Related provisions for CREDS 2.2.17

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CREDS 2.2.4RRP
A credit union must establish, maintain and implement an up-to-date business plan approved by the committee of management and supply a copy on request to the FSA.
CREDS 2.2.14GRP
Under section 4(1) of, and Schedule 1 to, the Credit Unions Act 1979, a credit union is required to have a committee of management. The committee of management should be competent to control the affairs of a credit union, and have an appropriate range of skills and experience relevant to the activities carried on by the credit union.
CREDS 2.2.15GRP
In accordance with Statement of Principle 7 of the Statements of Principle for Approved Persons, it is the responsibility of each individual member of the committee of management to understand, and ensure that the credit union complies with, the requirements of all the relevant Acts, secondary legislation and rules.
CREDS 2.2.16GRP
(1) As the credit union'sgoverning body, the committee of management has responsibility for ensuring that the credit union complies with the requirements of SYSC 4.1.1 R (see CREDS 2.2.1 G and CREDS 2.2.2 G). So, the committee of management has overall responsibility for:(a) establishing objectives and formulating a business plan;(b) monitoring the financial position of the credit union;(c) determining and documenting policies and procedures;(d) directing and coordinating the
CREDS 2.2.20GRP
CREDS 2.2.8 R requires a credit union's system of control to be fully documented. The documentation helps the committee of management to assess if systems are maintained and controls are operating effectively. It also helps those reviewing the systems to verify that the controls in place are those that have been authorised, and that they are adequate for their purpose.
CREDS 2.2.21GRP
(1) The committee of management should decide what form this documentation should take, but the committee should have in mind the following points.(a) Documents should be comprehensive: they should cover all material aspects of the operations of the credit union.(b) Documents should be integrated: separate elements of the system should be cross-referred so that the system can be viewed as a whole.(c) Documents should identify risks and the controls established to manage those
CREDS 2.2.22GRP
Documentation should not be restricted to "lower level" controls applied in processing transactions, but should also cover "high level" controls including:(1) identifying those powers to be exercised only by the committee of management, and the powers delegated to others;(2) the purpose, composition and reporting lines of sub-committees, and senior managers to whom responsibilities are delegated;(3) the specific roles and responsibilities of individual officers;(4) the timing,
CREDS 2.2.26GRP
The main reasons why a credit union should maintain adequate accounting and other records are:(1) to provide the committee of management with adequate financial and other information to enable it to conduct its business in a prudent manner on a day-to-day basis;(2) to safeguard the assets of the credit union and the interests of members and persons too young to be members; (3) to assist officers of the credit union to fulfil their regulatory and statutory duties in relation to
CREDS 2.2.29GRP
(1) Depending on the nature, scale and complexity of its business, it may be appropriate for a credit union to have a separate compliance function.(2) The organisation and responsibilities of a compliance function should be documented.(3) A compliance function should be staffed by an appropriate number of competent staff who are sufficiently independent to perform their duties objectively. It should be adequately resourced and should have unrestricted access to the credit union's
CREDS 2.2.35GRP
In forming a view on whether the management information system is sufficiently comprehensive, the committee of management should consider whether, where relevant, the substance of reports provides a clear statement of:(1) the capital position;(2) the liquidity position;(3) profits and losses, assets and liabilities, and flow of funds;(4) loans, arrears, and provisions.
CREDS 2.2.43GRP
The purposes of an internal audit are:(1) to ensure that the policies and procedures of the credit union are followed;(2) to provide the committee of management with a continuous appraisal of the overall effectiveness of the control systems, including proposed changes;(3) to recommend improvements where desirable or necessary;(4) to determine whether the internal controls established by the committee of management are being maintained properly and operated as laid down in the
CREDS 2.2.45GRP
The internal audit work programme should include items such as:(1) verification of cash (counting and reconciliation) without prior notification;(2) bank reconciliation (checking records against bank statements);(3) verification of passbooks or account statements;(4) checking for compliance with policies and procedures;(5) checking for compliance with relevant Acts, secondary legislation and rules;(6) checking minutes and reports of the committee of management and other sub-committees
CREDS 2.2.46GRP
The key elements of a satisfactory system of internal audit include the following:(1) Terms of reference. These should be specified with precision and include, amongst other things, scope and objectives of the audit committee and the internal audit function (see CREDS 2.2.11G), access to records, powers to obtain information and explanations for officers, and reporting requirements. These should be approved by the committee of management.(2) Risk analysis. Key risks in each area
CREDS 2.2.48GRP
The committee of management should be satisfied that the status and reporting relationship of the chairman of the audit committee is sufficient to maintain the independence and objectivity of the function.
