PERSONAL INVESTMENT AUTHORITY: RULE CHANGE UPDATE
| Published date | 01 February 1996 |
| DOI | https://doi.org/10.1108/eb024882 |
| Pages | 194-195 |
| Date | 01 February 1996 |
| Subject Matter | Accounting & finance |
PERSONAL INVESTMENT AUTHORITY: RULE CHANGE
UPDATE
In
December
1995 the PIA issued Rule
Notices 14 and 15.
CHANGES WITH IMMEDIATE
EFFECT
Chapter
1
Payments schedule — the board
determined on 14th February, 1995,
the contributions which members
should make towards the funding of
the Pensions Unit and the board's
decision was communicated to mem-
bers in the statement of PIA's policy,
pensions transfers and opt-outs, in
February 1995. The payments sched-
ule has been expanded to show the
payment required.
Rule 1.10 (membership appeals
before the tribunal) has been amen-
ded to specify all the circumstances in
which a right of appeal to the mem-
bership and disciplinary tribunal is
available to a member.
Chapter
9
Rule 9.4 (revocation and variation of
intervention notice) now includes a
reference to the disciplinary commit-
tee's right to refer to the membership
and disciplinary tribunal a member's
application which has been refused
by the chief executive.
Chapter
10
Following the publication in October
1995 of PIA's 'Approach to Discipline
(Statement of Policy)', Rule 10.1.2
has been amended to provide for the
disciplinary committee to make
various orders including a require-
ment that a member publish, at its
own expense, a notice setting out a
reprimand in accordance with the
directions of the committee. An iden-
tical amendment has been made to
Rule 10.4.3 in relation to the orders
that may be made by the member-
ship and disciplinary tribunal.
CHANGES EFFECTIVE FROM 1ST
JANUARY, 1996
With effect from 1st January, 1996,
various new rules and rule changes
have been made to consolidate and
replace the Adopted Financial Rules
with a new Chapter to the PIA rules
(Chapter 13 Financial Resources and
Reporting) and to give effect to the
requirements of the Investment Ser-
vices and Capital Adequacy Direc-
tives.
These rule changes include a
194
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