Related provisions for LR 10.1.5

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REC 2.15.3GRP
In determining whether a UK recognised body has effective arrangements for monitoring and enforcing compliance with its rules (and, in the case of a UK RIE, its settlement arrangements), the FSA may have regard to:(1) the UK recognised body's ability to:(a) monitor and oversee the use of its facilities;(b) assess its members' compliance with its rules (and settlement arrangements, where appropriate);(c) assess the significance of any non-compliance;(d) take appropriate disciplinary
REC 2.15.4GRP
In assessing whether the procedures made by a UK recognised body to investigate complaints about the users of its facilities are satisfactory, the FSA may have regard to: (1) whether these procedures include arrangements which enable the UK recognised body to:(a) acknowledge complaints promptly;(b) consider and investigate these complaints objectively, promptly and thoroughly; (c) provide a timely reply to the complainant; and(d) keep adequate records of complaints and investigations;(2)
REC 2.15.5GRP
In assessing whether the arrangements include procedures for the fair, independent and impartial resolution of appeals against decisions of a UK recognised body, the FSA may have regard to at least the following factors: (1) the appeal procedures of the UK recognised body, including the composition and roles of any appeal committees or tribunals, and their relationship to the governing body; (2) the arrangements made to ensure prompt hearings of appeals from decisions made by
REC 2.15.6GRP
In assessing whether a UK recognised body's arrangements include appropriate provision for ensuring the application of any financial penalties in ways described in the recognition requirement, the FSA may have regard to: (1) the UK recognised body's policy regarding the application of financial penalties; (2) the arrangements made for applying that policy in individual cases; but the FSA does not consider that it is necessary for UK recognised bodies to follow any specific policy
LR 17.3.1RRP
(1) An issuer must forward to the FSA, for publication through the document viewing facility, two copies of any document required by LR 17.3 or LR 17.4 at the same time the document is issued.(2) An issuer must notify a RIS as soon as possible when a document has been forwarded to the FSA under paragraph (1) unless the full text of the document is provided to the RIS.(3) A notification made under paragraph (2) must set out where copies of the relevant document can be obtaine
LR 17.3.2RRP
(1) An issuer'ssecurities must be admitted to trading on a RIE's market for listed securities at all times.(2) An issuer must inform the FSA in writing without delay if it has:(a) requested a RIE to admit or re-admit any of its listed securities to trading; or(b) requested a RIE to cancel or suspend trading of any of its listed securities; or(c) been informed by a RIE that the trading of any of its listed securities will be cancelled or suspended.
LR 17.3.5GRP
(1) If an issuer prepares both own and consolidated annual accounts it may publish either form provided that the unpublished accounts do not contain any significant additional information. [Note: Article 80(2) CARD](2) If the annual accounts do not give a true and fair view of the assets and liabilities, financial position and profits or losses of the issuer or group, additional information must be provided to the satisfaction of the FSA. [Note: Article 80(3) CARD](3) An issuer
LR 17.3.10RRP
An issuer must ensure that any circular it issues to holders of its listed securities about proposed amendments to a trust deed includes:(1) an explanation of the effect of the proposed amendments; and(2) either the full terms of the proposed amendments, or a statement that they will be available for inspection:(a) from the date the circular is sent until the close of the relevant general meeting at a place in or near the City of London or such other place as the FSA may determine;
LR 7.2.1RRP

The Listing Principles are as follows:

Principle 1

A listed company must take reasonable steps to enable its directors to understand their responsibilities and obligations as directors.

Principle 2

A listed company must take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations.

Principle 3

A listed company must act with integrity towards holders and potential holders of its listedequity securities.

Principle 4

A listed company must communicate information to holders and potential holders of its listedequity securities in such a way as to avoid the creation or continuation of a false market in such listedequity securities.

Principle 5

A listed company must ensure that it treats all holders of the same class of its listedequity securities that are in the same position equally in respect of the rights attaching to such listedequity securities.

Principle 6

A listed company must deal with the FSA in an open and co-operative manner.

