Related provisions for INSPRU 1.5.4

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COLL 1.1.1GRP
(1) This sourcebook, except for COLL 9 (Recognised schemes), applies to:(a) investment companies with variable capital (ICVCs);(b) ACDs, other directors and depositaries of ICVCs;3(c) managers and trustees of authorised unit trust schemes (AUTs); and3(d) to the extent indicated, UK UCITS management companies operating EEA UCITS schemes.3(2) COLL 9 applies to operators of schemes that are recognised schemes and to those seeking to secure recognised status for such schemes.(3) COLL
COLL 1.1.1CGRP
3An EEA UCITS management company that is providing collective portfolio management services for a UCITS scheme from a branch in the United Kingdom, or under the freedom to provide cross border services, is advised that where it operates a UCITS scheme as its designated management company, it meets the Glossary definition of an "ACD" of an ICVC or a "manager" of an AUT which in either case is a UCITS scheme. Such firms should be aware that provisions in this sourcebook that apply
COLL 1.1.2AGRP
3COLL 12 provides for the application of COLL in relation to the management company passport under the UCITS Directive. It explains how the passporting regime applies to both UK UCITS management companies and EEA UCITS management companies when providing collective portfolio management services on a cross-border basis. It also explains how the product passport (for UCITS) operates and how UCITS schemes may be marketed in other EEA States.
COLL 1.1.3GRP
The Collective Investment Schemes Information Guide COLLG provides some general background material on the regulatory structure surrounding scheme regulation in the UK.
REC 1.1.1GRP
The rules and guidance in this sourcebook apply to recognised bodies and to applicants for recognition as RIEs4 under Part XVIII of the Act (Recognised Investment Exchanges and Clearing Houses) and (as RAPs)4 under the RAP regulations.344
REC 1.1.1AGRP
The guidance in REC 6A applies to EEA market operators exercising passporting rights in the United Kingdom. 2
REC 1.1.2GRP
(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
REC 1.1.3GRP
(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
REC 6.7.7RRP
Where an ROIE1 proposes to change: (1) its address in the United Kingdom for the service of notices or other documents required or authorised to be served on it under the Act; or(2) the address of its head office;it must give notice to the FCA1 and inform it of the new address at least 14 days before the change is effected.1
REC 6.7.8RRP
Where an ROIE1 has notice that any licence, permission or authorisation which it requires to conduct any regulated activity in its home territory has been or is about to be:1(1) revoked; or(2) modified in any way which would materially restrict the ROIE1 in performing any regulated activity in its home territory or in the United Kingdom;1it must immediately notify the FCA1 of that fact and must give the FCA1 the information specified for the purposes of this rule in REC 6.7.9
REC 6.7.9RRP
The following information is specified for the purposes of REC 6.7.8 R:(1) particulars of the licence, permission or authorisation which has been or is to be revoked or modified, including particulars of the ROIEs1regulated activities to which it relates;1(2) an explanation of how the revocation or modification restricts or will restrict the ROIE1 in carrying on any regulated activity in its home territory or in the United Kingdom;1(3) the date on which the revocation or modification
REC 6.7.13GRP
ROIEs 1may apply to the FCA1 for a waiver of any of the notification rules. The procedure is the same as that for applications from UK recognised bodies. Guidance on the procedure is given in REC 3.3.1
SYSC 12.1.1RRP
1Subject to SYSC 12.1.2 R to SYSC 12.1.4 R, this section applies to each of the following which is a member of a group:(1) a firm that falls into any one or more of the following categories:(a) a regulated entity;(b) [deleted]88(c) an insurer;(d) a BIPRU firm;(e) a non-BIPRU firm that is a parent financial holding company in a Member State and is a member of a UK consolidation group; and(f) a firm subject to the rules in IPRU(INV) Chapter 14.(2) a UCITS firm, but only if
SYSC 12.1.2RRP
Except as set out in SYSC 12.1.4 R, this section applies with respect to different types of group as follows:(1) SYSC 12.1.8 R and SYSC 12.1.10 R apply with respect to all groups, including UK-regulated EEAfinancial conglomerates,19 other financial conglomerates and groups dealt with in SYSC 12.1.13 R to SYSC 12.1.16 R;19(2) the additional requirements set out in SYSC 12.1.11 R and SYSC 12.1.12 R only apply with respect to UK-regulated EEAfinancial conglomerates;19 and19(3)
SYSC 12.1.4RRP
(1) This rule applies in respect of the following rules:(a) SYSC 12.1.8R (2);(b) SYSC 12.1.10R (1), so far as it relates to SYSC 12.1.8R (2);(c) SYSC 12.1.10R (2); and(d) SYSC 12.1.11 R to SYSC 12.1.15 R.(2) The rules referred to in (1):(a) only apply with respect to a financial conglomerate if it is a UK-regulated EEA financial conglomerate;1919(b) (so far as they apply with respect to a group that is not a financial conglomerate) do not apply with respect to a group for
SYSC 12.1.13RRP
If this rule applies under SYSC 12.1.14 R to a firm, the firm must:(1) comply with SYSC 12.1.8R (2) in relation to any UK consolidation group or non-EEAsub-group of which it is a member, as well as in relation to its group; and(2) ensure that the risk management processes and internal control mechanisms at the level of any UK consolidation group or non-EEAsub-group of which it is a member comply with the obligations set out in the following provisions on a consolidated (or
