Clifford Chance
Corporate Update: Impact of the Financial Services Act 2012
20 March 2013
From 1 April 2013 a new financial regulation framework will be operative in the UK. The Financial Services Authority (FSA) is being replaced by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA), the Bank of England is to have overall responsibility for financial stability and a new Financial Policy Committee (FPC) of the Bank of England is being created. However, the Financial Services Act 2012 does more than just give effect to these regulatory reforms. In this briefing we provide a reminder of the new framework and summarise the main areas of change which will be of interest to listed companies, including the role of the FCA as the authority responsible for the Official List, the law relating to market manipulation and changes to the supervision of sponsors.