LR 7.2.2GRP
Principle 2 is intended to ensure that listed companies have adequate procedures, systems and controls to enable them to comply with their obligations under the listing rules and disclosure rules and transparency rules. In particular, the FSA considers that listed companies should place particular emphasis on ensuring that they have adequate procedures, systems and controls in relation to:(1) identifying whether any obligations arise under LR 10 (Significant transactions) and
PERG 2.10.5GRP
A person is exempt if he is an appointed representative of an authorised person. See SUP 12 (Appointed representatives). But where an appointed representative carries on insurance mediation or reinsurance mediation he will not be exempt unless he is included on the register kept by the FSA under article 93 of the Regulated Activities Order (Duty to maintain a record of unauthorised persons carrying on insurance mediation activities) (see PERG 5.13 (Appointed representatives
PERG 2.10.10GRP
But under section 316 of the Act (Direction by the FSA) the general prohibition does not apply to a person who is a member of the Society of Lloyds unless the FSA has made a direction that it should apply. The general prohibition is disapplied in relation to any regulated activity carried on by a member relating to contracts of insurance written at Lloyds. Directions can be made by the FSA in relation to individual members or the members of the Society of Lloyds taken together.
PERG 2.10.13GRP
Such a person may carry on regulated activities if the conditions outlined below are met, that is the person:(1) is not affected by an order or direction made by the FSA under section 328 or 329 of the Act (Directions and orders in relation to the general prohibition) which has the effect of re-imposing the general prohibition in any particular case;(2) is, or is controlled by, a member of a profession;(3) does not receive any pecuniary reward or other advantage from the regulated
PERG 2.10.16GRP
A person carrying on regulated activities under the regime for members of the professions will be subject to rules made by the professional body designated by the Treasury. Such bodies are obliged to make rules governing the carrying on by their members of those regulated activities that they are able to carry on without authorisation under the Act. Where such a person is carrying on insurance mediation or reinsurance mediation, he must also be included on the register kept by
LR 9.6.1RRP
A listed company must forward to the FSA for publication through the document viewing facility, two copies of all circulars, notices, reports or other documents to which the listingrules apply at the same time as they are issued.
LR 9.6.2RRP
A listed company must forward to the FSA, for publication through the document viewing facility, two copies of all resolutions passed by the listed company other than resolutions concerning ordinary business at an annual general meeting as soon as possible after the relevant general meeting.
LR 9.6.3RRP
(1) A listed company must notify a RIS as soon as possible when a document has been forwarded to the FSA under LR 9.6.1 R or LR 9.6.2 R unless the full text of the document is provided to the RIS.(2) A notification made under paragraph (1) must set out where copies of the relevant document can be obtained.
LR 9.6.19RRP
A listed company which changes its name must, as soon as possible:(1) notify a RIS of the change, stating the date on which it has taken effect;(2) inform the FSA in writing of the change; and(3) where the listed company is incorporated in the United Kingdom, send the FSA a copy of the revised certificate of incorporation issued by the Registrar of Companies.
APER 4.1.2ERP
In the opinion of the FSA, conduct of the type described in APER 4.1.3 E, APER 4.1.5 E, APER 4.1.6 E, APER 4.1.8 E, APER 4.1.10 E, APER 4.1.12 Eor APER 4.1.13 E does not comply with Statement of Principle 1 (APER 2.1.2 P).
APER 4.1.3ERP
Deliberately misleading (or attempting to mislead) by act or omission: (1) a client; or(2) his firm (or its auditors or appointed actuary); or(3) the FSA;falls within APER 4.1.2 E.
APER 4.1.4ERP
Behaviour of the type referred to in APER 4.1.3 E includes, but is not limited to, deliberately:(1) falsifying documents;(2) misleading a client about the risks of an investment;(3) misleading a client about the charges or surrender penalties of investment products;(4) misleading a client about the likely performance of investment products by providing inappropriate projections of future investment returns;(5) misleading a client by informing him that products require only a single
APER 4.1.6ERP
Deliberately failing to inform, without reasonable cause:(1) a customer; or(2) his firm (or its auditors or appointed actuary); or(3) the FSA;of the fact that their understanding of a material issue is incorrect, despite being aware of their misunderstanding, falls within APER 4.1.2 E.
REC 4.1.2GRP
This chapter sets out the FSA's approach to the supervision of recognised bodies and contains guidance on: (1) the arrangements for investigating complaints about recognised bodies made under section 299 of the Act (Complaints about recognised bodies) (REC 4.4); (2) the FSA's approach to the exercise of its powers under:(a) section 296 of the Act (FSA's power to give directions) to give directions to recognised bodies (REC 4.6);(b) section 297 of the Act (Revoking recognition)
REC 4.1.3GRP
The FSA's general approach to supervision is intended to ensure that:(1) the FSA has sufficient assurance that recognised bodies continue at all times to satisfy the recognition requirements and other obligations imposed by or under the Act; and(2) the FSA's supervisory resources are allocated, and supervisory effort is applied, in ways which reflect the actual risks to the regulatory objectives.
REC 4.1.4GRP
In applying these principles of risk based supervision to the supervision of recognised bodies, the FSA has had particular regard to the special position of recognised bodies under the Act as well as to its general duties set out in section 2 of the Act (The FSA'sgeneral duties).
SUP 12.1.3GRP
The chapter also sets out the FSA'srules, and guidance on these rules, that apply to a firm before it appoints, when it appoints and when it has appointed an appointed representative. The main purpose of these rules is to place responsibility on a firm for seeking to ensure that: (1) its appointed representatives are fit and proper to deal with clients in its name; and (2) clients dealing with its appointed representatives are afforded the same level of protection as if they had
SUP 12.1.4GRP
The FSA has produced a leaflet entitled "Becoming an appointed representative" which provides a comprehensive summary of some of the main features of the appointed representative regime. You may download a copy of this leaflet from our website at http://www.fsa.gov.uk/pubs/other/factsheet_appointed.pdf.
SUP 16.1.3RRP

