At FSA’s October Board meeting, it made the following new Rules:

  • the Handbook Administration (No 11) Instrument 2008: this took effect from 6 November and makes minor changes to various parts of the Handbook to correct and clarify Rules; 
  • the Glossary Amendment (Definition of Preference Share) Instrument 2008: this took effect from 6 November and amends the Glossary to make clear the definition of preference share will not exclude a share with a conversion feature; 
  • the FSCS (Amendment or Tariff Measures and Other Levy Rules) Instrument 2008: this takes effect on various dates up to April 2010 and amends the Glossary and FEES. There are changes to the tariff measures that affect the life and pensions and general insurance sub-classes and the investment fund management, investment intermediation and life and pensions intermediation subclasses; 
  • the BIPRU (Credit Derivatives Specific Risk) Instrument 2008: this takes effect on 1 January 2009 and amends BIPRU in relation to the standardised approach for use of credit derivatives in the trading book; 
  • the COBS (Record Keeping for Inducement) Instrument 2008: this took effect from 6 November and amends COBS to bring UK requirements into line with CESR recommendations; 
  • the Short Selling (No 4) Instrument 2008: this took effect on 31 October 2008 and confirmed that firms need disclose short positions only when first acquired, if they change and when they dispose of them. They need not make a daily report on a position that has not changed; 
  • the COLL (Simplified Prospectus)(Amendment) Instrument 2008: this took effect on 6 November and amends COLL to change the date of the sunset clause on the requirement to include Reduction in Yield information in the simplified prospectus, FSA has now set a date of June 2011, by which time it hopes there will be more clarity on the potential replacement to the Simplified Prospectus;
  • the COMP (Accelerated Compensation for Depositors) Instrument 2008: this took effect from 29 October and amends COMP to allow a fast, single-source payout for Icesave depositors. FSA made these changes without consultation, but intends to consult on the policy and other changes in January; 
  • the FEES (Amendment of Fees Provisions (No 4)) Instrument 2008: this took effect from 29 October and amends FEES to increase the management expenses levy limit to deal with the banking failures.