Related provisions for SUP 15.3.16
81 - 100 of 257 items.
A firm is required to notify the appropriate regulator of changes to its close links (see SUP 11.9). The effective supervision threshold conditions provide that, if a firm has close links with another person, the matters which are relevant in determining whether a firm satisfies the condition of being capable of being effective supervised include:1111(1) the nature of the relationship between the firm and that person;1111(2) whether those links or that relationship are likely
The purposes of the rules and guidance in this section are:(1) to ensure that, in addition to such notifications, the appropriate regulator11 receives regular and comprehensive information about the identities of all persons with whom a firm has close links, which is relevant to a firm's continuing to satisfy the effective supervision threshold conditions11 and to the protection of consumers; and1111(2) to implement certain requirements relating to the provision of information
(1) If an issuer wishes to transfer its category of equity shares2listing it must notify the FCA of the proposal.(2) The notification must be made as early as possible and in any event not less than 20 business days before it sends the circular required under LR 5.4A.4 R (2)(a) or publishes the announcement required under LR 5.4A.5 R (2).(3) The notification must include:(a) an explanation of why the issuer is seeking the transfer;(b) if a sponsor's letter is not required under
(1) This rule applies to a transfer of the listing of equity shares with a premium listing2 into or out of the category of premium listing (investment company) or a transfer of the listing of equity shares2 out of the category of premium listing (commercial company).(2) The issuer must:(a) send a circular to the holders of the equity shares2;(b) notify a RIS, at the same time as the circular is despatched to the relevant holders of the equity shares2, of the intended transfer
If an issuer has initially notified the FCA under LR 5.4A.3 R it may apply to the FCA to transfer the listing of its equity shares2 from one category to another. The application must include:(1) the issuer's name;(2) details of the equity shares2 to which the transfer relates;(3) the date on which the issuer wishes the transfer to take effect;(4) a copy of any circular, announcement or other document on which the issuer is relying;(5) if relevant, evidence of any resolution required
(1) This section applies to:(a) an authorised fund manager of an AUT or ICVC;(b) any other director of an ICVC; and(c) an ICVC;which is a UCITS scheme whose units may be marketed in another EEA State (the Host State).(2) The marketing of units of a UCITS scheme in the Host State may not commence until the FCA has, in accordance with paragraph 20B(5) (Notice of intention to market) of Schedule 3 to the Act, notified the authorised fund manager, in response to the application of
(1) The authorised fund manager of a UCITS scheme whose units are being marketed in the Host State must ensure that:(a) its instrument constituting the scheme, its prospectus and, where appropriate, its latest annual report and any subsequent half-yearly report; and(b) its key investor information document;together with their translations (wherever necessary), are kept up to date.(2) The authorised fund manager must notify any amendments to the documents referred to in (1) to
(1) The authorised fund manager of a UCITS scheme whose units are being marketed in a Host State must ensure that an electronic copy of each document referred to in COLL 12.4.4 R (1) is made available on: (a) the website of the UCITS scheme or the authorised fund manager; or(b) another website designated by the authorised fund manager in the notification letter submitted to the FCA under paragraph 20B of Schedule 3 to the Act or any updates to it. (2) Any document that is made
335(1) 5If an auditor expects that it will fail to comply with SUP 3.10.7 R, it must no later than the end of the four month period in question:(a) notify the FCA that it expects that it will be unable to deliver a client assets report by the end of that period; and(b) ensure that the notification in (a) is accompanied by a full account of the reasons for its expected failure to comply with SUP 3.10.7 R.(2) If an auditor fails to comply with SUP 3.10.7 R, it must promptly:(a)
1The rights and duties of auditors are set out in SUP 3.8 (Rights and duties of all auditors) and SUP 3.10 (Duties of auditors: notification and report on client assets). SUP 3.8.10 G also refers to the auditor's statutory duty to report certain matters to the FCA imposed by regulations made by the Treasury under sections 342(5) and 343(5) of the Act (information given by auditor or actuary to a regulator). An auditor should bear these rights and duties in mind when carrying out
1It is the responsibility of an insurance intermediary's senior management to determine, on a continuing basis, whether the firm is an exempt insurance intermediary for the purposes of this requirement and to appoint an auditor if management determines the firm is no longer exempt. SUP 3.7 (amplified by SUP 15) sets out what a firm should consider when deciding whether it should notify the FCA of matters raised by its auditor.