Application of different sections of SUP 16

88888888811999988888

(1) Section(s)

(2) Categories of firm to which section applies

(3) Applicable rules and guidance

SUP 16.1,SUP 16.2andSUP 16.3

All categories of firm except:

Entire sections

(a)

an ICVC;

(b)

an incoming EEA firm or incoming Treaty firm, which is not:

(i)

a firm of a type to which SUP 16.6 or SUP 16.7 applies; or

(ii)

an insurer with permission to effect or carry outlife policies; or

(iii)3

a firm with permission to establish, operate or wind up a stakeholder pension scheme;

(c)

a UCITS qualifier.

SUP 16.4 and SUP 16.52

All categories of firm except:

Entire sections

(-a)

a credit union;2

(a)

an ICVC;

(b)

an incoming EEA firm;

(c)

an incoming Treaty firm;

(d)

a non-directive friendly society;

(e)4

[deleted]4

(f)

a sole trader;

(g)

a service company;

(h)

a UCITS qualifier;8

8

(i)8

a firm with permission to carry on only retail investment activities;8

(j)8

a firm with permission to carry on only insurance mediation activity, mortgage mediation activity, or both;8

(k)8

a firm falling within both (i) and (j)8

SUP 16.6

Bank, ELMI

SUP 16.6.4 R to SUP 16.6.5 R

Depositary of an ICVC

SUP 16.6.6 R to SUP 16.6.9 G

OPS firm

SUP 16.6.6 R to SUP 16.6.8 R

Trustee of an AUT

SUP 16.6.6 R to SUP 16.6.9 G

SUP 16.7

Bank, other than an EEA bank with permission for cross border services only.1

SUP 16.7.7 R to SUP 16.7.15 R

Building society

SUP 16.7.16 R to SUP 16.7.19 R

Service company

SUP 16.7.20 R to SUP 16.7.21 R

Securities and futures firm (other than an oil market participant to which IPRU(INV) 3 does not apply)

SUP 16.7.22 R to SUP 16.7.34 G

Investment management firm

SUP 16.7.35 R to SUP 16.7.41 R

Authorised professional firm (note)

SUP 16.7.54 Rand SUP 16.7.54A R12

Society of Lloyd's

SUP 16.7.55 R to SUP 16.7.56 R and SUP 16.7.59 R (1) and SUP 16.7.59 R (2)

Members' adviser

SUP 16.7.57 R to SUP 16.7.58 R, SUP 16.7.59 R (3), SUP 16.7.60 G and SUP 16.7.61 G

Credit Union2

SUP 16.7.62 R to SUP 16.7.63 R2

ELMI

SUP 16.7.64 R to SUP 16.7.66 R

UCITS management company6

6SUP 16.7.67 R to SUP 16.7.72 R

Member of a financial conglomerate10

SUP 16.7.82 R to SUP 16.7.83 R10

A firm not subject to other reporting requirements in SUP 16.7.1 G - SUP 16.7.75 R (nor to reporting requirements in IPRU(INS) or IPRU(FSOC)):81112

SUP 16.7.76 R to SUP 16.7.81 G8811

(1)8

with permission to carry on one or more of:8

(a)8

insurance mediation activity; or8

(b)8

mortgage mediation activity; or8

(c)8

mortgage lending; or8

(d)8

mortgage administrating; or8

(2)8

which is a personal investment firm811

SUP 16.8

Insurer with permission to effect or carry out life policies, unless it is a non-directive friendly society3

Entire section

3Firm with permission to establish, operate or wind up a stakeholder pension scheme

