Related provisions for PERG 6.7.11
Table: list of general guidance to be found in PERG.
Chapter: |
Applicable to: |
About: |
Authorisation and regulated activities |
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Guidance on the scope of the Electronic Money Regulations8 88 |
a person who needs to know
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Regulated activities connected with mortgages |
any person who needs to know whether the activities he conducts in relation to mortgages are subject to FSA regulation. This is likely to include:
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the scope of relevant orders (in particular, the Regulated Activities Order) as respects activities concerned with mortgages |
Insurance mediation activities |
any person who needs to know whether he carries on insurance mediation activities and is, thereby, subject to FSA regulation. This is likely to include:
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the scope of relevant orders (in particular, the Regulated Activities Order) as respects activities concerned with the sale or administration of insurance |
Identification of contracts of insurance |
any person who needs to know whether a contract with which he is involved is a contract of insurance |
the general principles and range of specific factors that the FSA regards as relevant in deciding whether any arrangement is a contract of insurance |
Periodical publications, news services and broadcasts: application for certification |
any person who needs to know whether he will be regulated for providing advice about investments through the medium of a periodical publication, a broadcast or a news service |
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Financial promotion and related activities |
any person who needs to know
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Meaning of open-ended investment company |
any person who needs to know whether a body corporate is an open-ended investment company as defined in section 236 of the Act (Open-ended investment companies) and is therefore a collective investment scheme. |
the circumstances in which a body corporate will be an open-ended investment company |
Activities related to pension schemes |
Any person who needs to know whether his activities in relation to pension schemes will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make.1 1 |
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Property investment clubs and land investment schemes |
Any person who needs to know whether his activities in relation to property investment clubs and land investment schemes will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make. |
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Running or advising on personal pension schemes |
any person who needs to know whether his activities in relation to establishing, running, advising on or marketing personal pension schemes will amount to regulated activities |
the regulated activities that arise in connection with establishing, running, advising on or marketing personal pension schemes and any exclusions that may be relevant |
Guidance on the scope of the Markets in Financial Instruments Directive and the recast Capital Adequacy Directive 5 |
Any UK person who needs to know whether MiFID or the recast CADas implemented in the UK apply to him5 |
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Home reversion,7 home finance and regulated sale and rent back 7activities 7 |
Any person who needs to know whether his activities in relation to home reversion plans,7home purchase plans or regulated sale and rent back agreements7will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make. 7 |
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6PERG 15: Guidance on the scope of the Payment Services Regulations 2009 |
Any person with an establishment in the UK who needs to know whether the Payment Services Directive, as transposed in UK legislation by the Payment Services Regulations 2009, applies to him. Q46 applies specifically to persons providing payment services from an establishment outside the EEA to persons located in the UK. |
the scope of the PSD Regulations 2009. |
Explanatory table: This table belongs to COLL 6.2.2 G (4) (Purpose).
Correction of box management errors |
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1 |
Controls by authorised fund managers |
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An authorised fund manager needs to be able to demonstrate that it has effective controls over: |
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(1) |
its calculations of what units are owned by it (its 'box'); and |
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(2) |
compliance with COLL 6.2.8 R which is intended to prevent a negative box. |
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2 |
Controls by depositaries |
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(1) |
Under COLL 6.6.4 (General duties of the depositary), a depositary should take reasonable care to ensure that a scheme2 is managed in accordance with COLL 6.2 (Dealing) and COLL 6.3 (Pricing and valuation). |
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(2) |
A depositary should therefore make a regular assessment of the authorised fund manager's box management procedures (including supporting systems) and controls. This should include reviewing the authorised fund manager's controls and procedures when the depositary assumes office, on any significant change and on a regular basis, to ensure that a series of otherwise minor changes do not have a cumulative and a significant effect on the accuracy of the controls and procedures. |
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3 |
Recording and reporting of box management errors |
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(1) |
An authorised fund manager should record all errors which result in a breach of COLL 6.2.8 R (Controls over the issue and cancellation of units) and as soon as an error is discovered, the authorised fund manager should report the fact to the depositary, together with details of the action taken, or to be taken, to avoid repetition of the error. |
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(2) |
A depositary should report material box management errors to the FSA immediately. Materiality should be determined by taking into account a number of factors including:
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(3) |
A depositary should also make a return to the FSA (in the manner prescribed by SUP 16.6.8 R) on a quarterly basis. |