CREDS 2.2.50GRP
The committee of management should be satisfied that the internal audit function (see CREDS 2.2.11 G) is being properly carried out. In order to review the overall effectiveness of the internal audit function it should consider the following:(1) the adequacy and scope of planning;(2) the adequacy and scope of work performed in relation to the plans and programmes;(3) the regularity and level of reporting on matters arising from the inspections;(4) the disposal of points and recommendations
CREDS 2.2.54GRP
The committee of management should have a satisfactory planning system to provide a framework for growth and development of the credit union, and to enable it to identify, measure, manage and control risks of regulatory concern.
CREDS 2.2.58GRP
The committee of management should consider the range of possible outcomes in relation to various risks. These risks are increased when a credit union provides ancillary services such as issuing and administering means of payment and money transmission, which result, in particular, in higher liquidity and operational risks.
BIPRU 12.3.1GRP
The approach taken in BIPRU 12.3 is to set out:(1) overarching systems and controls provisions in relation to a firm's management of its liquidity risk;(2) provisions outlining the responsibilities of that firm'sgoverning body and senior managers for the oversight of liquidity risk;(3) more detailed provisions covering a number of specific areas, including:(a) pricing liquidity risk;(b) intra-day management of liquidity;(c) management of collateral;(d) management of liquidity
BIPRU 12.3.5RRP
The strategies, policies, processes and systems referred to in BIPRU 12.3.4 R must be proportionate to the complexity, risk profile and scope of operation of the firm, and the liquidity risk tolerance set by the firm'sgoverning body in accordance with BIPRU 12.3.8 R, and must reflect the firm's importance in each EEA State, in which it carries on business2.[Note: annex V paragraph 14a of the Banking Consolidation Directive]2
BIPRU 12.3.6ERP
(1) 2[deleted]2(2) 2[deleted]2(3) A firm should ensure that its strategies, policies, processes and systems in relation to liquidity risk enable it to identify, measure, manage and monitor its liquidity risk positions for:(a) all sources of contingent liquidity demand (including those arising from off-balance sheet activities);(b) all currencies in which that firm is active; and(c) correspondent, custody and settlement activities.(4) 2[deleted]2(5) A firm should ensure that it
BIPRU 12.3.8RRP
A firm must ensure that:(1) its governing body establishes that firm'sliquidity risk tolerance and that this is appropriately documented;2(2) its liquidity risk tolerance is appropriate for its business strategy and reflects its financial condition and funding capacity; and2(3) its liquidity risk tolerance is communicated to all relevant business lines.2[Note: annex V paragraph 14a of the Banking Consolidation Directive]2
BIPRU 12.3.9GRP
As part of the SLRP, the FSA will assess the appropriateness of the liquidity risk tolerance adopted by an ILAS BIPRU firm to ensure that this risk tolerance is consistent with maintenance by the firm of adequate liquidity resources for the purpose of the overall liquidity adequacy rule. The FSA will expect a firm to provide it with an adequately reasoned explanation for the level of liquidity risk which that firm'sgoverning body has decided it should assume. In assessing the
BIPRU 12.3.10RRP
A firm must ensure that its governing body approves the firm's strategies, policies, processes and systems relating to the management of liquidity risk, including those described in BIPRU 12.3.4R.
BIPRU 12.3.11RRP
A firm must ensure that its governing body reviews regularly (and not less frequently than annually):(1) the continued adequacy of any strategies, policies, processes and systems approved in accordance with BIPRU 12.3.10R; and(2) the firm'sliquidity risk tolerance.
