FCA has made various changes to its Handbook following its Board meetings on 5 and 25 February. It made:

  • the Benchmarks (Amendment No 2) Instrument 2016: this amends the FCA Handbook Glossary and creates the fair, reasonable and non-discriminatory (FRAND) framework within the Market Abuse Sourcebook. It comes into force on 1 April (see also FReD 12 February);
  • the Handbook Administration (No 40) Instrument 2016: this makes minor administrative changes with various application dates between 1 March and 7 September;
  • the Accountability (Conduct Rules) (Breaches Reporting) Instrument 2016: this makes consequential changes to rules to ensure compatibility with the Senior Managers & Certification Regime (SMR)  and comes into force on 1 March;
  • the Accountability (Foreign Branches) (Amendments) Instrument 2016:  this brings application of the common platform requirements into line with the foreign branches rules. It comes into force on 7 March;
  • the Fees (Handbook Separation) Instrument 2016 and the UKLA Fees and Other Fees Instrument 2016: these create a freestanding FEES manual for FCA with no unnecessary reference to PRA, restructure fees for the UK Listing Authority and introduce a fees discount for passporting-in mortgage intermediaries. The changes also bring forward the date on which large fee payers make their first “on-account” payment.   Most provisions making the new FEES manual come into force on 1 March and a few on 1 April;
  • the Retail Distribution Review (RDR) (Miscellaneous Amendments) Instrument 2016: this ensures FCA can continue to meet its obligations under the RDR by being able to identify relevant staff where they no longer require pre-approval from the regulator after the SMR takes effect. The changes include a new form in the Training and Competence Sourcebook (TC), the Retail Investment Adviser Competence Notification Form, and new reporting requirements, and changes to the supervisory reporting requirements in the Supervision Manual. The rules come into force partly on 7 March and the remainder on 31 December; and
  • the Handbook Separation (Insurance) Instrument 2016: this amends the FCA rules to accommodate the PRA re-write of shared PRA and FCA rules. It comes into force on 1 March.

(Source: FCA Handbook Notice 30)