(1) The commencement of winding up of a UCITS scheme that is a master UCITS must take place no sooner than 3 months after a notification is made to its unitholders and, where applicable, the competent authorities of the feeder UCITSHome State, informing them of the binding decision to wind up the master UCITS.(2) Paragraph (1) is without prejudice to any provision of the insolvency legislation in force in the United Kingdom regarding the compulsory liquidation of AUTs or ICVCs.[Note:
Where the authorised fund manager of a UCITS scheme that is a feeder UCITS is notified that its master UCITS is to be wound up, it must submit to the FCA the following:(1) where the authorised fund manager of the feeder UCITS intends to invest at least 85% in value of the scheme property in units of another master UCITS:(a) its application for approval under section 283A of the Act for that investment;(b) where applicable, its notice under section 251 (Alteration of schemes and
(1) The information in COLL 11.6.5 R must be submitted to the FCA no later than one month after the date on which the authorised fund manager of the feeder UCITS has received the information of the planned merger or division in accordance with regulation 13(6) of the UCITS Regulations 2011.(2) By way of derogation from (1), where the master UCITS provides the information referred to in, or comparable with, COLL 7.7.10 R (Information to be given to Unitholders) to the authorised
7A listed company must ensure that for a subscription in an open offer with a compensatory element the following are notified to a RIS as soon as possible:(1) the offer price and principal terms of the offer; and(2) the results of the offer and, if any securities not taken up are sold, details of the sale, including the date and price per share.
(1) If a listed company makes an open offer, placing, vendor consideration placing, offer for subscription of equity shares or an issue out of treasury (other than in respect of an employees’ share scheme)3 of a class already listed, the price must not be at a discount of more than 10% to the middle market price of those shares at the time of announcing the terms of the offer for an open offer or offer for subscription of equity shares8 or at the time of agreeing the placing for
If by virtue of its holding treasury shares, a listed
company is allotted shares as
part of a capitalisation issue, the company must
notify a RIS as soon as possible
and in any event by no later than 7:30 a.m. on the business
day following the calendar day on
which allotment occurred of the following information:(1) the date of the allotment;(2) the number of shares allotted;(3) a statement as to what number of shares allotted have been cancelled and
what number is being held
Any sale for cash, transfer for the purposes
of or pursuant to an employees' share scheme or
cancellation of treasury shares that represents over 0.5% of the listed company'sshare capital 2 must be notified to a RIS as
soon as possible and in any event by no later than 7:30 a.m. on the business day following the calendar day on
which the sale, transfer or cancellation occurred. The notification must include:2(1) the date of the sale, transfer
or cancellation;(2) the number of
(1) 2For the purposes of BIPRU 12.7.9R (2)(b) the requirements are that:(a) the securities are in excess of the amount of collateral required to be held by that central bank; and(b) the firm is entitled to regain legal title to such securities without any encumbrance.(2) The firm may only count securities that meet the requirements of BIPRU 12.7.9 R and BIPRU 12.7.9AR (1) from the point in time when the firm would regain legal title to the securities from the central bank, subsequent
The appropriate regulator regards as encumbered any asset which the firm in question has provided as collateral. Therefore, where assets have been used as collateral in this way (for example, in a repo), they should not be included in the firms liquid assets buffer. However, any assets provided by the firm to a central bank as collateral which meet the requirements in BIPRU 12.7.9A R will be recognised as unencumbered by the for the purposes of BIPRU 12.7.9R (1). For the avoidance
5A UK UCITS management company must ensure that the procedures it establishes under DISP 1.3.1 R for the reasonable and prompt handling of complaints require that:(1) there are no restrictions on Unitholders exercising their rights in the event that the UCITS is authorised in an EEA State other than the United Kingdom; and(2) Unitholders are allowed to file complaints in any of the official languages of the Home State of the UCITS scheme or EEA UCITS scheme or of any EEA State
4Firms are not required to notify the name of the individual to the
FCA
or the Financial Ombudsman Service but would be expected to do so promptly on request. There is no bar on a firm appointing different individuals to have the responsibility at different times where this is to accommodate part-time or flexible working.