BIPRU 12.3.12RRP
A firm must ensure that its senior managers:(1) continuously review that firm's liquidity position, including its compliance with the overall liquidity adequacy rule; and(2) report to its governing body on a regular basis adequate information as to that firm's liquidity position and its compliance with the overall liquidity adequacy rule and with BIPRU 12.3.4R.
BIPRU 12.3.13GRP
Although a firm'ssenior managers are likely to develop strategies, policies and practices for the management of that firm'sliquidity risk, it is the responsibility of a firm'sgoverning body to approve those strategies, policies and practices as adequate. In determining the adequacy of those strategies, policies and practices, a firm'sgoverning body should have regard to that firm'sliquidity risk tolerance established in accordance with BIPRU 12.3.8R.
BIPRU 12.3.30RRP
A firm must ensure that its governing body:(1) is aware of the composition, characteristics and degree of diversification of its assets and funding sources; and(2) regularly reviews its funding strategy in the light of any changes in the environment in which it operates.
COBS 20.2.5RRP
(1) Unless a firm cannot reasonably compare a maturity payment with a calculated asset share, it must:(a) set a target range for the maturity payments that it will make on:(i) all of its with-profits policies; or(ii) each group of its with-profits policies;(b) ensure that each target range:(i) is expressed as a percentage of unsmoothed asset share; and(ii) includes 100% of unsmoothed asset share; and(c) manage its with-profits business, and the business of each with-profit fund,
COBS 20.2.8RRP
A firm may make deductions from asset share to meet the cost of guarantees, or the cost of capital, only under a plan approved by its governing body and described in its PPFM. A firm must ensure that any deductions are proportionate to the costs they are intended to offset.
COBS 20.2.13RRP
A firm may then make a deduction from unsmoothed asset share if necessary, in the reasonable opinion of the firm'sgoverning body, to protect the interests of the firm's remaining with-profits policyholders.
COBS 20.2.21RRP
At least once a year (or, in the case of a non-directive friendly society, at least once in every three years), a firm'sgoverning body must determine whether the firm'swith-profits fund, or any of the firm'swith-profits fund, has an excess surplus.
COBS 20.2.25ARRP
A mutual may pay compensation or redress due to a policyholder, or formerpolicyholder, from a with-profits fund, but may only pay from assets that would otherwise be attributable to asset shares if, in the reasonable opinion of the firm'sgoverning body, the compensation or redress cannot be paid from any other assets in the with-profits fund. 1
COBS 20.2.28RRP
If a firm proposes to effect new contracts of insurance in an existing with-profits fund, it must only do so on terms that are, in the reasonable opinion of the firm'sgoverning body, unlikely to have a material adverse effect on the interests of its existing with-profits policyholders.
COBS 20.2.36RRP
If a proprietary firm is considering using with-profits assets to finance the purchase of another business, directly or by or through a connected person, or if a firm is considering whether it should retain such an investment, it should consider whether the purchase or retention would be, or will remain, fair to its with-profits policyholders. When a firm makes that assessment it should consider whether it would be more appropriate for the investment to be made using assets other
COBS 20.2.39RRP
A firm must not enter into a material transaction relating to a with-profits fund unless, in the reasonable opinion of the firm'sgoverning body, the transaction is unlikely to have a material adverse effect on the interests of that fund's existing with-profits policyholders.
COBS 20.2.54RRP
A firm will be taken to have ceased to effect new contracts of insurance in a with-profits fund:(1) when any decision by the governing body to cease to effect new contracts of insurance takes effect; or(2) where no such decision is made, when the firm is no longer:(a) actively seeking to effect new contracts of insurance in that fund; or(b) effecting new contracts of insurance in that fund, except by increment.
COBS 20.2.56RRP
The run-off plan required by this section must:(1) demonstrate how the firm will ensure a fair distribution of the closed with-profits fund, and its inherited estate (if any); and(2) be approved by the firm'sgoverning body.