SYSC 12.1.14RRP
SYSC 12.1.13 R applies to a firm that is:(1) [deleted]88(2) a BIPRU firm; or(3) anon-BIPRU firm that is a parent financial holding company in a Member State and is a member of a UK consolidation group.
COLL 12.3.1RRP
This section applies to an EEA UCITS management company that provides collective portfolio management services in the United Kingdom by acting as the manager of an AUT or the ACD of an ICVC which is a UCITS scheme, either by establishing a branch or under the freedom to provide cross border services.
COLL 12.3.2GRP
(1) An EEA UCITS management company may be the manager of an AUT or the ACD of an ICVC, that is a UCITS scheme (see SUP 13A (Qualifying for authorisation under the Act)).(2) An EEA UCITS management company that acts as the manager of an AUT, or the ACD of an ICVC, that is a UCITS scheme may conduct its business from a branch in the United Kingdom or under the freedom to provide cross border services (without establishing a branch in the United Kingdom).(3) The Glossary definition
COLL 12.3.4RRP
(1) An EEA UCITS management company which applies to manage a UCITS scheme under paragraph 15A(1) of Schedule 3 to the Act must provide the FCA with the following documents:(a) the written agreement that has been entered into with the depositary of the scheme, as referred to in COLL 6.6.4 R (6) (General duties of the depositary);(b) information on any delegation arrangements it has made regarding the functions of investment management and administration, as referred to in Annex
COLL 12.3.7GRP
An EEA UCITS management company that operates a UCITS scheme is advised that in particular it needs to comply with:(1) COLL 6.6.3 R (Functions of the authorised fund manager) requiring it to fulfil the obligations placed on it by the instrument constituting the scheme and the prospectus of that scheme;(2) Dispute resolution: Complaints sourcebook (DISP - see DISP 1 Annex 2 G for a summary of the relevant requirements that apply, which include the complaints handling rules (under
COLL 12.3.8GRP
(1) In addition to the requirements of this section, an EEA UCITS management company that provides collective portfolio management services from a branch in the United Kingdom must comply with the following rules that implement the requirements of article 14(1) of the UCITS Directive:(a) COLL 6.6A.2 R (Duties of AFMs of UCITS schemes and EEA UCITS schemes to act in the best interests of the scheme and its Unitholders);(b) COLL 6.6A.4 R (Due diligence requirements of AFMs of UCITS
PERG 5.2.1GRP
This guidance is based on the statutory instruments made as part of implementing the IMD in the United Kingdom. This legislation includes the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2003 (S.I. 2003/1476), which amends among others the Regulated Activities Order, the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001 (S.I. 2003/1217), the Non-Exempt Activities Order and the Business Order. Other legislation
PERG 5.2.2GRP
Any person who carries on a regulated activity in the United Kingdom by way of business must either be an authorised person or exempt from the need for authorisation. Otherwise, the person commits a criminal offence and certain agreements may be unenforceable. PERG 2.2 (Authorisation and regulated activities) has further guidance on these consequences.2
PERG 5.2.3GRP
A person who is concerned to know whether his proposed insurance mediation activities may require authorisation will need to consider the following questions (these questions are a summary of the issues to be considered and have been reproduced, in slightly fuller form, in the flow chart in PERG 5.15.2 G (Flow chart: regulated activities related to insurance mediation – do you need authorisation?):(1) will the activities relate to contracts of insurance (see PERG 5.3(Contracts
PERG 5.2.6GRP
The United Kingdom's approach to implementing the IMD by domestic legislation is, in part, through secondary legislation, which will apply pre-existing regulated activities (slightly amended) in the Regulated Activities Order to the component elements of the insurance mediation definition in the IMD (see PERG 5.2.5 G and the text of article 2.3 IMD in PERG 5.16.2 G (article 2.3 of the Insurance Mediation Directive)).
REC 2.1.1GRP
This chapter contains the recognition requirements for UK RIEs4 (other than RAPs) 3 and sets out guidance on those requirements. Except for REC 2.5A, references to recognised body or UK recognised bodies in the rest of this chapter shall be read as referring to UK RIEs.4 This chapter also contains the MiFID implementing requirements for UK RIEs.243
REC 2.1.2GRP
These recognition requirements must be satisfied by applicants for UK RIE4 status before recognition is granted and by all UK RIEs4 at all times while they are recognised. In addition the MiFID implementing requirements must be satisfied by applicants for UK RIE status before recognition is granted and by all UK RIEs at all times while they are recognised. 2The same standards apply both on initial recognition and throughout the period recognised body status is held. The term UK
REC 2.1.3GRP
(1) The paragraphs in the Schedule to the Recognition Requirements Regulations are grouped in this sourcebook in sections which give guidance on the same subject for UK RIEs.44(2) The table in REC 2.1.4 G indicates in which section each of those paragraphs (and the associated guidance) can be found.2
REC 2.1.4GRP

