Related provisions for BIPRU 12.7.9

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PERG 9.7.3GRP
The reasonable investor is a hypothetical investor. The implications of this are that the test does not relate to actual investment by a particular person at a particular time or in relation to a particular issue of any class of shares or securities. In the FSA's view, what underlies the test is what a reasonable investor would think he was getting into if he were contemplating investment in a particular body corporate. In addition, because the investor is hypothetical, the investment
PERG 9.7.4GRP
In practice, the assessment of the nature of a particular body corporate will have to be made by applying the definition whenever an authorised person proposes to communicate an invitation or inducement to others for them to participate in the body corporate by buying shares or securities issued by it.
LR 14.2.1RRP
An applicant which is applying for a secondary listing of equity securities must comply with all of LR 2 (Requirements for listing- all securities).
LR 14.2.5GRP
A company2 applying for a secondary listing of equity securities will need to comply with LR 3 (Listing applications).2
COLL 5.1.2GRP
(1) This chapter helps in achieving the regulatory objective of protecting consumers by laying down minimum standards for the investments that may be held by an authorised fund. In particular:(a) the proportion of transferable securities and derivatives that may be held by an authorised fund is restricted if those transferable securities and derivatives are not listed on an eligible market; the intention of this is to restrict investment in transferable securities or derivatives
COLL 5.1.4GRP

This table belongs to COLL 5.1.2G (2).

Scheme investments and investment techniques

Limits for UCITS schemes

Limits for non-UCITS retail schemes

Permissible investment

Maximum limit

Permissible investment

Maximum limit

Approved securities

Yes

None

Yes

None

Transferable securities that are not approved securities

Yes

10%

Yes

20%

Government and public securities

Yes

None

Yes

None

Regulated schemes

Yes

None

Yes

None

Unregulated schemes

No

N/A

Yes

20%

Warrants

Yes

None

Yes

None

Investment trusts

Yes

None

Yes

None

Deposits

Yes

None

Yes

None

Derivatives

Yes

None

Yes

None

Immovables (i.e real property)

No

N/A

Yes

None

Gold

No

N/A

Yes

10%

Hedging

Yes

None

Yes

None

Stock lending

Yes

None

Yes

None

Underwriting

Yes

None

Yes

None

Borrowing

Yes

10% (T)

Yes

10%

Cash and near cash

Yes

None

Yes

None

Note:

Meaning of terms used:

A percentage

an upper limit (though there may be limits of other kinds).

"(T)"

temporary only- see COLL 5.5.4R(4)

"N/A"

Not applicable
PR 3.3.1RRP
PR 3.3.2 R to PR 3.3.4 R only apply to an offer, or to an admission to trading of transferable securities, for which:(1) a prospectus is required to be made available to the public under section 85 of the Act; or(2) a person elects to have a prospectus under section 87 of the Act. [ Note: article 15.1 PD ]
PR 3.3.3GRP
To comply with PR 3.3.2 R, a written advertisement should also contain a bold and prominent statement to the effect that it is not a prospectus but an advertisement and investors should not subscribe for any transferable securities referred to in the advertisement except on the basis of information in the prospectus.
GENPRU 2.3.35GRP
The effect of GENPRU 2.3.34 R is that Lloyd's members' contributions, including letters of credit, guarantees and life assurance policies, are admissible assets.
APER 4.1.9ERP
Behaviour of the type referred to in APER 4.1.8 E includes, but is not limited to, deliberately:(1) preparing performance reports for transmission to customers which are inaccurate or inappropriate (for example, by relying on past performance without appropriate warnings);(2) preparing inaccurate training records or inaccurate details of qualifications, past employment record or experience;(3) preparing inaccurate trading confirmations, contract notes or other records of transactions
APER 4.1.11ERP
Behaviour of the type referred to in APER 4.1.10 E includes, but is not limited to, deliberately:(1) front running client orders;(2) carrying out unjustified trading on client accounts to generate a benefit (whether direct or indirect) to the approved person (that is, churning);(3) misappropriating a client's assets, including wrongly transferring to personal accounts cash or securities belonging to clients;(4) wrongly using one client's funds to settle margin calls or to cover
PERG 8.36.3GRP

Table Controlled activities

1.

