Related provisions for LR 11.1.5A

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LR 8.3.1RRP
Where a sponsor has been appointed under LR 8.2 by a listed company or an applicant, a sponsor must:(1) provide assurance to the FSA when required that the responsibilities of the listed company or applicant under the listing rules have been met; and(2) guide the listed company or applicant in understanding and meeting its responsibilities under the listing rules anddisclosure rules and transparency rules.
LR 8.3.2GRP
A sponsor will be the main point of contact with the FSA for any matter where the sponsor has been appointed by a listed company or applicant. The FSA expects to discuss all issues relating to a transaction and any draft or final document directly with the sponsor. However, in appropriate circumstances, the FSA will communicate directly with the listed company or applicant.
LR 8.3.5RRP
A sponsor must:(1) deal with the FSA in an open and co-operative way;(2) deal with all enquiries raised by the FSA promptly.; and(3) disclose to the FSA in a timely manner any material information relating to the sponsor or to a listed company or applicant of which it has knowledge which addresses non-compliance with the listing rules or disclosure rules and transparency rules.
PERG 8.12.6GRP
There is no definition in the Financial Promotion Order of what ‘proper systems and procedures’ are, and the matter will ultimately be for the courts to determine. This is unsurprising as systems and procedures may take many different forms depending upon the precise circumstances in which financial promotions are made. But it is clear that persons seeking conclusive proof that the exemption applies must consciously make arrangements to prevent their dealing with certain recipients
PERG 8.12.8GRP
In any case, some but not all of the conditions referred to in PERG 8.12.5G (1) to PERG 8.12.5G (2) and PERG 8.12.7G (1) to PERG 8.12.7G (2) (or the additional condition that the communication is included in a website, newspaper or periodical publication which is principally accessed in or intended for a non-UK market or in a radio or television broadcast or teletext service transmitted principally for reception overseas) may be met. In these cases, those conditions being satisfied
PERG 8.12.11GRP
This exemption applies to any financial promotion that is made with a view to or for the purposes of introducing the recipient to certain kinds of person. These are authorised persons who carry on the controlled activity to which the financial promotion relates, or exempt persons where the financial promotion relates to a controlled activity that is also a regulated activity in relation to which he is an exempt person. This is subject to the requirement that:11(1) the person making
PERG 8.12.19GRP
The conditions in article 18(2) include a requirement that the person making the financial promotion does not select, modify or otherwise exercise control over its content before it is transmitted or received. Article 18(3) provides that a person is not selecting, modifying or exercising control merely as a result of having power to remove material which is illegal, defamatory or in breach of copyright or at the request of a regulatory body or where the law requires him to do
PERG 8.12.20GRP
The conditions in article 18 also require that the person acting as the mere conduit must communicate in the course of an activity1 carried on by him the principal purpose of which is transmitting or receiving material provided to him by others. In the FSA's view, what matters is that the person is carrying on an activity1 which has the required principal purpose. Such an activity1 might represent but a part of a person’s overall business1 activities (however small), so long as
PERG 8.12.22GRP
Article 19(4) sets out conditions which, if all are satisfied, offer conclusive proof that a financial promotion is directed only at investment professionals. These conditions relate to indications accompanying the financial promotion and the existence of proper systems and procedures. The guidance about proper systems and procedures in PERG 8.12.6 G applies equally to article 19. Article 19(6) specifically states that a financial promotion may be treated as made only to or directed
PERG 8.12.25GRP
With this objective in mind, the exemption in article 20 applies to any non-real time financial promotion the contents of which are devised by a person acting as a journalist where the financial promotion is in:1(1) a newspaper, journal, magazine or other periodical publication;(2) a regularly updated news or information service (such as a website or teletext service); or(3) a television or radio broadcast or transmission.In addition, the publication, service or broadcast must
PERG 8.12.26GRP
Provided the conditions in PERG 8.12.25 G are met, the exemption in article 20 applies to any non-real time financial promotion. However, there is an additional condition where the subject matter of the financial promotion is shares or options, futures or contracts for differences relating to shares and the financial promotion identifies directly a person who issues or provides such an investment. In such cases, the exemption is subject to a disclosure requirement which is itself
PERG 8.12.29GRP
The effect of PERG 8.12.27G (1) is that a journalist will not breach section 21 by not disclosing a financial interest, providing that the publication, service or broadcast concerned operates proper systems and procedures. As with the exemption in article 12 of the Financial Promotion Order (see PERG 8.12.6 G), what proper systems and procedures are will be a matter ultimately for the courts to determine and may vary according to the medium used. It will depend upon all the circumstances
PERG 8.12.30GRP
Persons such as experts or analysts may be approached to contribute at very short notice and may be overseas. In such cases, the systems and procedures referred to in PERG 8.12.29 G may not be practical. It is the FSA's opinion that, where occasional contributors are concerned, proper systems and procedures may include arrangements for ensuring that the need for disclosure (or the avoidance of financial interests) is drawn to the contributor’s attention before the communication