Location of recognition requirements and guidance

Recognition Requirements Regulations

Subject

Section in REC 2

Regulation 6

Method of satisfying recognition requirements

2.2

Part I of the Schedule

UK RIE recognition requirements

Paragraph 1

Financial resources

2.3

Paragraph 2

Suitability

2.4

Paragraph 3

Systems and controls

2.5

Paragraphs 4(1) and 4(2)(aa)2

2

General safeguards for investors

2.6

Paragraph 4(2)(a)

Access to facilities

2.7

Paragraph 4(2)(b)

Proper markets

2.12

Paragraph 4(2)(c)

Availability of relevant information

2.12

Paragraph 4(2)(d)

Settlement

2.8

Paragraph 4(2)(e)

Transaction recording

2.9

2Paragraph 4(2)(ea)

Conflicts

2.5

Paragraph 4(2)(f)

Financial crime and market abuse

2.10

Paragraph 4(2)(g)

Custody

2.11

Paragraph 4(3)

Definition of relevant information

2.12

2Paragraph 4A

Provision of pre-trade information about share trading

2.6

2Paragraph 4B

Provision of post-trade information about share trading

2.6

Paragraph 6

Promotion and maintenance of standards

2.13

Paragraph 7

Rules and consultation

2.14

2Paragraph 7A

Admission of financial instruments to trading

2.12

2Paragraph 7B and 7C

Access to facilities

2.7

2Paragraph 7D

Settlement

2.8

2Paragraph 7E

Suspension and removal of financial instruments from trading

2.6

Paragraph 8

Discipline

2.15

Paragraph 9

Complaints

2.16

2Paragraph 9A

Operation of a multilateral trading facility

2.16A

Part II of the Schedule

UK RIE default rules in respect of market contracts

2.174

SUP 13A.3.1GRP
Section 31 of the Act (Authorised persons) states that an EEA firm is authorised for the purposes of the Act if it qualifies for authorisation under Schedule 3 to the Act (EEA Passport Rights). Under paragraph 12 of Part II of that Schedule, an EEA firm that is an EEA pure reinsurer, or an EEA firm that has received authorisation under article 18 of the auction regulation,75qualifies for authorisation without condition. Other than those two types of EEA firm, an7EEA firm qualifies
SUP 13A.3.1AGRP
3If an EEA MiFID investment firm seeks to use a tied agent established in the UK, the EEA MiFID investment firm will be treated as if it were seeking to establish a branch and must satisfy the establishment conditions (see SUP 13A.4.1 G).
SUP 13A.3.1CGRP
(1) 6Under paragraph 15A(1) of Part II of Schedule 3 to the Act, an EEA UCITS management company intending to exercise an EEA right to provide collective portfolio management services for a UCITS scheme must, before it undertakes that activity, obtain the FCA's10 approval to manage that UCITS scheme. Firms should use the application form set out in SUP 13A Annex 3 R (EEA UCITS management companies: application for approval to manage a UCITS scheme established in the United Kingdom)
SUP 13A.3.2GRP
(1) On qualifying for authorisation, subject to SUP 13A.3.1C G (1),6 an EEA firm (except for an EEA firm that has received authorisation under article 18 of the auction regulation)7 will have permission to carry on each permitted activity (see (3) below) which is a regulated activity.6(2) 6[deleted](3) The permitted activities of an EEA firm (except for an EEA firm that has received authorisation under article 18 of the auction regulation)7 are those activities identified in the
PERG 2.9.6GRP
The exclusions apply where the regulated activity is carried out in the course of a profession or business which does not otherwise consist of the carrying on of regulated activities in the United Kingdom. However, activities are only excluded to the extent that they may reasonably be regarded as a necessary part of the other services provided in the course of the profession or business. The exclusion does not apply if separate remuneration is received in respect of any regulated
PERG 2.9.16GRP
An overseasperson is defined as a person who carries on what would be regulated activities (including any activity that would otherwise be excluded from being a regulated activity by virtue of the exclusions for overseas persons referred to in PERG 2.9.15 G) but who does not do so, or offer to do so, from a permanent place of business maintained by him in the United Kingdom. Where a person does not have a permanent place of business in the United Kingdom, he will not, in any event,
PERG 2.9.17GRP
