The FSA and financial services industry representatives agreed on the key principles when financial firms conduct their business as well as when the FSA takes supervisory actions.
The FSA has presented the concept of an ''optimal combination of rules-based and principles-based supervisory approaches'' as one of the four major pillars of the initiative.
It held extensive discussions with representatives of relevant financial firms and agreed on key principles, a set of key codes of conduct that are underlying basis of statutory rules. It also partially amended its principles as to when taking administrative action.
Principles in the Financial Services Industry
The Principles in the Financial Services Industry (Table)
Administrative Action in the Financial Sector (Amended)
Administrative Action in the Financial Sector (Table)
© Graham Bishop
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