Paper Summary:

The paper discusses the powers and responsibilities of the Financial Services Authority set up under the new Act of Parliament. It also looks at some of the more controversial points in the Act and the effect it will also have in regulating the journalism industry as well as internet communications.

From the Paper:

"For those organizations that do not carry on a regulated activity, there may be subjectivity to the provisions of this legislation. An example would be those businesses that are seeking capital whether or not through financial markets. Organizations such as these will be regulated in the manner in which they seek to solicit funding. Regardless of participation, all market participants will be required to conform to the "Code of Market Conduct." The code function is for the purpose of stamping out abuse in the financial services marketplace."

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