Related provisions for PERG 6.5.2

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FIT 2.2.1GRP
In determining a person's competence and capability, the FSA will have regard to all relevant 3matters including but not limited to:(1) whether the person satisfies the relevant FSA training and competence requirements1 in relation to the controlled function the person performs or is intended to perform;1(2) whether the person has demonstrated by experience and training that the person is suitable2, or will be suitable 2if approved, to perform the controlled function.22
FIT 2.2.2GRP
A person may have been convicted of, or dismissed or suspended from employment for, drug or alcohol abuses or other abusive acts. This will be considered only in relation to a person's continuing ability to perform the particular controlled function for which the person is or is to be employed.
DEPP 3.1.1GRP
1The Regulatory Decisions Committee (RDC) is a committee of the FSA Board. It is part of the FSA. It exercises certain regulatory powers on behalf of the FSA and is accountable to the FSA Board for its decisions generally.
DEPP 3.1.2GRP
(1) The RDC is separate from the FSA's executive management structure. Apart from its Chairman, none of the members of the RDC is an FSAemployee.(2) All members of the RDC are appointed for fixed periods by the FSA Board. The FSA Board may remove a member of the RDC, but only in the event of that member's misconduct or incapacity.
DEPP 3.1.3GRP
The RDC has its own legal advisers and support staff. The RDC staff are separate from the FSA staff involved in conducting investigations and making recommendations to the RDC.
FEES 2.3.1RRP
If it appears to the FSA, the FSCS (in relation to any FSCS levy only) 2 or the3FOS Ltd (in relation to any FOS case fee only), that in the exceptional circumstances of a particular case, the payment of any fee, FSCS levy2,3FOS levy or CFEB levy3would be inequitable, the FSA, the FSCS2 or the3FOS Ltd, as relevant, may (unless FEES 2.3.2B R applies)1 reduce or remit all or part of the fee or levy in question which would otherwise be payable.
FEES 2.3.2RRP
If it appears to the FSA, the FSCS (in relation to any FSCS levy only)2 or the3FOS Ltd (in relation to any FOS case fee only), that in the exceptional circumstances of a particular case to which FEES 2.3.1R does not apply, the retention by the FSA, the FSCS,2 the3FOS Ltd or the CFEB3, as relevant, of a fee,3FOS levy or CFEB levy3which has been paid would be inequitable, the FSA, the FSCS2, the3FOS Ltd or the CFEB3, may (unless FEES 2.3.2B R applies)1 refund all or part of that
FEES 2.3.2BRRP
1The FSA or the FSCS2may not consider a claim under FEES 2.3.1 R and/or FEES 2.3.2 R to reduce, remit or refund any overpaid amounts paid by a fee or levy2 payer in respect of a particular period, due to a mistake of fact or law by the fee or levy2 payer, if the claim is made by the fee or levy2 payer more than 2 years after the beginning of the period to which the overpayment relates.
LR 19.1.1RRP
1This chapter applies to an issuer of:(1) retail securitised derivatives;(2) specialist securitised derivatives; and(3) other derivative products if the FSA has specifically approved their listing under this chapter.
LR 19.1.2RRP
For the purposes of this chapter, an issuer of other derivative products that have received the specific approval of the FSA to be listed under this chapter must comply with the rules applicable to an issuer of specialist securitised derivatives unless otherwise stated.
LR 19.1.3RRP
The FSA will not admit to listing, under this chapter, other derivative products that are likely to be bought and traded by investors who are not specialist investors, unless the derivative product falls within the scope of specified investments in Part III of the Regulated Activities Order.
REC 4.3.1GRP
Information is needed to support the FSA's risk based approach to the supervision of all regulated entities. Risk based supervision is intended to ensure that the allocation of supervisory resources and the supervisory process are compatible with the regulatory objectives and the FSA's general duties under the Act. The central element of the process of risk based supervision is a systematic assessment by the FSA (a risk assessment) of the main supervisory risks and concerns for
REC 4.3.2GRP
For each UK recognised body, the FSA will conduct a periodic risk assessment. This assessment will take into account relevant considerations including the special position of recognised bodies under the Act, the nature of the UK recognised body's members, the position of other users of its facilities and the business environment more generally.
REC 4.3.3GRP
The risk assessment will guide the FSA's supervisory focus. It is important, therefore, that there is good dialogue between the FSA and the recognised body. The FSA expects to review its risk assessment with the staff of the UK recognised body to ensure factual accuracy and a shared understanding of the key issues, and may discuss the results of the risk assessment with key individuals of the UK recognised body. If appropriate, the FSA may send a detailed letter to the body's
SUP 8.1.1AGRP
This chapter is relevant to an applicant for a Part IV permission, as if that applicant were a firm. Where the chapter refers to usualsupervisory contact, the applicant should read this as being the usual contact in the Permissions Department. Further, this chapter is relevant to a person who is subject to rules made by the FSA and where the chapter refers to a firm, this includes that person5.15
SUP 8.1.3GRP
This chapter is not relevant to the functions of the FSA acting in its capacity as the competent authority for the purposes of Part VI of the Act (Official Listing).3
LR 5.5.1GRP
The decision-making procedures that the FSA will follow when it cancels, suspends or refuses a request by an issuer2 to suspend, cancel or 2restore listing are set out in DEPP (Decision Procedure and Penalties)1.11