PERG 8.12.31GRP
It appears to the FSA, however, that there will be situations when it may not be practical for the persons who are responsible for a publication, service or broadcast to apply proper systems and procedures to every person who may, whilst acting in the capacity of a journalist, communicate a financial promotion. For example where persons are asked to stand in at the last moment. In such cases, it is the FSA's opinion that the benefit of the exclusion will not be lost as respects
PERG 8.12.34GRP
The exemption applies where the financial promotion:(1) comprises words which are spoken by the director or employee and not broadcast, transmitted or displayed in writing; or(2) is displayed in writing only because it is part of an interactive dialogue to which the director or employee is a party and in the course of which he is expected to respond immediately to questions put by a recipient of the communication.This is provided that the financial promotion is not part of an
PERG 8.12.36GRP
The first part of the exemption (referred to in PERG 8.12.34G (1)) specifically precludes any form of written communication. However, the FSA understands that the Treasury did not intend to prohibit the use of written words in the form of subtitling. These may be an aid to those with hearing difficulties or to interpret a foreign language, or the use of captions which supplement a spoken communication by highlighting aspects of it without introducing anything new. The FSA cannot
PERG 8.10.3GRP
In the FSA's view, the matters identified in PERG 8.10.2 G mean that:(1) for a communication to be real time it must be made in course of an interactive dialogue; but that(2) if the interactive dialogue takes place by means of the exchange of letters or e-mails or in a publication, the communication will be deemed to be non-real time. In this case, publications include newspapers, journals, magazines or other periodical publications, websites or similar systems for the electronic
PERG 8.10.4GRP
The words ‘personal visit, telephone conversation or other interactive dialogue’ clearly imply that the first two are types of the third. In the FSA's view, it is difficult to envisage circumstances in which a personal visit or telephone conversation would not be interactive. The very fact of a conversation taking place would mean two or more persons were interacting with each other. A telephone call is not the same thing as a conversation. It may be made to, or even by, an intelligent
PERG 8.10.5GRP
In the FSA's view, the fact that scope for interaction is essential if a financial promotion is to be real time leads to the following conclusions.(1) Most communications made in written or pictorial form will not offer scope for interaction. The most likely exception to this is where persons are expected to respond immediately. This situation may arise, for example, where the equivalent of a telephone conversation is conducted by e-mail. This is the basis of the exemption in
PERG 8.10.7GRP
In the FSA's view, a communication which may exist in enduring form will be a non-real time communication. Examples of this include videos, audio cassettes, bulletin boards, websites and recorded telephone messages. Messages placed on Internet chat-rooms will also be non-real time. Radio or television programmes or teletext services may contain communications that involve an interactive dialogue. For example, a communication made by the broadcaster and addressed to an interviewee
PERG 8.10.11GRP
PERG 8.6.9 G explains that article 6 of the Financial Promotion Order has the broad effect that a communication is made to another person where it is addressed to a particular person or persons. It also states that a ‘recipient’ of a communication is the person or persons to who it is made (that is to whom it is addressed). This takes on importance where certain exemptions which apply to real time financial promotions made to a person are concerned. It appears to the FSA that,
PERG 8.10.12GRP
In the FSA's view, persons who may be engaging in investment activity jointly include:(1) a married couple;(2) two or more persons, who will invest jointly in a product (for example, a cohabiting couple who are not married or members of a family);(3) the directors of a company or partners in a firm;(4) members of a group of companies;(5) the participants in a joint commercial enterprise;(6) the members of an investment club; and(7) the managers or prospective managers of a company
PERG 8.10.14GRP
In the FSA's view, the mere fact of a person accepting an invitation to attend a meeting does not automatically mean that he has initiated any dialogue which may take place during the meeting and which may amount to a financial promotion. This will depend on the facts of each case and such matters as the manner in which the invitations are made, the arrangements for acceptance and how the meeting is conducted. For example, the fact that investments or investment services will
DEPP 6.7.1GRP
Persons subject to enforcement action may be prepared to agree the amount of any financial penalty and other conditions which the FSA seeks to impose by way of such action. Such conditions might include, for example, the amount or mechanism for the payment of compensation to consumers. The FSA recognises the benefits of such agreements, in that they offer the potential for securing earlier redress or protection for consumers and the saving of cost to the person concerned and the
DEPP 6.7.2GRP
In appropriate cases the FSA's approach will be to negotiate with the person concerned to agree in principle the amount of a financial penalty having regard to the factors set out in DEPP 6.5.2 G1.1 (This starting figure will take no account of the existence of the settlement discount scheme described in this section.) Such amount ("A") will then be reduced by a percentage of A according to the stage in the process at which agreement is reached. The resulting figure ("B") will
DEPP 6.7.3GRP

