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On 2 September 2022, the FCA published Consultation Paper 22/17 ‘Quarterly Consultation Paper No. 37’ (CP22/17).
In CP22/17 the FCA is proposing:
- Chapter 2 – Changes to the individually recognised overseas schemes regime and other amendments to the Collective Investment Schemes sourcebook (COLL). The FCA is proposing a new rule in COLL 9.3 to specify when a proposed alteration to a scheme recognised under section 272 of the Financial Services and Markets Act 2000 would fall within the scope of being a ‘material alteration’. The FCA is also proposing to amend the following provisions in COLL to reflect the UK’s departure from the EU: COLL 4.3.10R, COLL 6.6B.24G, COLL 6.9.10G.
- Chapter 3: Amendments to reporting requirements in the Supervision manual (SUP). The FCA is proposing amendments to form FSA035. The same text is also presented in SUP 16 Annex 24R and the guidance on validation in SUP 16 Annex 25G. The FCA is also seeking to amend labelling errors in SUP 16 Annexes 24R and 25G.
- Chapter 4: Changes to the Perimeter Guidance manual (PERG), Consumer Credit sourcebook (CONC), and Mortgages and Home Finance: Conduct of Business sourcebook (MCOB) to reflect the updated regulatory perimeter. The FCA is proposing to make amendments to PERG to reflect the changes made by HM Treasury to the high net worth exemption in the consumer credit perimeter. It is also proposing to add further provisions in PERG 4 (guidance on the mortgages perimeter) to supplement the existing explanation of the effect of the Mortgage Credit Directive on the regulatory perimeter. Amendments are also proposed to CONC and MCOB to reflect changes made by HM Treasury and ensure continuity of treatment for article 3(1)(b) credit agreements entered into by high net worth borrowers who do not meet the new UK residence requirements.
- Chapter 5: Changes to clarify the definition of a ‘significant SYSC firm’. The FCA proposes to make clear that only firms that would have been both significant IFPRU firms and IFPRU investment firms under the pre-Investment Firm Prudential Regime arrangements fall within the definition of a ’significant SYSC firm’ for the purpose of the Enhanced scope Senior Managers and Certification Regime (SM&CR) regime. The FCA would make this change by limiting application of the definition of a ‘significant SYSC firm’ in the Handbook provisions about the SM&CR to reflect the scope of ‘significant IFPRU firm’ as it had previously been understood and applied by it and firms.
The deadline for comments is:
- 26 September – chapters 4 and 5.
- 3 October 2022 – chapter 3.
- 10 October 2022 – chapter 2.
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