SOX 404 and FSA Overlaps 974

  • Hi there,
    I was wondering if there are any overlaps with the FSA regulations and Sarbanes OXley. As I am currently having to prepare both. I have prepare all the required documentation for SOX and am in the Test and Walkthrough stage. If there is overlaping area in the two regulations, please advise.
    Gagan 😄

  • The Financial Services Authority (FSA) is an independent non-governmental body, which regulates the UK financial services industry. The FSA is accountable to Treasury Ministers, and through them to Parliament.
    The FSA was given statutory powers on December 1, 2001 by the Financial Services and Markets Act 2000. In addition to regulating banks, insurance companies and financial advisers, the FSA has regulated mortgage business from 31 October 2004 and general insurance intermediaries from 14 January 2005.
    For FSA, most any of the proposals for new financial services legislation arise in the European Union. FSA is working with the Basel Committee, the European Union and the industry to develop its policies for implementing the new capital adequacy framework via the Capital Requirements Directive.
    FSA is also engaged in the work of the International Organisation of Securities Commissions (IOSCO), and the International Association of Insurance Supervisors (IAIS).
    So, FSA is more concerned about Basel II than Sarbanes Oxley.
    Banks and financial institutions currently establishing processes to comply with Sarbanes-Oxley section 404 reporting requirements, can use the work done in their effort to comply with FSA requirements.
    While Sarbanes-Oxley and FSA may complement each other, that doesn’t mean procedures set up to comply with the former will apply seamlessly to the latter.

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