  1. (1)

    The FSA has identified four stages of an action for these purposes:

    1. (a)

      the period from commencement of an investigation until the FSA has:

      1. (i)

        a sufficient understanding of the nature and gravity of the breach to make a reasonable assessment of the appropriate penalty; and

      2. (ii)

        communicated that assessment to the person concerned and allowed a reasonable opportunity to reach agreement as to the amount of the penalty ("stage 1");

    2. (b)

      the period from the end of stage 1 until the expiry of the period for making written representations or, if sooner, the date on which the written representations are sent in response to the giving of a warning notice ("stage 2");

    3. (c)

      the period from the end of stage 2 until the giving of a decision notice ("stage 3");

    4. (d)

      the period after the end of stage 3, including proceedings before the Tribunal and any subsequent appeals ("stage 4").

  2. (2)

    The communication of the FSA's assessment of the appropriate penalty for the purposes of DEPP 6.7.3G (1)(a) need not be in a prescribed form but will include an indication of the breaches alleged by the FSA. It may include the provision of a draft warning notice.

  3. (3)

    The reductions in penalty will be as follows:

      Stage at which agreement reached

      Percentage reduction

      Stage 1

      30

      Stage 2

      20

      Stage 3

      10

      Stage 4

      0

DEPP 6.7.4GRP
(1) Any settlement agreement between the FSA and the person concerned will therefore need to include a statement as to the appropriate penalty discount in accordance with this procedure.(2) In certain circumstances the person concerned may consider that it would have been possible to reach a settlement at an earlier stage in the action, and argue that it should be entitled to a greater percentage reduction in penalty than is suggested by the table at DEPP 6.7.3G (3). It may be,
DEPP 6.7.5GRP
In cases in which the settlement discount scheme is applied, the fact of settlement and the level of the discount to the financial penalty imposed by the FSA will be set out in the final notice.
SUP 17.2.1RRP
1A firm may rely on a third party acting on the firm's behalf to make a transaction report to the FSA.[Note: article 25(5) of MiFID]
SUP 17.2.2GRP
1The FSA will treat a firm as acting in accordance with SUP 17.2.1 R in circumstances where the firm enters into a transaction with another person in the course of providing a service of portfolio management on behalf of one or more clients, provided it:(1) enters into the transaction in the exercise of a discretion conferred on it by an investment mandate or does so having specifically recommended the transaction to its client;(2) has reasonable grounds to be satisfied that the
SUP 17.2.3RRP
1A firm is relieved of its obligation to make a transaction2report2 if the transaction is instead reported directly to the FSA by an approved reporting mechanism2, or by a regulated market or MTF through whose systems the transaction was completed.[Note: article 25(5) of MiFID]2
SUP 17.2.3AGRP
2The regulated markets and MTFs that report transactions undertaken on their systems to the FSA are listed on the FSA's website at: www.fsa.gov.uk/Pages/Doing/Regulated/Returns/mtr/liffe_feed/index.shtml.
SUP 17.2.4GRP
1The FSA will expect a firm which seeks to rely upon the waiver in SUP 17.2.3 R to take reasonable steps to verify that transaction reports will be made in accordance with the standards laid down in this chapter and in particular should ascertain and remain satisfied that:(1) the provider of the transaction reporting facility maintains an automated reporting system which the firm is able to access through the efficient inputting of transactions into the system;(2) the terms of
SUP 17.2.5RRP
(1) 21The operator of , an approved reporting mechanism2, or the operator of an MTF or a market operator through whose systems a reportable transaction is to be completed and which has, pursuant to SUP 17.2.3 R, agreed to make transactionreports2 to the FSA on behalf of a firm, must:2(a) make reports to the FSA in respect of each to which the agreement relates;2(b) ensure such reports 2contain the reporting fields specified in SUP 17 Annex 1, where applicable; and2(c) ensure
SUP 17.2.7RRP
1A firm must report the required details of the transaction to the FSA as quickly as possible and by not later than the close of the working day following the day upon which that transaction took place.[Note: article 25(3) of MiFID]
SUP 9.2.1GRP
Requests for individual guidance may be made in writing or orally. If oral queries raise complex or significant issues, the FSA will normally expect the details of the request to be confirmed in writing. Simple requests for guidance may often be dealt with orally, although it is open to a person to seek a written confirmation from the FSA of oral guidance given by the FSA.
SUP 9.2.2GRP
A firm and its professional advisers should address requests for individual guidance to the firm's usual supervisory contact at the FSA, with the exception of requests for guidance on the Code of Market Conduct (MAR 1) which should be addressed to the specialist team within the Markets and Exchanges Division. A firm may wish to discuss a request for guidance with the relevant contact before making a written request.
SUP 9.2.3GRP
A person who is not a firm should address his request for individual guidance to the appropriate department within the FSA. A person who is unsure of where to address his request may address his enquiry to the FSA, making clear the nature of the request.
SUP 9.2.4GRP
The FSA does not expect to enter into discussions on a 'no-name' basis about the affairs of an individual person except in relation to SUP 9.2.4A G.11
SUP 9.2.5GRP
The FSA will aim to respond quickly and fully to reasonable requests. The FSA will give high priority to enquiries about areas of genuine uncertainty or about difficulties in relating established requirements to innovative practices or products. What constitutes a 'reasonable request' is a matter for the FSA. It will depend on the nature of the request and on the resources of the firm or other person making it. The FSA will expect the person to have taken reasonable steps to research
SUP 9.2.6GRP
The FSA will always need sufficient information and time before it can properly evaluate the situation and respond to a request. If a request is time-critical, the person or its professional adviser should make this clear. The more notice a person can give the FSA, the more likely it is that the FSA will be able to meet the person's timetable. However, the time taken to respond will necessarily depend upon the complexity and novelty of the issues involved. In making a request,
LR 2.2.5GRP
The FSA may modify LR 2.2.4 R to allow partly paid securities to be listed if it is satisfied that their transferability is not restricted and investors have been provided with appropriate information to enable dealings in the securities to take place on an open and proper basis. [Note: articles 46 and 54 CARD]
LR 2.2.6GRP
The FSA may in exceptional circumstances modify or dispense with LR 2.2.4 R where the applicant has the power to disapprove the transfer of shares if the FSA is satisfied that this power would not disturb the market in those shares. [Note: article 46 CARD]
LR 2.2.8GRP
The FSA may modify LR 2.2.7 R to admit securities of a lower value if it is satisfied that there will be an adequate market for the securities concerned. [Note: articles 43 and 58 CARD]
LR 2.2.10RRP
(1) This rule applies if under the Act or under the law of another EEA State:(a) a prospectus must be approved and published for the securities; or(b) the applicant is permitted and elects to draw up a prospectus for the securities.(2) To be listed:(a) a prospectus must have been approved by the FSA and published in relation to the securities; or(b) if another EEA State is the Home Member State for the securities, the relevant competent authority must have supplied the FSA with:(i)
LR 2.2.11RRP
(1) This rule applies if, under LR 4, listing particulars must be approved and published for securities.(2) To be listed, listing particulars for the securities must have been approved by the FSA and published in accordance with LR 4.
LR 2.2.13GRP
The FSA may dispense with LR 2.2.12 R if it is satisfied that holders of the convertible securities have at their disposal all the information necessary to form an opinion about the value of the underlying securities. [Note: article 59 CARD]
PERG 8.21.1GRP
