Related provisions for PRIN 3.1.5
201 - 220 of 388 items.
Persons who may be carrying on the activity of advising on investments or making arrangements with a view to transactions in investments will only require authorisation or exemption if they are carrying on those activities by way of business. This is the effect of section 22(1) of the Act. Under section 419 of the Act, the Treasury has the power, by order, to require activities which would otherwise be treated as carried on by way of business to be treated as not carried on by
If the FSA gives a firm a waiver, then the relevant rule no longer applies to the firm. But:(1) if a waiver directs that a rule is to apply to a firm with modifications, then contravention of the modified rule could lead to FSA enforcement action and (if applicable) a right of action under section 150 of the Act (Actions for damages); and(2) if a waiver is given subject to a condition, it will not apply to activities conducted in breach of the condition, and those activities,
The fact of a person holding a certificate granted under article 54(3) is information which may be of relevance to other persons (including investors or potential investors). For this reason, the FSA considers it appropriate that details of certificates granted under article 54(3) should be included in a list on the public record which the FSA is required to maintain under section 347 of the Act (The record of authorised persons, etc).
A matter is open to review (as defined in section 391(8) (Publication) of the Act) (in relation to a supervisory notice which does not take effect immediately or on a specified date) when:(1) the period during which any person may refer a matter to the Tribunal is still running; or(2) the matter has been referred to the Tribunal but has not been dealt with; or(3) the matter has been referred to the Tribunal and dealt with but the period during which an appeal may be brought against
This guidance is issued under section 157 of the Act (Guidance). It represents the FSA's views and does not bind the courts. For example, it would not bind the courts in an action for damages brought by a private person for breach of a rule (see section 150 of the Act (Actions for damages)), or in relation to the enforceability of a contract where there has been a breach of sections 19 (The general prohibition) or 21 (Restrictions on financial promotion) of the Act (see sections
(1) Although MCOB does not apply directly to a firm's appointed representatives, a firm will always be responsible for the acts and omissions of its appointed representatives in carrying on business for which the firm has accepted responsibility (section 39(3) of the Act). In determining whether a firm has complied with any provision of MCOB, anything done or omitted by a firm's appointed representative (when acting as such) will be treated as having been done or omitted by the
1This
chapter applies to an issuer that
has applied for the admission of:(1) securities specified
in Schedule 11A of the Act (other
than securities specified in
paragraphs 2, 4 or 9 of that Schedule); or(2) any other specialist
securities for which a prospectus is
not required under the prospectus directive.
(1) In order to discharge its functions under the Act, the FSA needs timely and accurate information about firms. The provision of this information on a regular basis enables the FSA to build up over time a picture of firms' circumstances and behaviour.(2) Principle 11 requires a firm to deal with its regulators in an open and cooperative way, and to tell the FSA appropriately anythingof which the FSA would reasonably expect notice. The reporting requirements are part of the
(1) 1This rule applies to a state, a regional or local authority and a public international body with listeddebt securities for whom the United Kingdom is its home Member State for the purposes of the Transparency Directive.(2) An issuer referred to in paragraph (1) that is not already required to comply with the transparency rules must comply with:(a) DTR 5.6.3 R (disclosure of changes in rights);(b) DTR 6.1.2 R (amendments to constitution);(c) DTR 6.1.3 R (2) (equality of treatment);(d)
Where a UK recognised body has evidence tending to suggest that any person has:(1) been carrying on any regulated activity in the United Kingdom in contravention of the general prohibition; or(2) been engaged in market abuse; or(3) committed a criminal offence under the Act or subordinate legislation made under the Act; or(4) committed a criminal offence under Part V of the Criminal Justice Act 1993 (Insider dealing); or(5) committed a criminal offence under the Money Laundering
The property belonging to BC may be property of any description, including money. For example, the arrangements may relate to real estate, works of art or a particular enterprise or rural activity. It must, of course, be possible to value the property if the requirements of the investment condition concerned with the link to net asset value are to be met (see PERG 9.9 (The investment condition: the 'satisfaction test' (section 236(3)(b) of the Act))).
Rights conferred on third parties (such as a firm'sclients) cannot be affected by guidance given by the FSA. Guidance on rules, the Act or other legislation represents the FSA's view, and does not bind the courts, for example in relation to an action for damages brought by a private person for breach of a rule (section 150 of the Act (Actions for damages)) or in relation to enforceability of a contract if the general prohibition is breached (sections 26 and 27 of the Act (Enforceability
1LR applies as follows:(1) all of LR (other than LR 8.3, LR 8.4, LR 8.6 and LR 8.7) applies to an issuer; and(2) LR 1, LR 8.1, LR 8.3, LR 8.4, LR 8.6 and LR 8.7 apply to a sponsor and a person applying for approval as a sponsor.FSA performing functions as competent authorityNote: In relation to the listing rules, the FSA is performing functions as the competent authority under Part VI of the Act (see section 72(1) of the Act).Note: when exercising its functions as the competent
The purpose of FIT is to set out and describe the criteria that the FSA will consider when assessing the fitness and propriety of a candidate for a controlled function (see generally SUP 10 on approved persons). The criteria are also relevant in assessing the continuing fitness and propriety of approved persons. The criteria that the FSA will consider in relation to an authorised person are described in COND.