| Link(s): | Handbook Notice 116 (fca.org.uk) |
Context
The FCA’s Handbook contains many references to source materials. At present, references in the FCA Handbook to enactments (other than references to the FCA Handbook, the PRA Handbook or certain provisions of retained EU law) are generally not ‘ambulatory’ in nature. This means that such references to enactments are presently static, meaning, for example, that a reference or link to a piece of statute will currently point to the version of that statute that was in force at the time the Handbook reference was created.
Key points to note and next actions
- The ‘static’ nature of these references can make it difficult to interpret the Handbook, as Handbook users need to analyse amending instruments to determine which historic version of an enactment the Handbook refers to.
- In CP23/25, the FCA proposed to new powers to amend Chapter 2.2 of the General Provisions manual (GEN) to make all references to enactments in Handbook rules (including Glossary terms where they are used by rules) ambulatory in nature unless there is a contrary indication.
- The change will mean that amendments to enactments will flow automatically through to Handbook rules. This limits the need for Handbook definitions to be updated on an ad-hoc basis and ensures that Handbook rules stay in step with legislative developments as they occur.
- The FCA will continue to monitor legislative changes which could affect Handbook references and make any consequential or transitional provisions that might be needed.