Related provisions for INSPRU 1.5.4

61 - 80 of 360 items.

Search Term(s)

Filter by Topics

Filter by Modules

Filter by Documents

Filter by Keywords

Effective Period

Similar To

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

REC 1.1.1GRP
The rules and guidance in this sourcebook apply to recognised bodies and to applicants for recognition as recognised bodies under Part XVIII of the Act (Recognised Investment Exchanges and Clearing Houses).
REC 1.1.1AGRP
The guidance in REC 6A applies to EEA market operators exercising passporting rights in the United Kingdom. 2
REC 1.1.2GRP
(1) Recognised bodies are exempt persons under section 285 of the Act (Exemption for recognised investment exchanges and clearing houses).(2) UK recognised bodies must satisfy recognition requirements prescribed by the Treasury (in certain cases with the approval of the Secretary of State) in the Recognition Requirements Regulations. UK RIEs must also satisfy the MiFID implementing requirements in the MiFID Regulation.2Overseas recognised bodies must satisfy recognition requirements
REC 1.1.3GRP
(1) The recognition requirements for UK recognised bodies and the MiFID implementing requirements2are set out, with guidance, in REC 2.(2) The notification rules for UKrecognised bodies are set out in REC 3 together with guidance on those rules.(3) Guidance on the FSA's approach to the supervision of recognised bodies is given in REC 4.(4) Guidance for applicants (and potential applicants) for UK recognised body status is given in REC 5.(5) The recognition requirements, notification
SUP 14.6.2GRP
In addition, under section 34(2) an incoming EEA firm may ask the FSA to give a direction cancelling its authorisation under Schedule 3 to the Act.
SUP 14.6.3GRP
Regulation 8 states that where an incoming EEA firm which qualifies for authorisation under Schedule 3:(1) has ceased, or is to cease, to carry on regulated activities in the United Kingdom; and(2) gives notice of that fact to the FSA;the notice is treated under regulation 8 as a request for cancellation of the incoming EEA firm's qualification for authorisation under Schedule 3 to the Act and so as a request under section 34(2) of the Act.
SUP 14.6.10GRP
In addition, under section 35(2) an incoming Treaty firm may ask the FSA to give a direction cancelling its authorisation under Schedule 4 to the Act.
REC 2.7.1UKRP

Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(a)

2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that -

access to the [UK RIE's] facilities is subject to criteria designed to protect the orderly functioning of the market and the interests of investors and is in accordance with paragraph 7B;
REC 2.7.1AUKRP

Schedule to the Recognition Requirements Regulations, Paragraph 7B

2(1)

The [UK RIE] must make transparent and non-discriminatory rules, based on objective criteria, governing access to, or membership of, its facilities.

(2)

In particular those rules must specify the obligations for users or members of its facilities arising from -

(a)

the constitution and administration of the [UK RIE];

(b)

rules relating to transactions on the market;

(c)

its professional standards for staff of any investment firm or credit institution having access to or membership of a financial market operated by the [UK RIE];

(d)

conditions established under sub-paragraph (3)(c) for access to or membership of a financial market operated by the [UK RIE] by persons other than investment firms or credit institutions; and

(e)

the rules and procedures for clearing and settlement of transactions concluded on a financial market operated by the [UK RIE].

(3)

Rules of the [UK RIE] about access to, or membership of, a financial market operated by it must permit the [UK RIE] to give access to or admit to membership (as the case may be) only -

(a)

an investment firm,

(b)

a credit institution, or

(c)

a person who -

(i)

is fit and proper,

(ii)

has a sufficient level of trading ability and competence,

(iii)

where applicable, has adequate organisational arrangements, and

(iv)

has sufficient resources for the role he is to perform, taking into account the [UK RIE's] arrangements under paragraph 4(2)(d).

