Update

Prudential Regulation

	Look out for…

The latest edition of the FSA's Handbook Development newsletter (No 92), indicates, inter alia , that the following consultation papers, discussion papers and feedback statements, which are likely to be of interest to FOA members, are due to be published over the coming months:

* As explained in Handbook Development newsletter No 47, 3 star CPs are “high-profile consultations, and major policy changes affecting a large number of consumers or financial sectors,” 2 star CPs contain “other important policy changes” and 1 star CPs contain “minor changes.”

	Have you read…?

	Netting agreement legal opinions

The FOA maintains a Master Netting Agreement (MNA) supported by a library of legal opinions affirming its validity in 55 different global jurisdictions. The MNA and the supporting legal opinions are available to members for a one off charge.

Work is almost completed on an update of both the MNA and the legal opinions, in conjunction with the wider update of FOA documentation in preparation for MiFID and the CRD.

Any members who do not currently subscribe to the library but would be interested in further information or existing members who are unsure whether they have subscribed to the update should contact Simon Andrews .

Further details on the current library can be found here .

	Response to CP07/15 – External Assurance on Regulatory Returns

The FOA has submitted a response to CP07/15 taking into account the views of both auditors and regulated firms.

The response can be obtained by contacting the FOA .

	Response to DP07/5 – Group and Solo Capital Requirements

The FSA has published DP07/5, which reviews the existing regulations concerning solo and group regulatory capital requirements and considers the ways in which these requirements might be revised. Possibilities include the modification of existing requirements, the removal of solo requirements or significantly changing the current approach and developing a Solvency II style framework for banking groups.

The discussion paper can be found on the FSA website.

The FOA will be producing a response to this discussion paper. If you have any points to include please contact Simon Andrews .

	Risk Management course – Member feedback requested

The FOA is in discussion with Risk Audit over the provision of a one-day training course for FOA members covering such topics as:

•  Overview of key market, credit and operational risks

•  Managing client credit risk

•  Managing proprietary trading risk

•  Key operational controls

•  Information technology

•  Management of regulatory risk

•  Other operational risks

The course is primarily designed to appeal to compliance officers and risk managers working in small to medium sized firms who feel that they would benefit from an overview of the key risk areas which apply to their business and the ways in which those risks can most effectively be managed, although representatives from firms of all sizes would be welcome.

If you wish to express an early interest in this course and would like to propose particular topics that you feel should be covered please contact Simon Andrews