Mon, Jan 23, 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 - This hedge fund made 37% betting on banks in 2016 and remains bullish after the Trump rally, Hedge fund legend David Einhorn is making a big bet on GM, After impressive 85% return in 2016, hedge fund looks to Canadian gold producer, small banks[more]

    This hedge fund made 37% betting on banks in 2016 and remains bullish after the Trump rally From Forbes.com: Can bank stocks continue to rise after a 28% surge in the KBW Bank Index in 2016, fueled by a post-election rally as stock pickers returned to the beaten down sector? Forget the s

  2. SWFs - China sovereign wealth fund CIC plans more U.S. investments[more]

    From Reuters.com: China Investment Corporation (CIC), the country's sovereign wealth fund, is looking to raise alternative investments in the United States due to low returns in public markets, its chairman said on Monday. CIC will boost its investments in private equity and hedge funds as wel

  3. Some hedge funds strong start in 2017 nice contrast to 2016[more]

    With the 2016 HSBC Hedge Weekly performance rankings in the books - a year in which the same leader-board entries pretty much dominated unchallenged throughout the year - comes a new leader board that is a hard-scrabble mix of hedge fund styles and categories. What is clear after but a few short wee

  4. Macro hedge funds and CTAs outperform in December on strong dollar[more]

    Komfie Manalo, Opalesque Asia: The last month of 2016 saw risk assets climbing higher, as part of expectations that the new U.S. administration will remove barriers to growth and investment, Lyxor Asset Management said. December also saw the Fed hik

  5. Opalesque Exclusive: Roxbury credit events UCITS gathers more assets[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The Roxbury Credit Events Fund, launched in September 2015, was up 4.24% in 2016, having returned seven positive months during the year. The managers raised