The exclusions are available, for regulated activities other than those that relate to home finance transactions4 in the two broad cases set out below. For some of these regulated activities, the exclusions apply in each case. In others, they apply in only one.4(1) The first case is where the nature of the regulated activity requires the direct involvement of another person and that person is authorised or exempt (and acting within the scope of his exemption). For example, this
PERG 2.9.18GRP
(1) In accordance with article 3(2) of the E-Commerce Directive, all requirements on persons providing electronic commerce activities into the United Kingdom from the EEA are lifted, where these fall within the co-ordinated field and would restrict the freedom of such a firm to provide services. The coordinated field includes any requirement of a general or specific nature concerning the taking up or pursuit of electronic commerce activities. Authorisation requirements fall within
SYSC 19A.3.1RRP
(1) A firm must apply the requirements of this section at group, parent undertaking and subsidiary undertaking levels, including those subsidiaries established in a country or territory which is not an EEA State.(2) Paragraph (1) does not limit SYSC 12.1.13 R (2)(dA) (which relates to the application of the Remuneration Code within UK consolidation groups and non-EEA sub-groups).[Note: Paragraph 23 (final, unnumbered point) of Annex V to the Banking Consolidation Directive]
SYSC 19A.3.2GRP
SYSC 12.1.13 R (2)(dA) requires the firm to ensure that the risk management processes and internal control mechanisms at the level of any UK consolidation group or non-EEA sub-group of which a firm is a member comply with the obligations set out in this section on a consolidated (or sub-consolidated) basis. In the appropriate regulator's view, the requirement to apply this section at group, parent undertaking and subsidiary undertaking levels (as provided for in SYSC 19A.3.1
SYSC 19A.3.4RRP
Remuneration Code staff comprises categories of staff including senior management, risk takers, staff engaged in control functions and any employee receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on the firm's risk profile.[Note: article 92(2) of CRD paragraph 23 of Annex V to the Banking Consolidation Directive]
SYSC 19A.3.55GRP
(1) Sections 137H and 137I of the Act enables the appropriate regulator to make rules that render void any provision of an agreement that contravenes specified prohibitions in the Remuneration Code, and that provide for the recovery of any payment made, or other property transferred, in pursuance of such a provision. SYSC 19A.3.53A R and1SYSC 19A.3.54 R (together with SYSC 19A Annex 1) are such rules1 and render1 void provisions of an agreement that contravene the specified
SUP 13.10.1GRP
UK firms are reminded that conduct of business rules, and other rules made for the general good, may apply to business carried on in the Host State by a UK firm. These are known in the Act as the applicable provisions (paragraph 19(13) of Part III of Schedule 3 to the Act).
SUP 13.10.3GRP
These Host State provisions often have requirements about the soliciting of business, for example, advertising and cold-calling rules. A UK firm should ensure it is familiar with, and acts in compliance with, the relevant requirements of its Host State regulator.
CASS 1.3.2RRP
Except as provided for in CASS 1.2.3 R (2), CASS applies to every firm, in relation to regulated activities carried on by it from an establishment in the United Kingdom.
CASS 1.3.3RRP
CASS applies to every UK firm, other than an insurer, in relation to passported activities carried on by it from a branch in another EEA State.
REC 3.20.1RRP
Where a UK recognised body has taken any disciplinary action against any member or any employee of a member, in respect of a breach of a rule relating to the carrying on by the UK recognised body of any of its regulatory functions, that body must immediately notify the FCA1of that event, and give:1(1) the name of the person concerned;(2) details of the disciplinary action taken by the UK recognised body; and(3) the UK recognised body's reasons for taking that disciplinary act
REC 3.20.2RRP
Where an appeal is lodged against any disciplinary action referred to in REC 3.20.1 R, the UK recognised body must immediately give the FCA1notice of that event, and:1(1) the name of the appellant and the grounds on which the appeal is based, immediately; and(2) the outcome of the appeal, when known.
REC 3.9.1GRP
