The FCA has published Policy Statement 14/2: Incoming Statutory Regime for Primary Information Providers – including feedback on CP13/8 and final rules (PS14/2).
In PS14/2 the FCA publishes rules on the statutory regime for Primary Information Providers (PIPs). The FCA also publishes feedback on the responses received to Consultation Paper 13/8: Arrangements for the Disclosure of Regulated Information – Feedback on CP12/3, CP13/5 and CP13/6 and supplementary consultation.
Regulated Information Services (RIS) were brought into formal statutory regulation by the Financial Services Act 2012. Going forward, they will be known as PIPs. In PS14/2 the FCA outlines that the new statutory regime will be based largely on the existing framework for the approval and oversight of RIS, set out in the Criteria for Regulated Information.
The new statutory regime for PIPs will be effective on 31 January 2014. Existing RIS that wish to become approved as a PIP will not be grandfathered, but will benefit from a six month transitional period during which they may continue to act as an RIS while applying for approval. To ensure that early applicants are not at a financial or regulatory disadvantage, existing RIS may apply for their approval to take effect from 1 August 2014 (e.g. the end of the six month transitional period). Existing RIS that have not had their application approved by the end of the six month transitional period will no longer be able to disseminate regulated information in the UK on behalf of UK issuers.