FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd
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146<br />
Section six – Appendices<br />
Appendix 6a<br />
Milestone delivered Milestone changed (refer to Appendix 6b)<br />
Milestone delivered early (refer to Appendix 6b)<br />
MILESTONES FOR <strong>2006</strong>/<strong>07</strong> – PROMOTING EFFICIENT, ORDERLY AND FAIR MARKETS<br />
Q1 <strong>2006</strong> Q2 <strong>2006</strong> Q3 <strong>2006</strong> Q4 <strong>2006</strong> Q1 20<strong>07</strong><br />
Markets in Financial Instruments<br />
Directive (MiFID)<br />
Systems and controls<br />
(including CRD requirements)<br />
Aspects other than conduct of business<br />
and systems and controls<br />
Hedge Funds<br />
1<br />
Feedback on Discussion Paper ✔<br />
FS06/2 published on 23 March<br />
20 ✔ Consultation Paper CP06/9<br />
Organisational systems and<br />
controls – Common platform<br />
for firms published on 23 May<br />
47<br />
37<br />
✔ CP06/14<br />
Implementing MiFID<br />
for Firms and Markets<br />
published on 31 July<br />
✔ Rules made<br />
(for CRD aspects)<br />
PS06/13 feedback on<br />
CP06/9 published in<br />
November<br />
61<br />
62<br />
✔ Rules made<br />
PS<strong>07</strong>/2 published<br />
on 26 January<br />
✔ Implementation<br />
of CRD aspects<br />
1 January 20<strong>07</strong><br />
Refer to Handbook<br />
Notice 60<br />
Capital Requirements Directive<br />
(Implementation in the EU of revised<br />
Basel framework)<br />
Reinsurance Directive<br />
Transparency Directive and<br />
Investment entities review<br />
Listing Rules update<br />
2<br />
3<br />
Consultation Paper with full<br />
draft Handbook text ✔ CP06/3<br />
published on 28 February<br />
Consultation Paper on<br />
implementation ✔ CP06/4<br />
published on 30 March<br />
CP06/12 ✔<br />
38 5 Implementing the<br />
Reinsurance Directive<br />
published on 20 June<br />
49<br />
39<br />
6<br />
48<br />
✔ Rules made<br />
refer to Handbook<br />
Notice 60<br />
✔ CP06/17 Amendments to the Prospectus<br />
and Listing Rules published on 5 October<br />
✔ Rules made refer<br />
to PS06/11 published<br />
on 27 October<br />
63<br />
64<br />
11<br />
✔ Implementation<br />
1 January 20<strong>07</strong><br />
Refer to Handbook<br />
Notice 60<br />
✔ Implementation<br />
20 January 20<strong>07</strong><br />
Refer to Handbook<br />
Notice 61<br />
Transparency in secondary<br />
bond markets<br />
21<br />
3<br />
Feedback on Discussion Paper<br />
✔ FS06/4 published on 5 July<br />
Credit Derivatives<br />
Reduction of backlogs to acceptable levels<br />
40<br />
Follow-up with industry ✔<br />
Backlog targets achieved 30 June<br />
Financial Crime<br />
Handbook Review (Money Laundering)<br />
Fraud governance<br />
4<br />
5<br />
Rules made/Implementation ✔ Press Release<br />
on streamlining money laundering rules for<br />
firms published on 27 January<br />
<strong>Report</strong> ✔ Firms’ High-Level Management<br />
of Fraud Risk published on 27 February<br />
Corporate Governance<br />
Client money (General Insurance)<br />
6<br />
Begin follow-up with industry ✔ We<br />
have begun follow-up through senior<br />
management speeches to industry<br />
41<br />
Begin follow-up with<br />
industry ✔ Regional<br />
Governance Meeting<br />
held on 5 July
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