On 23 October 2015, the FCA published a handbook notice containing the feedback it received on its ninth quarterly consultation paper.
The final instrument is very similar to the draft instrument proposed in the consultation paper. The FCA states that it does not believe that the new LR requirement, with respect to the directors' statement regarding the "going concern" basis of accounting in the annual report, exceeds to comply or explain principle of the Code, or that the FCA is imposing substantively new requirements or introducing a new liability regime. The notice makes clear that the FCA believes that the requirement to prepare the relevant statements in accordance with the FRC's official guidance (on risk management and internal control published in September 2015) is appropriate. All changes to the Handbook are now in force as of 1 December 2015.
The Handbook Notice can be found at:
http://www.fca.org.uk/static/fca/documents/handbook-notices/fca-handbook-notice-26.pdf
The instrument can be found at:
https://www.handbook.fca.org.uk/instrument/2015/FCA_2015_51.pdf
For a summary of the FCA's ninth quarterly consultation paper, our Q2 Governance and Securities Newsletter published July 2015 is available at:
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