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CONSULTATIONS
This is
a list of the latest live Treasury consultations. Click on the
links below to view and download the documents. To view a complete
list of all Treasury consultation documents click
here.
Latest Live Consultations
Financial
Services and Markets Act 2000: Administration Orders for Insurers
Section 360 of FSMA gives the Treasury power to modify Part
II (Administration Orders) of the Insolvency Act 1986 to allow
insurers to be placed into administration. The Treasury proposes
to make use of this power early in 2002.This
consultation document provides details of how we propose to
exercise this power.
Launch
date: 5th November 2001 Closing date: 29th January 2002
Financial
Services and Markets Act 2000: Communications by Actuaries Regulations
2001
Part XXII of the FSMA is concerned, amongst other things, with
the rights and responsibilities of actuaries of authorised persons.
Section 342(3) of the Act provides that when an actuary acting
for an authorised person, who has been appointed under or as
a result of a statutory provision, passes on information to
the FSA about that person, which he has obtained as a result
of his appointment, he does not thereby contravene any duty
to which he is subject. Section 343(3) makes similar provision
in respect of an appointed actuary of an authorised person (A)
who has also acted as an actuary for another business (B) having
"close links" with A i.e. which is a parent business
or a subsidiary business of A. In such cases, the actuary does
not contravene any duty when he communicates to the FSA any
information about A, which he has obtained as a result of acting
for B.
Launch date: 17th October 2001 Closing
date: 9th January 2002
Implementation
of the Electric Money Directive
On 18 September 2000, the European Parliament and the Council
of the European Union adopted two Directives on electronic money.
The main one is Directive 2000/46/EC on the taking up, pursuit
of and prudential supervision of the business of electronic
money institutions ("the E-Money Directive" or "the
Directive") . The other Directive (2000/28/EC ) amends
the Banking Consolidation Directive (2000/12/EC ) in such a
way as to include electronic money institutions in the definition
of 'credit institution'.
Launch date: 16th October 2001 Closing
date: 8th January 2002
Changes to Credit
Unions Legislation
The document contains seven separate proposals, including
suggested changes that, if introduced, would widen credit unions’
ability to borrow from external sources; allow the payment of
dividends more than once a year and at different rates; and
enable credit unions to charge for the provision of ancillary
services like managing bill payments.
Launch date: 15th October
2001 Closing date:
Protection
of the Euro against Counterfeiting Regulations 2001
In preparation for the arrival of the Euro on the continent
on 1 January 2002, all Member States, including the UK, bear
an obligation to co-operate fully in the fight against currency
counterfeiting. To reflect this, the EC has passed two Regulations
– 1338/2001 and 1339/2001 (both passed on 28 June 2001) – each
of which is intended to prevent counterfeiting of the new Euro
notes and coins. This document outlines the main points of
the new Regulations and draws your attention to a six week consultation
period.
Launch date: 15th October 2001 Closing
date:
Regulatory
Regime for Bureaux de Change, Money Transmission Agents &
Cheque Cashers (Money Service Businesses)
This paper is a consultative document on proposals under consideration
by the government to implement a regulatory regime on Money
Service Businesses. After a discussion of the issues and objectives
behind the proposal, a risk assessment is presented which argues
for the need for a regulatory authority for money service businesses.
3 options are presented for consideration, the government's
preferred option being that of a regulatory regime implemented
by HM Customs and Excise. Following a cost-benefits analysis
and a projection of compliance costs for the sector, enforcement
provisions are detailed and an address is provided for responses.
Launch date: 15th October 2001 Closing
date:
Domestic
and International Initiatives Concerning Conflict of Law Issues
Relating to Securities
This consultation exercise seeks views on two initiatives
– one international, one domestic – intended to provide
a standard framework for determining which country’s laws
govern proprietary rights for indirectly held securities.
Having such a framework is very important for the financial
markets since it provides clarity as to the law under which,
for example, disputes as to the ownership of securities would
be heard. The first initiative is a draft multilateral
convention drawn up under the auspices of the Hague Conference
on Private International Law. This will provide that the
law applicable to a given set of indirectly held securities
is that of the jurisdiction of the intermediary with whom the
investor has an account in connection with those securities
(“the place of the relevant intermediary approach”).
The second is a set of draft Regulations to extend the UK’s
implementation of the EU Settlement Finality Directive.
The Regulations will clarify that the place of the relevant
intermediary approach will apply to all securities given as
collateral, where the entitlement is recorded in a register,
account or centralised deposit system.
Launch date : 18/07/2001 Closing date
: 17/10/2001
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