OMPS 1 Special guide for oil market participants

Chapter 1 (Application and General) of IPRU(INV) (Interim Prudential sourcebook: Investment Businesses) applies.

Chapter 3 (Financial resources for Securities and Futures Firms which are not MiFID investment firms) of IPRU(INV) applies, with the following qualifications:

(a) to an oil market participant only if it is a member of a recognised investment exchange or a designated investment exchange which is, under the rules of that exchange, entitled to trade with other members: see IPRU(INV) 3-1A.

(b) [deleted]

(c) [deleted]

[deleted]

The other IPRU sourcebooks do not apply.

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 Firms which are not MiFID investment firms) does not apply to an oil market participant: see SUP 3.1.2R;

(c) SUP 16.7 (Financial reports) does not apply to the firm if IPRU(INV) 3 does not apply: see SUP 16.1.3R and SUP16.7.5G;

(d) SUP 17A

(Transaction reporting) does not apply to an oil market participant which is not a third country investment firm:

(e) SUP App 2 (Insurers: Scheme of operations) does not apply.

Oil 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).

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