(4)

Rules under this paragraph must enable -

(a)

an investment firm authorised under Article 5 of [MiFID], or

(b)

a credit institution authorised under the Banking Consolidation Directive,

by the competent authority of another EEA State (including a branch established in the United Kingdom of such a firm or institution) to have direct or remote access to or membership of, any financial market operated by the [UK RIE] on the same terms as a UK firm.

(5)

The [UK RIE] must make arrangements regularly to provide the [FSA] with a list of users or members of its facilities.

(6)

This paragraph is without prejudice to the generality of paragraph 4.
REC 2.7.1BUKRP

Schedule to the Recognition Requirements Regulations, Paragraph 7C

2(1)

This paragraph applies to [a UK RIE] which provides central counterparty, clearing or settlement facilities.

(2)

The [UK RIE] must make transparent and non-discriminatory rules based on objective criteria, governing access to those facilities.

(3)

The rules under sub-paragraph (2) must enable an investment firm or a credit institution authorised by the competent authority of another EEA State (including a branch established in the United Kingdom of such a firm or institution) to have access to those facilities on the same terms as a UK firm for the purposes of finalising or arranging the finalisation of transactions in financial instruments.

(4)

The [UK RIE] may refuse access to those facilities on legitimate commercial grounds.
REC 2.7.3GRP
In assessing whether access to a UK recognised body's facilities is subject to criteria designed to protect the orderly functioning of the market, or of those facilities, and the interests of investors, the FSA may have regard to whether: (1) the UK recognised body limits access as a member to persons:(a) over whom it can with reasonable certainty enforce its rules contractually;(b) who have sufficient technical competence to use its facilities;(c) whom it is appropriate to admit
REC 2.7.3AGRP
2REC 2.7.3 G does not apply to a UK RIE's arrangements to grant access to investment firms or credit institutions.
PERG 8.14.14GRP
There are a number of exemptions in the Financial Promotion Order relating to financial promotions sent into the United Kingdom by an overseas communicator who does not carry on certain controlled activities in the United Kingdom. These exemptions apply in addition to any other exemptions which may apply to any particular financial promotion by an overseas communicator.
PERG 8.14.15GRP
Article 30 exempts any solicited real time financial promotion made by an overseas communicator in the course of or for the purposes of certain controlled activities which he carries on outside the United Kingdom. This enables an overseas communicator, for example, to respond to an unprompted telephone enquiry made by a person in the United Kingdom or an enquiry which follows a financial promotion made by the overseas communicator and which was approved by an authorised perso
PERG 8.14.18GRP
This exemption allows a person in another EEA State who lawfully carries on a controlled activity in that State to promote into the United Kingdom. The terms of the exemption are that the promotion must comply with the rules in COB 3 or MCOB 3 (as relevant). Care should be taken as any failure to satisfy any of the relevant requirements of these rules may mean that this exemption is not satisfied and that the financial promotion may breach section 21 if it has not been approved
PERG 8.14.27GRP
To be a sophisticated investor for the purposes of article 50, the recipient of a financial promotion must have a current certificate from an authorised person stating that he has enough knowledge to be able to understand the risks associated with the description of investment to which the financial promotion relates. Where the financial promotion is an outgoing electronic commerce communication3, the certificate may be signed by a person who is entitled, under the law of an EEA
PERG 8.14.31GRP
The exemption is subject to certain conditions. In broad terms, these are that the financial promotion must be accompanied by an indication:(1) that the directors or promoters of the company have taken all reasonable care to ensure that the financial promotion is true and not misleading;(2) that the directors or promoters have not limited their liability;(3) that any person who is in doubt about the investment should consult an authorised person; and(4) that:(a) the directors