Accepting deposits

2.

Effecting and carrying out contracts of insurance

3.

Dealing in securities and contractually based investments

4.

Arranging deals in investments

4A.4

Operating a multilateral trading facility4

5.

Managing investments

6.

Safeguarding and administering investments

7.

Advising on investments

8.

Advising on syndicate participation at Lloyd's

9.

Providing funeral plan contracts

10.

Providing qualifying credit

11.3

3

Arranging qualifying credit etc

12.3

3

Advising on qualifying credit etc

313.

Providing a home reversion plan

314.

Arranging a home reversion plan

315.

Advising on a home reversion plan

316.

Providing a home purchase plan

317.

Arranging a home purchase plan

318.

Advising on a home purchase plan

19.3

3

Agreeing to do anything in 3 to 183 above

3
PERG 8.36.6GRP

Table Application of Exemptions to Forms of Promotions

Financial Promotion Order

Applies to

Article No.

Title and PERG 8 reference (where applicable)

Unsolicited real time

Solicited real time

Non-real time

(solicited or unsolicited)

12

Communications to overseas recipients (8.12.2G)

*1

*

*

13

Communications from customers and potential customers (8.12.9G)

*

*

*

14

Follow up non-real time communications and solicited real time communications (8.12.10G)

*

*

15

Introductions (8.12.11G)

*

*

*1

16

Exempt persons (8.12.12G)

*2

*3

*3

17

Generic promotions (8.12.14G and 8.21.4G)

*

*

*

17A1

Communications caused to be made or directed by unauthorised persons (8.6.7AG)

*

*

*

18

Mere conduits (8.12.18G)

*

*

*

18A

Outgoing electronic commerce communications: mere conduits, caching and hosting (8.12.18G)1

*

*

*

19

Investment professionals (8.12.21G and 8.21.5G)

*

*

*

20

Communications by journalists (8.12.23G)

*

20A

Promotion broadcast by company director etc (8.12.23G and 8.21.6G)

*

*

*

20B

Incoming electronic commerce communications (8.12.38G)

*

*

*

22

Deposits : non-real time communications (8.13)

*

23

Deposits : real time communications (8.13)

*

*

24

Relevant insurance activity : non-real time communications (8.13)

*

25

Relevant insurance activity : non-real time communications : reinsurance and large risks (8.13)

*

26

Relevant insurance activity : real time communications (8.13)

*

*

28

One-off non-real time communications and solicited real time communications (8.14.3G)

*

*

28A

One-off unsolicited real time communications (8.14.11G)

*

28B1

Real time communications: introductions in connection with qualifying credit (8.17.12G)

*

*

29

Communications required or authorised by enactments

*

*

*

30

Overseas communicators: solicited real time communications (8.14.15G)

*

31

Overseas communicators: non-real time communications to previously overseas customers (8.14.17G)

*

32

Overseas communicators: unsolicited real time communications to previously overseas customers (8.14.16G)

*

33

Overseas communicators: unsolicited real time communications to knowledgeable customers (8.14.16G)

*

34

Governments, central banks etc

*

*

35

Industrial and provident societies

*

*

36

Nationals of the EEA States other than United Kingdom (8.14.18G)

*

*

37

Financial markets

*

*

38

Persons in the business of placing promotional material

*

*

*

39

Joint enterprises (8.14.19G)

*

*

*

40

Participants in certain recognised collective investment schemes

*

*

41

Bearer instruments: promotions required or permitted by market rules (8.14.42G)

*

*

42

Bearer instruments: promotions to existing holders (8.14.42G)

