FCA assistance

1
Financial industry regulation
2

• On 26 September 2014, the FCA published CP14/21,
  which incorporates its policy statement on
  CP14/02 on sponsor competence and other changes
  to the Listing and Prospectus Rules.
• CP14/21 also includes a consultation on joint
  sponsors and a call for views on sponsor
  conflicts.
• Following feedback, the FCA's approach to issues
  consulted on in CP14/02 includes the following 

3

•   The FCA will retain the obligation on sponsors
  to submit at least one sponsor declaration every
  three years.
•   the five competency sets proposed in LR 8.6.7R
  remain, but the FCA compliance has now removed
  the concept of a competence framework from the
  Listing Rules and its proposed Technical Note.
  Instead, LR 8.6.12R(9) now requires a sponsor to
  have effective systems and controls for
  compliance with each of the requirements in LR
  8.6.7R(2)(b) and the Technical Note includes a
  more full description of the five competency
  sets.
• The FCA will proceed with its proposal to
  convert LR 8.6.12G from guidance into a rule.

4

•    The concept of appointing a key contact for
  each transaction remains, although the
  requirement that such person must be proficient
  in the procedural requirements and processes of
  the Consumer credit has been deleted.
•   Applicants will be able to limit their
  approval to providing sponsor services to premium
  listed investment companies only.
•   The revised definition of a Class 1 Circular
  will proceed as set out in CP14/02.

5

•   Proposed amendments to the Prospectus Rules
  will remain, with amendments to relax the
  obligation on an applicant to ensure that it
  submits a compliant and factually accurate
  prospectus.
•  

6
 Author

•  
• CP14/21 also seeks views on proposals to refine
  the joint sponsor regime, after all respondents
  expressed support for retaining that regime.
• That consultation includes a proposed new
  Technical Note on communications between joint
  sponsors and the FCA, in line with the FCA's new
  proposal that all joint sponsors may participate
  in all non-administrative discussions with the
  FCA investigations.
• The consultation also calls for views on issues
  raised in discussions with stakeholders on
  sponsor conflicts.The consultation on joint
  sponsors and the call for views on sponsor
  conflicts both close on 30 December 2015.

7
FOR MORE DETAILS

• Company Name FCA Assist
• Address 113a Jermyn Street
• St James,
• London
• SW1Y 6HJ
• ENGLAND.
• Phone [phone]
• Email contactus_at_fcaassist.co.uk

8
THANK YOU.