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FSA implements new powers granted by Financial Services Act
23 July 2010 at 15:52
The Financial Services Authority (FSA) has announced it has implemented new powers granted by the Financial Services Act today (July 23rd).
These include the power to impose financial penalties or public censure on those who breach short-selling rules, as well as disclosure of significant net short positions.
In addition, the document focuses on the use of power to suspend firms or individuals by stopping them undertaking some or all of the activities which they are permitted to carry on for a period of time.
Another area is the use of power to impose financial penalties on individuals who have carried out controlled functions without FSA authorisation, as well as a focus on the FSA's policy on the use of the power to gather information in relation to financial stability.
This is garnered from specified categories of both authorised and unauthorised people to help identify potential threats to the UK financial market.
"The final issue covered in today's document covers further consultation on the proposal to allow the FSCS to recover management expenses from FSCS levy payers when it is acting for another scheme," the regulator stated.
Posted by Tony Miller