Alerts

FSA Asserts New Financial Stability Information-Gathering Powers

August 5, 2010

On 23 July 2010, the UK’s financial regulator, the Financial Services Authority (“FSA”) published its consultation paper CP 10/18 – Feedback on CP 10/11, final rules and further consultation (“CP 10/18”) which incorporates the final text of the new Financial Stability and Market Confidence sourcebook (“FINMAR”). The new sourcebook, which forms part of the FSA Handbook, contains the rules relating to the FSA’s new and extended information-gathering powers—including the power to require that persons whose activities the FSA views as relevant to the stability of one or more aspects of the financial system should disclose information and documents to the FSA.