LR 5.5.2RRP
An issuer must inform the FSA if its listing has been suspended, cancelled or restored by an overseas exchange or overseas authority.
LR 5.5.3GRP
(1) The FSA will not automatically suspend, cancel or restore the listing of securities at the request of an overseas exchange or overseas authority (for example, if listing of a listed3issuer'ssecurities are suspended, cancelled or restored on its home exchange).(2) The FSA will not normally suspend the listing of securities where there is a trading halt for the security on its home exchange.(3) If a listedissuer3 requests a suspension, cancellation or restoration of the listing
REC 4.2.1GRP
The FSA expects to have an open, cooperative and constructive relationship with UK recognised bodies to enable it to have a broad picture of the UK recognised body's activities and its ability to meet the recognition requirements. This broad picture is intended to complement the information which the FSA will obtain under section 293 of the Act (Notification requirements) or under notification rules made under that section (see REC 3). The FSA will usually arrange meetings between
REC 4.2.3GRP
The FSA expects a UK recognised body to take its own steps to assure itself that it will continue to satisfy the recognition requirements, the MiFID implementing requirements (in the case of a UK RIE)1 and other obligations in or under the Act when considering any changes to its business or operations.
REC 4.2.4GRP
However, the FSA also expects that UK recognised bodies will keep it informed of all significant developments and of progress with itsplans and operational initiatives, and will provide it with appropriate assurance that the recognition requirements and the MiFID implementing requirements (in the case of a UK RIE)1 will continue to be satisfied.
LR 4.4.1GRP
Section 81 of the Act (supplementary listing particulars) requires an issuer to submit supplementary listing particulars to the FSA for approval if at any time after listing particulars have been submitted to the FSA and before the commencement of dealings in the securities following their admission to the official list:(1) there is a significant change affecting any matter contained in those particulars the inclusion of which was required by:(a) section 80 of the Act (general
LR 4.4.2RRP
An issuer must ensure that after supplementary listing particulars are approved by the FSA, the supplementary listing particulars are filed and published as if the requirements in PR 3.2and the PD Regulation applied to them.
LR 4.4.3RRP
1If final terms of the offer are not included in the listing particulars:(1) the final terms must be provided to investors and filed with the FSA, and made available to the public, as if the relevant requirements in PR 3.2 and the PD Regulation applied to them; and(2) the listing particulars must disclose the criteria and/or the conditions in accordance with which the above elements will be determined or, in the case of price, the maximum price.
LR 13.1.3RRP
Information may be incorporated in a circular by reference to relevant information contained in:(1) a prospectus or listing particulars; or(2) any other published document that has been filed with the FSA.
PERG 6.5.3GRP
In particular, if the common law is unclear as to whether or not a particular contract is a contract of insurance, the FSA will interpret and apply the common law in the context of and in a way that is consistent with the purpose of the Act as expressed in the FSA's statutory objectives.
PERG 6.5.4GRP
The FSA will apply the following principles of construction to determine whether a contract is a contract of insurance.(1) In applying the description in PERG 6.3.4 G, more weight attaches to the substance of the contract, than to the form of the contract. The form of the contract is relevant (see PERG 6.6.8 G (3) and (4)) but not decisive of whether a contract is a contract of insurance: Fuji Finance Inc. v. Aetna Life Insurance Co. Ltd [1997] Ch. 173 (C.A.).(2) In particular,
SUP 9.1.2GRP
Individual guidance is guidance that is not given to persons or regulated persons generally or to a class of regulated person. It will normally be given to one particular person, which relates to its own particular circumstances or plans. It may be oral or written. Individual guidance will not be published but may at the FSA's discretion be converted to general guidance and published in the Handbook. Written individual guidance will often be labelled as such1
SUP 9.1.3GRP
A person may need to ask the FSA for individual guidance on how the rules and general guidance in the Handbook, the Act or other regulatory requirements apply in their particular circumstances. This chapter describes how a person may do this. Section 157 of the Act gives the FSA the power to give guidance consisting of such information and advice as it considers appropriate.
SUP 9.1.4GRP
The FSA may at times also consider it appropriate to give a firm individual guidance on its own initiative, for example on how it considers a firm should comply with a rule. SUP 9.3 describes when and how the FSA will seek to do this.
SUP 8.8.1GRP
The FSA may revoke a waiver at any time. In deciding whether to revoke a waiver, the FSA will consider whether the conditions in section 148(4) of the Act are no longer satisfied (see SUP 8.3.1 G), and whether the waiver is otherwise no longer appropriate. The FSA may revoke a waiver with immediate effect, if it considers that this is necessary, for example, in order to prevent undue risk to consumers.
SUP 8.8.2GRP
If the FSA proposes to revoke a waiver, or revokes a waiver with immediate effect, it will:(1) give the firm written notice either of its proposal, or of its action, giving reasons;(2) state in the notice a reasonable period (usually 28 days) within which the firm can make representations about the proposal or action; if a firm wants to make oral representations, it should inform the FSA as quickly as possible , specify who will make the representations and which matters will