There is a general concern that the practice of companies issuing statements and giving briefings may involve a financial promotion. These arise sometimes as a result of requirements imposed by a listing authority or an exchange or market, PERG 8.4.14 G offers guidance on when such statements or briefings may amount to or involve an inducement to engage in investment activity. It indicates that whilst statements of fact alone will not be inducements, there may be circumstances
PERG 8.21.3GRP
PERG 8.21.4 G to PERG 8.21.21 G set out the FSA's views on the potential relevance of certain exemptions to company statements and briefings. The exemptions are referred to in the same order as the Financial Promotion Order. In the FSA's view, these exemptions (whether alone or, where applicable, in combination) should enable most statements and briefings which involve financial promotions to be made by the company concerned without the need for approval. In particular, the FSA
PERG 8.21.11GRP
Article 59 is capable of applying to financial promotions in company statements and briefings where they are accompanied by:(1) the whole or any part of the annual accounts of the company (provided it is not an open-ended investment company); or(2) any report prepared and approved by the directors of such a company under section 234 and 234A of the Companies Act 1985 or corresponding legislation in Northern Ireland or in another EEA State.In this respect, the FSA considers that
PERG 8.21.14GRP
The reference to financial promotions which are permitted to be communicated relates, in the FSA's opinion, to something which is expressly permitted rather than simply not expressly prohibited. Article 67 itself does not specify any particular medium for communicating required or permitted material. So, it will be enough for the financial promotion to be part of a document which is itself required or permitted to be communicated (such as reports or financial statements). Market
PERG 8.21.15GRP
Article 67 refers to an investment which is permitted to be traded or dealt in on a relevant market. In the FSA's opinion, this includes a situation where a class of securities is traded on a relevant market but the financial promotion relates to new securities of that class which have not yet themselves been issued or started trading. Where securities of that class have not yet been admitted to trading on a relevant market, article 68 may apply – see PERG 8.21.16 G.
PERG 8.21.19GRP
In the FSA's opinion, companies whose securities are permitted to be traded or dealt in on a relevant market should be able to make good use of the article 69 exemption. But such companies will need to ensure that they meet the specific requirements in article 69(3). In very general terms, a financial promotion will comply with these requirements if:1(1) the only reason it is a financial promotion is that it contains or is accompanied by1 an inducement about certain investments
PERG 8.21.21GRP
A requirement common to the exemptions in articles 59, 67 and 69 is that the financial promotions must not relate to investments other than those issued, or to be issued,1 by the company or a member of its group. The FSA is aware that there is concern about comments made in company statements or briefings. This is that they may be held to be inducements to acquire or dispose of, or exercise rights conferred by, an investment issued by a third party. For example, traded options
SUP 6.4.5DRP
(1) If a firm wishes to cancel its Part IV permission, it must complete and submit to the FSA the form in SUP 6 Annex 6 (Cancellation of permission application form).2(2) A firm's application for cancellation of Part IV permission must be:(a) given to a member of, or addressed for the attention of, the Cancellations 4Team at the FSA; and4(b) delivered to the FSA by one of the methods in SUP 15.7.5 R (Form and method of notification).(3) [deleted]2(4) Until the application has
SUP 6.4.6GRP
(1) In addition to applying for cancellation of Part IV permission in accordance with SUP 6.4.5 D, a firm may discuss prospective cancellations with its usual supervisory contact at the FSA.4 Alternatively a firm can contact the Firms Contact Centre on 0845 606 9966.4(2) To contact the Cancellations Team: Cancellations4 Team:4(a) write to: Cancellations Team, The Financial ServicesAuthority, 25 The North Colonnade, Canary Wharf, London, E14 5HS; or(b) email cancellation.team@fsa.gov.uk(3)
SUP 6.4.10GRP
(1) If a firm is subject to the complaints rules in DISP, the FSA may request confirmation from the firm that there are no unresolved, unsatisfied or undischarged complaints against the firm from a customer of the firm.(2) If there are unresolved or undischarged complaints against a firm from a customer of the firm, the FSA may request confirmation, as appropriate, of the steps (if any) which have been taken under the firm's complaints procedures and the amount of compensation
SUP 6.4.11GRP
If the firm is carrying on designated investment business with retail clients7, the FSA may request confirmation that the firm has written, or intends to write, to all retail clients7with, or for whom, the firm has conducted regulated activities within a certain period.77
SUP 6.4.25GRP
Consequently, the FSA considers that it will have good reason not to grant a firm's application for cancellation of permission where:(1) it proposes to exercise any of the powers described in SUP 6.4.24 G; or(2) it has already begun disciplinary and restitution proceedings against the firm by exercising either or both of these powers against the firm.
SUP 15.6.1RRP
A firm must take reasonable steps to ensure that all information it gives to the FSA in accordance with a rule in any part of the Handbook (including Principle 11) is:(1) factually accurate or, in the case of estimates and judgments, fairly and properly based after appropriate enquiries have been made by the firm; and(2) complete, in that it should include anything of which the FSA would reasonably expect notice.
SUP 15.6.2GRP
SUP 15.6.1 R applies also in relation to rules outside this chapter, and even if they are not notification rules. Examples of rules and chapters to which SUP 15.6.1 R is relevant, are:(1) Principle 11, and the guidance on Principle 11 in SUP 2 (Information gathering by the FSA on its own initiative);(2) SUP 15 (Notifications to the FSA):(3) SUP 16 (Reporting requirements); (4) SUP 17 (Transaction reporting); 1(5) any notification rule (see Schedule 2 which contains a consolidated
SUP 15.6.3GRP
If a firm is unable to obtain the information required in SUP 15.6.1 R(2), then it should inform the FSA that the scope of the information provided is, or may be, limited.
SUP 15.6.4RRP
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
SUP 15.6.6GRP
The FSA may request the firm to provide revised documentation containing the correct information, if appropriate.
SUP 15.6.7GRP
Firms are reminded that section 398 of the Act (Misleading the Authority: residual cases) makes it an offence for a firm knowingly or recklessly to provide the FSA with information which is false or misleading in a material particular in purported compliance with the FSA'srules or any other requirement imposed by or under the Act. An offence by a body corporate, partnership or unincorporated association may be attributed to an officer or certain other persons (section 400 of the
FEES 4.2.3GRP
The FSA will issue invoices to firms and other fee payers and expects to do so at least 30 days before the dates on which payments fall due under FEES 4.2.1 R.
FEES 4.2.5GRP
The FSA expects a recognised body or a designated professional body will generally pay their respective fees by electronic credit transfer.
FEES 4.2.9GRP
The FSA will not refund periodic fees if, after the start of the period to which they relate:(1) a fee payer ceases to have the status set out in column (1) of the table in FEES 4.2.11 R; or(2) a firm reduces its permission so that it then falls out of the fee-block previously applied to it,(but see FEES 2.3 (Relieving Provisions) and FEES 4.3.13 R (Firms Applying to Cancel or Vary Permission Before Start of Period)).
FEES 4.2.10RRP
A person need not pay a periodic fee on the date on which it is due under the relevant provision in FEES 4.2.1 R, if:(1) that date falls during a period during which circumstances of the sort set out in GEN 1.3.2 R (Emergencies) exist, and that person has reasonable grounds to believe that those circumstances impair its ability to pay the fee, in which case he must pay it on or before the fifth business day after the end of that period; or(2) unless FEES 4.3.6R (3) or FEES 4.3.6R
FEES 4.2.11RRP

