Tue, May 30, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Dechert highlights practical considerations as FSA ceases to exist

Thursday, March 28, 2013

Beverly Chandler, Opalesque London: A timely note from Dechert points out that Monday 1st April, a Bank Holiday in the UK, will see the end of the current financial regulatory body in the UK, the Financial Services Authority (FSA) and the arrival of two new regulators: the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

Dechert examines the immediate impact on firms which will be regulated by the FCA, drawing attention to the FSA’s webpage on classification of firms by the FCA andFAQs on the transition to the FCA. Dechert says that the body has also written to all FSA authorised firms, enclosing the FAQs and confirming the firm’s "conduct classification" and "prudential classification" (see below). The FCA also published a Policy Statement (PS13/5) on 25 March 2013, giving final Handbook rules.

Dechert’s highlights the most important points arising from "legal cutover" on 1 April 2013 as follows:

  • The permission for firms regulated by the FSA will be automatically transferred to the FCA.
  • Firms’ registration numbers will be carried across.
  • The required disclosure in letters (and electronic equivalents) sent to retail clients for FCA authorised firms will be "Authorised and regulated by the Financial Conduct Authority" and for PRA authorised firms "Authorised by the Prudential R......................

    To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - China's HNA wants to invest in Value Partners, Risk parity investors reap rewards from rebalancing act, SoftBank's $100 billion tech fund rankles VCs as valuations soar[more]

    China's HNA wants to invest in Value Partners From Reuters.com: HNA Group has alighted on a logical, if pricey, target in Hong Kong. The deal-hungry Chinese travel conglomerate known for overpaying wants to invest in Value Partners, one of Asia's few sizeable independent asset managers,

  2. Opalesque Exclusive: Investors warm to ESG, but seek standardization[more]

    Bailey McCann, Opalesque New York: Asset managers and asset owners plan to double their investment in Environmental, Social and Governance (ESG) driven strategies over the next two years, according to a survey from BNP Paribas Securities Services. The report, "Great Expectations: ESG - what's nex

  3. Opalesque Roundtable: France's hidden strengths in AI and machine learning[more]

    Komfie Manalo, Opalesque Asia: All nations offer their strengths and weaknesses, but one that is undisputed is the quality of the French scientists, claimed Guillaume Vidal, co-founder of French technology startup Walnut Algorithms at the

  4. AI-based hedge fund brings machine learning investing to masses[more]

    Komfie Manalo, Opalesque Asia: Machine learning-based hedge fund firm Greyfeather Capital is trying to bring artificial intelligence investing to the masses with its plan to expand beyond the limited reach of the alternative investments space. "We're excited to bring AI technology to traditio

  5. Outlook - Iconic hedge fund manager Seth Klarman says investors are missing huge risks, Paul Singer warns of a world at risk[more]

    Iconic hedge fund manager Seth Klarman says investors are missing huge risks From Businessinsider.com: An iconic hedge fund manager says investors are misperceiving risks in the markets - at a time when markets are hitting historic highs. Baupost Group's Seth Klarman laid out his concern