Related provisions for MCOB 13.3.4C

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REC 4.1.2GRP
This chapter sets out the FSA's approach to the supervision of recognised bodies and contains guidance on: (1) the arrangements for investigating complaints about recognised bodies made under section 299 of the Act (Complaints about recognised bodies) (REC 4.4); (2) the FSA's approach to the exercise of its powers under:(a) section 296 of the Act (FSA's power to give directions) to give directions to recognised bodies (REC 4.6);(b) section 297 of the Act (Revoking recognition)
REC 4.1.3GRP
The FSA's general approach to supervision is intended to ensure that:(1) the FSA has sufficient assurance that recognised bodies continue at all times to satisfy the recognition requirements and other obligations imposed by or under the Act and UK RIEs continue at all times to satisfy the MiFID implementing requirements1; and(2) the FSA's supervisory resources are allocated, and supervisory effort is applied, in ways which reflect the actual risks to the regulatory objectives.
REC 4.1.4GRP
In applying these principles of risk based supervision to the supervision of recognised bodies, the FSA has had particular regard to the special position of recognised bodies under the Act as well as to its general duties set out in section 2 of the Act (The FSA'sgeneral duties).
REC 2.5A.3GRP
The guidance in this section concerns the effect of PIDA in the context of the relationship between UK recognised bodies and the FSA. It is not comprehensive guidance on PIDA itself.
REC 2.5A.6GRP
(1) UK recognised bodies are encouraged to consider adopting appropriate internal procedures which will encourage their workers with concerns to blow the whistle internally about matters which are relevant to the functions of the FSA.(2) In considering appropriate internal procedures, UK recognised bodiesmay find the guidance provided to firms in SYSC 18.2.2 G (2) and SYSC 18.2.2 G (3)1 helpful.1
REC 2.5A.7GRP
In determining whether a UK recognised body is a fit and proper person, the FSA may have regard to any relevant factor including, but not limited to, how the UK recognised body and key individuals have complied with any relevant law (see REC 2.4.3 G (9)).
LR 1.4.1RRP
(1) If it appears to the FSA that there is, or there may be, a breach of the listing rules or the disclosure rules and transparency rules4 by an issuer with a premium listing4, the FSA may in writing require the issuer to appoint a sponsor to advise the issuer on the application of the listing rules, the disclosure rules and the transparency rules4.4(2) If required to do so under (1), an issuer must, as soon as practicable, appoint a sponsor to advise it on the application of
LR 1.4.3RRP
A listed overseas company must, if required to do so by the FSA, provide the FSA with a letter from an independent legal adviser explaining why compliance with a requirement referred to in LR 1.4.2 R is contrary to the law in its country of incorporation.
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.
MIPRU 2.2.2RRP
The firm may allocate the responsibility for its insurance mediation activity to an approved person (or persons) performing:(1) a governing function (other than the non-executive director function); or(2) the apportionment and oversight function; or(3) the significant management function in so far as it relates to dealing in investments as principal, disregarding article 15 of the Regulated Activities Order (Absence of holding out etc) (or agreeing to do so) or an activity which
MIPRU 2.2.3GRP
(1) Typically a firm3 will appoint a person performing a governing function (other than the non-executive director function) to direct its insurance mediation activity. Where this responsibility is allocated to a person performing another function, the person performing the apportionment and oversight function with responsibility for the apportionment of responsibilities must ensure that the firm'sinsurance mediation activity is appropriately allocated.3(2) The descriptions of
MIPRU 2.2.5GRP
The FSA will specify in the FSA Register the name of the persons to whom the responsibility for the firm'sinsurance mediation activity has been allocated. by inserting after the relevant controlled function the words "(insurance mediation)". In the case of a sole trader, the FSA will specify in the FSA Register the name of the sole trader as the 'contact person' in the firm.
LR 4.2.1GRP
Section 80 (1) of the Act (general duty of disclosure in listing particulars) requires listing particulars submitted to the FSA to contain all such information as investors and their professional advisers would reasonably require, and reasonably expect to find there, for the purpose of making an informed assessment of:(1) the assets and liabilities, financial position, profits and losses, and prospects of the issuer of the securities; and(2) the rights attaching to the securi
