Confidentiality - Keeping secrets from the regulator
We are considering an acquisition within the next few months. Confidentiality is paramount: I do not want to tell the Financial Services Authority in case the details leak out but I am told that this is necessary. Surely it is nothing to do with the regulator until or unless we do the deal?
Be very careful here and seek guidance from your compliance consultant or your legal advisers. You could not be further from the truth in your assumption that the Financial Services Authority will not be interested until the deal is done. As an old friend of mine is often wont to say, 'assume makes an 'ass' out of 'u' and 'me"!
There are a number of issues here. Acquisition of an FSA-regulated business means a change in controller of the target business and the FSA needs to be advised of that.
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