Entire section3

SUP 16.95

Firm with permission to advise on investments; arrange (bring about) deals in investments; make arrangements with a view to transactions in investments; or arrange safeguarding and administration of assets5

Entire section5

SUP 16.109

All categories of firm except:9

Entire section9

(a)9

an ICVC;9

(b)9

a UCITS qualifier; and9

(c)9

a credit union.9

SUP 16.118

A firm, other than a managing agent, which is:8

Entire section8

(1)8

a mortgage lender; or8

(2)8

an insurer; or8

(3)8

the operator of a regulated collective investment scheme or an investment trust savings scheme; or8

(4)8

a person who issues or manages the relevant assets of the issuer of a structured capital-at-risk product8.

SUP 16.1.4GRP
(1) This chapter contains requirements to report to the FSA on a regular basis. These requirements include reports relating to a firm's financial condition, and to its compliance with other rules and requirements which apply to the firm. Where the relevant requirements are set out in another section of the Handbook, this chapter contains cross references. An example of this is financial reporting for insurers and friendly societies.(2) Where such requirements already apply to
SUP 6.1.5GRP
This chapter also outlines the FSA's powers to withdraw authorisation from a firm whose Part IV permission has been cancelled at the firm's request. It does not, however, cover the FSA's use of its own-initiative powers to vary or cancel a firm's Part IV permission (see SUP 7 (Individual requirements) and ENF 5 (Cancellation of Part IV permission on the FSA's own initiative and withdrawal of authorisation)).
SUP 16.9.2GRP
1The purpose of the rules and guidance in this section is to ensure that, in addition to the notifications made under SUP 12.7 (Appointed representatives; notification requirements), the FSA receives regular and comprehensive information about the appointed representatives engaged by a firm, so that the FSA is in a better position to pursue the regulatory objective of the protection of consumers.3
SUP 16.9.3RRP
(1) 1A firm must:(a) submit a report to the FSA annually, in the form of an amended copy of the relevant extract from the FSA Register, containing the information in (2);3(b) submit the report in (1) to the FSA within four months of the firm'saccounting reference date.(2) The report in (1) must contain a list of all the current appointed representatives of the firm as at the firm'saccounting reference date.(3) The report in (1) is not required if:(a) the firm has no appointed
SUP 16.9.4GRP
1The FSA Register is maintained under section 347 of the Act (The record of authorised persons, etc.) and may be viewed at the FSA's website at www.fsa.gov.uk/register/.
REC 2.5A.3GRP
The guidance in this section concerns the effect of PIDA in the context of the relationship between UK recognised bodies and the FSA. It is not comprehensive guidance on PIDA itself.
REC 2.5A.6GRP
(1) UK recognised bodies are encouraged to consider adopting appropriate internal procedures which will encourage their workers with concerns to blow the whistle internally about matters which are relevant to the functions of the FSA.(2) In considering appropriate internal procedures, UK recognised bodiesmay find the guidance provided to firms in SYSC 4.2.2 G(2) and (3) helpful.
REC 2.5A.7GRP
In determining whether a UK recognised body is a fit and proper person, the FSA may have regard to any relevant factor including, but not limited to, how the UK recognised body and key individuals have complied with any relevant law (see REC 2.4.3 G (9)).
SYSC 4.1.1RRP
1This chapter is relevant to every firm to the extent that the Public Interest Disclosure Act 1998 ("PIDA") applies to it.
REC 6.6.1GRP
An overseas recognised body is required to notify the FSA of certain events and give information to it on a regular basis and when certain specified events occur. Section 295 of the Act (Notification: overseas investment exchanges and overseas clearing houses) requires each overseas recognised body to provide the FSA, the Treasury and the Director General of Fair Trading with a report (at least once a year) which contains:(1) a statement as to whether any events have occurred
REC 6.6.2GRP
The following events are examples of events likely to affect an assessment of whether an overseas recognised body is continuing to satisfy the recognition requirements, or to have an effect on competition:(1) significant changes to any relevant law or regulation in its home territory, including laws or regulations:(a) governing exchanges or clearing houses;(b) designed to prevent insider dealing, market manipulation or other forms of market abuse or misconduct;(c) designed to
REC 6.6.6GRP
Copies of the report should be sent to the FSA, the Treasury and the Director General of Fair Trading within two months after the end of the period to which it relates.
LR 14.3.2RRP
(1) An overseas company must comply with LR 14.2.2 R at all times.(2) An overseas company that no longer complies with LR 14.2.2 R must notify the FSA as soon as possible of its non-compliance.
LR 14.3.6RRP
