Financial Services and Markets Act 2000 Communications by Actuaries 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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