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SUP 10A.1.2GRP
This chapter is also relevant to every FCA-approved person.
SUP 10A.1.4GRP
The directions in this chapter relate to the manner in which a firm must apply for the FCA's approval under section 59 of the Act and other procedures.
SUP 10A.1.8GRP
SUP 10A.1.7 R reflects the provisions of section 59(8) of the Act and, in relation to an incoming Treaty firm and a UCITS qualifier, the Treaty and the UCITS Directive. It preserves the principle of Home State prudential regulation. In relation to an incoming EEA firm exercising an EEA right, or an incoming Treaty firm exercising a Treaty right, the effect is to reserve to the Home State regulator the assessment of the fitness and propriety of a person performing a function in
SUP 10A.1.15RRP
The descriptions of the following FCA controlled functions apply to an appointed representative of a firm, except an introducer appointed representative, as they apply to an FCA-authorised person:(1) the FCAgoverning functions, subject to SUP 10A.1.16 R and except for a tied agent of an EEAMiFID investment firm; and(2) the customer function other than in relation to acting in the capacity of an investment manager (see SUP 10A.10.7R (6)).
SUP 10A.1.16RRP
(1) SUP 10A.1.15 R is modified in relation to an appointed representative meeting the conditions in (2) so that only one of the following FCA governing functions:(a) director function; or(b) chief executive function; or(c) partner function; or(d) director of unincorporated association function;applies, as appropriate, to an individual within that appointed representative who will be required to be an FCA-approved person.(2) The conditions are that:(a) the scope of appointment
SUP 10A.1.21GRP
For a firm that is exempt from MiFID under article 2(1)(i) and whose only permission is bidding in emissions auctions, the only FCA controlled functions that apply to it are: (1) the FCA governing functions;(2) the money laundering reporting function; (3) the customer function; and(4) (where it has exercised an opt-in to CASS in accordance with CASS 1.4.9 R and is a CASS medium firm or a CASS large firm) the CASS operational oversight function. This is because the FCA-approved
CREDS 8.3.1GRP
The purpose of this section is to set out further guidance relating to the approved persons regime that is specific to credit unions. Credit unions should also read Chapter 10 of the Supervision manual (SUP) concerning approved persons.
CREDS 8.3.3GRP
The complete list of all controlled functions is located in SUP 10.4.5 R. Guidance on those controlled functions most likely to be relevant to credit unions is provided below.
CREDS 8.3.5GRP
SUP 10.7: the required functions: (1) [deleted]11(2) SUP 10.7.13 R: the money laundering reporting function. This is the function of acting in the capacity of the money laundering reporting officer of a credit union.
CREDS 8.3.6GRP
SUP 10.8: the systems and controls function. This is the function of acting as an employee with responsibility for reporting to the committee of management in relation to: (1) the credit union's financial affairs; or(2) setting and controlling its risk exposure; or (3) adherence to internal systems and controls, procedures and policies.
LR 1.2.1RRP
(1) The FCA may dispense with or modify the listing rules in such cases and by reference to such circumstances as it considers appropriate (subject to the terms of EU directives and the Act).(2) A dispensation or modification may be either unconditional or subject to specified conditions.(3) If an issuer or sponsor has applied for, or been granted, a dispensation or modification, it must notify the FCA immediately it becomes aware of any matter which is material to the relevance
LR 1.2.2RRP
(1) An application to the FCA to dispense with or modify a listing rule must be in writing.(2) The application must:(a) contain a clear explanation of why the dispensation or modification is requested;(b) include details of any special requirements, for example, the date by which the dispensation or modification is required;(c) contain all relevant information that should reasonably be brought to the FCA's attention;(d) contain any statement or information that is required by
LR 1.2.4GRP
If an issuer applies to the FCA to dispense with or modify a listing rule on the basis that it is in severe financial difficulty, the FCA would ordinarily expect the issuer to comply with the conditions in LR 10.8 (to the extent relevant to the particular rule for which the dispensation or modification is sought). In particular, the FCA would expect the issuer to comply with those conditions that are directed at demonstrating that it is in severe financial difficulty.
LR 1.2.5GRP

An issuer or sponsor should consult with the FCA at the earliest possible stage if it:

  1. (1)

    is in doubt about how the listing rules apply in a particular situation; or

  2. (2)

    considers that it may be necessary for the FCA to dispense with or modify a listing rule.

LR 1.2.6GRP

2Where a listing rule refers to consultation with the FCA, submissions should be made in writing other than in circumstances of exceptional urgency or in the case of a submission from a sponsor in relation to the provision of a sponsor service.

