UK Swaps Regulation

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Swaps regulation in the U.K. comes from the Financial Services Authority (FSA). The FSA is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act of 2000.

The UK's financial regulatory structure is often based on the European Union's legislation; around 70% of the FSA's financial policy is driven by EU initiatives.<ref>About FSA = International and EU. FSA. Retrieved on January 18, 2011.</ref>

  • February 1, 2010: The U.S. Securities and Exchange Commission (SEC) and U.K. Financial Services Authority (FSA) hold the 5th meeting of the SEC-FSA strategic dialogue<ref>SEC and UK FSA Hold Fifth Meeting of the SEC-FSA Strategic Dialogue. FSA. Retrieved on January 5, 2011.</ref>
  • July 23, 2010: The FSA implements new powers granted by Financial Services Act 2010, which gives them far greater power to gather information in relation to financial stability from specified categories, and to impose penalties on individuals and companies that breach short-selling rules. The consultation paper publishing the final rules and guidelines can be found HERE<ref>FSA implements new powers granted by Financial Services Act 2010. FSA. Retrieved on January 5, 2011.</ref>
  • September 20, 2010: The FSA and the US Financial Industry Regulatory Authority (FINRA) enter into a Memorandum of Understanding (MOU) to support more robust cooperation between the two regulators<ref>FSA and FINRA sign cooperation agreement. FSA. Retrieved on January 5, 2011.</ref>
  • October 12, 2010: The FSA grants a new power to deliver prompt and effective redress for consumers. The new power is used in instances when there is evidence of widespread or regular failings that have caused consumer detriment. It is a rule making power, so the FSA undertakes cost-benefit analysis and consult each time it wants to establish a redress scheme. <ref>FSA granted new consumer redress power. FSA. Retrieved on July 15, 2012.</ref>
  • November 17, 2010: The FSA publishes proposals to ensure that the platform services used to buy and manage investments after January 2013 are fully aligned with standards required by the Retail Distribution Review.

<ref>FSA publishes platform proposals. FSA. Retrieved on July 15, 2012.</ref>

  • December 17, 2010: The FSA publishes final rules to strengthen training and competence requirements for all individuals carrying out customer facing regulated retail activities. The rules also clarify FSA expectations regarding standards of behaviour for all approved persons.

<ref>FSA confirms changes to the existing training and competence regime. FSA. Retrieved on July 15, 2012.</ref>

