Related provisions for DISP 1.2.4
41 - 60 of 265 items.
Unless otherwise stated, the issuer or the owner, as the case may be, must send the relevant forms and information to the FSA's address marked for the attention of the "Covered Bonds Team, Capital Markets Sector" by any of the following methods:(1) post; or(2) leaving it at the FSA's address and obtaining a time-stamped receipt; or(3) e-mail to rcb@fsa.gov.uk.
The Listing Principles are designed to assist listed companies in identifying their obligations and responsibilities under the listing rules and the disclosure rules and transparency rules. The Listing Principles should be interpreted together with relevant rules and guidance which underpin the Listing Principles.
(1) An insurance intermediary must, on a commercial customer's request, promptly disclose the commission that it and any associate receives in connection with a policy.(2) Disclosure must be in cash terms (estimated, if necessary) and in writing or another durable medium. To the extent this is not possible, the firm must give the basis for calculation.
(1) The commission disclosure rule is additional to the general law on the fiduciary obligations of an agent in that it applies whether or not the insurance intermediary is an agent of the commercial customer.(2) In relation to contracts of insurance, the essence of these fiduciary obligations is generally a duty to account to the agent’s principal. But where a customer employs an insurance intermediary by way of business and does not remunerate him, and where it is usual for
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
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.
Failing
to inform: (1) a customer; or(2) his firm (or its auditors or an actuary appointed
by his firm under SUP 4 Actuaries)1);1of material information in circumstances
where he was aware, or ought to have been aware, of such information, and
of the fact that he should provide it, falls within APER 4.2.2 E.
Behaviour
of the type referred to in APER 4.2.3 E includes, but is not limited to:(1) failing
to explain the risks of an investment to
a customer;(2) failing
to disclose to a customer details
of the charges or surrender penalties of investment products;(3) mismarking
trading positions;(4) providing
inaccurate or inadequate information to a firm,
its auditors or an actuary appointed
by his firm under SUP 4 (Actuaries)1;1(5) failing
to disclose dealings where disclosure is required
Upon request, an issuer or other person must be able to communicate to the FSA, in relation to any disclosure of regulated information:(1) the name of the person who communicated the regulated information to the RIS;(2) the security validation details;(3) the time and date on which the regulated information was communicated to the RIS;(4) the medium in which the regulated information was communicated; and(5) details of any embargo placed by the issuer on the regulated information,
(1) Information that is disclosed in a non-EEA State which may be of importance to the public in the EEA must be disclosed in accordance with the provisions set out in DTR 6.2 and DTR 6.3. (2) Paragraph (1) applies additionally to information that is not regulated information.[Note: article 23(3) of the TD]
This section applies to a firm which produces, or arranges for the
production of, investment research that
is intended or likely to be subsequently disseminated to clients of
the firm or to the public, under
its own responsibility or that of a member of its group. [Note: article 25(1) of the MiFID
implementing Directive]
Knowledge by a financial
analyst or other relevant person that
the firm intends to produce
or disseminate investment research to
its clients or to the public
(including in circumstances where research material has not yet been written)
could constitute knowledge of the likely timing and content of investment research under COBS 12.2.5 R (1).
The FSA will generally be satisfied that there is sufficient information in the market about the propos ed transaction if: (1) the target has shares or certificates representing equity securities admitted to a regulated market; and(2) the issuer makes an announcement stating that the target has complied with the disclosure requirements applicable on that regulated market and providing details of where information disclosed pursuant to those requirements can be obtained.
The FSA will generally be satisfied that there is sufficient publicly available information in the market about the proposed transaction if the target has securities admitted to an investment exchange or trading platform that is not a regulated market and the issuer:(1) confirms, in a form acceptable to the FSA, that the disclosure requirements in relation to financial information and inside information of the investment exchange or trading platform on which the target'ssecurities
Where the target in a reverse takeover is not subject to a public disclosure regime, or if the target has securities admitted on an investment exchange or trading platform that is not a regulated market but the issuer is not able to give the confirmation and make the announcement contemplated by LR 5.6.12 G, the FSA will generally be satisfied that there is sufficient publicly available information in the market about the proposed transaction such that a suspension is not required
The information that the introducer must disclose to the borrower prior to making the introduction is, where relevant:(1) that he is a member of the same group as the person (N) to whom the borrower is introduced;(2) details of any payment which he will receive from N, by way of fee or commission, for introducing the borrower to N; and(3) an indication of any other reward or advantage arising out of his introducing to N.
