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ENF 18.8 Publication

ENF 18.8.1G

DEC 5.2 (Publication) set out certain requirements of the Act in relation to the publication by the FSA of its decisions.

ENF 18.8.2G

Under section 347(1)(i) of the Act (Record of authorised persons), the FSA is required to maintain a record of every person falling within such class as the FSA may determine. To help it fulfil its regulatory objectives of protecting consumers and promoting public awareness, the FSA will maintain a record of persons who have been the subject of disapplication orders on the FSA's Register.

ENF 18.8.3G

The FSA will consider what additional information about the circumstances of the order to include on the record maintained on the FSA Register and will take into account any possible prejudice to the person concerned as compared to the interests of consumer protection. In general, the FSA considers that publication of relevantinformation about orders to disapply an exemption will be in the interests of clients and consumers.

ENF 18.8.4G

Under section 347(3) of the Act, if it appears to the FSA that an entry in the FSA Register ceases to apply to a person, it may remove the relevant entry from the record. Section 347(4) provides that, if the FSA decides not to remove the entry in the record, it must make a note in the record to that effect and state why it believes the entry in the record no longer applies to the person.

ENF 18.8.5G

While a disapplication order is effective, the FSA will maintain a record of the order on the FSA Register. If the FSA grants an application to vary the order, a note of the variation will be made against the relevant entry on the FSA's Register. The FSA's policy in relation to section 347(4) of the Act is that where an application to revoke an order is granted, a note will be made on the FSA Register to the effect that the order has been revoked giving reasons for its revocation. The availability of a full record of action taken by the FSA against persons granted an exemption under section 327 of the Act will help the FSA to fulfil its regulatory objectives of protecting consumers and maintaining confidence in the financial system. For this reason, the FSA will maintain the annotated record of the disapplication order for a period of six years from the date of the revocation of the order after which period the record will be removed from the record on the FSA Register.