Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

You are viewing the version of the document as on 2024-12-18.

GEN 1.2 9Referring to approval by the FCA

GEN 1.2.1GRP

The purpose of GEN 1.2.2AR6 is to prevent clients being misled about the extent to which the FCA6 has approved a firm's affairs.

99
GEN 1.2.2R

[deleted]

GEN 1.2.2ARRP
  1. (1)

    4Unless required to do so under the regulatory system, a firm must ensure that neither it nor anyone acting on its behalf claims, in a public statement or to a client, expressly or by implication, that its affairs, or any aspect of them, have the approval or endorsement of the FCA6 or another competent authority.

  2. (1A)

    7Paragraph (1) does not apply to a firm to the extent that it is incompatible with 8obligations under article 44(8) of the MiFID Org Regulation.

  3. (2)

    Paragraph (1) does not apply to statements that explain, in a way that is fair, clear and not misleading, that:

    1. (a)

      the firm is an authorised person;

    2. (b)

      [deleted]5

    3. (c)

      the firm has permission to carry on a specific activity;

    4. (d)

      an authorisation order has been made in relation to an AUT, ACS or ICVC;

    5. (e)

      a recognised scheme has that status;

    6. (f)

      the firm's approved persons have been approved by the appropriate regulator for the purposes of section 59 of the Act (Approval for particular arrangements);

    7. (g)

      the firm has been given express written approval by the appropriate regulator in respect of a specific aspect of the firm's affairs.

  4. (3)

    Paragraph (1) applies with respect to the carrying on of both regulated activities and unregulated activities.

  5. (4)

    [deleted]5

GEN 1.2.3GRP

GEN 1.2.2AR(2)(g)6 is confined to written approval because of the need for clarity as to the scope of any approval given by the appropriate regulator9.

9
GEN 1.2.4GRP

7A firm that carries on MiFID, equivalent third country or optional exemption business should have regard to the requirement in article 44(8) of the MiFID Org Regulation which is reproduced at COBS 4.5A.16UK8.