The Financial Services Authority ("FSA") and the UK Treasury have jointly published a consultation paper which follows the adoption of an Amending Directive on 24 November 2010, which revised both the Prospectus Directive and the Transparency Directive. Member States have until 1 July 2012 to implement the Directive into national legislation. The purpose of the consultation paper is to set out the way in which the UK intends to implement the Directive. The consultation paper states that responsibility for implementation of the Directive is shared between the UK Treasury, which has the power to make changes to the Financial Services and Markets Act 2000, and the FSA, under its Prospectus Rules, Listing Rules and Disclosure and Transparency Rules.