REC 4.2A.1GRP
1Under subsections 292A(1) and (2) of the Act, a UK RIE must as soon as practicable after a recognition order is made in respect of it publish such particulars of the ownership of the UK RIE, including the identity and scale of interests of the persons who are in a position to exercise significant influence over the management of the UK RIE, whether directly or indirectly, as the FSA may reasonably require.
REC 4.2A.2GRP
Under subsections 292A(3) and (4) of the Act, a UK RIE must as soon as practicable after becoming aware of a transfer of ownership of the UK RIE which gives rise to a change of persons who are in a position to exercise significant influence over the management of the UK RIE, whether directly or indirectly, publish such particulars of any such transfer as the FSA may reasonably require.
REC 4.2A.3GRP
Under subsection 292A(5) of the Act, a UK RIE must publish such particulars of any decision it makes to suspend or remove a financial instrument from trading on a regulated market operated by it as the FSA may reasonably require.
REC 3.1.1RRP
(1) The notification rules in this chapter, which are made under section 293 of the Act (Notification requirements), apply to all UK recognised bodies.(2) The rules relating to the form and method of notification in REC 3.2 also apply to overseas recognised bodies.
REC 3.1.3GRP
The notification rules in this chapter are in addition to the requirements on UK recognised bodies to give notice or information to the FSA under sub-sections 293(5), (6) and (7) of the Act.
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
SYSC 18.1.2GRP
(1) The purposes of this chapter are:(a) to remind firms of the provisions of PIDA; and(b) to encourage firms to consider adopting and communicating to workers appropriate internal procedures for handling workers' concerns as part of an effective risk management system.(2) In this chapter "worker" includes, but is not limited to, an individual who has entered into a contract of employment.
SUP 15.5.1RRP
A firm must give the FSA reasonable advance notice of a change in:(1) the firm's name (which is the registered name if the firm is a body corporate); (2) any business name under which the firm carries on a regulated activity or ancillary activity either from an establishment in the United Kingdom or with or for clients in the United Kingdom.
SUP 15.5.4RRP
A firm must give the FSA reasonable advance notice of a change in any of the following addresses, and give details of the new address and the date of the change:(1) the firm's principal place of business in the United Kingdom; (2) in the case of an overseas firm, its registered office (or head office) address.
SUP 15.5.5RRP
[deleted]11
REC 3.5.1RRP
Where any key individual of a UK recognised body:(1) is the subject of any disciplinary action because of concerns about his alleged misconduct; (2) resigns as a result of an investigation into his alleged misconduct; or(3) is dismissed for misconduct;that body must immediately give the FSA notice of that event, and give the information specified for the purposes of this rule in REC 3.5.2 R.
REC 3.5.2RRP
The following information is specified for the purposes of REC 3.5.1 R:(1) the name of the key individual and his responsibilities within the UK recognised body;(2) details of the acts or alleged acts of misconduct by that key individual; and(3) details of any disciplinary action which has been or is proposed to be taken by that body in relation to that key individual.
REC 3.5.3RRP
Where a UK recognised body becomes aware that any of the following events has occurred in relation to a key individual, it must immediately give the FSA notice of that event:(1) a petition for bankruptcy is presented (or similar or analogous proceedings under the law of a jurisdiction outside the United Kingdom are commenced) against that key individual; or(2) a bankruptcy order (or a similar or analogous order under the law of a jurisdiction outside the United Kingdom) is made
SUP 13.11.1RRP
(1) A UK firm which is exercising an EEA right must make and retain a record of:(a) the services or activities it carries on from a branch in, or provides cross-border into, another EEA State under that EEA right; and(b) the details relating to those services or activities (as set out in SUP 13.6 and SUP 13.7)1.11(2) The record in (1) must be kept for five years (for firms passporting under MiFID) or 1three years (for other firms)1from the earlier of the date on which:(a) it was
