In this Policy statement (PS) we publish our rules on the statutory regime for Primary Information Providers (PIPs).
We also publish our feedback on the responses received to CP13/8 – Arrangements for the Disclosure of Regulated Information. Feedback on CP12/3, CP13/5 and CP13/6 and supplementary consultation (August 2013).
Why are we issuing this Policy Statement (PS)?
Regulated Information Services were brought into formal statutory regulation by the Financial Services Act 2012. Going forward, they will be known as Primary Information Providers (PIPs).
This PS outlines that the new statutory regime will be based largely on the existing framework for the approval and oversight of Regulated Information Services, set out in the Criteria for Regulated Information.
A robust, balanced, and legally enforceable regime governing PIPs will promote market integrity and consumer protection.
Who is this PS aimed at?
This Policy statement should be read by:
- Regulatory Information Services (RIS)
- potential PIPs
This PS is crucial reading for investors and may also be of interest to consumers who deal in UK-listed securities.
What are the next steps?
The new rules for PIPs will be effective on 31 January 2014. Existing Regulated Information Services (RIS) will have a six-month transitional period while applying for approval. They may apply for their approval to take effect from 1 August 2014.
We consider six months an appropriate timeframe to process the applications. However we would encourage early applications to ensure approval by 1 August 2014.
Existing Regulated Information Services that have not had their application approved by the end of the six-month transitional period will not be able to operate under the new regime.
Want to find out more?
For more information:
- see our information on the Regulated Information Services
- read CP13/8 Arrangements for the Disclosure of Regulated Information
- look at the Handbook