Managing Director, Wholesale, the FSA

Sally Dewar was appointed Managing Director for Wholesale Markets in January 2008. She joined the London Stock Exchange's Listing Authority in 1998 and from 2002 to 2005 was the Head of Primary Markets in the Markets Division of the FSA before becoming Director in October 2005.

As Managing Director Sally has overall responsibility for the FSA's wholesale agenda, including responsibility for the regulation of wholesale firms, the supervision of all regulated markets and the related infrastructure, whose business is predominantly in the wholesale sector and therefore conducted among market professionals. This includes the supervision of entities such as investment banks, certain deposit-takers, corporate finance firms and institutional asset managers; and the related infrastructure including clearing and settlement and operation of the Listing rules. The agenda also covers the development of prudential policies and business standards which apply to all wholesale regulated firms and institutional markets.

During her time as Markets Director, Sally held wide-ranging responsibilities spanning the UK capital markets. She was responsible for setting and implementing the strategy for Markets Division and worked closely with the sectors to identify emerging risks across the capital markets and accounting & auditing sectors through close liaison with trade associations, market practitioners and internally through the expertise and market knowledge within the FSA, ensuring the risks are appropriately assessed and any mitigation action taken forward by the relevant business areas.

In relation to policy, Sally was responsible for all aspects of domestic and EU policy affecting Markets Division including issues around clearing and settlement, market fragmentation and increased competition and successfully implemented the Prospectus Directive (2005), the Transparency Directive (2007) and oversaw a fundamental review of the Listing Rules (2005). In addition, she was responsible for the FSA's market abuse strategy, for monitoring compliance with the Market Abuse Directive and Code of Market Conduct, and for the development and successful implementation of a new state of the art market surveillance and monitoring system.

On the primary markets side, Sally held overall responsibility for the operation of the UK's Competent Authority for Listing (UKLA). On the secondary markets side, she was responsible for the supervision of all regulated markets and related infrastructure, including 9 recognised bodies ensuring the regulatory approach was appropriate, proportionate and outcome focused.