SUP 8.8.3GRP
If the waiver that has been revoked has previously been published, the FSA will publish the revocation unless it is satisfied that it is inappropriate or unnecessary to do so, having regard to any representations made by the firm.
LR 8.5.1RRP
A listed company or applicant must ensure that1 the FSA is informed 1promptly of the name and contact details of any 2sponsor appointed in accordance with the listing rules (either by the listed company or applicant or by the sponsor itself)1.12
LR 8.5.2RRP
(1) A listed company or applicant must notify the FSA in writing immediately of the resignation or dismissal of any sponsor that it had appointed.(2) In the case of a dismissal, the reasons for the dismissal must be included in the notification.(3) The notification must be copied to the sponsor.
LR 8.5.3RRP
Where a listed company or applicant appoints more than one sponsor , the company must:(1) ensure that one of the sponsors that is appointed takes primaryresponsibility for contact with the FSA in respect of the entire application or transaction; and2(2) inform the FSA, in writing, of the name and contact details of the sponsor taking responsibility under LR 8.5.3R (1)22.
REC 3.13.1GRP
(1) The purpose of REC 3.13 is to enable the FSA to monitor any significant instances where UK recognised bodies outsource their functions to other persons (as they are permitted to dounder Regulation 6 of the Recognition Requirements Regulations. See REC 2.2).(2) The FSA does not need to be notified of every instance of outsourcing by a UK recognised body, but only where an activity or activities which form a significant part of a relevant function or which make a significant
REC 3.13.2RRP
Where a UK recognised body makes an offer or agrees to delegate any of its relevant functions to another person, it must immediately give the FSA notice of that event, and:(1) inform the FSA of the reasons for that delegation or proposed delegation;(2) inform the FSA of the reasons why it is satisfied that it will continue to meet the recognition requirements following that delegation;(3) where it makes such an offer by issuing a written invitation to tender to another body or
REC 3.13.3RRP
A UK recognised body must immediately give the FSA notice, where it makes an offer or agrees to undertake any relevant function of another UK recognised body.
SYSC 4.1.1RRP
2A firm must have robust governance arrangements, which include a clear organisational structure with well defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks it is or might be exposed to, and internal control mechanisms, including sound administrative and accounting procedures and effective control and safeguard arrangements for information processing systems.3[Note: article 22(1) of the Banking Consolidation
SYSC 4.1.8GRP
The matters dealt with in a business continuity policy should include:(1) resource requirements such as people, systems and other assets, and arrangements for obtaining these resources;(2) the recovery priorities for the firm's operations; (3) communication arrangements for internal and external concerned parties (including the FSA, clients and the press);(4) escalation and invocation plans that outline the processes for implementing the business continuity plans, together with
SYSC 4.1.9RRP
A common platform firm must establish, implement and maintain accounting policies and procedures that enable it, at the request of the FSA, to deliver in a timely manner to the FSA financial reports which reflect a true and fair view of its financial position and which comply with all applicable accounting standards and rules.[Note: article 5(4) of the MiFID implementing Directive]
PERG 5.8.8GRP
In the FSA's view, advice requires an element of opinion on the part of the adviser. In effect, it is a recommendation as to a course of action. Information, on the other hand, involves statements of facts or figures.
PERG 5.8.11GRP
In the FSA's opinion, however, such information is likely to take on the nature of advice if the circumstances in which it is provided give it the force of a recommendation. Examples of situations where information provided by a person (P) might take the form of advice are given below.(1) P may provide information on a selected, rather than balanced and neutral, basis that would tend to influence the decision of a person. This may arise where P offers to provide information about
PERG 5.8.17GRP
The potential for variation in the form, content and manner of pre-purchase questioning is considerable, but there are two broad types. The first type involves providing questions and answers which are confined to factual matters (for example, the amount of the cover). In the FSA's view, this does not itself amount to advising on contracts of insurance, if it involves the provision of information rather than advice. There are various possible scenarios, including the following:(1)
PERG 5.8.19GRP
In the case of PERG 5.8.18G (2) and similar scenarios, the FSA considers that it is necessary to look at the process and outcome of pre-purchase questioning as a whole. It may be that the element of advice incorporated in the questioning can properly be viewed as generic advice if it were considered in isolation. But although the actual advice may be generic, the process has ended in identifying one or more particular contracts of insurance. The combination of the generic advice
PERG 5.8.25GRP
This is explained in greater detail, together with the provisions on the granting of certificates by the FSA on the application of the proprietor of a periodical publication or news or information service or broadcast, in PERG 7 (Periodical publications, news services and broadcasts: applications for certification).
SUP 16.1.3RRP