SUP 13.11.2GRP
The record in SUP 13.11.1 R need not relate to the level of business carried on. A UK firm may comply with SUP 13.11.1 R by, for example, keeping copies of all notices of intention and change to details notices1.1
SUP 13.11.3GRP
A UK firm should monitor the business carried on under an EEA right to ensure that any changes to details are notified as required by SUP 13.6 (Changes to branches) and 1SUP 13.7 (Changes to cross border services).1
SUP 12.2.1GRP
(1) Under section 19 of the Act (The general prohibition), no person may carry on a regulated activity in the United Kingdom, or purport to do so, unless he is an authorised person, or he is an exempt person in relation to that activity.(2) A person will be an exempt person if he satisfies the conditions in section 39(1) of the Act, guidance on which is given in SUP 12.2.2 G. A person who is exempt as a result of satisfying these conditions is referred to in the Act as an appointed
SUP 12.2.16GRP
(1) 12A tied agent is a person who acts for and under the responsibility of a MiFID investment firm (or a third country investment firm) in respect of MiFID business (or the equivalent business of the third country investment firm). Most tied agents appointed by firms are also appointed representatives.(2) Unless otherwise provided, this chapter applies to a firm that appoints a tied agent that is an appointed representative in the same way as it applies to the appointment of
PERG 7.3.5GRP
Advice given in periodicals published from an establishment in the United Kingdom is regarded by the FSA as given in the United Kingdom. A similar approach is taken to advice given in, or by way of, a service provided from such an establishment.
PERG 7.3.6GRP
In other circumstances, advice issued remotely may still be given in the United Kingdom. For example, the FSA considers that advice is given in the United Kingdom if:(1) it is contained in a non-UK periodical that is posted in hard copy to persons in the United Kingdom;(2) it is contained in a non-UK periodical (or given in or by way of a service) which is made available electronically to such persons.
PERG 7.3.7GRP
But even if advice is given in the United Kingdom, the general prohibition will not be contravened if the giving of advice does not amount to the carrying on, in the United Kingdom, of the business of advising on investments or advising on a home finance transaction1. Also, the general prohibition will not be contravened if the exclusion for overseas persons in article 72 of the Regulated Activities Order (Overseas persons) applies. That exclusion applies in relation to the giving
PERG 7.3.8GRP
If a person is carrying on the business of advising on investments or advising on a home finance transaction1in the United Kingdom, he will not require authorisation if:(1) he is able to rely on an exclusion; in addition to the exclusions already mentioned (in articles 54 and 72 of the Regulated Activities Order), other exclusions that may be relevant are in Chapter XVII of Part II of the Regulated Activities Order; or(2) he is an exempt person (see PERG 2.11 (What to do now?1));
REC 2.1.1GRP
This chapter contains the recognition requirements for UK recognised bodies and sets out guidance on those requirements. This chapter also contains the MiFID implementing requirements for UK RIEs.2 (The recognition requirements for overseas recognised bodies are set out in REC 6.)
REC 2.1.2GRP
These recognition requirements must be satisfied by applicants for recognised body status before recognition is granted and by all UK recognised bodies at all times while they are recognised. In addition the MiFID implementing requirements must be satisfied by applicants for UK RIE status before recognition is granted and by all UK RIEs at all times while they are recognised. 2The same standards apply both on initial recognition and throughout the period recognised body status
REC 2.1.3GRP
(1) The paragraphs in the Schedule to the Recognition Requirements Regulations are grouped in this sourcebook in sections which give guidance on the same subject for both UK RIEs and UK RCHs.(2) The table in REC 2.1.4 G indicates in which section each of those paragraphs (and the associated guidance) can be found.2
REC 2.1.4GRP

