Related provisions for LR 11.1.5A
201 - 220 of 712 items.
(1) The FCA will not automatically suspend, cancel or restore the listing of securities at the request of an overseas exchange or overseas authority (for example, if listing of a listed3issuer'ssecurities are suspended, cancelled or restored on its home exchange).(2) The FCA will not normally suspend the listing of securities where there is a trading halt for the security on its home exchange.(3) If a listedissuer3 requests a suspension, cancellation or restoration of the listing
The purpose of REC 3.16 is to ensure that the FCA1receives a copy of the UK recognised body's plans and arrangements for ensuring business continuity if there are major problems with its computer systems. The FCA1does not need to be notified of minor revisions to, or updating of, the documents containing a UK recognised body's business continuity plan (for example, changes to contact names or telephone numbers). 11
Where any reserve information technology system of a UK recognised body fails in such a way that, if the main information technology system of that body were also to fail, it would be unable to operate any of its facilities during its normal hours of operation, that body must immediately give the FCA1notice of that event, and inform the FCA:111(1) what action that UK recognised body is taking to restore the operation of the reserve information technology system; and (2) when it
Under section 296 of the Act (FCA's4 power to give directions) and (for RAPs) under regulation 3 of the RAP regulations3, the FCA4 has the power to give directions to a recognised body to take specified steps 1in order to secure its compliance with the recognised body requirements. In the case of a UK RIE (including one which operates an RAP) 3those steps may include granting the FCA4 access to the UK RIE's premises for the purposes of inspecting those premises or any documents
The FCA4 is likely to exercise its power under section 296 of the Act or regulation 3 of the RAP regulations3 if it considers that:4(1) there has been, or was likely to be, a failure to satisfy one or more of the recognised body requirements31which has serious consequences; (2) compliance with the direction would ensure that 1one or more of the recognised body requirements is3 satisfied; and(3) the recognised body is capable of complying with the direction.
Under section 298(7) of the Act (Directions and revocation: procedure), and (for RAPs) regulation 5(7) of the RAP regulations,3 the FCA4 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 reasonably necessary to do so. For RAPs, the FCA need not follow the procedure set out in regulation 5 of the RAP regulations or may cut short the procedure, if it considers it essential to do so.44
1A firm should ensure that:(1) it considers the draft client assets report provided to the firm by its auditor in accordance with SUP 3.10.8DR (1) in order to provide an explanation of: (a) the circumstances that gave rise to each of the breaches identified in the draft report; and(b) any remedial actions that it has undertaken or plans to undertake to correct those breaches; and(2) the explanation provided in accordance with (1):(a) is submitted to its auditor in a timely fashion
1The FCA expects a firm to use the client assets report as a tool to evaluate the effectiveness of the systems that it has in place for the purpose of complying with requirements to which SUP 3.10.5 R refers. Accordingly, a firm should ensure that the report is integrated into its risk management framework and decision-making.
1SUP 3.4.2 R provides that a firm must take reasonable steps to ensure that its auditor has the required skill, resources and experience to perform its functions. The FCA expects a firm to keep under review the adequacy of the skill, resources and experience of its auditor and should critically assess the content of the client assets report as part of that ongoing review.
In determining a person's financial soundness, the appropriate regulator will have regard to any factors including, but not limited to:(1) whether the person has been the subject of any judgment debt or award, in the United Kingdom or elsewhere, that remains outstanding or was not satisfied within a reasonable period;(2) whether, in the United Kingdom or elsewhere, the person has made any arrangements with his creditors, filed for bankruptcy, had a bankruptcy petition served
Individual guidance is guidance that is not given to persons or regulated persons generally or to a class of regulated person. It will normally be given to one particular person, which relates to its own particular circumstances or plans. It may be oral or written. Individual guidance will not be published but may at the FCA's discretion be converted to general guidance and published in the Handbook. Written individual guidance will often be labelled as such1
A person may need to ask the FCA for individual guidance on how the rules and general guidance in the Handbook, the Act or other regulatory requirements apply in their particular circumstances. This chapter describes how a person may do this. Section 139A of the Act gives the FCA the power to give guidance consisting of such information and advice as it considers appropriate.
