Related provisions for PERG 6.4.3

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FIT 2.2.1GRP
In determining a person's competence and capability, the FSA will have regard to matters including but not limited to:(1) whether the person satisfies the relevant requirements of the FSA's Training and Competence sourcebook (TC) in relation to the controlled function the person performs or is intended to perform;(2) whether the person has demonstrated by experience and training that the person is able, or will be ableif approved, to perform the controlled function.
FIT 2.2.2GRP
A person may have been convicted of, or dismissed or suspended from employment for, drug or alcohol abuses or other abusive acts. This will be considered only in relation to a person's continuing ability to perform the particular controlled function for which the person is or is to be employed.
LR 1.3.1RRP
An issuer must provide to the FSA as soon as possible:(1) any information and explanations that the FSA may reasonably require to decide whether to grant an application for admission;(2) any information that the FSA considers appropriate to protect investors or ensure the smooth operation of the market; and [Note: Article 16.1 CARD](3) any other information or explanation that the FSA may reasonably require to verify whether listing rules are being and have been complied with
LR 1.3.2RRP
(1) The FSA may, at any time, require an issuer to publish such information in such form and within such time limits as it considers appropriate to protect investors or to ensure the smooth operation of the market. [Note: Article 16.2 CARD](2) If an issuer fails to comply with a requirement under paragraph (1) the FSA may itself publish the information (after giving the issuer an opportunity to make representations as to why it should not be published). [Note: Article 16.2 CA
LR 1.3.3RRP
An issuer must take reasonable care to ensure that any information it notifies to a RIS or makes available through the FSA is not misleading, false or deceptive and does not omit anything likely to affect the import of the information.
LR 13.1.3RRP
Information may be incorporated in a circular by reference to relevant information contained in:(1) a prospectus or listing particulars; or(2) any other published document that has been filed with the FSA.
REC 4.6.1GRP
Under section 296 of the Act (FSA's power to give directions), the FSA has the power to give directions to a recognised body in order to secure its compliance with the recognition requirements or other obligations in or under the Act.
REC 4.6.3GRP
The FSA is likely to exercise its power under section 296 of the Act if it considers that:(1) there has been, or was likely to be, a failure to satisfy the recognition requirements or there has been a failure to comply with any other obligation in or under the Act which has serious consequences; (2) compliance with the direction would ensure that the recognition requirements, or other obligation in or under the Act, were satisfied; and(3) the recognised body is capable of complying
REC 4.6.4GRP
Under section 298(7) of the Act (Directions and revocation: procedure), the FSA need not follow the consultation procedure set out in the rest of section 298 (see REC 4.8), or may cut short that procedure, if it considers it essential to do so. The FSA is likely to consider it essential to cut short the procedure if, in the absence of immediate action, there would be:(1) a serious risk of substantial losses to investors, particularly private customers; or(2) a serious threat
FIT 2.3.1GRP
In determining a person's financial soundness, the FSA will have regard to any factors including, but not limited to:(1) whether the person has been the subject of any judgment debt or award, in the United Kingdom or elsewhere, that remains outstanding or was not satisfied within a reasonable period;(2) whether, in the United Kingdom or elsewhere, the person has made any arrangements with his creditors, filed for bankruptcy, had a bankruptcy petition served on him, been adjudged
FIT 2.3.2GRP
The FSA will not normally require the candidate to supply a statement of assets or liabilities. The fact that a person may be of limited financial means will not, in itself, affect his suitability to perform a controlled function.
SUP 5.1.3GRP
The purpose of this chapter is to give guidance on the FSA's use of the power in section 166 of the Act (Reports by skilled persons). The purpose is also to make rules requiring a firm to include certain provisions in its contract with a skilled person and to give assistance to a skilled person. These rules are designed to ensure that the FSA receives certain information from a skilled person and that a skilled person receives assistance from a firm.
LR 5.5.1GRP
The decision-making procedures that the FSA will follow when it cancels, suspends or to refuses a request to restore listing are set out in DEC (the Decision Making manual).
LR 5.5.2RRP
An issuer must inform the FSA if its listing has been suspended, cancelled or restored by an overseas exchange or overseas authority.
LR 5.5.3GRP
(1) The FSA will not automatically suspend, cancel or restore the listing of securities at the request of an overseas exchange or overseas authority (for example, if listing of a secondary listedissuer'ssecurities are suspended, cancelled or restored on its home exchange).(2) The FSA will not normally suspend the listing of securities where there is a trading halt for the security on its home exchange.(3) If a secondary listed issuer requests a suspension, cancellation or restoration
REC 3.16.1GRP
The purpose of REC 3.16 is to ensure that the FSA receives a copy of the UK recognised body's plans and arrangements for ensuring business continuity if there are major problems with its computer systems. The FSA does not need to be notified of minor revisions to, or updating of, the documents containing a UK recognised body's business continuity plan (for example, changes to contact names or telephone numbers).
