In addition to the new rules highlighted above, FSA made the following instruments at its September board meeting:

  • the Handbook Administration (No. 19) Instrument 2010 makes minor amendments to several parts of the handbook from 6 October;
  • the Capital Requirements Directive (Large Exposures) Instrument 2010 amends mainly BIPRU from the end of 2010 in respect of criteria for risk weightings;
  • the Liquidity Standards (Miscellaneous Amendments) Instrument 2010 amends mainly BIPRU from various dates in October, November and January in respect of clarifications to the simplified ILAS approach, liquidity reporting, systems and controls requirements, and transitional provisions for mismatch firms;
  • the Prudential Requirements for Insurers (Amendment No. 5) Instrument 2010 amends INSPRU from 6 October in respect of the quality of Tier 1 capital;
  • the Financial Services Compensation Scheme (Financial Services Act 2010)(No. 2) Instrument 2010 amends mainly FEES from a date to be announced, which depends on the commencement of the relevant part of the 2010 Act in respect of management expenses FSCS incurs when acting on behalf of another scheme;
  • the Retail Distribution Review (Pure Protection) Instrument 2010 amends mainly ICOBS from 31 December in respect of charges and when firms can elect to apply COBS rules instead of ICOBS;
  • the Integrated Regulatory Reporting (Amendment No. 7) and (Amendment No. 8) Instruments 2010 amend SUP from 1 October in respect of minor corrections and amendments to various data items and guidance; and
  • the Disclosure and Transparency Rules Sourcebook (Amendment No. 4) Instrument 2010 amends mainly DTR from 1 November in respect of the position of shareholders who passively receive nil paid rights during a rights issue. Additionally, FSA has made some minor changes to PERG and an instrument on PPI Complaints that has only recently been published.

(Source: Handbook Notice 103, FSA 2010 36, 40, 42 – 46 and 49/51 and Policy Statement 10/13: Pure protection sales by retail investment firms: remuneration transparency and the COBS/ICOBS election – feedback on CP10/8 and final rules)