UK FCA Quarterly Consultation No 49

The UK Financial Conduct Authority has published its quarterly consultation paper No 49, accompanied by a new webpage, inviting key feedback on proposed amendments to its Handbook.
Key proposals include:

• Broadening the scope of the FCA's Decision Procedure and Penalties Manual on penalties policy to include the Private Intermittent Securities and Capital Exchange System (PISCES).
• Removing most statutory declarations from mutuals registration function forms to reduce the time and expense involved for mutual societies submitting applications to the FCA.
• Clarifying existing ESG sourcebook requirements, while allowing firms flexibility to align product-level sustainability reporting with other annual fund reporting requirements.
• Updating the Perimeter Guidance Manual (PERG) to reflect changes introduced by the HM Treasury statutory instrument which restates the MiFID Organisational Regulations within the FCA Handbook.
• Aligning UKLR 9.6.6R to harmonise the timing and frequency of post-trade share buy-back notifications with the requirements for the buy-back programme exemption under Article 2(3) of the UK Market Abuse Regulation.
• Implementing the Berne Financial Services Agreement, facilitating cross-border financial services trade between the UK and Switzerland.
• Replacing fixed regulatory limits on contactless payments with a new exemption that allows payment service providers (PSPs) to process transactions where they assess the risk to be low. PSPs will retain the flexibility to set or maintain contactless limits in line with their business models, customer needs and regulatory obligations. This proposal reflects feedback received through the March engagement paper.

The deadline for comments on all proposals is 15 October.

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