SYSC 21.1.2GRP
(1) A Chief Risk Officer should:(a) be accountable to the firm'sgoverning body for oversight of firm-wide risk management;(b) be fully independent of a firm's individual business units;(c) have sufficient authority, stature and resources for the effective execution of his responsibilities; (d) have unfettered access to any parts of the firm's business capable of having an impact on the firm's risk profile; (e) ensure that the data used by the firm to assess its risks are fit for
SYSC 21.1.3GRP
(1) The Chief Risk Officer should be accountable to a firm'sgoverning body.(2) The FSA recognises that in addition to the Chief Risk Officers primary accountability to the governing body, an executive reporting line will be necessary for operational purposes. Accordingly, to the extent necessary for effective operational management, the Chief Risk Officer should report into a very senior executive level in the firm. In practice, the FSA expects this will be to the chief executive,
SYSC 21.1.4GRP
(1) Firms should ensure that a Chief Risk Officers remuneration is subject to approval by the firm'sgoverning body, or an appropriate sub-committee.(2) Firms should also ensure that the Chief Risk Officer may not be removed from that role without the approval of the firm'sgoverning body.
SYSC 21.1.5GRP
(1) The FSA considers that, while the firm'sgoverning body is ultimately responsible for risk governance throughout the business, firms should consider establishing a governing body risk committee to provide focused support and advice on risk governance.(2) Where a firm has established a governing body risk committee, its responsibilities will typically include:(a) providing advice to the firm'sgoverning body on risk strategy, including the oversight of current risk exposures
SYSC 21.1.6GRP
In carrying out their risk governance responsibilities, a firm'sgoverning body and governing body risk committee should have regard to any relevant advice from its audit committee or internal audit function concerning the effectiveness of its current control framework. In addition, they should remain alert to the possible need for expert advice and support on any risk issue, taking action to ensure that they receive such advice and support as may be necessary to meet their responsibilities
BIPRU 12.4.1RRP
In order to ensure compliance with the overall liquidity adequacy rule and with BIPRU 12.3.4R and BIPRU 12.4.-1 R, a firm must:(1) conduct on a regular basis appropriate stress tests so as to:(a) identify sources of potential liquidity strain;(b) ensure that current liquidity exposures continue to conform to the liquidity risk tolerance established by that firm'sgoverning body; and(c) identify the effects on that firm's assumptions about pricing; and(2) analyse the separate and
BIPRU 12.4.2RRP
In accordance with BIPRU 12.3.11R, BIPRU 12.4.-2 R and BIPRU 12.4.-1 R,2 a firm must ensure that its governing body reviews regularly the stresses and scenarios tested to ensure that their nature and severity remain appropriate and relevant to that firm.
BIPRU 12.4.3GRP
Consistent with BIPRU 12.3.5R, the FSA expects that the extent and frequency of such testing, as well as the degree of regularity of governing body review under BIPRU 12.4.2R, should be proportionate to the nature scale and complexity of a firm's activities, as well as to the size of its liquidity risk exposures. Consistent with the FSA's statutory objectives under the Act, in assessing the adequacy of a firm's stress testing arrangements (including their frequency and the regularity
BIPRU 12.4.8ERP
(1) A firm should ensure that the results of its stress tests are:(a) reviewed by its senior managers;(b) reported to that firm'sgoverning body, specifically highlighting any vulnerabilities identified and proposing appropriate remedial action;(c) reflected in the processes, strategies and systems established in accordance with BIPRU 12.3.4R;(d) used to develop effective contingency funding plans;(e) integrated into that firm's business planning process and day-to-day risk management;
BIPRU 12.4.11RRP
In order to deal with liquidity crises, a firm must have in place contingencyplans setting out adequate strategies and proper implementation measures in order to address possible liquidity shortfalls. Those plans must be regularly tested, updated on the basis of the outcome of the alternative scenarios set out in BIPRU 12.4.-1 R, and be reported to and approved by the firm'sgoverning body, so that internal policies and processes can be adjusted accordingly.22[Note: annex V paragraph
BIPRU 12.4.13RRP
A firm must ensure that its contingency funding plan:(1) outlines strategies, policies and plans to manage a range of stresses;(2) establishes a clear allocation of roles and clear lines of management responsibility;(3) is formally documented;(4) includes clear invocation and escalation procedures;(5) is regularly tested and updated to ensure that it remains operationally robust;(6) outlines how that firm will meet time-critical payments on an intra-day basis in circumstances
CASS 1A.3.1RRP
A firmCASS small firm1 must allocate to a director performing a significant influence function or a senior manager performing a significant influence function responsibility for:(1) oversight of the firm’s operational compliance with CASS;(2) reporting to the firm’sgoverning body in respect of that oversight; and(3) completing and submitting a CMAR to the FSA in accordance with SUP 16.14.