  • January 17, 2011: The FSA and the Financial Reporting Council (FRC) have today agreed a new memorandum of understanding (MOU) to enable a greater degree of co-operation and information exchange between the two regulators. <ref>FSA and FRC extend co-operation and information exchange on audit issues. FSA. Retrieved on July 15, 2012.</ref>
  • February 10, 2011: Following joint work with the Bank of England, the FSA has today published, for consultation, a draft code of practice designed to enhance the dialogue between auditors and supervisors. <ref>FSA and Bank of England announce new draft code of practice for auditors and supervisors. FSA. Retrieved on July 15, 2012.</ref>
  • February 28, 2011: The FSA publishes its first Retail Conduct Risk Outlook (RCRO). It examines how a range of current, emerging and potential risks could impact customers. <ref>FSA publishes first Retail Conduct Risk Outlook. FSA. Retrieved on July 15, 2012.</ref>
  • March 17, 2011: The FSA publishes the Prudential Risk Outlook (PRO), which sets out its assessment of macro economic and financial trends as a context for its micro-prudential regulation and supervision of firms. <ref>FSA publishes its Prudential Risk Outlook. FSA. Retrieved on July 15, 2012.</ref>
  • March 22, 2011: The FSA publishes its business plan setting out its priorities for 2011/12, and the implications for the FSA’s budget. The document outlines the FSA’s priorities and specific initiatives for the year ahead, which reflect the continuing challenges facing the financial services industry. <ref>FSA publishes Business Plan for 2011/12. FSA. Retrieved on July 15, 2012.</ref>
  • April 6, 2011: The FSA and HM Treasury (HMT) have today published a joint review of the UK’s covered bond regulation. Among some of the proposed changes, the review suggests introducing consistent standards of investor reporting and requiring issuers to maintain a fixed minimum level of over collateralisation. <ref>FSA and HM Treasury publish joint consultation paper on covered bond regulation. FSA. Retrieved on July 15, 2012.</ref>
  • August 1, 2011: The FSA publishes rules on platforms regulation which follows a review of the regulation of platforms in the context of the objectives of the Retail Distribution Review (RDR). These new rules have two key aims; firstly, to ensure that consumers receive a better service and, secondly, for the market to be more transparent and operate more efficiently. <ref>FSA publishes new rules for platforms. FSA. Retrieved on July 15, 2012.</ref>
  • August 2, 2011: The FSA enters into a conditional agreement to sell its Approved Reporting Mechanism (ARM) known as the Transaction Reporting System (TRS) to the London Stock Exchange (LSE) for £15m. <ref>FSA enters into an agreement to sell TRS to the London Stock Exchange. FSA. Retrieved on July 15, 2012.</ref>
  • August 9, 2011: The FSA publishes a Consultation Paper and Discussion Paper on its proposals for Recovery and Resolution Plans (RRP), required of financial institutions. The CP covers the requirement for banks and large investment firms in the UK to prepare and maintain Recovery and Resolution Plans and the DP explores matters relevant to the resolution of financial services firms. <ref>FSA publishes Recovery and Resolution Plans consultation. FSA. Retrieved on July 15, 2012.</ref>
  • August 31, 2011: The FSA and HM Treasury (HMT) have today published a joint consultation paper setting out proposals for the transfer of the regulation of Northern Ireland (NI) credit unions from the NI Department of Enterprise, Trade and Investment (DETI) to the FSA, bringing enhanced consumer protection to the 177 NI credit unions and their members. <ref>FSA and HM Treasury publish joint consultation paper on the transfer of regulatory responsibility for credit unions in Northern Ireland. FSA. Retrieved on July 15, 2012.</ref>
  • November 2, 2011: The FSA introduces further guidance for firms when developing new structured products which they want to market to consumers.<ref>FSA publishes review of firms' structured product design processes and proposes new guidance on retail product development. FSA. Retrieved on July 15, 2012.</ref>
  • November 9, 2011: The FSA proposes rules to maintain protection of policyholders with unit linked and index-linked life insurance products while taking account of new European requirements for insurers. <ref>FSA proposes rules to protect unit-linked policyholders. FSA. Retrieved on July 15, 2012.</ref>
  • February 2, 2012: The FSA announces its proposed Annual Funding Requirement (AFR) for 2012/13. This is likely to be the FSA’s final AFR before it splits into the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), in 2013. <ref>FSA announces annual funding requirement for 2012/13. FSA. Retrieved on July 15, 2012.</ref>
  • March 22, 2012: The FSA publishes its business plan setting out its priorities for 2012/13, and the implications for the FSA’s budget. The document outlines the FSA’s specific initiatives for the year ahead, which reflect the continuing challenges facing the financial services industry. This is likely to be the FSA’s final business plan before it splits into the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in 2013. <ref>FSA publishes Business Plan for 2012/13. FSA. Retrieved on July 15, 2012.</ref>
  • April 27, 2012: The FSA publishes new rules and guidance, following consultation, to strengthen the protection for members of defined benefit pension schemes who are considering moving their money into personal pensions. <ref>FSA publishes new rules to ensure pension transfers are suitable for scheme members. FSA. Retrieved on July 15, 2012.</ref>
  • June 27, 2012: The FSA consults on proposals which would ensure that investors can make fully informed choices if they wish to consolidate their investments in one place on a platform and understand exactly what they are paying for this service.<ref>FSA consults on changes to platforms market. FSA. Retrieved on July 15, 2012.</ref>
  • June 29, 2012: The FSA emphasises that its liquidity guidance regime means that liquid asset buffers can be drawn down in the event of liquidity stress and used for the duration of the period of stress.<ref>FSA to adjust bank liquidity guidance in light of improved Bank of England facilities. FSA. Retrieved on July 15, 2012.</ref>
  • July 11, 2012: Two consultation papers on rules to transpose the Solvency II Directive into the UK Handbook are published by the FSA. This consultation program is running alongside the Treasury’s transposition of Solvency II, through amendments to the current Financial Services Bill, to implement the Directive. These consultation papers can be found HERE<ref>Transposition of Solvency II - Part 2. FSA. Retrieved on July 15, 2012.</ref>


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