The FSA has published Consultation Paper 08/1, Quarterly consultation (No. 15) (CP08/1). In CP08/1 the FSA proposes amendments to:
- The Glossary of definitions.
- The General Prudential sourcebook (GENPRU). The FSA proposes to amend paragraph 2.1(2)(b) of GENPRU 3 Annex 1 Part 2 to correct a potential overlap of the deductions referred to in that paragraph and of the deductions referred to in stage M of the capital resources calculation for a firm.
- The Market Conduct sourcebook (MAR). The FSA proposes an amendment to the Code of Market Conduct (the Code) set out in Chapter 1 of MAR in relation to accepted market practices. The amendment would delete the current accepted market practice, the London Metal Exchange’s metal market aberrations regime on the basis that it is no longer appropriate for inclusion in the Code as an accepted market practice.
- The Supervision manual (SUP). The FSA proposes an amendment to the approved persons regime in SUP 10 which follows changes to the regime introduced by the Markets in Financial Instruments Directive. The FSA also proposes an amendment to chapter 16 of SUP relating to reporting requirements in SUP 16.12 Integrated Regulatory Reporting.
- The Collective Investment Schemes sourcebook (COLL). The FSA proposes amendments to COLL to reflect changes to secondary legislation designed to: (i) enable title to units in authorised collective investment schemes to be transferred by means of electronic communications; and (ii) permit the settlement of transactions in units to be carried out through electronic systems, including the CREST system. The FSA is also proposing a further unrelated amendment to modify the Glossary definition of an authorised fund’s income property.
- The Listing Rules. The FSA proposes an amendment to chapter 18 of the Listing Rules. The amendment is intended to prevent investment entities (as defined in the Listing Rules) who, under forthcoming new measures, will be unable to list shares on a “directive-minimum” basis, from obtaining a substantially directive-minimum listing by instead listing depositary receipts over an investment fund’s shares under chapter 18 of the Listing Rules. Comments on CP08/1 are invited by 4 March 2008, except for part of Chapter 7 (proposed amendments to COLL) and its corresponding Appendix, where the deadline for comments is 4 February 2008.
View Consultation Paper 08/1, Quarterly consultation (No. 15), 4 January 2008