*

*

43

Members and creditors of certain bodies corporate (8.14.41G and 8.21.8G)

*

*

44

Members and creditors of open-ended investment companies

*

*

45

Group companies

*

*

*

46

Qualifying credit to bodies corporate (8.17.10G)1

*

*

*

47

Persons in the business of disseminating information (8.21.10G)

*

*

*

48

Certified high net worth individuals (8.14.21G)

*

*

49

High net worth companies, unincorporated associations etc (8.14.25G)

*

*

*

50

Sophisticated investors (8.14.27G)

*

*

*

50A

Self-certified sophisticated investors {8.14.28AG)

*5

*

*

51

Associations of high net worth or sophisticated investors (8.14.29G)

*

*

52

Common interest group of a company (8.14.30G)

*

*

53

Settlors, trustees and personal representatives

*

*

*

54

Beneficiaries of trust, will or intestacy

*

*

*

55

Communications by members of professions (8.15.1G)

*

*

55A

Non-real time communication by members of the professions. (8.15.5G)

*

56

Remedy following report by Parliamentary Commissioner for Administration

*

*

*

57

Persons placing promotional material in particular publications

*

*

*

58

Acquisition of interest in premises run by management companies

*

*

59

Annual accounts and directors' report (8.21.11G)

*

*

*

60

Participation in employee shares schemes

*

*

*

61

Sale of goods and supply of services

*

*

62

Sale of body corporate (8.14.35G)

*

*

*

64

Takeovers of relevant unlisted companies

*

*

*

65

Takeovers of relevant unlisted companies: warrants etc

*

*

*

66

Takeovers of relevant unlisted companies: application forms

*

*

*

67

Promotions required or permitted by market rules (8.21.13G)

*

*

68

Promotions in connection with admission to certain EEA markets (8.21.16G)

*

*

69

Promotions of securities already admitted to certain markets (8.21.17G)

*

*1

701

Promotions included in listing particulars etc (8.21.20G)1

*1

711

Material relating to prospectus for public offer of unlisted securities

*1

721

Pension products offered by employers (8.14.40A)

*

*

*

731

Advice centres (8.14.40B)

*

*

*

1 in limited circumstances only – see article 12(2) of the Financial Promotion Order