REC 3.16.2RRP
Where a UK recognised body changes any of its plans for action in the event of a failure of any of its information technology systems resulting in disruption to the operation of its facilities, it must immediately give the FSA notice of that event, and a copy of the new plan.
REC 3.16.3RRP
Where any reserve information technology system of a UK recognised body fails in such a way that, if the main information technology system of that body were also to fail, it would be unable to operate any of its facilities during its normal hours of operation, that body must immediately give the FSA notice of that event, and inform the FSA:(1) what action that UK recognised body is taking to restore the operation of the reserve information technology system; and (2) when it is
LR 19.1.1RRP
1This chapter applies to an issuer of:(1) retail securitised derivatives;(2) specialist securitised derivatives; and(3) other derivative products if the FSA has specifically approved their listing under this chapter.
LR 19.1.2RRP
For the purposes of this chapter, an issuer of other derivative products that have received the specific approval of the FSA to be listed under this chapter must comply with the rules applicable to an issuer of specialist securitised derivatives unless otherwise stated.
LR 19.1.3RRP
The FSA will not admit to listing, under this chapter, other derivative products that are likely to be bought and traded by investors who are not specialist investors, unless the derivative product falls within the scope of specified investments in Part III of the Regulated Activities Order.
REC 4.2.1GRP
The FSA expects to have an open, cooperative and constructive relationship with UK recognised bodies to enable it to have a broad picture of the UK recognised body's activities and its ability to meet the recognition requirements. This broad picture is intended to complement the information which the FSA will obtain under section 293 of the Act (Notification requirements) or under notification rules made under that section (see REC 3). The FSA will usually arrange meetings between
REC 4.2.3GRP
The FSA expects a UK recognised body to take its own steps to assure itself that it will continue to satisfy the recognition requirements and other obligations in or under the Act when considering any changes to its business or operations.
REC 4.2.4GRP
However, the FSA also expects that UK recognised bodies will keep it informed of all significant developments and of progress with itsplans and operational initiatives, and will provide it with appropriate assurance that the recognition requirements will continue to be satisfied.
SUP 8.1.1AGRP
This chapter is relevant to an applicant for a Part IV permission, as if that applicant were a firm. Where the chapter refers to usualsupervisory contact, the applicant should read this as being the usual contact inCorporate Authorisation.1
SUP 8.1.3GRP
This chapter is not relevant to the functions of the FSA acting in its capacity as the competent authority for the purposes of Part VI of the Act (Official Listing).3
REC 4.3.1GRP
Information is needed to support the FSA's risk based approach to the supervision of all regulated entities. Risk based supervision is intended to ensure that the allocation of supervisory resources and the supervisory process are compatible with the regulatory objectives and the FSA's general duties under the Act. The central element of the process of risk based supervision is a systematic assessment by the FSA (a risk assessment) of the main supervisory risks and concerns for
REC 4.3.2GRP
For each UK recognised body, the FSA will conduct a periodic risk assessment. This assessment will take into account relevant considerations including the special position of recognised bodies under the Act, the nature of the UK recognised body's members, the position of other users of its facilities and the business environment more generally.
REC 4.3.3GRP
The risk assessment will guide the FSA's supervisory focus. It is important, therefore, that there is good dialogue between the FSA and the recognised body. The FSA expects to review its risk assessment with the staff of the UK recognised body to ensure factual accuracy and a shared understanding of the key issues, and may discuss the results of the risk assessment with key individuals of the UK recognised body. If appropriate, the FSA may send a detailed letter to the body's
FEES 2.3.1RRP
If it appears to the FSA, or FOS Ltd (in relation to any FOS case fee only), that in the exceptional circumstances of a particular case, the payment of any fee or FOS levy would be inequitable, the FSA or FOS Ltd, as relevant, may reduce or remit all or part of the fee or levy in question which would otherwise be payable.
FEES 2.3.2RRP
If it appears to the FSA, or FOS Ltd (in relation to any FOS case fee only), that in the exceptional circumstances of a particular case to which FEES 2.3.1R does not apply, the retention by the FSA, or FOS Ltd, as relevant, of a fee or FOS levy which has been paid would be inequitable, the FSA, or FOS Ltd, may refund all or part of that fee or levy.
PERG 6.5.2GRP
The FSA will interpret and apply the description in PERG 6.3.4 G in the light of applicable legislation and common law, including case law.
PERG 6.5.3GRP
In particular, if the common law is unclear as to whether or not a particular contract is a contract of insurance, the FSA will interpret and apply the common law in the context of and in a way that is consistent with the purpose of the Act as expressed in the FSA's statutory objectives.
