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High Level Standards
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Principles for Businesses (PRIN)
|
This applies.
|
|
Senior management arrangements, Systems and Controls (SYSC)
|
This applies.
|
|
6Code of Conduct (COCON)
|
This applies8.
|
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Threshold Conditions (COND)
|
This applies.
|
|
Statements of Principle and Code of Practice for Approved Persons (APER)
|
If an
energy market participant has an
appointed representative, APER applies
to approved persons in relation to that
appointed representative8.
|
|
The Fit and Proper test for Employees and Senior Personnel6 (FIT)
|
This applies.
|
|
The Financial Stability and Market Confidence sourcebook (FINMAR)
|
This is unlikely to be of relevance to the business of an energy market participant.
|
|
General provisions (GEN)
|
This applies.
|
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Prudential standards
|
Interim Prudential sourcebooks (IPRU)
|
Chapter 1 (Application and General) of (Interim Prudential sourcebook: Investment Businesses) applies.
Chapter 3 (Financial resources for Securities and Futures Firms which are not MiFID investment firms9) of IPRU(INV) applies, with the following qualifications:
(a) energy market participants whose main business consists of the generation, production, storage, distribution and/or transmission of energy may be granted a waiver of Chapter 3 in the FCA's discretion: see SUP 21.9
(b) [deleted]9
(c) [deleted]9
The other parts of IPRU(INV) do not apply.
The other sourcebooks do not apply.
2
2
2
7
2
2
2
|
|
[deleted]9
|
[deleted]9
|
|
[deleted]9
|
[deleted]9
2
|
|
[deleted]9
2
|
[deleted]9
|
|
Business standards
|
[deleted]
|
[deleted]
|
|
Conduct of Business sourcebook (COBS)
|
Only some parts of COBS apply to energy market activity: see COBS 18.2.
|
|
Mortgages: Conduct of Business sourcebook (MCOB)1
|
|
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Client assets sourcebook (CASS)
|
This applies.
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Market Conduct sourcebook (MAR)
|
This applies. However MAR 2 (Stabilisation)4 is likely to be of only marginal relevance to the business of an energy market participant. MAR 5 (Multilateral Trading Facilities) applies to an energy market participant that operates an 5MTF, and MAR 5A (Organised trading facilities) applies to an energy market participant that operates an OTF.
5
|
|
Training and Competence sourcebook (TC)
|
TC does not apply to energy market participants as they do not carry on activities for retail clients. But they are subject to the competent employees rule in SYSC.
|
|
Regulatory processes
|
[deleted]
|
[deleted]
|
|
Supervision manual (SUP)
|
This applies, with the following qualifications:
(a) in SUP 3 (Auditors), only some provisions apply if IPRU(INV) 3 (Financial Resources for Securities and Futures Firms9) does not apply to an energy market participant (because it has been granted a waiver of that chapter): see SUP 3.1.2 R;8
(c) SUP 16.12 (Integrated Regulatory Reporting): energy market participants whose main business consists of the generation, production, storage, distribution and/or transmission of energy may be granted a waiver of this section in the FCA's discretion: see SUP 21;
(d) 5SUP 17 A
5 (Transaction reporting): does not apply to energy market participants which are not third country investment firms9; and
(e) SUP App 2 (Insurers: Scheme of operations) does not apply.
2
10
10
5
5
5
5
5
5
|
|
[deleted]
|
|
|
Decision Procedures and Penalties Manual (DEPP)
|
This applies.
|
|
Redress
|
Dispute resolution: Complaints sourcebook (DISP)
|
Energy market participants are subject to the compulsory jurisdiction of the Financial Ombudsman Service.
However, a firm which does not, and notifies the FCA under DISP 1.1.12 R that it does not, conduct business with eligible complainants (persons eligible to have a complaint considered under the Financial Ombudsman Service, as defined in DISP 2.4) will be exempt from the rules on treating complainants fairly (DISP 1.2 to DISP 1.11) and from the Financial Ombudsman Funding rules (FEES 5.1 to FEES 5.7).
|
|
Compensation sourcebook (COMP)
|
COMP applies to all firms. However, energy market participants that do not conduct business that could give rise to a protected claim by an eligible claimant as defined and have no reasonable likelihood of doing so can gain exemption under FEES 6.2 from some compensation scheme levies.
|
|
Complaints against the FCA (COAF)
|
This applies.
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Specialist sourcebooks
|
Collective Investment Schemes sourcebook (COLL)
|
This does not3 apply to an energy market participant.3
3
|
|
3Investment Funds sourcebook (FUND)
|
This does not apply to an energy market participant.
|
|
[deleted]
|
[deleted]
|
|
Professional firms sourcebook (PROF)
|
None of the other specialist sourcebooks applies.
|
|
Deleted
|
|
Recognised Investment Exchange and Recognised Clearing House sourcebook (REC)
|
|
Special guides
|
Special guide for service companies (SERV)
|
This does not apply because an energy market participant is defined to exclude a service company.
|
|
Special guide for energy market participants (EMPS)
|
This applies.
|
|
Special guide for oil market participants (OMPS)
|
This does not apply because an energy market participant is defined to exclude an oil market participant.
|
|
Schedules
|
Summary schedules
1. Record keeping requirements
2. Notification requirements
3. Fees and other required payments
4. Powers exercised in making the Handbook
5. Rights of action for damages
6. Rules that can be waived
7. Releases
|
These apply, but only to the extent that the sourcebook or manual to which they relate applies.
|
|
Glossary of definitions
|
This applies.
|
|
Index
|
This applies.
|