2 for the purpose of article 16 (2) only

3 for the purpose of article 16 (1) only1
BIPRU 13.3.4RRP
Long settlement transaction means a transaction where a counterparty undertakes to deliver a security, a commodity, or a foreign currency amount against cash, other financial instruments, or commodities, or vice versa, at a settlement or delivery date that is contractually specified as more than the lower of the market standard for this particular transaction and five business days after the date on which the firm enters into the transaction.[Note: BCD Annex III Part 1 point
BIPRU 13.3.6RRP
A firm may determine exposures arising from long settlement transactions using any of the CCR mark to market method, the CCR standardised method and the CCR internal model method, regardless of the methods chosen for treating financial derivatives instruments and repurchase transactions, securities or commodities lending or borrowing transactions, and margin lending transactions. In calculating capital requirements for long settlement transactions, a firm that uses the IRB approach
LR 1.4.6RRP
A document that is required under a listing rule to be filed, notified to a RIS, provided to the FSA or sent to security holders must be in English.
LR 1.4.9GRP
(1) If the listing rules require an issuer to send documents to its security holders, the issuer may, in accordance with DTR 6.1.8 R, use electronic means to send those documents.3
PERG 2.6.17GRP
The specified investment category of units in a collective investment scheme includes units in a unit trust scheme, shares in open-ended investment companies and rights in respect of most limited partnerships. Shares in or securities of an open-ended investment company are treated differently from shares in other companies. They are excluded from the specified investment category of shares. This does not mean that they are not investments but simply that they are uniformly treated
PERG 2.6.20GRP
The specified investment category of options comprises:444(1) 4options to acquire or dispose of securities or contractually based investments, currency and certain precious metals and options to acquire or dispose of such options. Options to buy or sell other types of commodity will only fall within this specified investment category if they are options to buy or sellfutures, or options to buy or sellcontracts for differences, which are based on other commodities. But options
BIPRU 7.10.21GRP
The broad classes of position referred to in BIPRU 7.10.20G are as follows:(1) linear products, which comprise securities with linear pay-offs (e.g. bonds and equities) and derivative products which have linear pay-offs in the underlying risk factor (e.g. interest rate swaps, FRAs, total return swaps);(2) European, American and Bermudan put and call options (including caps, floors and swaptions) and investments with these features (see BIPRU 7.6.18R (Table: Option PRR: methods
BIPRU 7.10.141GRP
The treatment of a convertible is an example of a situation in which BIPRU 7.10.140R applies. The table in BIPRU 7.3.3R (Table: Instruments which result in notional positions) shows that there are circumstances in which under the standard market risk PRR rules a firm should calculate an equity PRR and that there are circumstances in which a firm may choose between calculating an equity PRR and an interest rate PRR. BIPRU 7.10.140R would be relevant if a firm'sVaR model permission
GENPRU 2.2.68GRP
The FSA considers that dividend pushers diminish the quality of capital by breaching the principle of complete discretion over coupons set out in GENPRU 2.2.64R (4). A dividend pusher operates so that, in a given period of time, payments must be made on senior securities if payments have previously been made on junior securities or securities ranking pari passu. As such, dividend pushers may not be included in the terms of tier one capital, unless the firm has the option to fund
GENPRU 2.2.129RRP
The SPV referred to in GENPRU 2.2.124R (2)(a) must fund its subscription for the capital issued by the firm by the issue of capital that satisfies the following conditions:(1) it must comply with the conditions for qualification as tier one capital, as amended by GENPRU 2.2.130 R, as if the SPV was itself a firm seeking to include that capital in its tier one capital resources;(2) its terms must include an obligation on the firm, when the capital resources of the firm fall below,
GENPRU 2.2.260RRP
Illiquid assets means illiquid assets including(1) tangible fixed assets (except land and buildings if they are used by a firm as security for loans, but this exclusion is only up to the value of the principal outstanding on the loans); or(2) any holdings in the capital resources of credit institutions or financial institutions, except to the extent that:(a) they have already been deducted as a material holding; or(b) they are shares which are included in a firm'strading book
BIPRU 5.3.3RRP
For on-balance sheet netting agreements - other than master netting agreements covering repurchase transactions, securities or commodities lending or borrowing transactions and/or other capital market-driven transactions – to be recognised for the purposes of BIPRU 5 the following conditions must be satisfied:(1) they must be legally effective and enforceable in all relevant jurisdictions, including in the event of the insolvency or bankruptcy of a counterparty;(2) the firm must
LR 17.1.1RRP
1This chapter applies to(1) an issuer of any of the following types of securities:(a) debt securities;(b) asset-backed securities;(c) certificates representing debt securities; and(d) specialist securities of the following types:(i) convertible securities which convert to debt securities;(ii) convertible securities which convert to equity securities; and(iii) convertible securities which are exchangeable for securities of another company.
LR 16.4.4RRP
LR 10 (Significant transactions) and LR 12 (Dealing in own securities and treasury shares) do not apply to an open-ended investment company.
LR 13.1.6RRP
When information is incorporated by reference, a cross reference list must be provided in the circular to enable security holders to identify easily specific items of information. The cross reference list must specify where the information can be accessed by security holders.
LR 15.3.4RRP
An application for the listing of securities of a multi-class fund or umbrella fund must provide details of the various classes or designations of securities intended to be issued by the applicant.
PR 5.1.3RRP
For non-equity transferable securities referred to in PR 2.2.7 R (2), the prospectus is valid until no more of the transferable securities concerned are issued in a continuous or repeated manner. [Note: article 9.3 PD]