Application of different sections of SUP 16

88888888811999988888

(1) Section(s)

(2) Categories of firm to which section applies

(3) Applicable rules and guidance

SUP 16.1,SUP 16.2andSUP 16.3

All categories of firm except:

Entire sections

(a)

an ICVC;

(b)

an incoming EEA firm or incoming Treaty firm, which is not:

(i)

a firm of a type to which SUP 16.6 or 20SUP 16.1220 applies; or

(ii)

an insurer with permission to effect or carry outlife policies; or

(iii)3

a with to establish, operate or wind up a stakeholder pension scheme;14a firm with permission to establish, operate or wind up a personal pension scheme or a stakeholder pension scheme;14

(c)

a UCITS qualifier.

SUP 16.4 and SUP 16.52

All categories of firm except:

Entire sections

(-a)

a credit union;2

(a)

an ICVC;

(b)

an incoming EEA firm;

(c)

an incoming Treaty firm;

(d)

a non-directive friendly society;

(e)4

[deleted]4

(f)

a sole trader;

(g)

a service company;

(h)

a UCITS qualifier;8

8

(i)8

a firm with permission to carry on only retail investment activities;8

(j)8

a firm with permission to carry on only insurance mediation activity, home finance mediation activity,16 or both;8

16

(k)8

a firm falling within both (i) and (j)8

SUP 16.6

Bank, ELMI

SUP 16.6.4 R to SUP 16.6.5 R

Depositary of an ICVC

SUP 16.6.6 R to SUP 16.6.9 G

OPS firm

SUP 16.6.6 R to SUP 16.6.8 R

Trustee of an AUT

SUP 16.6.6 R to SUP 16.6.9 G

SUP 16.7

Bank, other than an EEA bank with permission for cross border services only.118

SUP 16.7.7 R to SUP 16.7.15 R18

Building society18

SUP 16.7.16 R to SUP 16.7.19 R18

Service company

SUP 16.7.20 R to SUP 16.7.21 R

UK ISPV15

SUP 16.7.21A R and SUP 16.7.21B R15

Securities and futures firm (other than an oil market participant to which IPRU(INV) 3 does not apply)

SUP 16.7.22 R to SUP 16.7.34 G

Investment management firm

SUP 16.7.35 R to SUP 16.7.41 R

Authorised professional firm (note)

