Related provisions for DISP 1.2.4
1 - 20 of 107 items.
A firm must give the FSA reasonable advance notice of a change in:(1) the firm's name (which is the registered name if the firm is a body corporate); (2) any business name under which the firm carries on a regulated activity or ancillary activity either from an establishment in the United Kingdom or with or for clients in the United Kingdom.
A firm must give the FSA reasonable advance notice of a change in any of the following addresses, and give details of the new address and the date of the change:(1) the firm's principal place of business in the United Kingdom; (2) in the case of an overseas firm, its registered office (or head office) address.
If a firm becomes aware, or has information that reasonably suggests that it has or may have provided the FSA with information which was or may have been false, misleading, incomplete or inaccurate, or has or may have changed in a material particular, it must notify the FSA immediately. Subject to SUP 15.6.5 R, the notification must include:(1) details of the information which is or may be false, misleading, incomplete or inaccurate, or has or may have changed; (2) an explanation
In relation to a regulated mortgage contract for a business purpose, if a firm has opted for the tailored route inMCOB 1.2.3 R(2), it must adopt the following modifications to the provisions in MCOB:(1) (except in relation to sections 6 and 8 of any initial disclosure document provided in accordance with MCOB 4.4.1 R(1)(c)(i) or sections 5 and 8 of any initial disclosure document provided in accordance with MCOB 4.4.1 R(1)(c)(ii)) substitute an alternative description of the facility
The disclosure rules in MCOB place particular emphasis on the description of borrowing. Where the regulated mortgage contract is for a business purpose, a firm should reflect this emphasis in any disclosure by first describing any borrowing before addressing the other facilities provided under the regulated mortgage contract.
Behaviour
of the type referred to in APER 4.2.3 E includes, but is not limited to:(1) failing
to explain the risks of an investment to
a customer;(2) failing
to disclose to a customer details
of the charges or surrender penalties of investment products;(3) mismarking
trading positions;(4) providing
inaccurate or inadequate information to a firm,
its auditors or appointed actuary;(5) failing
to disclose dealings where disclosure is required by the firm's personal
account deali
The FSA may ask the auditor to attend meetings and to supply it with information about the firm. In complying with SUP 3.8.2 R, the auditor should attend such meetings as the FSA requests and supply it with any information the FSA may reasonably request about the firm to enable the FSA to discharge its functions under the Act.
Within the legal constraints that apply, the FSA may pass on to an auditor any information which it considers relevant to his function. An auditor is bound by the confidentiality provisions set out in Part XXIII of the Act (Public record, disclosure of information and cooperation) in respect of confidential information he receives from the FSA. An auditor may not pass on such confidential information without lawful authority, for example if an exception applies under the Financial
Auditors are subject to regulations made by the Treasury under sections 342(5) and 343(5) of the Act (Information given by auditor or actuary to the FSA). These regulations oblige auditors to report certain matters to the FSA. Sections 342(3) and 343(3) of the Act provide that an auditor does not contravene any duty by giving information or expressing an opinion to the FSA, if he is acting in good faith and he reasonably believes that the information or opinion is relevant to
Where
the approved person is, or is
one of the approved persons who
is, responsible within the firm for
reporting matters to the FSA, failing promptly to inform the FSA of information of which he is aware
and which it would be reasonable to assume would be of material significance
to the FSA, whether in response to questions or
otherwise, falls within APER 4.4.3 E.
Failing
without good reason to:(1) inform
a regulator of information of which the approved
person was aware in response to questions from that regulator;(2) attend
an interview or answer questions put by a regulator, despite a request or
demand having been made;(3) supply
a regulator with appropriate documents or
information when requested or required to do so and within the time limits
attaching to that request or requirement;falls within APER 4.4.3 E.
Table of modified cross-references to other rules: This table belongs to MCOB 8.3.1 R.
