CP78: The FSA’s new price stabilising rules

Chris Bates, Clifford Chance, London. Chris.Bates@cliffordchance.com

The Financial Services Authority (FSA) has published a feedback and policy statement (CP78) setting out its near final text of the new price stabilising rules. It only calls for comment on two particular issues (the proposed information to be given to issuers and the transitional provisions). The rules will be finally adopted nearer to the date when they come into force which will be the date (N2) when the Financial Services and Markets Act 2000 (FSMA) itself comes into effect.The date for N2 has yet to be set – an announcement is expected this spring. There is industry pressure that it should be much later than the summer 2001 date proposed by Ministers last year.