FSA has published its final rules on the new framework for controlled functions, following CP10/3. The new rules take into account many recommendations from the Walker Review and give more guidance on what FSA expects from function holders. FSA got 74 responses, including some from trade associations. Following consultation, FSA has clarified some of its suggestions, including that more than one individual can hold the systems and controls functions and that it does not expect the internal audit function holder additionally to hold any other controlled functions. FSA has also clarified the new rules do not prevent firms from outsourcing to help a function holder fulfil their function. FSA received most comments on the parent entity SIF proposals. It has clarified the controlled function regime is separate from the controller and close links regime. It notes concerns over conflicts of interest, but says it does not think any conflicts that individuals in dual roles suffer would be a direct result of the approved persons regime. Following consultation, FSA is going ahead with its decision to extend the CF29 significant management function to UK branches of EEA banks that accept retail deposits. On NEDs' activities, most respondents wanted guidance on time commitment to the role and the responsibilities and liabilities of NEDs. Respondents also approved of FSA's plan to give guidance on Chief Risk Officers and its new approach to SIF interviews. The new rules, amending mainly the Glossary, SYSC, SUP, FIT and APER, take effect on 11 May 2011. FSA has also published a table showing dates between which firms must make notifications in respect of individuals already performing certain roles. (Source: Policy Statement 10/15: Effective corporate governance: Significant influence controlled functions and the Walker Review and FSA 2010/48)