FSA's Expanded Registration Plan Hits Technical Snag

Mar 29 2011 | 12:48pm ET

Top hedge fund executives have won a reprieve from the U.K.'s new registration system.

Set to go into effect on May 1, the Financial Services Authority has been forced to delay the newly-widened approved persons program due to technical problems. Issues with regulator's online notifications and applications system have made the FSA unable to accept and process applications.

The FSA did not set a new registration deadline, but promised to give firms two months' notice, HFMWeek reports.

Under the FSA's expanded approved persons scheme, top executives with "significant influence controlled functions" will have to register. The regime will also cover U.S.-based executives at hedge funds with U.K. offices.

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