CASS 1A.3.1ARRP
1A CASS medium firm and a CASS large firm must allocate to a director or senior manager the function of:(1) oversight of the operational effectiveness of that firm’s systems and controls that are designed to achieve compliance with CASS;(2) reporting to the firm’sgoverning body in respect of that oversight; and(3) completing and submitting a CMAR to the FSA in accordance with SUP 16.14.
SUP 4.3.12ARRP
1A firm must take reasonable steps to ensure that an actuary who is to be, or has been, appointed under SUP 4.3.1 R:(1) does not perform the function of chairman or chief executive of the firm, or does not, if he is to perform the with-profits actuary function, become a member of the firm's governing body; and(2) does not perform any other function on behalf of the firm which could give rise to a significant conflict of interest.
SUP 4.3.12BGRP
1Both the actuarial function and the with-profits actuary function may be performed by employees of the firm or by external consultants, and performing other functions on behalf of the firm will not necessarily give rise to a significant conflict of interest. However, being a director, or a senior manager responsible, say, for sales or marketing in a firm (or for finance in a proprietary firm), is likely to give rise to a significant conflict of interest for an actuary performing
SUP 4.3.13RRP
An actuary appointed to perform the actuarial function must, in respect of those classes of the firm's long-term insurance business which are covered by his appointment1:1(1) advise the firm's management, at the level of seniority that is reasonably appropriate, on1 the risks the firm runs in1 so far as they may have a material impact on the firm's ability to meet liabilities to policyholders in respect of long-term insurance contracts as they fall due and on the capital needed
SUP 4.3.16ARRP
1An actuary appointed to perform the with-profits actuary function must:(1) advise the firm's management, at the level of seniority that is reasonably appropriate, on key aspects of the discretion to be exercised affecting those classes of the with-profits business of the firm in respect of which he has been appointed;(2) where the firm is a realistic basis life firm advise the firm's governing body as to whether the assumptions used to calculate the with-profits insurance component
SUP 4.3.17RRP
A firm must require and allow any actuary appointed to perform the with-profits actuary function1 to perform his duties and must1:11(1) keep him informed of the firm's business and other plans (including, where relevant, those of any related firm, to the extent it is aware of these);(2) provide him with sufficient resources (including his own time and access to the time of others);(3) hold such data and establish such systems as he reasonably requires;(4) request his advice about
SYSC 3.2.3GRP
(1) A firm'sgoverning body is likely to delegate many functions and tasks for the purpose of carrying out its business. When functions or tasks are delegated, either to employees or to appointed representatives or, where applicable, its tied agents8, appropriate safeguards should be put in place.(2) When there is delegation, a firm should assess whether the recipient is suitable to carry out the delegated function or task, taking into account the degree of responsibility involved.(3)
SYSC 3.2.6GGRP
5A firm should ensure that the systems and controls include:(1) appropriate training for its employees in relation to money laundering;(2) appropriate provision of information to its governing body and senior management, including a report at least annually by that firm'smoney laundering reporting officer (MLRO) on the operation and effectiveness of those systems and controls;(3) appropriate documentation of its risk management policies and risk profile in relation to money laundering,
SYSC 3.2.7GRP
(1) Depending on the nature, scale and complexity of its business, it may be appropriate for a firm to have a separate compliance function. The organisation and responsibilities of a compliance function should be documented. A compliance function should be staffed by an appropriate number of competent staff who are sufficiently independent to perform their duties objectively. It should be adequately resourced and should have unrestricted access to the firm's relevant records as
SYSC 3.2.10GRP
(1) Depending on the nature, scale and complexity of its business, it may be appropriate for a firm to have a separate risk assessment function responsible for assessing the risks that the firm faces and advising the governing body and senior managers on them.(2) The organisation and responsibilities of a risk assessment function should be documented. The function should be adequately resourced and staffed by an appropriate number of competent staff who are sufficiently independent
REC 3.4.3GRP
(1) Key individuals include the persons who, under the operational or managerial arrangements of the UK recognised body, are appointed to manage the departments responsible for carrying out its relevant functions, whether or not they are members of its governing body. A person appointed to carry out specific tasks, such as to conduct a particular investigation into a specific set of facts, would not usually be a key individual.(2) A key individual need not be an employee of a
REC 3.4.5RRP
Where the governing body of a UK recognised body delegates any of its functions (which relate to that UK recognised body'srelevant functions) to a standing committee, or appoints a standing committee to manage or oversee the carrying out of any of that UK recognised body'srelevant functions, that UK recognised body must immediately notify the FSA of that event and give the FSA the following information:(1) the names of the members of that standing committee; and(2) the terms of
REC 3.4.7GRP
(1) Standing committees include permanent committees with executive, supervisory, policy-making or rule-making responsibilities. Committees appointed for particular tasks or committees established for purely consultative or advisory purposes would not usually be considered to be standing committees.(2) Committees which include persons who are not members of the governing body can be standing committees.
