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What's on your agenda?
Practical Law Legal Update 5-500-2242 (Approx. 2 pages)
What's on your agenda?
by Simon Lovegrove, Norton Rose LLP
| Published on 15 Sep 2009 • United Kingdom |
This article is part of the PLC Global Finance August e-mail update for the United Kingdom.
Speedread
This article reflects on the wave of activity from the FSA over the past year and looks forward to what is still to come from the regulator.
This year the financial services industry has been inundated with papers from the FSA on a level not seen since the implementation of MiFID in 2007. For example, the FSA has so far published 15 Policy Statements, whereas last year it only published 13. During 2007 the FSA published 24 Policy Statements and it is even money whether this will be exceeded this year.
The figures tell a similar story when Consultation Papers are considered. So far this year the FSA has produced 22 Consultation Papers. Last year it produced 25 and in 2007 24 Consultation Papers were produced.
The high volume of papers being produced by the FSA begs the question whether there is actual adequate consultation on each paper. Whilst firms need to pay attention to what the regulator is publishing they also need to carry on with their business. Often, they simply will not have time to consider every detail being produced. In light of this, the role of industry bodies (which have been working very hard this year) in the consultation process becomes even more crucial.
The summer break has only offered a momentary respite to the avalanche of FSA papers. The question now is what further papers will be produced for the remainder of the year. At the end of August the FSA published its latest Handbook development newsletter and listed its forthcoming publications. Key publications will include:
- Discussion Paper on Solvency II: Preparing for implementation (September 2009).
- Policy Statement on strengthening liquidity standards 3 (September 2009).
- Policy Statement on strengthening liquidity standards 3 - liquidity transitional measures (September 2009).
- Policy Statement on liquidity standards 2 - liquidity reporting (September 2009).
- Consultation Paper on improving standards of governance (Q4 2009).
- Discussion Paper on the FSA's mortgage market review (October 2009).
- Policy Statement on stress and scenario testing (November 2009).
- Policy Statement on a specialist sourcebook for Building Societies (December 2009).
- Policy Statement on funds of alternative investment funds (December 2009)