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Financial Services and Markets Act 2000
Communications by
Acturies Regulations 2001
Consultation
Preface
The Financial
Services and Markets Act 2000 (FSMA), which received Royal Assent
on 14 June 2000, establishes a new, single regime for the statutory
regulation of financial services in the United Kingdom and establishes
the Financial Services Authority (the FSA) as the statutory
regulator.
The Government
is keen, where appropriate, to consult interested parties on
its proposals for making secondary legislation under the powers
conferred by the FSMA.
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.
Sections
342(3) and 343(3) are enabling measures, which facilitate communications
from actuaries to the FSA. However Part XXII goes further than
this, by providing powers, at Sections 342(5) and 343(5), for
the Treasury to make regulations providing circumstances in
which actuaries of authorised persons, and of persons having
close links with authorised persons, must make a report to the
FSA. The attached draft regulations set out these circumstances.
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