LR 4.2.5GRP
For all other issues the FSA would expect issuers to follow the most appropriate schedules and building blocks in the PD Regulation to determine the minimum information to be included in listing particulars.
LR 4.2.9GRP
Under section 82 of the Act (exemptions from disclosure) the FSA may authorise the omission from listing particulars of information on specified grounds.
LR 4.2.10RRP
A request to the FSA to authorise the omission of specific information in a particular case must:(1) be in writing from the issuer;(2) identify the specific information concerned and the specific reasons for the omission; and(3) state why in the issuer's opinion one or more of the grounds in section 82 of the Act applies.
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.
LR 13.1.7GRP
4The FSA may authorise the omission of information required by LR 13.3 to LR 13.6, LR 13.8 and LR 13 Annex 1, if it considers that disclosure of that information would be contrary to the public interest or seriously detrimental to the listed company, provided that that omission would not be likely to mislead the public with regard to facts and circumstances, knowledge of which is essential for the assessment of the matter covered by the circular.
LR 13.1.8RRP
4A request to the FSA to authorise the omission of specific information in a particular case must:(1) be made in writing by the listed company;(2) identify the specific information concerned and the specific reasons for the omission; and(3) state why in the listed company's opinion one or more grounds in LR 13.1.7 G apply.
SUP 2.2.3GRP
The FSA would not normally seek to gather information using the methods described in SUP 2.3 or SUP 2.4 in a situation where the FSA could not have obtained it under the powers in Part XI of the Act (Information Gathering and Investigations). In particular, the limitations in the following sections of the Act are relevant to this chapter:(1) section 175(5) (Information and documents: supplementary powers) under which no person may be required under Part XI of the Act (Information
SUP 2.2.4GRP
When the FSA obtains confidential information using the methods of information gathering described in SUP 2.3 or SUP 2.4, it is obliged under Part XXIII of the Act (Public Record, Disclosure of Information and Co-operation) to treat that information as confidential. The FSA will not disclose confidential information without lawful authority, for example if an exception applies under the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations
SUP 2.2.5GRP
Information obtained by the FSA using the methods described in SUP 2.3 and SUP 2.4 is admissible in evidence in any proceedings, so long as it complies with any requirements governing the admissibility of evidence in the circumstances in question.
REC 2.15.3GRP
In determining whether a UK recognised body has effective arrangements for monitoring and enforcing compliance with its rules (and, in the case of a UK RIE, its settlement arrangements), the FSA may have regard to:(1) the UK recognised body's ability to:(a) monitor and oversee the use of its facilities;(b) assess its members' compliance with its rules (and settlement arrangements, where appropriate);(c) assess the significance of any non-compliance;(d) take appropriate disciplinary
REC 2.15.4GRP
In assessing whether the procedures made by a UK recognised body to investigate complaints about the users of its facilities are satisfactory, the FSA may have regard to: (1) whether these procedures include arrangements which enable the UK recognised body to:(a) acknowledge complaints promptly;(b) consider and investigate these complaints objectively, promptly and thoroughly; (c) provide a timely reply to the complainant; and(d) keep adequate records of complaints and investigations;(2)
REC 2.15.5GRP
In assessing whether the arrangements include procedures for the fair, independent and impartial resolution of appeals against decisions of a UK recognised body, the FSA may have regard to at least the following factors: (1) the appeal procedures of the UK recognised body, including the composition and roles of any appeal committees or tribunals, and their relationship to the governing body; (2) the arrangements made to ensure prompt hearings of appeals from decisions made by
REC 2.15.6GRP
In assessing whether a UK recognised body's arrangements include appropriate provision for ensuring the application of any financial penalties in ways described in the recognition requirement, the FSA may have regard to: (1) the UK recognised body's policy regarding the application of financial penalties; (2) the arrangements made for applying that policy in individual cases; but the FSA does not consider that it is necessary for UK recognised bodies to follow any specific policy