In the FSA's view, the information condition in PERG 4.5.14G (3) requires the introducer to indicate to the borrower any other advantages accruing to him as a result of ongoing arrangements with N relating to the introduction of borrowers. This may include, for example, indirect benefits such as office space, travel expenses, subscription fees and this and other relevant information may be provided on a standard form basis to the borrower, as appropriate.
The FSA considers that it is important
for the proportions published in compliance with COBS 12.4.10 R (4) to be consistent and meaningful to the recipients of the research recommendations. Accordingly for
non-equity material, the relevant categories should be meaningful to the recipients
in terms of the course of action being recommended.
To comply with COBS 6.1D.11R, a firm's disclosure should be in cash terms (or convert non-cash terms into illustrative cash equivalents) and should:(1) include information as to the period over which the consultancy charge is payable;(2) provide information on the implications for the employee if the employee leaves the employer’s service or their contributions to the group personal pension scheme or group stakeholder pension scheme are cancelled before the consultancy charge
(1) If a member of the RDC has a potential conflict of interest in any matter in which he is asked to participate he will disclose the conflict to the RDC Office, and disclose it:(a) in the case of the Chairman of the RDC, to the Chairman or Deputy Chairman of the FSA; or(b) in the case of a Deputy Chairman of the RDC, to the Chairman of the RDC, or if he is unavailable to the Chairman or Deputy Chairman of the FSA; or(c) in the case of any other member, to the Chairman or a Deputy
If the RDC decides that the FSA should give a warning noticeor a first supervisory notice:(1) the RDC will settle the wording of the warning notice or first supervisory notice, and will ensure that the notice complies with the relevant provisions of the Act;(2) the RDC will make any relevant statutory notice associated decisions;(3) the RDC staff will make appropriate arrangements for the notice to be given; and(4) the RDC staff will make appropriate arrangements for the disclosure
Table of modified cross-references to other rules: This table belongs to MCOB 8.3.1 R.
Subject |
Rule or guidance |
Reference in rule or guidance |
To be read as a reference to: |
Advice or information from the whole market |
MCOB 4.3.4R(2) |
MCOB 4.7.2R |
MCOB 8.5.2R |
Initial disclosure requirement (for equity release transactions only)3 3 |
MCOB 4.4.1R(1)(c) and (3) |
MCOB 4 Ann 1R |
MCOB 8 Ann 1R |
Initial disclosure requirements |
MCOB 4.4.3G |
MCOB 4 |
|
Initial disclosure requirements where initial contact is by telephone (for equity release transactions only)3 3 |
|||
Additional disclosure for distance mortgage mediation contracts |
MCOB 4.5 |
||
Non-advised sales |
MCOB 4.8.6G |
MCOB 4.7 |
MCOB 8.5 |
(1) There are certain additional disclosure requirements laid down by the Distance Marketing Directive that will have to be provided by a mortgage intermediary,6 a home purchase intermediary and a SRB intermediary64 to a consumer5 prior to the conclusion of a distance mortgage mediation contract,66 a distance home purchase mediation contract4 or a distance regulated sale and rent back mediation contract.6 The purpose of this section, MCOB 4.5, is to set out those additional requirements.
If the initial contact of a kind in MCOB 4.4.1 R (1) is with a consumer5 with a view to concluding a distance mortgage mediation contract,6 a distance home purchase mediation contract or a distance regulated sale and rent back mediation contract6,4 a firm must:546(1) in addition to initial disclosure information and any other required information, provide the consumer5 with the information in MCOB 4 Annex 3 in a durable medium in good time before the conclusion of the distance
(1) The information in MCOB 4 Annex 3 will be provided in 'good time' for the purposes of MCOB 4.5.2 R (1), if provided in sufficient time to enable the customer to consider properly the services on offer.(2) An example of the circumstances in which MCOB 4.5.2 R (4) or (5) may apply is given in MCOB 4.4.4 G. If the initial disclosure document and accompanying information (including that in MCOB 4 Annex 3) was previously provided to a customer and continues to be appropriate, there
The FSA may also have regard to the systems and controls intended to ensure that confidential information is only used for proper purposes. Where relevant, recognised bodies will have to comply with section 348 (Restrictions on disclosure of confidential information by the FSA etc.) and regulations made under section 349 (Exemptions from section 348) of the Act.
