FSA implements new powers granted by Financial Services Act 2010

The document includes new rules and guidance covering the following areas:

• Use of the power to impose financial penalties or public censure on those who breach short-selling rules;
• Disclosure of significant net short positions (these will go in a new part of the Handbook covering financial stability and market confidence and the current provisions on short selling in the Code of Market Conduct will be deleted);
• Use of the power to suspend firms or individuals by stopping them undertaking some or all of the activities which they are permitted to carry on for a period of time;
• Use of the power to impose financial penalties on individuals who have carried out controlled functions without the necessary approval from the FSA;
• Our policy on the use of the power to gather information in relation to financial stability from specified categories of both authorised and unauthorised persons to help identify potential threats to the UK financial market;
• Making alterations to the FEES manual to reflect amendments made by the Act in relation to the Financial Services Compensation Scheme's (FSCS) contribution to the costs associated with resolutions under the Banking Act 2009.
  

The final issue covered in today's document covers further consultation on the proposal to allow the FSCS to recover management expenses from FSCS levy payers when it is acting for another scheme.

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