The FCA has published its Handbook Notice No.30 setting out changes made to the FCA Handbook under instruments made by the FCA Board on 5 and 25 February 2016.
Some of the key relevant instruments are:
- Benchmarks (Amendment No.2) Instrument 2016 (FCA 2016/8). This instrument makes final rules to create a fair, reasonable and non-discriminatory (FRAND) framework for regulated frameworks, which is effective and robust. The instrument comes into force on 1 April 2016. The FCA published a policy statement on FRAND access to regulated benchmarks on 8 February 2016.
- Handbook Administration Instrument (No.40) 2016 (FCA 2016/9). The FCA board has made minor administrative changes to various modules of the FCA Handbook to correct or clarify existing provisions. They were not consulted on because they are regarded as either falling within the scope of previous consultations, or as being so minor they do not warrant consultation. None of the changes represent any changes to FCA policy. The majority of the instrument came into force on 1 March 2016, subject to some exceptions.
- Individual Accountability (Conduct Rules) (Breaches Reporting) Instrument 2016 (FCA 2016/10). The instrument makes consequential changes to FCA rules and guidance to ensure that it reflects the latest statutory position when the senior managers and certification regime comes into force for relevant persons on 7 March 2016. The instrument came into force on 1 March 2016. The FCA consulted on this instrument in CP16/1.
- Handbook Separation (Fees) Instrument 2016 (FCA 2016/12). The instrument makes rules to create a free-standing FCA fees manual with no unnecessary references to the PRA or rules shared between the FCA and the PRA. The instrument came into force on 1 March 2016. The FCA consulted on this instrument in CP15/34.
- UKLA Fees (and Related Fees) Instrument 2016 (FCA 2016/13). The instrument makes rules to: 1) clarify the FEES manual by restructuring UKLA fees; 2) meet the FCA’s treaty obligations by introducing a fee discount for mortgage intermediaries ‘passporting’ into the UK from other EEA states; and 3) improve management of FCA cash flow at the start of the financial year by bringing forward the date when large fee-payers make their first ‘on-account’ payment. Part of this instrument came into force on 1 March 2016 and the remainder on 1 April 2016. The FCA consulted on this instrument in CP15/34.