BIPRU 4.3.9RRP
All material aspects of the rating and estimation processes must be approved by the firm'sgoverning body or a designated committee thereof and senior management. These parties must possess a general understanding of the firm'srating systems and detailed comprehension of its associated management reports.[Note: BCD Annex VII Part 4 point 124]
BIPRU 4.3.10GRP
(1) A firm'sgoverning body or designated committee may choose to approve only material aspects of the firm'srating systems and material changes to the firm'srating systems.(2) Where a firm'sgoverning body or designated committee chooses to approve only material aspects of the firm'srating systems and material changes to the firm'srating systems:(a) the firm'sgoverning body or designated committee should define the firm's overall approach to material aspects of rating and estimation
BIPRU 4.3.11RRP
Senior management must provide notice to the governing body or a designated committee thereof of material changes or exceptions from established policies that will materially impact the operations of the firm'srating systems.[Note:BCD Annex VII Part 4 point 125]
BIPRU 4.3.12GRP
Where the firm'srating systems are used on a unified basis for the parent undertaking and its subsidiary undertakings under BIPRU 4.2.3 R, and approval and reporting of the ratings systems are carried out at the group level, the governance requirements in BIPRU 4.3.9 R and BIPRU 4.3.11 R may be met if:(1) the subsidiary undertakings have delegated to the governing body or designated committee of the EEA parent institution or EEA parent financial holding company responsibility
SYSC 19A.3.13GRP
(1) A firm should be able to demonstrate that its decisions are consistent with an assessment of its financial condition and future prospects. In particular, practices by which remuneration is paid for potential future revenues whose timing and likelihood remain uncertain should be evaluated carefully and the governing body or remuneration committee (or both) should work closely with the firm's risk function in evaluating the incentives created by its remuneration system.(2) The
SYSC 19A.3.16RRP
A firm must ensure that the remuneration of the senior officers in risk management and compliance functions is directly overseen by the remuneration committee referred to in SYSC 19A.3.12 R, or, if such a committee has not been established, by the governing body in its supervisory function.[Note: Paragraph 23(f) of Annex V to the Banking Consolidation Directive]
SYSC 19A.3.23GRP
(1) This Remuneration Principle stresses the importance of risk adjustment in measuring performance, and the importance within that process of applying judgment and common sense. A firm should ask the risk management function to validate and assess risk-adjustment techniques, and to attend a meeting of the governing body or remuneration committee for this purpose.(2) A number of risk-adjustment techniques and measures are available, and a firm should choose those most appropriate
SYSC 19A.3.53GRP
(1) Variable remuneration may be justified, for example, to incentivise employees involved in new business ventures which could be loss-making in their early stages.(2) The governing body (or, where appropriate, the remuneration committee) should approve performance adjustment policies, including the triggers under which adjustment would take place. The FSA may ask firms to provide a copy of their policies and expects firms to make adequate records of material decisions to operate
SUP 4.2.3GRP
The functions3 described by SUP 4.2.2 G (1) are performed by one or more actuaries who are3 required to hold office continuously and must be approved persons3. The principal duty of an actuary appointed to perform these functions3 is to advise the firm (see SUP 4.3.13 R to SUP 4.3.18 G3 for the rights and duties of such an actuary3).333333
SUP 4.2.6GRP
3In making appointments under this chapter and in allocating duties to actuaries, firms are reminded of their obligation under SYSC 2.1.1 R to maintain a clear and appropriate apportionment of significant responsibilities so that it is clear who has which of those responsibilities and that the business and affairs of the firm can be adequately monitored and controlled by the directors, relevant senior managers and governing body of the firm.