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

Paragraphs 4(1) and 4(2)(aa)2

2

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

2Paragraph 4(2)(ea)

Conflicts

2.5

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

2Paragraph 4A

Provision of pre-trade information about share trading

2.6

2Paragraph 4B

Provision of post-trade information about share trading

2.6

Paragraph 6

Promotion and maintenance of standards

2.13

Paragraph 7

Rules and consultation

2.14

2Paragraph 7A

Admission of financial instruments to trading

2.12

2Paragraph 7B and 7C

Access to facilities

2.7

2Paragraph 7D

Settlement

2.8

2Paragraph 7E

Suspension and removal of financial instruments from trading

2.6

Paragraph 8

Discipline

2.15

Paragraph 9

Complaints

2.16

2Paragraph 9A

Operation of a multilateral trading facility

2.16A

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
PERG 8.8.1GRP
Section 21(3) of the Act states that, in the case of a communication originating outside the United Kingdom, the restriction in section 21(1) applies only if it is capable of having an effect in the United Kingdom. In this respect, it is irrelevant whether the communication has an effect provided it is capable of doing so.
PERG 8.8.2GRP
This appears to give a potentially broad jurisdictional scope to section 21. It seems clear that a communication which originates overseas will be capable of having an effect in the United Kingdom if it is an invitation or inducement to engage in investment activity which is communicated to a person in the United Kingdom. It would seem that communications made in other circumstances may also be capable of having an effect in the United Kingdom. However, the exemption for communications
PERG 8.8.3GRP
Where communications by persons in another EEA State are made to or directed at persons in the United Kingdom account must be taken of the effect of any relevant EU Directives. For example, the E-Commerce Directive will, with limited exceptions, prevent the United Kingdom from imposing restrictions on incoming financial promotions in information society services. The Treasury has given effect to this through the Financial Promotion Order (see1PERG 8.12.38 G). Other potentially
SUP 13A.7.1GRP
If a person established in the EEA: (1) does not have an EEA right; (2) does not have permission as a UCITS qualifier; and(3) does not have, or does not wish to exercise, a Treaty right (see SUP 13A.3.4 G to SUP 13A.3.11 G);to carry on a particular regulated activity in the United Kingdom, it must seek Part IV permission from the FSA to do so (see the FSA website "How do I get authorised": http://www.fsa.gov.uk/Pages/Doing/how/index.shtml1). This might arise if the activity itself
SUP 13A.7.2GRP
Where the FSA grants a top-up permission to an incoming EEA firm to carry on regulated activities for which it has neither an EEA right nor a Treaty right, the FSA is responsible for the prudential supervision of the incoming EEA firm, to the extent that the responsibility is not reserved to the incoming EEA firm'sHome State regulator.
SUP 13A.7.4GRP
For guidance on how to apply for Part IV permission under the Act, see the FSA website "How do I get authorised": http://www.fsa.gov.uk/Pages/Doing/how/index.shtml.1 If an EEA firm or Treaty firm wishes to make any subsequent changes to its top-up permission, it can make an application for variation of that permission (see SUP 6 (Applications to vary and cancel Part IV permission)).1
SUP 6.2.2GRP
Under section 20(1) of the Act (Authorised persons acting without permission), a firm is prohibited from carrying on a regulated activity in the United Kingdom (or purporting to do so) otherwise than in accordance with its 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 6.2.12GRP
A UK firm should assess the effect of any change to its Part IV permission on its ability to continue to exercise any EEA right or Treaty right and discuss any concerns with its usual supervisory contact at the FSA. A variation of Part IV permission may also change the applicable provisions with which it is required to comply by a Host State.
SUP 6.2.13GRP
A UK firm which, as well as applying to vary or cancel its Part IV permission, wishes to vary or terminate any business which it is carrying on in another EEA State under one of the Single Market Directives, should follow the procedures in SUP 13 (Exercise of passport rights by UK firms) on varying or terminating its branch or cross border services business.
SUP App 3.10.3GRP
The meaning of contract of insurance is set out in article 3(1) of the Regulated Activities Order (Interpretation). It does not include benefit-in-kind funeral plans, which are specified in article 60 of the Regulated Activities Order (plans covered by insurance or trust arrangements). Such funeral plans (to the extent that they are insurance) are also excluded from theInsurance Directives. It covers some contracts which might not otherwise be viewed as insurance in the United