If it appears to the appropriate regulator or410 the FSCS (in relation to any FSCS levy only) 2 that in the exceptional circumstances of a particular case, the payment of any fee, FSCS levy2,3FOS levy or CFEB levy3would be inequitable, the appropriate regulator or410 the FSCS2 as relevant, may (unless FEES 2.3.2B R applies)1 reduce or remit all or part of the fee or levy in question which would otherwise be payable. 41034104103410
If it appears to the appropriate regulator or410 the FSCS (in relation to any FSCS levy only)2 that in the exceptional circumstances of a particular case to which FEES 2.3.1R does not apply, the retention by the appropriate regulator, the FSCS,2 or the CFEB3, as relevant, of a fee, FSCS levy2,3FOS levy or CFEB levy3which has been paid would be inequitable, the appropriate regulator, the FSCS2 or the CFEB3, may (unless FEES 2.3.2B R applies)1 refund all or part of that fee or
1The appropriate regulator or the FSCS2may not consider a claim under FEES 2.3.1 R and/or FEES 2.3.2 R to reduce, remit or refund any overpaid amounts paid by a fee or levy2 payer in respect of a particular period, due to a mistake of fact or law by the fee or levy2 payer, if the claim is made by the fee or levy2 payer more than 2 years after the beginning of the period to which the overpayment relates.
1Under subsections 292A(1) and (2) of the Act, a UK RIE must as soon as practicable after a recognition order is made in respect of it publish such particulars of the ownership of the UK RIE, including the identity and scale of interests of the persons who are in a position to exercise significant influence over the management of the UK RIE2or (where the UK RIE is also an RAP) the RAP, whether directly or indirectly, as the FCA3 may reasonably require.3
Under subsections 292A(3) and (4) of the Act, a UK RIE must as soon as practicable after becoming aware of a transfer of ownership of the UK RIE which gives rise to a change of persons who are in a position to exercise significant influence over the management of the UK RIE or (where the UK RIE is also an RAP) the RAP,2 whether directly or indirectly, publish such particulars of any such transfer as the FCA3 may reasonably require.3
The FCA will apply the following principles of construction to determine whether a contract is a contract of insurance.(1) In applying the description in PERG 6.3.4 G, more weight attaches to the substance of the contract, than to the form of the contract. The form of the contract is relevant (see PERG 6.6.8 G (3) and (4)) but not decisive of whether a contract is a contract of insurance: Fuji Finance Inc. v. Aetna Life Insurance Co. Ltd [1997] Ch. 173 (C.A.).(2) In particular,
The FCA3 expects to have an open, cooperative and constructive relationship with UK recognised bodies to enable it to have a broad picture of the UK recognised body's activities and its ability to meet the recognised body requirements.2 This broad picture is intended to complement the information which the FCA3 will obtain under section 293 of the Act (Notification requirements) or under notification rules made under that section (see REC 3). The FCA3 will usually arrange meetings
Section 81 of the Act (supplementary listing particulars) requires
an issuer to submit supplementary listing particulars to the FCA for approval if at any time after listing particulars have been submitted
to the FCA 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 FCA, 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.