MCOB 13.3.4DGRP
3In the FSA's view, in order to comply with Principle 6, firms should not agree to capitalise a payment shortfall save where no other option is realistically available to assist the customer.
MCOB 13.3.6GRP
In relation to adopting a reasonable approach to the time over which the payment shortfall or sale shortfall should be repaid,1the FSA takes the view that the determination of a reasonable repayment period will depend upon the individual circumstances. In appropriate cases this will mean that repayments are arranged over the remaining term. 11
MCOB 13.3.8GRP
Firms that propose to outsource aspects of customer relationships (including collection of debts or any other sums due1) should note that and SYSC 8,2 a firm cannot contract out its regulatory obligations and1 the FSA will continue to hold them responsible for the way in which this work is carried on.11
PR 5.6.3GRP
Under sections 87K and 87L of the Act, the FSA has various powers including powers to prohibit or suspend an offer and to prohibit or suspend an advertisement. The FSA will use these powers if it is necessary to protect investors or the smooth operation of the market is, or may be, jeopardised.
PR 5.6.5GRP
1To comply with paragraph 130 of the CESR recommendations, the FSA would expect a valuation report for a property company to be in accordance with either:1(1) the Appraisal and Valuation Standards (5th edition) issued by the Royal Institution of Chartered Surveyors; or(2) the International Valuation Standards (7th edition) issued by the International Valuation Standards Committee.
PR 5.6.6GRP
1To comply with paragraph 2.7 of Annex XV of the PD Regulation, the FSA would also expect a valuation report for a property collective investment undertaking to comply with a relevant standard set out in PR 5.6.5 G.
LR 3.5.4RRP
1An applicant applying for admission to listing by way of a block listing must submit in final form, at least two business days before the FSA is to consider the application, a completed Application for Admission of Securities to the Official List. An application in respect of multiple schemes must identify the schemes but need not set out separate block listing amounts for each scheme.1Note: The Application for Admission of Securities to the Official List form can be found on
LR 3.5.5RRP
(1) An applicant applying for admission to listing by way of a block listing must notify an RIS of the number and type of securities that are the subject of the block listing application and the circumstances of their issue.(2) The notification in paragraph (1) must be made by 9 a.m. on the day the FSA is to consider the application.
LR 3.5.6RRP
Every six months the applicant must notify a RIS of the details of the number of securities covered by the block listing which have been allotted in the previous six months, using the Block Listing Six Monthly Return.1Note: A copy of the Block Listing Six Monthly Return can be found on the UKLA section of the FSA website.
REC 4.6.1GRP
Under section 296 of the Act (FSA's power to give directions), the FSA has the power to give directions to a recognised body to take specified steps 1in order to secure its compliance with the recognition requirements or other obligations in or under the Act or, in the case of a UK RIE, the MiFID implementing requirements. In the case of a UK RIE those steps may include granting the FSA access to the UK RIE's premises for the purposes of inspecting those premises or any documents
REC 4.6.3GRP
The FSA is likely to exercise its power under section 296 of the Act if it considers that:(1) there has been, or was likely to be, a failure to satisfy the recognition requirements or there has been a failure to comply with any other obligation in or under the Act or, in the case of a UK RIE, the MiFID implementing requirements1which has serious consequences; (2) compliance with the direction would ensure that the recognition requirements, or other obligation in or under the Act
REC 4.6.4GRP
Under section 298(7) of the Act (Directions and revocation: procedure), the FSA need not follow the consultation procedure set out in the rest of section 298 (see REC 4.8), or may cut short that procedure, if it considers it essential to do so. The FSA is likely to consider it essential to cut short the procedure if, in the absence of immediate action, there would be:(1) a serious risk of substantial losses to investors, particularly retail clients1; or1(2) a serious threat to
FEES 5.1.1RRP
116Rules and guidance made by the FSA in this chapter apply to every firm which is subject to the Compulsory Jurisdiction.718718
