Hector Sants Bailey McCann, Opalesque New York:
In response to the global financial crisis and mounting political pressures to more aggressively regulate the financial services industry, the European Commission passed the Alternative Investment Fund Managers Directive (AIFMD) in July, 2011, more than two years after it was first proposed. Since then, member states have been working to implement the slate of regulations for the July 2013 deadline.
On Monday, the UK’s Financial Services Authority (FSA) published a discussion paper asking fund managers for comment on how best to implement the AIFMD by 23rd March, 2012.
The paper was the first in several significant moves this week toward a new era for the FSA.
Also on Monday, Hector Sants, Chief Executive of the FSA announced that the authority will transition to its "twin peaks" model on April 2, 2012 with full, official transition completed by 2013. According to the FSA, the twin peaks model replicates other financial authorities in the European Union (EU) which utilize both a regulator and a conduct group. The model is designed to be more proactive and rigorous than the existing FSA.
Sants asked firms in the speech to......................
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