(1) The directors (or director) of an ICVC must take all practicable steps to ensure the ICVC has at all times as its ACD a person who is qualified to act as ACD.(2) If the ICVC ceases to have any director, the depositary must exercise its powers, under the OEIC Regulations, to appoint a person to be an ACD of the ICVC.(3) For an ICVC that holds annual general meetings under the OEIC Regulations, the1 appointment of an ACD (other than the first ACD), under (1) or (2), must terminate
(1) The depositary of an authorised fund may not retire voluntarily except upon the appointment of a new depositary.(2) The depositary of an authorised fund must not retire voluntarily unless, before its retirement, it has ensured that the new depositary has been informed of any circumstance of which the retiring depositary has informed the FCA.(3) When the depositary of an authorised fund wishes to retire or ceases to be an authorised person, the authorised fundmanager may, subject
The FCA receives the information in SUP 2.1.3 G through a variety of means, including notifications by firms (see SUP 15) and regular reporting by firms (see SUP 16). This chapter is concerned with the methods of information gathering that the FCA may use on its own initiative in the discharge of its functions under the Act. This chapter does not deal with the information gathering powers that the FCA has under the Unfair Terms Regulations. These are dealt with in UNFCOG2.12
The FCA prefers to discharge its functions by working in an open and cooperative relationship with firms. The FCA will look to obtain information in the context of that relationship unless it appears that obtaining information in that way will not achieve the necessary results, in which case it will use its statutory powers. The FCA has exercised its rule-making powers to make Principle 11 which requires that a firm must deal with its regulators in an open and cooperative way,
(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 FCA is to consider the application.
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 FCA website.
(1) 1An appointed representative must not commence an insurance mediation activity until he is included on the Financial Services Register as carrying on such activities (see SUP 12.5.2 G (3)). (2) If an appointed representative's scope of appointment is to include an insurance mediation activity, the principal must notify the FSAFCA of the appointment before the appointed representative commences that activity (see SUP 12.7.1 R (1)). (3) As an exception, pre-notification is not
(1) 8A tied agent that is an appointed representative may not start to act as a tied agent until it is included on the applicable register (section 39(1A) of the Act). If the tied agent is established in the UK, the register maintained by the FCA is the applicable register for these purposes. If the tied agent is established in another EEA State, it should consult section 39(1B) of the Act to determine the applicable register.(2) A UK MiFID investment firm that appoints an FCA
(1) An issuer must forward to the FCA, for publication through the document viewing facility, two copies of any document required by LR 17.3 or LR 17.4 at the same time the document is issued.(2) An issuer must notify a RIS as soon as possible when a document has been forwarded to the FCA under paragraph (1) unless the full text of the document is provided to the RIS.(3) A notification made under paragraph (2) must set out where copies of the relevant document can be obtain
(1) Auditors are subject to regulations made by the Treasury under sections 342(5) and 343(5) of the Act (Information given by auditor or actuary to a regulator). Section 343 and the regulations also apply to an auditor of an authorised person in his capacity as an auditor of a person who has close links with the authorised person.3(2) These regulations oblige auditors to report certain matters to the appropriate regulator. Sections 342(3) and 343(3) of the Act provide that an
(1) UK RIEs4 are exempt persons under section 285 of the Act (Exemption for recognised investment exchanges and clearing houses).4(2) UK RIEs4 must satisfy recognition requirements prescribed by the Treasury (in certain cases with the approval of the Secretary of State) in the Recognition Requirements Regulations. UK RIEs must also satisfy the MiFID implementing requirements in the MiFID Regulation.2RAPs must satisfy the recognition requirements prescribed by the Treasury in the
(1) The recognition requirements for UK recognised bodies and the MiFID implementing requirements2are set out, with guidance, in REC 2. The RAP recognition requirements (other than requirements under the auction regulation which are not reproduced in REC) are set out, with guidance, in REC 2A.3(2) The notification rules for UKrecognised bodies are set out in REC 3 together with guidance on those rules.(3) Guidance on the FCA's4 approach to the supervision of recognised bodies