SUP 11.8.1RRP
A firm must notify the FSA immediately it becomes aware of any of the following matters in respect of one or more of its controllers: (1) if a controller, or any entity subject to his control, is or has been the subject of any legal action or investigation which might put into question the integrity of the controller; (2) if there is a significant deterioration in the financial position of a controller; (3) if a corporate controller undergoes a substantial change or series of
SUP 11.8.3GRP
In respect of SUP 11.8.1 R (3), the FSA considers that, in particular, the removal or replacement of a majority of the members of a governing body (in a single event or a series of connected events) is a substantial change and should be notified.
BIPRU 2.2.7GRP
A firm should ensure that its ICAAP is:(1) the responsibility of the firm'sgoverning body;(2) reported to the firm'sgoverning body; and(3) forms an integral part of the firm's management process and decision-making culture.
BIPRU 2.2.26GRP
In relation to a firm whose activities are moderately complex, in carrying out its ICAAP, BIPRU 2.2.25 G (3) to (4) apply. In addition, it could:(1) having consulted the management in each major business line, prepare a comprehensive list of the major risks to which the business is exposed;(2) estimate, with the aid of historical data, where available, the range and distribution of possible losses which might arise from each of those risks and consider using shock stress tests
BIPRU 2.2.44GRP
If a firm's current available capital resources are less than the capital resources requirement indicated by the stress test that need not be a breach of BIPRU 2.2.41 R. The firm may wish to set out any countervailing effects and off-setting actions that can be demonstrated to the satisfaction of the FSA as being likely to reduce the difference referred to in the first sentence. The FSA is only likely to consider a demonstration of such actions as credible if those actions are
SUP 3.11.2RRP
1A firm must ensure that the final client assets report delivered to it in accordance with SUP 3.10.8A R or SUP 3.10.8DR (2) is reported to that firm'sgoverning body.
SUP 15.3.8GRP
Compliance with Principle 11 includes, but is not limited to, giving the FSA notice of:(1) any proposed restructuring, reorganisation or business expansion which could have a significant impact on the firm's risk profile or resources, including, but not limited to:(a) setting up a new undertaking within a firm'sgroup, or a new branch (whether in the United Kingdom or overseas); or (b) commencing the provision of cross border services into a new territory; or(c) commencing the
SUP 15.3.22DRP
3SUP 15.3.23 D to SUP 15.3.25 D are given in relation to the exercise of the powers of the Society and of the Council generally, with a view to achieving the objective of enabling the FSAto:(1) comply with its general duty under section 314 of the Act (Authority's general duty);(2) determine whether underwriting agents, or approved persons acting for them or on their behalf, are complying with the requirements imposed on them by or under the Act;(3) enforce the provisions of the
SYSC 2.1.1RRP
A firm must take reasonable care to maintain a clear and appropriate apportionment of significant responsibilities among its directors and senior managers in such a way that:(1) it is clear who has which of those responsibilities; and(2) the business and affairs of the firm can be adequately monitored and controlled by the directors, relevant senior managers and governing body of the firm.
BIPRU 1.2.25RRP
The reporting line in relation to the matters covered by BIPRU 1.2.21 R to BIPRU 1.2.24 R must ultimately be to an executive director on the firm'sgoverning body.[Note: CAD Annex VII Part B point 2 (last sentence)]
BIPRU 1.2.33GRP
The trading book policy statement may be prepared on either a consolidated or a solo (or solo-consolidated) basis. It should be prepared on a consolidated basis when a group either manages its trading risk centrally or employs the same risk management techniques in each group member. A trading book policy statement prepared on a consolidated basis should set out how it applies to each firm in the group and should be approved by each such firm'sgoverning body.