SUP App 3.10.8GRP
Under the Act and the Regulated Activities Order, the activities of effecting and carrying out contracts of insurance are treated as being carried on in the United Kingdom on the basis of legal tests under which the location of the risk is only one factor. If the risk is located in the United Kingdom, then (other relevant factors being taken into account) the activity will, in the vast majority of cases, also be viewed as carried on in the United Kingdom. There are exceptions,
SUP App 3.10.9GRP
So, the effect of App 3.12.1 is that an insurer may be carrying on insurance business in the United Kingdom which is to be treated as a regulated activity under article 10 to the Regulated Activities Order (Effecting and carrying out contracts of insurance) in circumstances where the risks covered are treated as located in another EEA State. In that event, the insurer is required by Schedule 3 to the Act to passport into the State concerned and may be subject to conduct of business
SUP App 3.10.10GRP
An insurer authorised in another EEA State who is insuring UK risks and so passports on a services basis under the Insurance Directives into the United Kingdom (see ), may not be carrying on a regulated activity in the United Kingdom. But, if it passports into the United Kingdom, it will qualify for authorisation under paragraph 12 of Schedule 3 to the Act (Firms qualifying for authorisation). Where this is the case, the insurer will be subject to conduct of business requirements
SUP App 3.10.12GRP
The financial promotion regime under section 21 of the Act (Restrictions on financial promotion) may also apply to EEA insurance undertakings regardless of whether they carry on a regulated activity in the United Kingdom or passport into the United Kingdom.
GEN 4.1.1RRP
1This chapter applies to every firm and with respect to every regulated activity, except that:(1) for an incoming ECA provider, this chapter does not apply when the firm is acting as such;(2) for an incoming EEA firm which has permission only for cross-border services and which does not carry on regulated activities in the United Kingdom, this chapter does not apply;(3) for an incoming firm not falling under (1) or (2), this chapter does not apply to the extent that the firm is
GEN 4.1.2RRP
GEN 4.3 (Letter disclosure) applies in relation to activities carried on from an establishment maintained by the firm (or by its appointed representative) in the United Kingdom, subject to GEN 4.3.4 R (Exception: insurers).
GEN 4.1.4RRP
3GEN 4.5 (Statements about authorisation and regulation by the FSA) applies in relation to activities carried on from an establishment maintained by the firm (or by its appointed representative) in the United Kingdom, provided that, in the case of the MiFID business of an EEAMiFID investment firm, it only applies to business conducted within the territory of the United Kingdom.
PERG 5.2.1GRP
This guidance is based on the statutory instruments made as part of implementing the IMD in the United Kingdom. This legislation includes the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2003 (S.I. 2003/1476), which amends among others the Regulated Activities Order, the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001 (S.I. 2003/1217), the Non-Exempt Activities Order and the Business Order. Other legislation
PERG 5.2.2GRP
Any person who carries on a regulated activity in the United Kingdom by way of business must either be an authorised person or exempt from the need for authorisation. Otherwise, the person commits a criminal offence and certain agreements may be unenforceable. PERG 2.2 (Authorisation and regulated activities) has further guidance on these consequences.2
PERG 5.2.3GRP
A person who is concerned to know whether his proposed insurance mediation activities may require authorisation will need to consider the following questions (these questions are a summary of the issues to be considered and have been reproduced, in slightly fuller form, in the flow chart in PERG 5.15.2 G (Flow chart: regulated activities related to insurance mediation – do you need authorisation?):(1) will the activities relate to contracts of insurance (see PERG 5.3(Contracts
PERG 5.2.6GRP
The United Kingdom's approach to implementing the IMD by domestic legislation is, in part, through secondary legislation, which will apply pre-existing regulated activities (slightly amended) in the Regulated Activities Order to the component elements of the insurance mediation definition in the IMD (see PERG 5.2.5 G and the text of article 2.3 IMD in PERG 5.16.2 G (article 2.3 of the Insurance Mediation Directive)).