FEES 5.1.1-AGRP
718Whilst no rule made by the FSA in this chapter applies to licensees subject to the Consumer Credit Jurisdiction or to VJ participants, some of the guidance may do. The application of rules made by the FOS Ltd in this chapter is set out in FEES 5.5A and described in FEES 5.1.2 AG.
FEES 5.1.2GRP
The rules set out in the table under FEES 5.1.2 AG are made by the FOS Ltd. All other FEES 5 rules are made by the FSA.718718
FEES 5.1.7GRP
The purpose of this chapter is to set out the requirements on firms to pay annual fees (through a general levy invoiced and collected by the FSA on behalf of FOS Ltd) and case fees (invoiced and collected directly by FOS Ltd) in order to fund the operation of the Financial Ombudsman Service.This Chapter4 also provides for unauthorised persons to pay case fees to FOS Ltd in respect of any relevant complaints which it handles.44
DEPP 6.5A.1GRP
(1) 1The FSAwill seek to deprive a firm of the financial benefit derived directly from the breach (which may include the profit made or loss avoided) where it is practicable to quantify this. The FSA will ordinarily also charge interest on the benefit.(2) Where the success of a firm’s entire business model is dependent on breaching FSA rules or other requirements of the regulatory system and the breach is at the core of the firm’s regulated activities, the FSA will seek to deprive
DEPP 6.5A.2GRP
(1) The FSA will determine a figure that reflects the seriousness of the breach. In many cases, the amount of revenue generated by a firm from a particular product line or business area is indicative of the harm or potential harm that its breach may cause, and in such cases the FSA will determine a figure which will be based on a percentage of the firm’s revenue from the relevant products or business areas. The FSA also believes that the amount of revenue generated by a firm from
DEPP 6.5A.3GRP
(1) The FSA may increase or decrease the amount of the financial penalty arrived at after Step 2, but not including any amount to be disgorged as set out in Step 1, to take into account factors which aggravate or mitigate the breach. Any such adjustments will be made by way of a percentage adjustment to the figure determined at Step 2.(2) The following list of factors may have the effect of aggravating or mitigating the breach:(a) the conduct of the firm in bringing (or failing
DEPP 6.5A.4GRP
(1) If the FSA considers the figure arrived at after Step 3 is insufficient to deter the firm who committed the breach, or others, from committing further or similar breaches then the FSA may increase the penalty. Circumstances where the FSA may do this include:(a) where the FSA considers the absolute value of the penalty too small in relation to the breach to meet its objective of credible deterrence;(b) where previous FSA action in respect of similar breaches has failed to improve
DEPP 6.5A.5GRP
The FSA and the firm on whom a penalty is to be imposed may seek to agree the amount of any financial penalty and other terms. In recognition of the benefits of such agreements, DEPP 6.7 provides that the amount of the financial penalty which might otherwise have been payable will be reduced to reflect the stage at which the FSA and the firm concerned reached an agreement. The settlement discount does not apply to the disgorgement of any benefit calculated at Step 1.
SUP App 3.6.7GRP
In respect of banking services, the European Commission believes that "...to determine where the activity was carried on, the place of provision of what may be termed the 'characteristic performance' of the service i.e. the essential supply for which payment is due, must be determined" (Commission interpretative communication: Freedom to provide services and the interests of the general good in the Second Banking Directive (97/C 209/04)). In the FSA's view , this requires consideration
SUP App 3.6.8GRP
The FSA is of the opinion that UK firms that are credit institutions and MiFID investment firms2 should apply the 'characteristic performance' test (as referred to in SUP App 3.6.7 G) when considering whether prior notification is required for services business. Firms should note that other EEA States may take a different view. Some EEA States may apply a solicitation test. This is a test as to whether it is the consumer or the provider that initiates the business relationshi
SUP App 3.6.15GRP
The FSA considers that, in order to comply with Principle 3:Management and control (see PRIN 2.1.1 R), a firm should have appropriate procedures to monitor the nature of the services provided to its customers. Where a UK firm has non-resident customers but has not notified the EEA State in which the customers are resident that it wishes to exercise its freedom to provide services, the FSA would expect the firm's systems to include appropriate controls. Such controls would include
