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Ucis: FCA gives ground over CF10 sign-off demand
by Jun Merrett on Jun 04, 2013 at 12:24
The Financial Conduct Authority (FCA) has relaxed its proposed rules allowing non CF10 individuals to confirm compliance for unregulated collective investment schemes (Ucis).
Previously the Financial Services Authority (FSA) has proposed that only CF10 individuals within a firm should confirm compliance and sign off each promotion.
However the regulator changed its mind after receiving 59 responses, with some concerned that this would be impractical, and said other compliance staff can take on the responsibility.
The regulator said in its final rules on Ucis: 'After consideration of the feedback we accept the case for greater flexibility over which staff members confirms compliance with the marketing restriction.
'We still believe that the compliance department is the relevant area of the firm to undertake this responsibility. But we allow the CF10 to delegate this responsibility to other compliance staff, subject to them doing annual reviews of the process for reviewing and confirming compliance.'
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