Address for correspondence

Note:The FCA's address for correspondence is:

The Financial Conduct Authority

25 The North Colonnade

Canary Wharf

London, E14 5HS

Tel: 020 7066 8333

http://www.fca.org.uk/firms/markets/ukla
COND 1.1A.1GRP
(1) Section 55C of the Financial Services Act 2012 (Power to amend Schedule 6) gave HM Treasury the power to amend Schedule 6 of the Act. HM Treasury exercised this power by making The Financial Services and Markets Act 2000 (Threshold Conditions) Order 2013 which entered into force on 1 April 2013 (the "TC Order"). The TC Order's main result is the creation of four sets of threshold conditions, namely:(i) conditions for firms authorised and regulated by the FCA only (paragraphs
COND 1.1A.3GRP
(1) As a result of the new legal framework for threshold conditions described in COND 1.1A.1G (1), PRA-authorised persons and firms seeking to become PRA-authorised persons are subject to two sets of threshold conditions:(i) the FCA-specific conditions referred to in COND 1.1A.1G (1)(ii)and(ii) one of the two PRA-specific conditions referred to in COND 1.1A.1G (1)(iii) or (iv), depending on the PRA-regulated activities which the PRA-authorised person or firm carries on, or is
COND 1.1A.4GRP
COND applies to incoming EEA firms and incoming Treaty firms as set out below:(1) for an incoming EEA firm or an incoming Treaty firm which does not carry on any PRA-regulated activities, FCAthreshold conditions 2C to 2F apply; and(2) for an incoming EEA firm or an incoming Treaty firm which carries on a PRA-regulated activity, FCAthreshold conditions 3B to 3E apply.FCAthreshold conditions apply to incoming EEA firms and incoming Treaty firms only in as far as relevant to the
COND 1.1A.5GRP
FCAthreshold conditions 3B, 3C and 3E apply to Swiss General Insurance Companies.
DEPP 2.3.1GRP
If a decision maker is asked to decide whether to give a decision notice or second supervisory notice, it will:(1) review the material before it;(2) consider any representations made (whether written, oral or both) and any comments by FCA1 staff or others in respect of those representations;1(3) decide whether to give the notice and the terms of any notice given.
DEPP 2.3.2GRP
If the FCA1 receives no response or representations within the period specified in a warning notice, the decision maker may regard as undisputed the allegations or matters in that notice and a decision notice will be given accordingly. A person who has received a decision notice and has not previously made any response or representations to the FCA1, may nevertheless refer the FCA's1 decision to the Tribunal.111
DEPP 2.3.3GRP
If the FCA1 receives no response or representations within the period specified in a first supervisory notice, the FCA1 will not give a second supervisory notice. The outcome depends on when the relevant action took or takes effect (as stated in the notice). If the action:11(1) took effect immediately, or on a specified date which has already passed, it continues to have effect (subject to any decision on a referral to the Tribunal); or(2) was to take effect on a specified date
DEPP 2.3.5GRP
Under section 388(3) of the Act, following the giving of a decision notice but before the FCA1 takes action to which the decision notice relates, the FCA1 may give the person concerned a further decision notice relating to different action concerning the same matter. Under section 388(4) of the Act, the FCA1 can only do this if the person receiving the further decision notice gives its consent. In these circumstances the following procedure will apply:111(1) FCA1staff will recommend
DEPP 2.3.6GRP
For the purpose of establishing whether the person receiving the further decision notice gives its consent, the FCA1 will normally require consent in writing.1
RCB 4.2.1GRP
The FCA's approach to the exercise of its enforcement powers will be consistent with its approach in DEPP and EG so far as appropriate.
RCB 4.2.2GRP
The FCA's exercise of its powers under the RCB Regulations is without prejudice to the use of its powers under the Act or under other legislation.
RCB 4.2.3GRP
(1) When deciding whether to take enforcement action under Part 7 of the RCB Regulations, and what form that enforcement action should take, the FCA will consider all relevant factors, including:(a) the relevant factors on decisions to take action set out in DEPP 6.2.1 G;(b) whether any contractual or other arrangements agreed between the parties can be used effectively to address any perceived failure under the RCB Regulations; and(c) the interests of investors in the relevant
RCB 4.2.4GRP
The FCA's policy on imposing financial penalties (including the amount of any such penalties) under the RCB Regulations will be consistent with the policy as set out in DEPP and EG with appropriate modifications.
RCB 4.2.5GRP
When considering whether to impose a financial penalty, the amount of penalty, and whether to impose the penalty on the issuer or the owner, the FCA will have regard, where relevant,1 to:(1) the statement on determining the appropriate level of a financial penalty set out 1in DEPP 6.5 to DEPP 6.5D1;(2) the particular arrangements between the issuer and the owner; (3) the likely impact of the penalty on the interests of investors in a regulated covered bond; and(4) the conduct
PERG 5.11.6GRP
(1) The removal of the exclusion for groups and joint enterprises in article 69 of the Regulated Activities Order (Groups and joint enterprises) may have implications for a company providing services for:(a) other members of its group; or(b) other participants in a joint enterprise of which it is a participant.(2) Such companies might typically provide risk or treasury management or administration services which may include regulated activities relating to a contract of insurance.
PERG 5.11.9GRP
Article 67 excludes from the activities of dealing as agent, arranging (bringing about) deals in investments, making arrangements with a view to transactions in investments, assisting in the administration and performance of a contract of insurance and advising on investments, any activity which:(1) is carried on in the course of carrying on any profession or business which does not otherwise consist of the carrying on of regulated activities in the United Kingdom; and(2) may
PERG 5.11.11GRP
Article 67 may also apply to activities relating to assignments of insurance policies, as, in the FCA's view, article 2.3 of the IMD applies essentially to the creation of new contracts of insurance and not the assignment of rights under existing policies. As such, where a solicitor or licensed conveyancer arranges an assignment of a contract of insurance, the exclusion in article 67 remains of potential application. For similar reasons, trustees advising on or arranging assignments
PERG 5.11.13GRP
Article 72B (see also PERG 5.3.7 G (Connected contracts of insurance)) may be of relevance to persons who supply non-motor goods or provide services related to travel in the course of carrying on a profession or business which does not otherwise consist of carrying on regulated activities. In the FCA's view, the fact that a person may carry on regulated activities in the course of the carrying on of a profession or business does not, of itself, mean that the profession or business
PERG 5.11.14GRP
In the FCA's view, the liability risks referred to in PERG 5.11.13G (5) cover risks in relation to liabilities that the policyholder might have to others (that is, third party claims). Many policies will provide this sort of cover and so fall outside the scope of the exclusion. For example, a policy that covers the cost of unauthorised calls made when a mobile telephone is stolen includes 'liability risks' and would not be a 'connected contract of insurance'. By contrast, travel
PERG 5.11.15GRP
In the FCA's view, the condition in PERG 5.11.13G (7) is likely to be satisfied where the insurance mediation activities relate to a standard form contract of insurance, the terms of which (other than the cost of the premium) are not subject to negotiation.
REC 2.13.1UKRP

