The End of the FSA
Please note the latest knowledgemosaic Spotlight on The End of the FSA. Here is a portion the editorial summary.
What does this mean for the SEC-FSA strategic dialogue? With its fifth meeting completed in February, under the umbrella of the 2006 Memorandum of Understanding between both agencies, the question arises as to whether the bonds of regulatory cooperation will have to be completely re-forged.
The FSA had been having a fairly good year – in the last six months alone it levied its largest individual fine ever, agreed to improve cooperation with the SEC, and successfully ran its largest investigation to date against insider trading. While the general idea seems to be that the FSA’s handling of the financial crisis was the proverbial straw, did it really do so bad a job that it had to go?