Subject |
Rule or guidance |
Reference in rule or guidance |
To be read as a reference to: |
Advice or information from the whole market |
MCOB 4.3.4R(2) |
MCOB 4.7.2R |
MCOB 8.5.2R |
Initial disclosure requirement (for regulated lifetime mortgage contracts only) |
MCOB 4.4.1R(1)(c) and (3) |
MCOB 4 Ann 1R |
MCOB 8 Ann 1R |
Initial disclosure requirements forpackaged products or non-investment insurance contracts (in addition toregulated lifetime mortgage contracts) |
MCOB 4.4.1R(1)(c) and (3) |
MCOB 4 Ann 2R |
MCOB 8 Ann 2R |
Initial disclosure requirements |
MCOB 4.4.3G |
MCOB 4 |
|
Initial disclosure requirements where initial contact is by telephone (for regulated lifetime mortgage contracts only) |
|||
Additional disclosure for distance mortgage mediation contracts |
MCOB 4.5 |
||
Non-advised sales |
MCOB 4.8.6G |
MCOB 4.7 |
MCOB 8.5 |
Under cooperation agreements between EEA regulators, if it has serious concerns about the proposed transferee, the FSA should inform the regulatory body of the transferor within 3 months of the original request from that regulatory body. The FSA is not obliged to reply, but if it does not, its opinion is taken to be favorable. Although the protocol does not apply to Switzerland, the FSA is required to cooperate with the Swiss regulatory body and would apply similar principles
(1) There are certain additional disclosure requirements laid down by the Distance Marketing Directive that will have to be provided by a mortgage intermediary to a retail customer prior to the conclusion of a distance mortgage mediation contract. The purpose of this section, MCOB 4.5, is to set out those additional requirements. MCOB 4.6 sets out the cancellation rights that apply in relation to a distance mortgage mediation contract.3(2) The FSA expects the requirements in MCOB
If the initial contact of a kind in MCOB 4.4.1 R (1) is with a retail customer with a view to concluding a distance mortgage mediation contract.2, a firm must:(1) in addition to the initial disclosure informationrequired by MCOB 4.4.1 R (1)(c) and any other required information, provide the retail customer with the information in MCOB 4 Annex 3 in a durable medium in good time before the conclusion of the distance mortgage mediation contract with that customer unless an exemption
(1) The information in MCOB 4 Annex 3 will be provided in 'good time' for the purposes of MCOB 4.5.2 R (1), if provided in sufficient time to enable the customer to consider properly the services on offer.(2) An example of the circumstances in which MCOB 4.5.2 R (4) or (5) may apply is given in MCOB 4.4.4 G. If the initial disclosure document and accompanying information (including that in MCOB 4 Annex 3) was previously provided to a customer and continues to be appropriate, there
The FSA may also have regard to the systems and controls intended to ensure that confidential information is only used for proper purposes. Where relevant, recognised bodies will have to comply with section 348 (Restrictions on disclosure of confidential information by the FSA etc.) and regulations made under section 349 (Exemptions from section 348) of the Act.
The FSA may also have regard to the contracts of employment, staff rules, letters of appointment for members of the governing body, members of relevant committees and other key individuals and other guidance given to individuals on handling conflicts of interest. Guidance to individuals may need to cover:(1) the need for prompt disclosure of a conflict of interest to enable others, who are not affected by the conflict, to assist in deciding how it should be managed;(2) the circumstances
(1) For the authorised fund manager's periodic charge or for payments out of scheme property to the investment adviser, the prospectus may permit a payment based on a comparison of one or more aspects of the scheme property or price in comparison with fluctuations in the value or price of property of any description or index or other factor designated for the purpose (a "performance fee").(2) Any performance fee should be specified in the appropriate manner in the prospectus and
(1) Any payment as a result of effecting transactions for the authorised fund should be made from the capital property of the scheme.(2) Other than the payments in (1), all other payments should be made from income property in the first instance but may be transferred to the capital account in accordance with COLL 6.7.10 R (1) (Allocation of payments to income or capital).(3) For payments transferred to the capital property of the scheme in accordance with (2), the prospectus
An affected person is not liable to account to another affected person or to the unitholders of any scheme for any profits or benefits it makes or receives that are made or derived from or in connection with:(1) dealings in the units of a scheme; or(2) any transaction in scheme property; or(3) the supply of services to the scheme;where disclosure of the non-accountability has been made in the prospectus of the scheme.
A firm is required to provide the FSA with a wide range of information to enable the FSA to meet its responsibilities for monitoring the firm's compliance with requirements imposed by or under the Act. Some of this information is provided through regular reports, including those set out in SUP 16 (Reporting requirements) and SUP 17 (Transaction reporting). In addition, other chapters in the Handbook set out specific notification and reporting requirements. Principle 11 includes
This chapter sets out:(1) guidance on the type of event or change in condition which a firm should consider notifying in accordance with Principle 11; the purpose of this guidance is to set out examples and not to give comprehensive advice to firms on what they should notify in order to be in compliance with Principle 11;(2) rules on events and changes in condition that a firm must notify; these are the types of event that the FSA must be informed about, usually as soon as possible,