The Securities and Investments Board (SIB) was the regulatory authority for the securities and investments industry in the United Kingdom from 1986 to 1997. It was established under the Financial Services Act 1986 as a non-governmental organization with the goal of providing independent oversight of the industry.
The SIB had a number of core responsibilities. Firstly, it was in charge of ensuring the protection of investors and maintaining the integrity of the financial markets. This involved the supervision and regulation of investment firms, stock exchanges, and other entities involved in the buying, selling, and trading of securities.
Secondly, the SIB had a mandate to promote high standards of conduct within the financial services industry. It developed rules and guidelines that firms had to adhere to, addressing issues such as conflicts of interest, market abuse, disclosures, and compliance procedures.
Another crucial function of the SIB was the authorization and licensing of investment firms and individuals. It reviewed and assessed applications for licenses, ensuring that all market participants met the necessary criteria and standards.
Additionally, the SIB was responsible for monitoring and enforcing compliance with regulations through its powers of investigation, inspection, and disciplinary action. It had the authority to impose penalties, sanctions, and even revoke licenses if firms or individuals were found to be in violation of regulatory requirements.
The SIB played a crucial role in maintaining the integrity and stability of the securities and investments industry in the UK. However, it was replaced by the Financial Services Authority (FSA) in 1997 as part of a broader regulatory reform.