The FSA may also have regard to the contracts of employment, staff rules, letters of appointment for members of the governing body, members of relevant committees and other key individuals and other guidance given to individuals on handling conflicts of interest. Guidance to individuals may need to cover:(1) the need for prompt disclosure of a conflict of interest to enable others, who are not affected by the conflict, to assist in deciding how it should be managed;(2) the circumstances
Firms will need to consider the implications of the Data Protection Act 1998 under which personal data that a firm, as data controller, holds about its customer cannot be disclosed to a third party without his consent. In practice the firm is likely to need the SRB agreement seller's consent to disclosing the matters covered by MCOB 6.9.8 R to the relevant mortgage lender or home purchase provider.
The SRB agreement provider must keep a record of the written pre-offer document at Stage One and the written offer document for signing at Stage Two for a period of:(1) one year after the end of the fixed term of the tenancy under the regulated sale and rent back agreement; or(2) five years from the date of the disclosures and warnings, written offer documents and cooling-off period notices;whichever is the longer.
A company with, or applying for, a premium listing of its equity shares5 must appoint a sponsor on each occasion that it:4(1) is required to submit any of the following documents to the FSA in connection with6 an application for admission of equity shares5 to premium listing6:66(a) a prospectus or equivalent document1; or6(b) a certificate of approval from another competent authority; or6(c) a summary document as required by PR 1.2.3R (8); or6(d) listing particulars referred to
If a company with a premium listing6 is proposing to enter into a transaction which due to its size or nature could amount to a class 1 transaction or a reverse takeover it must obtain the guidance of a sponsor to assess the application of the listing rules, the6disclosure rules and the 6transparency rules.3263
(1) FSAstaff
are required by their contract of employment to comply with a code of conduct
which imposes strict rules to cover the handling of conflicts of interest
which may arise from personal interests or associations. FSA staff subject to a conflict of interest must declare that interest
to the person to whom they are
immediately responsible for a decision.(2) If a member of a senior
staff committee has a potential conflict of interest in any
matter in which he is asked to
The procedure for taking decisions
under executive procedures will
generally be less formal and structured than that for decisions by the RDC. Broadly, however, FSA staff responsible for taking statutory
notice decisions under executive
procedures will follow a procedure similar to that described
at DEPP 3.2.7 G to DEPP 3.2.27 G for
the RDC except that:(1) in a case where the decision will
be taken by a senior staff committee: (a) the chairman or deputy chairman
of the senior
The authorised fund manager of a UCITS scheme that is a master UCITS must provide the management company of its feeder UCITS with all documents and information necessary for the latter to meet its regulatory obligations under the UCITS Directive.[Note: article 60(1) first paragraph first sentence of the UCITS Directive]
An authorised fund manager of a master UCITS must ensure the timely availability of all information that is required in accordance with its obligations under the regulatory system, the general law and the instrument constituting the scheme, to:(1) the feeder UCITS (or where applicable its management company);(2) the competent authority of the feeder UCITS;(3) the depositary of the feeder UCITS; and(4) the auditor of the feeder UCITS.[Note: article 66(3) of the UCITS Directive
The authorised fund manager of a UCITS scheme that operates, or intends to operate, as a master UCITS must:(1) not enter into a master-feeder agreement or, where applicable, internal conduct of business rules in accordance with COLL 11.3.2R (2) unless it is satisfied on reasonable grounds that the arrangements with the feeder UCITS will not unfairly prejudice the interests of any other unitholder or class of unitholders in the master UCITS;(2) consider, in relation to:(a) each
(1) For the authorised fund manager's periodic charge or for payments out of scheme property to the investment adviser, the prospectus may permit a payment based on a comparison of one or more aspects of the scheme property or price in comparison with fluctuations in the value or price of property of any description or index or other factor designated for the purpose (a "performance fee").(2) Any performance fee should be specified in the appropriate manner in the prospectus and
(1) Any payment as a result of effecting transactions for the authorised fund should be made from the capital property of the scheme.(2) Other than the payments in (1), all other payments should be made from income property in the first instance but may be transferred to the capital account in accordance with COLL 6.7.10 R (1) (Allocation of payments to income or capital).(3) For payments transferred to the capital property of the scheme in accordance with (2), the prospectus
An affected person is not liable to account to another affected person or to the unitholders of any scheme for any profits or benefits it makes or receives that are made or derived from or in connection with:(1) dealings in the units of a scheme; or(2) any transaction in scheme property; or(3) the supply of services to the scheme;where disclosure of the non-accountability has been made in the prospectus of the scheme.