Related provisions for PERG 6.2.2
Key steps in the section 298 procedure
The FSA will: |
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(1) |
give written notice to the recognised body (or applicant); |
The notice will state why the FSA intends to take the action it proposes to take, and include an invitation to make representations, and the date by which representations should be made . |
(2) |
take such steps as it considers reasonably practicable to bring the notice to the attention of the members of the recognised body or of the applicant, as the case may be; |
The FSA will also notify persons individually (as far as it considers it reasonably practicable to do so) if it considers that the action it proposes to take would affect them adversely in a way which would be different from its effect on other persons of the same class. |
(3) |
publish the notice so as to bring it to the attention of other persons likely to be affected; |
|
(4) |
receive representations from the recognised body or applicant concerned, any member of the recognised body or applicant, and any other person who is likely to be affected by the action the FSA proposes to take; |
The FSA will not usually consider oral representations without first receiving written representations from the person concerned. It will normally only hear oral representations from the recognised body (or applicant) itself or of a person whom it has notified individually, on request. |
(5) |
write promptly to any person who requests the opportunity to make oral representations if it decides not to hear that person's representations; |
The FSA will indicate why it will not hear oral representations and the FSA will allow the person concerned further time to respond. |
(6) |
have regard to representations made; |
|
(7) |
(when it has reached its decision) notify the recognised body (or applicant) concerned in writing. |
|
(8) |
(if it has decided to give a direction, or revoke or refuse to make a recognition order) take such steps as it considers reasonably practicable to bring its decision to the attention of members of the recognised body or applicant and to other persons likely to be affected. |
The FSA will usually give notice of its decision to the same persons and in the same manner as it gave notice of its intention to act. |
Location of recognition requirements and guidance
Recognition Requirements Regulations |
Subject |
Section in REC 2 |
Regulation 6 |
Method of satisfying recognition requirements |
2.2 |
Part I of the Schedule |
UK RIE recognition requirements |
|
Paragraph 1 |
Financial resources |
2.3 |
Paragraph 2 |
Suitability |
2.4 |
Paragraph 3 |
Systems and controls |
2.5 |
Paragraph 4(1) |
General safeguards for investors |
2.6 |
Paragraph 4(2)(a) |
Access to facilities |
2.7 |
Paragraph 4(2)(b) |
Proper markets |
2.12 |
Paragraph 4(2)(c) |
Availability of relevant information |
2.12 |
Paragraph 4(2)(d) |
Settlement |
2.8 |
Paragraph 4(2)(e) |
Transaction recording |
2.9 |
Paragraph 4(2)(f) |
Financial crime and market abuse |
2.10 |
Paragraph 4(2)(g) |
Custody |
2.11 |
Paragraph 4(3) |
Definition of relevant information |
2.12 |
Paragraph 6 |
Promotion and maintenance of standards |
2.13 |
Paragraph 7 |
Rules and consultation |
2.14 |
Paragraph 8 |
Discipline |
2.15 |
Paragraph 9 |
Complaints |
2.16 |
Part II of the Schedule |
UK RIE default rules in respect of market contracts |
2.17 |
Part III of the Schedule |
UK RCH recognition requirements |
|
Paragraph 16 |
Financial resources |
2.3 |
Paragraph 17 |
Suitability |
2.4 |
Paragraph 18 |
Systems and controls |
2.5 |
Paragraph 19(1) |
General safeguards for investors |
2.6 |
Paragraph 19(2)(a) |
Access to facilities |
2.7 |
Paragraph 19(2)(b) |
Clearing services |
2.8 |
Paragraph 19(2)(c) |
Transactions recording |
2.9 |
Paragraph 19(2)(d) |
Financial crime and market abuse |
2.10 |
Paragraph 19(2)(e) |
Custody |
2.11 |
Paragraph 20 |
Promotion and maintenance of standards |
2.13 |
Paragraph 21 |
Rules |
2.14 |
Paragraph 22 |
Discipline |
2.15 |
Paragraph 23 |
Complaints |
2.16 |
Part IV of the Schedule |
UK RCH default rules in respect of market contracts |
2.17 |