PERG 6.5.4GRP
The FSA will apply the following principles of construction to determine whether a contract is a contract of insurance.(1) In applying the description in PERG 6.3.4 G, more weight attaches to the substance of the contract, than to the form of the contract. The form of the contract is relevant (see PERG 6.6.8 G (3) and (4)) but not decisive of whether a contract is a contract of insurance: Fuji Finance Inc. v. Aetna Life Insurance Co. Ltd [1997] Ch. 173 (C.A.).(2) In particular,
SUP 9.1.2GRP
Individual guidance is guidance that is not given to persons or regulated persons generally or to a class of regulated person. It will normally be given to one particular person, which relates to its own particular circumstances or plans. It may be oral or written. Individual guidance will not be published but may at the FSA's discretion be converted to general guidance and published in the Handbook. Written individual guidance will often be labelled as such1
SUP 9.1.3GRP
A person may need to ask the FSA for individual guidance on how the rules and general guidance in the Handbook, the Act or other regulatory requirements apply in their particular circumstances. This chapter describes how a person may do this. Section 157 of the Act gives the FSA the power to give guidance consisting of such information and advice as it considers appropriate.
SUP 9.1.4GRP
The FSA may at times also consider it appropriate to give a firm individual guidance on its own initiative, for example on how it considers a firm should comply with a rule. SUP 9.3 describes when and how the FSA will seek to do this.
SUP 8.8.1GRP
The FSA may revoke a waiver at any time. In deciding whether to revoke a waiver, the FSA will consider whether the conditions in section 148(4) of the Act are no longer satisfied (see SUP 8.3.1 G), and whether the waiver is otherwise no longer appropriate. The FSA may revoke a waiver with immediate effect, if it considers that this is necessary, for example, in order to prevent undue risk to consumers.
SUP 8.8.2GRP
If the FSA proposes to revoke a waiver, or revokes a waiver with immediate effect, it will:(1) give the firm written notice either of its proposal, or of its action, giving reasons;(2) state in the notice a reasonable period (usually 28 days) within which the firm can make representations about the proposal or action; if a firm wants to make oral representations, it should inform the FSA as quickly as possible , specify who will make the representations and which matters will
SUP 8.8.3GRP
If the waiver that has been revoked has previously been published, the FSA will publish the revocation unless it is satisfied that it is inappropriate or unnecessary to do so, having regard to any representations made by the firm.
LR 4.4.1GRP
Section 81 of the Act (supplementary listing particulars) requires an issuer to submit supplementary listing particulars to the FSA for approval if at any time after listing particulars have been submitted to the FSA and before the commencement of dealings in the securities following their admission to the official list:(1) there is a significant change affecting any matter contained in those particulars the inclusion of which was required by:(a) section 80 of the Act (general
LR 4.4.2RRP
An issuer must ensure that after supplementary listing particulars are approved by the FSA, the supplementary listing particulars are filed and published as if the requirements in PR 3.2and the PD Regulation applied to them.
REC 3.13.1GRP
(1) The purpose of REC 3.13 is to enable the FSA to monitor any significant instances where UK recognised bodies outsource their functions to other persons (as they are permitted to dounder Regulation 6 of the Recognition Requirements Regulations. See REC 2.2).(2) The FSA does not need to be notified of every instance of outsourcing by a UK recognised body, but only where an activity or activities which form a significant part of a relevant function or which make a significant
REC 3.13.2RRP
Where a UK recognised body makes an offer or agrees to delegate any of its relevant functions to another person, it must immediately give the FSA notice of that event, and:(1) inform the FSA of the reasons for that delegation or proposed delegation;(2) inform the FSA of the reasons why it is satisfied that it will continue to meet the recognition requirements following that delegation;(3) where it makes such an offer by issuing a written invitation to tender to another body or
REC 3.13.3RRP
A UK recognised body must immediately give the FSA notice, where it makes an offer or agrees to undertake any relevant function of another UK recognised body.
PERG 5.8.8GRP
In the FSA's view, advice requires an element of opinion on the part of the adviser. In effect, it is a recommendation as to a course of action. Information, on the other hand, involves statements of facts or figures.
PERG 5.8.11GRP
In the FSA's opinion, however, such information is likely to take on the nature of advice if the circumstances in which it is provided give it the force of a recommendation. Examples of situations where information provided by a person (P) might take the form of advice are given below.(1) P may provide information on a selected, rather than balanced and neutral, basis that would tend to influence the decision of a person. This may arise where P offers to provide information about
PERG 5.8.17GRP
The potential for variation in the form, content and manner of pre-purchase questioning is considerable, but there are two broad types. The first type involves providing questions and answers which are confined to factual matters (for example, the amount of the cover). In the FSA's view, this does not itself amount to advising on contracts of insurance, if it involves the provision of information rather than advice. There are various possible scenarios, including the following:(1)
PERG 5.8.19GRP
In the case of PERG 5.8.18G (2) and similar scenarios, the FSA considers that it is necessary to look at the process and outcome of pre-purchase questioning as a whole. It may be that the element of advice incorporated in the questioning can properly be viewed as generic advice if it were considered in isolation. But although the actual advice may be generic, the process has ended in identifying one or more particular contracts of insurance. The combination of the generic advice
PERG 5.8.25GRP
This is explained in greater detail, together with the provisions on the granting of certificates by the FSA on the application of the proprietor of a periodical publication or news or information service or broadcast, in PERG 7 (Periodical publications, news services and broadcasts: applications for certification).