SUP 16.7.54 Rand SUP 16.7.54A R12

Society of Lloyd's

SUP 16.7.55 R to SUP 16.7.56 R and SUP 16.7.59 R (1) and SUP 16.7.59 R (2)

Members' adviser

SUP 16.7.57 R to SUP 16.7.58 R, SUP 16.7.59 R (3), SUP 16.7.60 G and SUP 16.7.61 G17

Credit Union182

SUP 16.7.62 R to SUP 16.7.63 R182

ELMI

SUP 16.7.64 R to SUP 16.7.66 R

UCITS management company6

6SUP 16.7.67 R to SUP 16.7.72 R17

Member of a financial conglomerate1018

SUP 16.7.82 R to SUP 16.7.83 R1018

13Insurer Friendly society

SUP 16.7.73 RtoSUP 16.7.75 R

A firm not subject to other reporting requirements in SUP 16.7.1 G - SUP 16.7.75 R (nor to reporting requirements in IPRU(INS) or IPRU(FSOC)):81112

SUP 16.7.76 R to SUP 16.7.81 G8811

(1)8

with permission to carry on one or more of:8

(a)8

insurance mediation activity; or8

(b)8

home finance mediation activity;16 or8

16

(c)8

home finance providing activity;16 or8

16

(d)8

administering a home finance transaction;16 or8

16

(2)8

which is a personal investment firm811

SUP 16.8

Insurer with permission to effect or carry out life policies, unless it is a non-directive friendly society3

Entire section

3Firm with permission to establish, operate or wind up a personal pension scheme or a stakeholder pension scheme14

14

Entire section3

SUP 16.95

Firm with permission to advise on investments; arrange (bring about) deals in investments; make arrangements with a view to transactions in investments; or arrange safeguarding and administration of assets5

Entire section5

SUP 16.109

All categories of firm except:9

Entire section9

(a)9

an ICVC;9

(b)9

a UCITS qualifier; 21

(c)9

a credit union; and219

21(d)

a dormant account fund operator.

SUP 16.118

A firm, other than a managing agent, which is:8

Entire section8

(1)8

a home finance provider;16 or8

16

(2)8

an insurer; or8

(3)8

the operator of a regulated collective investment scheme or an investment trust savings scheme; or8

(4)8

a person who issues or manages the relevant assets of the issuer of a structured capital-at-risk product8.

17SUP 16.12

A firm undertaking the regulated activities as listed in SUP 16.12.4 R, unless exempted in SUP 16.12.1 G

Sections as relevant to regulated activities as listed in SUP 16.12.4 R

SUP 16.1.4GRP
(1) This chapter contains requirements to report to the FSA on a regular basis. These requirements include reports relating to a firm's financial condition, and to its compliance with other rules and requirements which apply to the firm. Where the relevant requirements are set out in another section of the Handbook, this chapter contains cross references. An example of this is financial reporting for insurers and friendly societies.(2) Where such requirements already apply to
APER 4.6.2ERP
In the opinion of the FSA, conduct of the type described in APER 4.6.3 E, APER 4.6.5 E, APER 4.6.6 E or APER 4.6.8 E does not comply with Statement of Principle 6 (APER 2.1.2 P).
APER 4.6.10ERP
In determining whether or not the conduct of an approved person performing a significant influence function under APER 4.6.5 E, APER 4.6.6 E and APER 4.6.8 E complies with Statement of Principle 6 (see APER 2.1.2 P), the following are factors which, in the opinion of the FSA, are to be taken into account:(1) the competence, knowledge or seniority of the delegate; and (2) the past performance and record of the delegate.
APER 4.6.11GRP
An approved person performing a significant influence function will not always manage the business on a day-to-day basis himself. The extent to which he does so will depend on a number of factors, including the nature, scale and complexity of the business and his position within it. The larger and more complex the business, the greater the need for clear and effective delegation and reporting lines. The FSA will look to the approved person performing a significant influence function
APER 4.6.13GRP
(1) An approved person performing a significant influence function may delegate the investigation, resolution or management of an issue or authority for dealing with a part of the business to individuals who report to him or to others.(2) The approved person performing a significant influence function should have reasonable grounds for believing that the delegate has the competence, knowledge, skill and time to deal with the issue. For instance, if the compliance department only