Table of periodic fees

1 Fee payer

2 Fee payable

3 Due date

4 Events occurring during the period leading to modified periodic fee

Any firm (except an ICVC or a UCITS qualifier)

As specified in FEES 4.3.1 R

(1) Unless (2) applies, on or before the relevant dates specified in FEES 4.3.6 R

(2) If an event specified in column 4 occurs during the course of a financial year, 30 days after the occurrence of that event, or if later the dates specified in FEES 4.3.6 R.

Firm receives permission; or Firm extends permission

Any firm which reports transactions3 to the FSA using the FSA's Direct Reporting System or FSA's Transaction Reporting System (see SUP 17)

3

FEES 4 Annex 3

(1) For transaction charges, the first working day of each month

(2) For licence fees and enrolment charges, by the date set out on the relevant invoice

Not applicable

Persons who hold a certificate issued by the FSA under article 54 of the Regulated Activities Order (Advice given in newspapers etc.)

£1,000

(1) Unless (2) applies, on or before 30 April

(2) If an event in column 4

occurs

during the course of a financial year, 30 days after the occurrence of that event

Certificate issued to person by FSA under Article 54 RAO

Any manager of an authorised unit trust;

In relation to each unit trust the amount specified in FEES 4 Annex 4

Authorisation order is made in relation to the relevant scheme

Any ACD of an ICVC; and

In relation to each ICVC the amount specified in FEES 4 Annex 4

Persons who, under the constitution or founding arrangements of a recognised scheme, is responsible for the management of the property held for or within the scheme;

In relation to each recognised scheme the amount specified in FEES 4 Annex 4

The relevant scheme becomes a recognised collective investment scheme

Not applicable

UK recognised body

FEES 4 Annex 6, part 1

(1) Unless (2) applies, by the due dates set out in FEES 4 Annex 6, part 1

(2) If the event in column 4 occurs during the course of a financial year, 30 days after the occurrence of that event

Recognition order is made.Modified periodic fee:

(1) for a UKrecognised investment exchange, 150,000;

(2) for a UKrecognised clearing house, 250,000.

Overseas recognised body

FEES 4 Annex 6, part 2

(1), unless (2) applies, 1 July.

(2) If the event in column 4 occurs during the course of a financial year , 30 days after the occurrence of that event.

Recognition order is made.Modified periodic fee:

(1) for an overseas investment exchange, 10,000;

(2) for a overseas clearing house, 35,000.

Listedissuers (in LR) of shares, depositary receipts and securitised derivatives (in LR), unless the conditions set out below apply.3

The first condition is that the listedissuer, or a related entity, has already paid a periodic fee in respect of the period concerned. The second condition is that the listedissuer is subject to listing rules as a result of a reverse takeover, or that the listedissuer is a newly formed entity, created as a result of a restructuring.3

FEES 4 Annex 7

Within 30 days of the date of the invoice

Listedissuer3 (in LR) becomes subject to listing rules

3

Sponsors

10,00010 per year for the period from 1 April to 31 March the following year (see Note)2

Within 30 days of the date of the invoice

Approval of sponsor

All non-listed issuers (in DTR) of shares, depositary receipts and securitised derivatives.

