2017年-FCA英国金融行为监管局_ukla_pn_910_2_additional_powers_to_supervise_sponsors_3页_116kb

Summary of Regulator Assessment: Qualifying Regulatory Provisions

Document Overview

Title of proposal: UKLA/PN/910.2 - Additional powers to supervise sponsors
Lead regulator: Financial Conduct Authority (FCA)
Date of assessment: March 2017
Commencement date: March 2017
Origin: Domestic
Implementation of Cutting Red Tape review: No

This document outlines the FCA's updated procedural guidance (PN 910.2) on the supervision of sponsors under the Financial Services and Markets Act 2000 (FSMA). The guidance is part of the FCA's Technical Notes and Procedural Notes, which provide clarity on how the FCA interprets its rules and regulations.

Areas Affected

• Geographic scope: National (across the UK)
• Target audience: Sponsors who are approved to advise premium listed companies
• Purpose: To clarify the FCA's powers and procedures for supervising sponsors, including the ability to suspend, limit, or restrict their services.

Core Content

The FCA has statutory powers under section 88 of FSMA and Chapter 9 of the Listing Rules to supervise sponsors. These powers allow the FCA to:

• Restrict or limit the services a sponsor may perform, both pre- and post-approval
• Suspend a sponsor's approval for a period deemed appropriate
• Impose fines, suspend, restrict, or limit services for up to 12 months
• Publicly censure a sponsor for contravening the Listing Rules

These powers are exercised to advance the FCA's operational objectives, such as maintaining market integrity and protecting investors.

Key Changes and Updates

• The updated guidance (PN 910.2) includes reference to the FCA's competition law powers under the Competition Act 1998 (CA98), which became effective on 1 April 2015 under concurrency provisions in FSMA.
• The FCA has a statutory duty to prioritize CA98 enforcement over its section 88E powers in certain situations.
• The guidance was finalised in March 2017 following public consultation and is an update to the previously published PN 910.1 from August 2014.
• The amendments include minor drafting changes to ensure clarity and transparency in the FCA's decision-making process.

Business Impact

Affected Businesses

• Type: Sponsors
• Number of affected businesses: 41 approved sponsors
• Business sectors: Investment banks, corporate advisory firms, accounting firms, legal firms

Cost Estimates

• Estimated cost per sponsor: £48/hour for compliance staff to read, understand, and disseminate the guidance
• Time required per sponsor: Up to 1 hour
• Total estimated cost for all sponsors: £2000 (based on 41 sponsors and £48/hour)

Benefits

• The guidance enhances clarity on how the FCA applies its rules to sponsors
• It supports better compliance and understanding of regulatory expectations
• It promotes transparency in the FCA's decision-making process

No Impact on Sponsors' Procedures

• The changes do not alter the procedures that sponsors must follow
• The additional work lies with the FCA in determining which regulatory powers to apply
• As a result, there is no direct impact on sponsors' operations or costs

Additional Information for BIT Score Validation

• The BIT score is 0, indicating no significant impact on business
• The Net Present Value (NPV) of the policy is -0.002, reflecting a minimal financial impact
• The Net cost to business is estimated at £0, as the changes do not increase operational burdens
• The implementation date is March 2017, and the duration of policy is estimated at 10 years

The FCA aims to ensure that its regulatory approach is transparent, proportionate, and accessible to stakeholders, while also aligning with competition law requirements where appropriate.