On July 18, the Financial Services Authority published consultation paper CP07/16 Consequential Handbook Amendments (arising from implementation of MiFID and creation of NEWCOB). The paper seeks views on proposed consequential amendments to the Handbook to reflect changes FSA has made in implementing the Markets in Financial Instruments Directive (MiFID) and in the new Conduct of Business Sourcebook (COBS).
The proposals include (i) the application of the ‘customer principles’ in the Principles for Businesses Sourcebook (PRIN) to non-designated investment business, (ii) amendments to the rules in the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) relating to apportionment and oversight and senior management responsibility, (iii) amending the approved persons regime, (iv) amending MiFID transaction reporting requirements to take into account CESR guidance relating to transaction reporting and (v) revisions to the arrangements for Trade Data Monitors (TDMs).
This CP covers changes relevant to both MiFID and non-MiFID firms and business within and outside the scope of MiFID. The consultation period closes on September 14, except for comments on Chapter 6 (Post-trade transparency and trade data monitors) which closes on August 15.