FEES 4 Annex 8

Within 30 days of the date of the invoice

Non-listed issuer (in DTR) becomes subject to disclosure rules and transparency rules

Note:Sponsors on the list of approved sponsors as at 1 April each year will be liable for the full year's annual fee unless FEES 4.3.13 R applies.2

SUP 6.2.1GRP
A firm authorised under Part IV of the Act (Permission to carry on regulated activity) has a single Part IV permission granted by the FSA. A firm's Part IV permission specifies all or some of the following elements (see PERG 2 Annex 2 (Regulated activities and the permission regime) and the FSA website "How do I get authorised": http://www.fsa.gov.uk/Pages/Doing/how/index.shtml3):3(1) a description of the activities the firm may carry on, including any limitations;(2) the specified
SUP 6.2.4AGRP
1If a firm intends to transfer its business to a different legal entity (for example, the business is to be transferred from a sole trader to a partnership or the other way around) it will need to apply to the FSA for cancellation of its Part IV permission and the entity to which the business is to be transferred will need to apply for a Part IV permission.
SUP 6.2.5GRP

Variation and cancellation of Part IV permission. See ofSUP 6.2.3 G

Question

Variation of Part IV permission

Cancellation of Part IV permission

What does the application apply to?

Individual elements of a firm's Part IV permission. Variations may involve adding or removing categories of regulated activity or specified investments or varying or removing any limitations or requirements in the firm's Part IV permission.

A firm's entire Part IV permission and not individual elements within it.

In what circumstances is it usually appropriate to make an application?

If a firm:

1. wishes to change the regulated activities it carries on in the United Kingdom under a Part IV permission (SUP 6.3); or

2. has the ultimate intention of ceasing carrying on regulated activities but due to the nature of those regulated activities (for example, accepting deposits, or insurance business) it will require a long term (normally over six months) to wind down (run off) its business (see SUP 6.2.8 G to SUP 6.2.11 G and SUP 6 Annex 4).

If a firm:

1. has ceased to carry on all of the regulated activities for which it has Part IV permission (SUP 6.4); or

2. wishes or expects to cease carrying on all of the regulated activities for which it has Part IV permission in the short term (normally not more than six months). In this case, the firm may apply to cancel its Part IV permission prior to ceasing the regulated activities (see SUP 6.4.3 G).

Where do I find a summary of the application procedures?

See SUP 6 Annex 2 .

See SUP 6 Annex 3.

