrument 2009: this takes effect from 6 September and explains how FSA will assess meeting threshold conditions for firms affected by the Banking Act 2009;  
  • the Reclassification of Available-for-sale Debt Instrument 2009: this takes effect from 6 August and amends GENPRU and MIPRU to clarify some rules on calculating a firm’s capacity to absorb losses apply to instruments formerly, as well as currently, held by firms;  
  • the With-Profits: Payment of Compensation and Redress Instrument 2009: this takes effect on 31 July and amends COBS in respect of when firms may pay compensation to policyholders from with-profits funds;
  • the Supervision Manual (Controlled Functions)(Amendment No 2) Instrument 2009: this takes effect on 6 August and amends the Glossary, APER and SUP to widen the scope of certain controlled functions (see below);  
  • the Compensation Sourcebook (Mutual Society mergers and Protected Deposit Transfers under the Special Resolution Regime)(Amendment) Instrument 2009: this takes effect on 1 October to further extend the concession to allow investors to claim compensation up to the limit on deposits in each institution subject to a merger or transfer under the Banking Act. The extension will apply until the end of 2010;  
  • the Collective Investment Schemes Sourcebook (Single Sub- Funds Umbrellas) Instrument 2009: this takes effect on 6 August to amend the application of COLL in respect of umbrella funds that have only one sub-fund;  
  • the Perimeter Guidance (Amendment No 2) Instrument 2009: this takes effect on 6 August and amends PERG in respect of the scope of the “making arrangements” element of the arranging activity. A recent case appeared to go against the changes FSA had proposed, so it has now made changes that refer specifically to the judgment but FSA sticks to its views and explains why the judgment was in its view flawed. There is also a minor change to the guidance on occupational pension schemes; and  
  • the FSCS (Banking Compensation Reform) Instrument 2009: this takes effect on 31 December 2010, except for rules on disclosure which take effect earlier (from 1 August 2009 and 1 January 2010) in respect of faster FSCS payments for protected deposits and disclosure obligations to increase awareness of FSCS. The changes include introducing the “single customer view”, making payments “gross” and extending eligibility for FSCS to more individuals.