2017年-FCA英国金融行为监管局_amendments_to_various_forms_2页_112kb

Regulator Assessment Summary: Qualifying Regulatory Provisions

Core Content

This document outlines the regulator assessment for the proposed amendments to various forms used by firms and individuals when seeking regulatory approval under the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). The amendments are part of the implementation of new accountability regimes, aiming to streamline the regulatory process by reducing unnecessary disclosures while maintaining the ability of regulators to assess the fitness and propriety of individuals.

Main Points

• Title of Proposal: Amendments to Various Forms
• Lead Regulator: FCA
• Date of Assessment: July 2016
• Commencement Date: December 2017
• Origin: Domestic
• Cutting Red Tape Review: Not included
• Geographic Scope: Affects all areas of the UK
• Affected Entities: All FCA and PRA-authorised firms and individual candidates for approval as Approved Persons, Key Function Holders, Credit Union non-executive directors, and notified non-executive directors

Proposed Regulatory Activity

The proposed changes involve amendments to a series of forms used for regulatory approvals. The goal is to ensure that the forms require only necessary disclosures, thereby improving efficiency and clarity in the regulatory process. These amendments are aligned with the new accountability regimes introduced by the regulators.

Impact on Business

Financial Impact

• Costs: The changes are classified as rule change consequences, and the associated costs are covered by the original rule change. There are no additional direct financial costs to businesses.
• Benefits: The streamlined forms reduce the burden on firms and individuals, allowing for more efficient and focused regulatory assessments.

Non-Monetary Impacts

• Transitional Costs: Firms may need to update their internal systems and provide training to staff on the new forms, which could involve some non-financial effort.
• Regulatory Uncertainty: While the changes were implemented, there may have been some uncertainty during the transition period, particularly for firms and individuals unfamiliar with the new requirements.
• Market Access: The changes are expected to align with a consistent approach across EU regulators, potentially improving market access and regulatory harmonisation.
• Business Confidence: By reducing unnecessary administrative burdens, the amendments are likely to improve business confidence and perceptions of regulatory efficiency.
• Impact on Business Size: Smaller businesses may have experienced greater challenges in adapting to the changes due to limited resources and expertise compared to larger firms.

Key Information

• The amendments are part of the implementation of the new accountability regimes.
• Only two forms were changed for the new regime, and two forms were updated for the current Approved Persons Regime.
• The changes focus on ensuring that the necessary information is collected for fitness and propriety assessments without overburdening applicants.
• The BIT score for the policy is 0, indicating no net cost to business.
• A link to the consultation paper for further details is provided: https://www.fca.org.uk/publication/consultation/cp15-29.pdf

Conclusion

The proposed amendments to regulatory forms aim to enhance the efficiency and effectiveness of the FCA and PRA's approval processes. By focusing on necessary disclosures and aligning with new accountability regimes, the changes are expected to reduce administrative burdens on firms and individuals while maintaining regulatory oversight. There are no direct financial costs to business, and the benefits are primarily non-monetary, including improved regulatory clarity, reduced transitional effort, and enhanced business confidence.