Related provisions for PERG 9.7.1
Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(a)
2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that - |
access to the [UK RIE's] facilities is subject to criteria designed to protect the orderly functioning of the market and the interests of investors and is in accordance with paragraph 7B; |
The Companies Act 1989: section 166
The FSA may issue a "positive" direction (to take action) under section 166(2)(a) of the Companies Act 1989: |
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Where in any case a [UK RIE] or [UK RCH] has not taken action under itsdefault rules- if it appears to [the FSA] that it could take action, [the FSA may direct it to do so, |
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but under section 166(3)(a) of the Companies Act 1989: |
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Before giving such a direction the [FSA] shall consult the [UK RIE] or [UK RCH] in question; and [the FSA] shall not give a direction unless [the FSA] is satisfied, in the light of that consultation that failure to take action would involve undue risk to investors or other participants in the market, |
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The FSA may issue a "negative" direction (not to take action) under section 166(2)(b) of the Companies Act 1989: |
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Where in any case a [UK RIE] or [UK RCH] has not taken action under its default rules - if it appears to the [FSA] that it is proposing to take or may take action, [the FSA] may direct it not to do so. |
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but under section 166(3)(b) of the Companies Act 1989: |
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Before giving such a direction the [FSA] shall consult the [UK RIE] or [UK RCH] in question; and the [FSA] shall not give a direction unless [the FSA] is satisfied, in the light of that consultation that the taking of action would be premature or otherwise undesirable in the interests of investors or other participants in the market. |
Part II RAO Investments |
Part III RAO Investments |
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1. |
Reception and transmission of orders in relation to one or more financial instruments |
Article 252 |
Article 76-81, 83-85, 89 |
2. |
Execution of orders on behalf of clients |
Article 14, 21 |
A Article 76-81, 83-85, 89 |
3. |
Dealing on own account |
Article 14 |
Article 76-81, 83-85, 89 |
4. |
Portfolio management |
Article 37 (14, 21, 25 - see Note 1) 2 |
Article 76-81, 83-85, 89 |
5. |
Investment advice |
Article 53 |
Article 76-81, 83-85, 89 |
6. |
Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis |
Article 14, 21 |
Article 76-81, 83-85, 89 |
7. |
Placing of financial instruments without a firm commitment basis |
Article 21, 25 |
Article 76-81, 83-85, 89 |
8. |
Operation of Multilateral Trading Facilities |
Article 25D5 (see Note 2) 5 |
Article 76-81, 83-85, 89 |
Ancillary services |
Part II RAO Activities |
Part III RAO Investments |
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1. |
Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management |
Article 40, 45, 64 |
Article 76-81, 83-85, 89 |
2. |
Granting credits or loans to an investor to allow him to carry out a transaction in one or more of the relevant instruments where the firm granting the credit or loan is involved |
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3. |
Advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertakings |
Article 14, 21, 25, 53, 64 |
Article 76-80, 83-85, 89 |
4. |
Foreign exchange services where these are connected with the provision of investment services |
Article 14, 21, 25, 53, 64 |
Article 83-85, 89 |
5. |
Investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments |
Article 53, 64 |
Article 76-81, 83-85, 89 |
6. |
Services related to underwriting |
Article 25, 53, 64 |
Article 76-81, 83-85, 89 |
7. |
Investment services and activities as well as ancillary services of the type included under Section A or B of Annex I related to the underlying of the derivatives included under Section C 5, 6, 7 and 10-where these are connected to the provision of investment or ancillary services. |
Article 14, 21, 25, 25D,5 37, 53, 64 5 |
Article 83 and 84 |
Note 1. A firm may also carry on these other activities when it is managing investments.2 |
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Note 2. A firm operating an MTF under article 25D5 does not need to have a permission covering other regulated activities, unless it performs other regulated activities in addition to operating an MTF. 5 |