The purpose of REC 3.9.2 R is to enable the FCA1to obtain information on changes to standard tariffs for matters such as membership and trading and of any scheme introduced by the UK recognised body for rebating or waiving fees or charges. A UK recognised body is not required to inform the FCA1of fees or charges for which the UK recognised body does not charge according to a standard tariff.11
REC 3.9.2RRP
A UK recognised body must give the FCA1a summary of:1(1) any proposal to change the fees or charges levied on its members (or any group or class of them), at the same time as the proposal is communicated to those members; and(2) any such change, no later than the date when it is published or notified to those members.
DTR 6.4.1RRP
In respect of transferable securities which are admitted to trading on a regulated market, this section applies to: (1) an issuer whose Home State is the United Kingdom in accordance with article 2.1(i)(i) of the TD; and(2) an issuer who chooses the United Kingdom as its Home State in accordance with article 2.1(i)(ii) of the TD.
DTR 6.4.2RRP
An issuer that chooses the United Kingdom as its Home State, pursuant to article 2.1(i)(ii), must disclose that choice in accordance with DTR 6.3. [Note: article 2 of the TD implementing Directive]
REC 3.19.1RRP
Where a UK recognised body becomes aware that a person has been appointed by any regulatory body (other than the FCA2or a UK recognised body) to investigate:2(1) any business transacted by means of its facilities or12(2) any aspect of the clearing facilitation services2 which it provides;2it must immediately give the FCA2notice of that event.2
REC 3.19.2GRP
A UK recognised body need not give the FCA2notice of:2(1) routine inspections or visits undertaken in the course of regular monitoring, complaints handling or as part of a series of 'theme visits'; or(2) routine requests for information; or(3) investigations into the conduct of members of the UK recognised body or of other users of its facilities where the use of its facilities is a small or incidental part of the subject matter of the investigation.
REC 3.12.1RRP
If any civil or criminal legal proceedings are instituted against a UK recognised body, it must, unless REC 3.12.2 R applies, immediately give notice of that event and give the following information to the FCA:11(1) in the case of civil proceedings, the name of the claimant, particulars of the claim, the amount of damages and any other remedy sought by the claimant, and particulars of any allegation that any act or omission of that body was in bad faith; and(2) in the case of
REC 3.12.2RRP
A UK recognised body is not required to give notice of civil legal proceedings or information about them to the FCA1under REC 3.12.1 R, where:1(1) the amount of damages claimed would not significantly affect that UK recognised body's financial resources, if the claim were successful;(2) the claim would not have a significant adverse effect on the reputation and standing of that body, if that claim were successful; and (3) the claim does not relate to that body's regulatory fu
SUP 11.6.2RRP
After submitting a section 178 notice2under SUP 11.4.2 R orSUP 11.4.2A R2 and until the change in control occurs (or is no longer to take place), SUP 15.6.4 R and SUP 15.6.5 R apply to a UK domestic firm in relation to any information its controller or proposed controller provided to the appropriate regulator4 under SUP 11.5.1 R or SUP 11.3.7 D.1224
SUP 11.6.3RRP
During the period in SUP 11.6.2 R, a UK domestic firm must take reasonable steps to keep itself informed about the circumstances of the controller or the proposed controller to which the notification related.
REC 4.3.2GRP
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
REC 4.3.3GRP
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
REC 6A.1.1GRP
1Under section 312A of the Act, an EEA market operator may make arrangements in the United Kingdom to facilitate access to, or use of, a regulated market or multilateral trading facility operated by it if:(1) the operator has given its Home State regulator notice of its intention to make such arrangements; and(2) the Home State regulator has given the FCA3 notice of the operator's intention.3
REC 6A.1.3GRP
An EEA market operator has exempt person status as respects any regulated activity which is carried on as a part of its business of operating a regulated market or multilateral trading facility if the operator made arrangements in the United Kingdom on or before 31 October 2007 to facilitate access to, or use of, that regulated market or multilateral trading facility.