SUP 6.2.14GRP
A firm making an application to vary or cancel its Part IV permission which requires any approval from the Society of Lloyd's should apply to the Society for this at the same time as applying to the FSA for the variation or cancellation. See SUP 6 Annex 4 for additional procedures.
SUP 13.3.2GRP
A UK firm cannot establish a branch in another EEA State for the first time under an EEA right unless the conditions in paragraphs 19(2), (4) and (5) of Part III of Schedule 3 to the Act are satisfied. It is an offence for a UK firm which is not an authorised person to contravene this prohibition (paragraph 21 of Part III of Schedule 3 to the Act). These conditions are that:(1) the UKfirm has given the FSA, in accordance with the FSArules (see SUP 13.5.1 R), notice of its intention
SUP 13.3.2AGRP
4If the UK firm is passporting under the Insurance Mediation Directive and the EEA State in which the UK firm is seeking to establish a branch has not notified the European Commission of its wish to be informed of the intention of persons to establish a branch in its territory in accordance with article 6(2) of that directive, SUP 13.3.2 G (2) and SUP 13.3.2 G (3) do not apply. Accordingly, the UK firm may establish the branch to which its notice of intention8 relates as soon
SUP 13.3.2CGRP
4An exempt professional firm which is included in the record of unauthorised persons carrying on insurance mediation activity maintained by the FSA under article 93 of the Regulated Activities Order may establish a branch in another EEA State under the Insurance Mediation Directive (see PROF 7.2).
SUP 13.3.5GRP
(1) 8If the UK firm'sEEA right derives from the Banking Consolidation Directive, MiFID8 or the UCITS Directive, the FSA will give the Host State regulator a consent notice within three months unless it has reason to doubt the adequacy of a UK firm's resources or its administrative structure.8 The Host State regulator then has a further two months to notify the applicable provisions (if any) and prepare for the supervision, as appropriate, of the UK firm, or in the case of a MiFID
SUP 13.3.6GRP
(1) If the FSA gives a consent notice, it will inform the UK firm in writing that it has done so.(2) The consent notice will contain, among other matters, the requisite details or, 8if the firm is passporting under the Insurance Directives, the relevant EEA details8 (see SUP 13 Annex 18) provided by the UK firm in its notice of intention8 (see SUP 13.5 (Notices of intention)).8888
REC 4.2C.1GRP
1Chapter 1A of Part XVIII of the Act places an obligation on controllers and proposed controllers of UK RIEs to notify the FSAof acquisitions of or increases in control. Furthermore, those persons are required to obtain the FSA's approval before becoming a controller or increasing the level of control held (in certain circumstances).
REC 4.2C.2GRP
The FSA will approve an acquisition ofcontrol if it is satisfied that the acquisition of control by the person seeking approval does not pose a threat to the sound and prudent management of any financial market operated by the UK RIE.
REC 4.2C.3GRP
If a proposed controller or controller has complied with the obligation to notify, the procedure the FSA will follow if it approves or does not approve of that person becoming a controller or increasing the level of control held is set out in section 301C of the Act.
REC 4.2C.6GRP
The FSA's internal arrangements provide for any decisions to refuse to approve a change of control of object to an existing control to be taken at an appropriately senior level.
REC 4.2C.7GRP
If the FSA refuses to approve a change of control or objects to an existing control, the person concerned may refer the matter to the Tribunal (see EG 2.39).22
REC 4.2C.8GRP
The powers the FSA can exercise in the event that a person acquires or continues to exercise control notwithstanding the FSA's refusal to approve the acquisition of control or the FSA's objection to the exercise of control are set out in section 301Eof the Act.
FEES 4.3.3RRP
The periodic fee referred to in FEES 4.3.1 R is (except in relation to the Society) calculated as follows:(1) identify each of the tariffs set out in Part 1 of FEES 4 Annex 2 which apply to the business of the firm for the period specified in that annex;(2) for each of thosetariffs, calculate the sum payable in relation to the business of the firm for that period, applying any minimum fee discount as may be applicable (see FEES 4.3.16 R)9;(3) add together the amounts calculated
FEES 4.3.4GRP
(1) A firm which becomes authorised during the course of a financial year will be required to pay a proportion of the periodic fee which reflects the proportion of the year for which it will have a permission - see FEES 4.2.5 G and FEES 4.2.6 R.(2) Similarly a firm which extends its permission so that its business then falls within additional fee blocks will be required to pay a further periodic fee under this section for those additional fee blocks, but discounted to reflect
FEES 4.3.6RRP
(1) If the firm's,periodic fee for the previous financial year was at least £50,000, the firm must pay:(a) an amount equal to 50% of the periodic fee payable for the previous year, by 30 April in the financial yearto which the sum due under FEES 4.2.1 R relates; and (b) the balance of the periodic fee due for the current financial year by 1 September in the financial yearto which that sum relates.(2) If the firm's,periodic fee for the previous financial year was less than £50,000,
FEES 4.3.7RRP
A firm which is a member of a group may pay all of the amounts due from other firms in the same group under FEES 4.2.1 R, if:(1) it notifies the FSA in writing of the name of each other firm within the group for which it will pay; and(2) it pays the fees, in accordance with this chapter, as a single amount as if that were the amount required from the firm under FEES 4.2.1 R.
FEES 4.3.9GRP
If the payment made does not satisfy in full the periodic fees payable by all of the members of the group notified to the FSA under FEES 4.3.7 R, the FSA will apply the sum received among the firms which have been identified in the notification given under FEES 4.3.7R (1) in proportion to the amounts due from them. Each firm will remain responsible for the payment of the outstanding balance attributable to it.
FEES 4.3.10GRP
If a firm pays its fees through an agent outside the scope of FEES 4.3.7 R, the firm is responsible for ensuring that the FSA is informed that the sum being paid is for that firm's periodic fees.
FEES 4.3.11GRP
The FSA recognises that its responsibilities in respect of an incoming EEA firm or of an incoming Treaty firm are reduced compared with a firm which is incorporated in the United Kingdom. Accordingly the periodic fees which would otherwise be applicable to incoming EEA firms and incoming Treaty firms are reduced.
FEES 4.3.13RRP
(1) If:(a) a firm makes an application to vary its permission (by reducing its scope), or cancel it, in the way set out in SUP 6.3.15 D (3) (Variation of permission) and SUP 6.4.5 D (Cancellation of permission); an issuer makes an application for de-listing; or a sponsor notifies FSA of its intention to be removed from the list of approved sponsors; 1and(b) the firm, issuer or sponsor1 makes the application or notification 1referred to in (a) before the start of the periodto which
FEES 4.3.14GRP
Where a firm has applied to cancel its Part IV permission, or the FSA has exercised its own-initiative powers to cancel a firm's Part IV permission, the due dates for payment of periodic fees are modified by FEES 4.3.6R (3) and FEES 4.3.6R (4) respectively.
LR 3.3.2RRP
The following documents must be submitted, in final form, to the FSA by midday two business days before the FSA is to consider the application:(1) a completed Application for Admission of Securities to the Official List;(2) one of:(a) the prospectus, or listing particulars, that has been approved by the FSA; or(b) a copy of the prospectus, a certificate of approval and (if applicable) a translation of the summary of the prospectus, if another EEA State is the home Member State
