The FCA has published its Handbook Notice 29.  This Notice provides information on legislative changes to the FCA Handbook in the instruments listed below:

  • Individual Accountability (Extension of Scope) and Whistleblowing (Amendment) Instrument 2016.
  • Individual Accountability (Swiss General Insurers) Instrument 2016.
  • UCITS V Directive Instrument 2016.
  • Credit Unions Sourcebook (Amendment No 8) Instrument 2016.
  • Listing Rules and Disclosure and Transparency Rules (Miscellaneous Amendments) Instrument 2016.
  • Individual Accountability (Regulatory References) (Interim Requirements) Instrument 2016.

Of particular interest is the instrument on regulatory references.  This instrument makes final rules and guidance to implement an interim referencing requirement for the Approved Persons and Senior Managers regimes.  These rules will:

  • require relevant authorised firms (banks, building societies, credit unions and PRA investment firms) to give a reference when another firm wants to appoint someone to a pre-approved role.
  • confirm that firms that are not relevant authorised persons are obliged to give a reference when a relevant authorised person wishes to appoint someone to a preapproved role under the Senior Managers regime.

This is an interim position in advance of the final referencing regime being implemented post-commencement of the Senior Managers regime.  This instrument comes into force on 7 March 2016.  For further information on the regulatory references regime, see our article What's in the pipeline for employment and financial services in 2016?

Another item of interest is the consequential amendments to the whistleblowing rules in SYSC as a result of the final rules on foreign branches.  The changes confirm that the whistleblowing rules are not applied to foreign branches.  Part of this instrument comes into force on 7 March 2016 and the remainder on 7 September 2016. For further information on the whistleblowing regime, see our article New whistleblowing rules for the financial services sector.