Financial Services Lawyers Association

Advanced Risk Responsive Operating frameWork. ARROW provides the link between the FSA's statutory objectives and its regulatory activities, and is designed to:

• identify the main risks to FSA's objectives as they arise;
• measure the importance of those risks;
• mitigate those risks where their size justifies this;
• monitor and report on progress of our risk management.

See further http://www.fsa.gov.uk/Pages/Doing/Regulated/supervise/index.shtml

See authorised unit trust.

See CEBS website.

The Committee of European Banking Supervisors (CEBS) is composed of high level representatives from the banking supervisory authorities and central banks of the European Union. The European Commission and non-EU EEA countries are represented as observers.

The role of CEBS is to:

Advise the Commission, in particular on preparation of draft implementing measures in the field of banking activities.

Contribute to the consistent implementation of Community Directives and convergence of Member States' supervisory practices

Enhance supervisory co-operation.

See CEIOPS website

CEIOPS is composed of high level representatives from the insurance and occupational pensions supervisory authorities of the European Union's Member States. The authorities of the European Economic Area Member States also participate, and the European Commission is represented as well.

The role of CEIOPS is:

• providing advice to the European Commission on drafting implementation measures for framework directives and regulations on insurance and occupational pensions
• issuing supervisory standards, recommendations and guidelines to enhance convergent and effective application of the regulations
• facilitating cooperation between national supervisors.

See Committee of European Securities Regulators.

See collective investment scheme.

Each Member State of the European Union has one member on the Committee, and the European Commission is also represented. The members are nominated by the Members States and are the Heads of the national public authorities competent in the regulation of securities markets.

The role of CESR is to:

• Improve co-ordination among securities regulators
• Act as an advisory group to assist the EU Commission
• Work to ensure more consistent and timely day-to-day implementation of community legislation in the Member States
  

The scheme provided under Part XVI of FSMA (The Ombudsman Scheme) under which certain disputes may be resolved quickly and with minimum formality by an independent person (‘person’ being defined in accordance with the Interpretation Act 1978). See the DISP section of the Handbook for details on procedures and jurisdiction.

FSMA provides the framework within which the single regulator for the UK financial services industry, the Financial Services Authority operates. FSMA also establishes the framework for single ombudsman and compensation schemes to provide further protection for consumers.

The single financial services regulator in the UK, established by the Financial Services and Markets Act 2000.

See Financial Ombudsman Service

See Financial Services Authority.

See Financial Services and Markets Act 2000.

The FSA's book of rules and guidance. Go to: http://fsahandbook.info/FSA/html/handbook

Directive 2004/39/EC harmonising the organisational and conduct of business requirements that apply to investment firms and the conditions governing the operation of regulated markets and multilateral trading facilities. MiFID replaces the Investment Services Directive (93/22/EEC).