An overseascompany must forward to the FSA, for publication through the document viewing facility, two copies of:(1) all circulars, notices, reports or other documents to which the listingrules apply, at the same time as any such documents are issued; and(2) all resolutions passed by the company other than resolutions concerning ordinary business at an annual general meeting, as soon as possible after the relevant general meeting.
LR 14.3.7RRP
(1) An overseas company must notify a RIS as soon as possible when a document has been forwarded to the FSA under LR 14.3.6 R unless the full text of the document is provided to the RIS.(2) A notification made under paragraph(1) must set out where copies of the relevant document can be obtained.
LR 14.3.8RRP
An overseascompany must ensure that the FSA is provided with up to date contact details of appropriate persons nominated by it to act as the first point of contact with the FSA in relation to the overseascompany's compliance with the listing rules and the disclosure rules and transparency rules, as applicable.
REC 3.18.1GRP
(1) The purpose of REC 3.18 is to enable the FSA to monitor changes in the types of member admitted by UK recognised bodies and to ensure that the FSA has notice of foreign jurisdictions in which the members of UK recognised bodies are based. UK recognised bodies may admit persons who are not authorised persons or persons who are not located in the United Kingdom, provided that the recognition requirements continue to be met.(2) REC 3.18.2 R focuses on the admission of persons
REC 3.18.2RRP
Where a UK recognised body admits a member who is not an authorised person of a type of which, immediately before that time, that UK recognised body had not admitted to membership, it must immediately give the FSA notice of that event, and:(1) a description of the type of person whom it is admitting to membership; and (2) particulars of its reasons for considering that, in admitting that type of person to membership, it is able to continue to satisfy the recognition requirement
REC 3.18.3RRP
Where a UK recognised body admits for the first time a member whose head or registered office is in a jurisdiction from which that UK recognised body has not previously admitted members, it must immediately give the FSA notice of that event, and:(1) the name of that jurisdiction; (2) the name of any regulatory authority in that jurisdiction which regulates that member in respect of activities relating to specified investments; and(3) particulars of its reasons for considering
SUP 12.5.3GRP
A firm should satisfy itself that the terms of the contract with its appointed representative (including an introducer appointed representative):(1) are designed to enable the firm to comply properly with any limitations or requirements on its own permission;(2) require the appointed representative to cooperate with the FSA as described in SUP 2.3.4 G (Information gathering by the FSA on its own initiative: cooperation by firms) and give access to its premises, as described in
LR 4.2.1GRP
Section 80 (1) of the Act (general duty of disclosure in listing particulars) requires listing particulars submitted to the FSA to contain all such information as investors and their professional advisers would reasonably require, and reasonably expect to find there, for the purpose of making an informed assessment of:(1) the assets and liabilities, financial position, profits and losses, and prospects of the issuer of the securities; and(2) the rights attaching to the securi
LR 4.2.5GRP
For all other issues the FSA would expect issuers to follow the most appropriate schedules and building blocks in the PD Regulation to determine the minimum information to be included in listing particulars.
LR 4.2.9GRP
Under section 82 of the Act (exemptions from disclosure) the FSA may authorise the omission from listing particulars of information on specified grounds.
LR 4.2.10RRP
A request to the FSA to authorise the omission of specific information in a particular case must:(1) be in writing from the issuer;(2) identify the specific information concerned and the specific reasons for the omission; and(3) state why in the issuer's opinion one or more of the grounds in section 82 of the Act applies.
SUP 2.2.3GRP
The FSA would not normally seek to gather information using the methods described in SUP 2.3 or SUP 2.4 in a situation where the FSA could not have obtained it under the powers in Part XI of the Act (Information Gathering and Investigations). In particular, the limitations in the following sections of the Act are relevant to this chapter:(1) section 175(5) (Information and documents: supplementary powers) under which no person may be required under Part XI of the Act (Information
SUP 2.2.4GRP
When the FSA obtains confidential information using the methods of information gathering described in SUP 2.3 or SUP 2.4, it is obliged under Part XXIII of the Act (Public Record, Disclosure of Information and Co-operation) to treat that information as confidential. The FSA will not disclose confidential information without lawful authority, for example if an exception applies under the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations
SUP 2.2.5GRP
Information obtained by the FSA using the methods described in SUP 2.3 and SUP 2.4 is admissible in evidence in any proceedings, so long as it complies with any requirements governing the admissibility of evidence in the circumstances in question.