Employees at the holding companies of regulated firms may need to apply for FSA approved person status under new rules proposed today.
In an extension to its approved persons regime consultation, the regulator says individuals that are likely to exert a "significant influence" on a firm will need to be approved. The rules are part of the FSA's supervisory enhancement programme (SEP), which aims to clarify what the FSA expects of individuals who currently perform a 'significant influence' function at a regulated firm. In its original paper, the FSA stated it would place greater emphasis on the role of senior management, including non-executive directors (NEDs). Today it extends the rules to include "those persons e...
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