LR 3.3.3RRP
The1 following documents signed by a sponsor (if a sponsor is required under LR 8) or by a duly authorised officer of the applicant (if a sponsor is not required under LR 8) 1must be submitted, in final form, to the FSA before 9 a.m. on the day the FSA is to consider the 1application:1(1) a completed Shareholder Statement, in the case of an applicant that is applying for a listing of a class of 1equity shares or preference shares for the first time; or [Note: see LR 8.4.3 R
LR 3.3.4RRP
If written confirmation of the number of securities to be allotted pursuant to a board resolution1 cannot be submitted to the FSA by the deadline set out in LR 3.3.2 R or, the number of securities to be admitted is lower than the number notified under LR 3.3.2 R,1 written confirmation of the number of securities to be allotted or admitted must be provided to the FSA by 1the applicant or its sponsor at least one hour before the admission to listing is to become effective.111
LR 3.3.4ARRP
1If the FSA has considered an application for listing and the securities the subject of the application are not all allotted and admitted following the initial allotment of the securities (for example, under an offer for subscription), further allotments of securities may be admitted if before 4pm on the day before admission is sought the FSA has been provided with:(1) written confirmation of the number of securities allotted pursuant to a board resolution; and(2) a copy of
LR 3.3.5RRP
1Written confirmation of the number of securities that were allotted (pursuant to a board resolution allotting the securities) must be submitted to the FSA as soon as practicable after admission if the number is lower than the number that was announced under LR 3.2.7 G as being admitted to listing.11
LR 3.3.7RRP
An applicant must provide to the FSA the documents set out in LR 3.3.6 R, if requested to do so.
REC 4.7.1GRP
Under section 297 of the Act (Revoking recognition), the FSA has the power to revoke a recognition order relating to a recognised body.
REC 4.7.2GRP
The FSA will revoke a recognition order if: (1) it is directed to do so by the Treasury under section 308 of the Act (Directions by the Treasury); or(2) the recognised body has asked the FSA to revoke the order.
REC 4.7.3GRP
The FSA will usually consider revoking a recognition order if:(1) the recognised body is failing or has failed to satisfy the recognition requirements or other obligations in or under the Act or, in the case of a UK RIE, the MiFID implementing requirements 1and that failure has or will have serious consequences; or(2) it would not be possible for the recognised body to comply with a direction under section 296 of the Act (FSA's power to give directions); or (3) for some other
REC 4.7.4GRP
The FSA would be likely to consider the conditions in REC 4.7.3 G (2) or REC 4.7.3 G (3) to be triggered1in the following circumstances:1(1) the recognised body appears not to have the resources or management to be able to organise its affairs so as to satisfy the recognition requirements or other obligations in or under the Act or, in the case of a UK RIE, the MiFID implementing requirements; or1(2) the recognised body does not appear to be willing to satisfy the recognition
REC 4.7.5GRP
In addition to the relevant 1factors set out in REC 4.7.4 G, the FSA will usually consider that it would not be able to secure an overseas recognised body's compliance with the recognition requirements or other obligations in or under the Act by means of a direction under section 296 of the Act, if it appears to the FSA that the overseas recognised body is prevented by any change in the legal framework or supervisory arrangements to which it is subject in its home territory from
SUP 13.4.2GRP
A UK firm cannot start providing cross border services into another EEA State under an EEA right unless it satisfies the conditions in paragraphs 20(1) of Part III of Schedule 3 to the Act and, if it derives its EEA right from the Insurance Directives, paragraph 20(4B) of Part III of Schedule 3 to the Act. It is an offence for a UK firm which is not an authorised person to breach this prohibition (paragraph 21 of Part III of Schedule 3 to the Act).The conditions are that:(1) the
SUP 13.4.2BGRP
4An exempt professional firm which is included in the record of unauthorised persons carrying on insurance mediation activity maintained by the FSA under article 93 of the Regulated Activities Order may provide cross border services in another EEA State under the Insurance Mediation Directive (see PROF 7.2).
SUP 13.4.4GRP
8(1) If8 the UK firm'sEEA right derives from MiFID8, the Banking Consolidation Directive or the UCITS Directive, paragraph 20(3) of Part III of Schedule 3 to the Act requires the FSA to send a copy of the notice of intention8 to the Host State Regulator within one month8 of receipt.8However, a UK firm passporting under the Banking Consolidation Directive or MiFID may start providing cross border services as soon as it satisfies the relevant conditions (see SUP 13.4.2 G).888888(2)
LR 3.4.4RRP
An applicant must submit, in final form, to the FSA by midday two business days before the FSA is to consider the application:1(1) a completed Application for Admission of Securities to the Official List;(2) either:(a) the prospectus, or listing particulars that has been approved by the FSA; or(b) a copy of the prospectus, a certificate of approval and (if applicable) a translation of the summary of the prospectus, if another EEA State is the home Member State for the securities;1(3)
LR 3.4.5RRP
11If confirmation of the number of securities to be issued pursuant to a board resolution cannot be submitted to the FSA by the deadline set out in LR 3.4.4 R or, the number of securities to be admitted is lower than the number notified under LR 3.4.4 R, written confirmation of the number of securities to be issued or admitted must be provided to the FSA by the applicant at least one hour before the admission to listing is to become effective.
LR 3.4.6RRP
An applicant must keep, for six years after the admission to listing, a copy of the items set out in LR 3.3.6 R (1) to (6) and LR 3.3.6 R (9)1and must provide any of those documents to the FSA if requested to do so.1
LR 3.4.7RRP
An applicant must comply with LR 3.4.4 R to LR 3.4.6 R with the following modifications:1(1) [deleted]11(2) if the FSA approves the application it will admit to listing all debt securities which may be issued under the programme within 12 months after the publication of the base prospectus or listing particulars subject to the FSA:(a) being advised of the final terms of each issue for which a listing is sought; and1(b) receiving and approving for publication any supplementary
LR 3.4.8RRP
(1) The final terms must be submitted in writing to the FSA as soon as possible after they have been agreed and no later than 2 p.m. on the day before listing is to become effective.(2) The final terms may be submitted by:(a) the applicant; or(b) a duly authorised officer of the applicant.11(3) [deleted]11Note: For further details on final terms, see PR 2.2.9 R.1
LR 3.4.9RRP
A public sector issuer that seeks admission of debt securities referred to in paragraphs 2 and 4 of Schedule 11A of the Act must submit to the FSA in final form a completed Application for Admission of Securities to the Official List.Note: The Application for Admission of Securities to the Official List form can be found on the UKLA section of the FSA's website.1
LR 3.4.11RRP
An applicant referred to in LR 3.4.10 R must submit the items set out in LR 3.4.4 R1to the FSA in final form by midday two business days before the FSA is to consider the application.111