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Consumer credit

Amendments to the Listing Rules will come into force on 1 February 2015, save for changes to LR 5 and LR 13, which apply from 1 October 2014 (alongside the changes to the Prospectus Rules). Comments on the revised Technical Notes on sponsor competence are invited by 7 November 2014 and are expected to form part of the UKLA Knowledge Base from 1 February 2015.

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Consumer credit

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  1. Financial industry regulation

  2. On 26 September 2014, the FCA published CP14/21, which incorporates its policy statement on CP14/02 on sponsor competence and other changes to the Listing and Prospectus Rules. CP14/21 also includes a consultation on joint sponsors and a call for views on sponsor conflicts. Following feedback, the FCA's approach to issues consulted on in CP14/02 includes the following

  3. •  The FCA will retain the obligation on sponsors to submit at least one sponsor declaration every three years. •  the five competency sets proposed in LR 8.6.7R remain, but the FCA compliance has now removed the concept of a competence framework from the Listing Rules and its proposed Technical Note. Instead, LR 8.6.12R(9) now requires a sponsor to have effective systems and controls for compliance with each of the requirements in LR 8.6.7R(2)(b) and the Technical Note includes a more full description of the five competency sets. • The FCA will proceed with its proposal to convert LR 8.6.12G from guidance into a rule.

  4. •   The concept of appointing a key contact for each transaction remains, although the requirement that such person must be proficient in the procedural requirements and processes of the Consumer credit has been deleted. •  Applicants will be able to limit their approval to providing sponsor services to premium listed investment companies only. •  The revised definition of a Class 1 Circular will proceed as set out in CP14/02.

  5. •  Proposed amendments to the Prospectus Rules will remain, with amendments to relax the obligation on an applicant to ensure that it submits a compliant and factually accurate prospectus.

  6. Author: • CP14/21 also seeks views on proposals to refine the joint sponsor regime, after all respondents expressed support for retaining that regime. • That consultation includes a proposed new Technical Note on communications between joint sponsors and the FCA, in line with the FCA's new proposal that all joint sponsors may participate in all non-administrative discussions with the FCA investigations. • The consultation also calls for views on issues raised in discussions with stakeholders on sponsor conflicts.The consultation on joint sponsors and the call for views on sponsor conflicts both close on 30 December 2015.

  7. FOR MORE DETAILS: • Company Name : FCA Assist • Address : 113a Jermyn Street St James, London SW1Y 6HJ ENGLAND. • Phone : +44 02070788866 • Email : contactus@fcaassist.co.uk

  8. THANK YOU….

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