SUP App 3.6.27GRP
Firms should note that, in circumstances where the FSA takes the view that a notification would not be required, other EEA States may take a different view.
PR 4.1.3RRP
(1) If an offer is made, or admission to trading is sought, in one or more EEA States excluding the United Kingdom and the United Kingdom is the Home State, the prospectus must be drawn up in a language accepted by the competent authorities of those EEA States or in a language customary in the sphere of international finance, at the choice of the issuer, offeror or person requesting admission (as the case may be). [ Note: article 19.2 PD ](2) For the purpose of the scrutiny by
PR 4.1.5GRP
English is a language accepted by the FSA where the United Kingdom is a Home State or Host State.
PR 4.1.5AGRP
2The FSA will consider a language to be customary in the sphere of international finance if documents in that language are accepted for scrutiny and filing in at least three international capital markets in each of the following:(1) Europe;(2) Asia; and(3) the Americas.
PR 3.2.1RRP
After a prospectus is approved by the FSA, it must be filed with the FSA and made available to the public. [ Note: articles 14.1 and 16.1 of PD ]
PR 3.2.5RRP
The text and the format of the prospectus made available to the public, must at all times be identical to the original version approved by the FSA. [Note: article 14.6 PD]
PR 3.2.7GRP
The FSA will publish on its website, a list of prospectuses approved over the previous 12 months. The list will specify how a prospectus is made available and where it can be obtained, including, if applicable, a hyperlink to the prospectus published on the issuer's or regulated market's website. [ Note: article 14.4 PD ]
COLL 2.1.3GRP
(1) This chapter sets out the requirements that a person must follow in applying for an authorisation order for a scheme under regulation 12 of the OEIC Regulations (Applications for authorisation) or section 242 of the Act (Applications for authorisation of unit trust schemes).(2) COLLG 3 (The FSA's responsibilities under the Act) and COLLG 4 (The FSA's responsibilities under the OEIC Regulations) provide more information on what the Act and the OEIC Regulations require in
COLL 2.1.4DRP
An application for an authorisation order in respect of an authorised fund must be:(1) in writing in the manner directed and contain the information required in the application form available from the FSA;(2) addressed for the attention of a member of FSA staff responsible for collective investment scheme authorisation matters; and(3) delivered to the FSA's address by one of the following methods:(a) posting; or(b) leaving it at the FSA's address and obtaining a time-stamped receipt;
COLL 2.1.5GRP
1An EEA UCITS management company that proposes to act as the manager of an AUT or the ACD of an ICVC that is a UCITS scheme, should be aware that it is required under paragraph 15A(1) of Schedule 3 to the Act to apply to the FSA for approval to do so. The form that the firm must use for this purpose is set out in SUP 13A Annex 3 R (EEA UCITS management companies: application for approval to manage a UCITS scheme established in the United Kingdom). In addition, those firms are
LR 7.2.1RRP

The Listing Principles are as follows:

Principle 1

A listed company must take reasonable steps to enable its directors to understand their responsibilities and obligations as directors.

Principle 2

A listed company must take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations.

Principle 3

A listed company must act with integrity towards holders and potential holders of its listedequity shares.2

2

Principle 4

A listed company must communicate information to holders and potential holders of its listedequity shares2 in such a way as to avoid the creation or continuation of a false market in such listedequity shares.2

22

Principle 5

A listed company must ensure that it treats all holders of the same class of its listedequity shares2 that are in the same position equally in respect of the rights attaching to such listedequity shares.2

22

Principle 6

A listed company must deal with the FSA in an open and co-operative manner.

LR 7.2.2GRP
Principle 2 is intended to ensure that listed companies have adequate procedures, systems and controls to enable them to comply with their obligations under the listing rules and disclosure rules and transparency rules. In particular, the FSA considers that listed companies should place particular emphasis on ensuring that they have adequate procedures, systems and controls in relation to:(1) identifying whether any obligations arise under LR 10 (Significant transactions) and