FSA moves to increase disciplinary powers under UCITS IV

The Treasury and the FSA are proposing to extend the regulator's powers to discipline firms who flout EU regulations or decisions made under UCITS IV.

HM Treasury and the FSA have today published a joint consultation paper setting out proposals for the read-across of the revised Undertakings for Collective Investment in Transferable Securities Directive, known as UCITS IV. Any changes would require a number of amendments to FSMA and an extension of the FSA's disciplinary powers, the paper states. UCITS IV will introduce the following changes: Introduction of a management company passport Improved investor disclosure: Removal of administrative barriers to the cross-border marketing of UCITS: A framework for mergers bet...