(1) The purpose of REC 3.13 is to enable the FCA2to monitor any significant instances where UK recognised bodies outsource their functions to other persons (as permitted 1under Regulation 6 of the Recognition Requirements Regulations or, in relation to an RAP, under regulation 13 of the RAP regulations1. See REC 2.2 and REC 2A.2).121(2) The FCA2does not need to be notified of every instance of outsourcing by a UK recognised body, but only where an activity or activities which
Where a UK recognised body makes an offer or agrees to delegate any of its relevant functions to another person, it must immediately give the FCA2notice of that event, and:2(1) inform the FCA2of the reasons for that delegation or proposed delegation;2(2) inform the FCA2of the reasons why it is satisfied that it will continue to meet the recognition requirements or (for an RAP) RAPrecognition requirements1 following that delegation;2(3) where it makes such an offer by issuing a
Information is needed to support the FCA's1 risk based approach to the supervision of all regulated entities. Risk based supervision is intended to ensure that the allocation of supervisory resources and the supervisory process are compatible with the regulatory objectives and the FCA's1 general duties under the Act. The central element of the process of risk based supervision is a systematic assessment by the FCA1 (a risk assessment) of the main supervisory risks and concerns
For each UK recognised body, the FCA1 will conduct a periodic risk assessment. This assessment will take into account relevant considerations including the special position of recognised bodies under the Act, the nature of the UK recognised body's members, the position of other users of its facilities and the business environment more generally.1
The risk assessment will guide the FCA's1 supervisory focus. It is important, therefore, that there is good dialogue between the FCA1 and the recognised body. The FCA1 expects to review its risk assessment with the staff of the UK recognised body to ensure factual accuracy and a shared understanding of the key issues, and may discuss the results of the risk assessment with key individuals of the UK recognised body. If appropriate, the FCA1 may send a detailed letter to the body's
(1) The RDC is separate from the FCA's2 executive management structure. Apart from its Chairman, none of the members of the RDC is an FCA2employee.22(2) All members of the RDC are appointed for fixed periods by the FCA2 Board. The FCA2 Board may remove a member of the RDC, but only in the event of that member's misconduct or incapacity.22
Where a listed company or applicant appoints more than one sponsor , the company must:(1) ensure that one of the sponsors that is appointed takes primaryresponsibility for contact with the FCA in respect of the entire application or transaction; and2(2) inform the FCA, in writing, of the name and contact details of the sponsor taking responsibility under LR 8.5.3R (1)22.
An issuer must provide to the FCA as soon as possible:(1) any information and explanations that the FCA may reasonably require to decide whether to grant an application for admission;(2) any information that the FCA considers appropriate to protect investors or ensure the smooth operation of the market; and [Note: Article 16.1 CARD](3) any other information or explanation that the FCA may reasonably require to verify whether listing rules are being and have been complied with
(1) The FCA may, at any time, require an issuer to publish such information in such form and within such time limits as it considers appropriate to protect investors or to ensure the smooth operation of the market. [Note: Article 16.2 CARD](2) If an issuer fails to comply with a requirement under paragraph (1) the FCA may itself publish the information (after giving the issuer an opportunity to make representations as to why it should not be published). [Note: Article 16.2 CA
The appropriate regulator1 may revoke a waiver at any time. In deciding whether to revoke a waiver, the appropriate regulator1 will consider whether the conditions in section 138A(4)1 of the Act are no longer satisfied (see SUP 8.3.1 G), and whether the waiver is otherwise no longer appropriate.1111
If the appropriate regulator1 proposes to revoke a waiver, or revokes a waiver with immediate effect, it will:1(1) give the firm written notice either of its proposal, or of its action, giving reasons;(2) state in the notice a reasonable period (usually 28 days) within which the firm can make representations about the proposal or action; if a firm wants to make oral representations, it should inform the appropriate regulator1 as quickly as possible , specify who will make the
In determining a person's competence and capability, the FCA9 will have regard to all relevant 3matters including but not limited to:9(1) whether the person satisfies the relevant FCA9 training and competence requirements1 in relation to the controlled function the person performs or is intended to perform;19(2) whether the person has demonstrated by experience and training that the person is suitable2, or will be suitable 2if approved, to perform the controlled function;422(3)
A firm (with the exception of a sole trader who has no employees)21 must:12(1) appoint an individual as MLRO, with responsibility for oversight of its compliance with the FCA'srules on systems and controls against money laundering; and(2) ensure that its MLRO has a level of authority and independence within the firm and access to resources and information sufficient to enable him to carry out that responsibility.