FSA and Bank of England Set Out Views on Designation of Investment Firms
May 17, 2012
The Financial Services Authority and the Bank of England have published their initial views on how the Prudential Regulation Authority will decide which firms will be designated by it (as opposed to being designated by the Financial Conduct Authority).
In broad terms, a firm will be designated for supervision by the Prudential Regulation Authority if it (i) has, or has applied for, permission to deal in investments as principal and (ii) has, or would have if authorised, a minimum capital of EUR 730,000.