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ARTICLE · 20 JANUARY 2009

Changes To The Approved Persons Regime

CMS Cameron McKenna Nabarro Olswang
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FSA has decided, post Northern Rock, to increase the rigour of its day-to-day supervision, especially where the competence of firms' management is in issue, and has therefore reviewed its approach to the significant influence controlled functions.

United KingdomCorporate/Commercial Law
Simon Morris
Simon Morris

FSA has decided, post Northern Rock, to increase the rigour of its day-to-day supervision, especially where the competence of firms' management is in issue, and has therefore reviewed its approach to the significant influence controlled functions. These proposals are contained in the FSA Consultation paper CP08/25: The approved persons regime - significant influence function review.

The proposals in summary

FSA proposes to:

  • Extend the definition of the existing CF1 (director) and CF2 (non-executive director) controlled functions to include individuals exercising significant influence on a regulated firm from a parent undertaking or holding company unregulated by FSA or an EU financial services regulator.

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