On September 12, the UK Financial Services Authority (FSA) published a consultation paper (CP12/24- Regulatory Reform) regarding changes to the existing FSA Handbook on aspects of the regulatory regime which will apply after the date in 2013 (currently expected to be about April 2013) when the FSA will be replaced by the two successor regulators – the Prudential Regulatory Authority (PRA) (which will be a subsidiary of the Bank of England) and the Financial Conduct Authority (FCA).

CP12/24, prepared by the FSA in consultation with the Bank of England addresses aspects of the authorization and supervision regimes including changes to:

• The prescribed wording that different types of regulated firms must use to identify who regulates them and whether the use by regulated firms of future PRA or FCA logos in their communications should be permitted.
   
• The way in which a firm must apply to vary or cancel its authorization or permission, or to vary or cancel requirements imposed on it by the regulator.
   
• Applications by firms for waivers or modifications of rules.
   
• The appointment of skilled persons and the FSA’s relationship with them.
   
• Notification of changes in control of regulated firms.

Consultation responses should be submitted by December 12.

For more information, click here.