At FSA's January Board meeting, it made the following new rules:

  • the Change of Control (Aggregation of Holdings) Instrument 2011: this takes effect from 6 February and amends the Supervision Manual (SUP) and gives guidance on the terms "acting in concert" and "deemed voting power" in relation to the FSMA controllers' regime;
  • the Integrated Regulatory Reporting (Amendment No 10) Instrument 2011: this takes effect from 1 June and amends SUP to make minor changes to the reporting forms relating to credit risk;
  • the SUP (Amendment No 17) Instrument 2011: this took effect from 20 January and amends SUP to correct an error on application of the significant management function. FSA had inadvertently disapplied this function to common platform firms; and
  • the Retail Distribution Review (RDR) (Training and Competence) Instrument 2011: this takes effect partly on 1 February 2011, partly on 1 July 2011 and the remainder on 31 December 2012. It amends mainly the Training and Competence Sourcebook (TC) to introduce new standards and qualifications for retail investment advisers. FSA has also published feedback on its consultations towards these standards, which will require retail investment advisers to hold a "Statement of Professional Standing" if they want to give advice after January 2013 and to complete appropriate continuing professional development.

(Source: Handbook Notice 106, FSA 2011/2-5, FSA/PN/008/2011 and Policy Statement 11/1: Distribution of retail investments: Delivering the RDR – professionalism: Feedback to CP10/14 and CP10/22 and Final Rules)