On 6 January 2010, the FSA published Consultation Paper 10/1: Quarterly consultation (No 23) (CP10/1). In its latest Quarterly consultation the FSA proposed amendments to:

  • The Principles for Businesses, to reflect the amendment HM Treasury made in section 145 of the Financial Services and Markets Act in 2006 that allowed the FSA to properly implement the communication rules in the Markets in Financial Instruments Directive.
  • Chapter 16 of the Supervision manual (SUP) relating to the reporting requirements in SUP 16.12, Integrated Regulatory Reporting. The FSA's intention is to clarify existing rules and policy on reporting requirements by revising some of the wording in SUP 16.12. The FSA believes that the amendments will help firms better understand the data items they need to report.
  • The Collective Investment Schemes sourcebook to provide greater clarity on winding up and terminating authorised funds. The FSA proposes to amend the section in chapter 7 of the Collective Investment Schemes sourcebook (COLL) which deals with the winding up of authorised unit trusts (AUTs) to more closely align it with that for Investment Companies with Variable Capital (ICVCs). The FSA also proposes to add further detail on the production of a final or termination account to clarify that an audited account must be produced for the final annual accounting period, and to set out the contents of this account. The FSA is also amending COLL 7.4.4 R(6) which requires that a request be sent to the FSA following one of the events listed in COLL 7.4.3R (2) (c), (d) or (e) for the authorisation order to be revoked. The FSA proposes to amend the rule to include the event referred to in COLL 7.4.3R (2) (f), the effective date of an approved scheme of arrangement, which results in that AUT being left with no scheme property.
  • The Disclosure and Transparency Rules (DTR) to clarify the Transparency Rules within DTR that were created on 20 January 2007 in order to implement the Transparency Directive in the UK. The FSA is consulting on amendments to chapters 4 and 5 of the DTR.

The deadline for comments on CP10/1 is 6 March 2010.

View Consultation Paper 10/1: Quarterly Consultation (No 23), 6 January 2010