Schedule to the Recognition Requirements Regulations, Paragraph 6

2(1) The [UK RIE] must be able and willing to promote and maintain high standards of integrity and fair dealing in the carrying on of regulated activities by persons in the course of using the facilities provided by the [UK RIE].

(2) The [UK RIE] must be able and willing to cooperate by the sharing of information or otherwise, with the [FCA].4with any other authority, body or person having responsibility in the United Kingdom for the supervision or regulation of any regulated activity or other financial service, or with an overseas regulator within the meaning of section 195 of the Act.

4
REC 2.13.3GRP
In determining whether a UK recognised body is able and willing to promote and maintain high standards of integrity and fair dealing in the carrying on of regulated activities, the FCA4 may have regard to the extent to which the UK recognised body seeks to promote and encourage, through its rules, practices and procedures, conduct in regulated activities which is consistent with the Code of Market Conduct (see MAR 1) and with any other codes of conduct, rules or principles relating
REC 2.13.4GRP
In assessing the ability of a UK recognised body to cooperate with the FCA4 and other appropriate bodies, the FCA4 may have regard to the extent to which the constitution and rules of the UK recognised body and its agreements with its members enable it to obtain information from members and to disclose otherwise confidential information to the FCA4 and other appropriate bodies.444
REC 2.13.5GRP
In assessing the willingness of a UK recognised body to cooperate with the FCA4 and other appropriate bodies, the FCA4 may have regard to:44(1) the extent to which the UK recognised body is willing to provide information about it and its activities to assist the FCA4 in the exercise of its functions;4(2) the extent to which the UK recognised body is open with the FCA4 or other appropriate bodies in regulatory matters;4(3) how diligently the UK recognised body investigates or pursues
PERG 9.9.2GRP
In the FCA view, this means that the reasonable investor must be satisfied that what he will get when he realises his investment is his proportionate share in the value of BC's underlying assets, less any dealing costs. In other words, that he is satisfied he will get net asset value. The investment condition focuses on the way the body corporate operates over time, and not by reference to particular issues of shares or securities (see PERG 9.6.3 G (The investment condition (section
PERG 9.9.3GRP
For the 'satisfaction test' to be met, there must be objectively justifiable grounds on which the reasonable investor could form a view. He must be satisfied that the value of BC's property will be the basis of a calculation used for the whole, or substantially the whole, of his investment. The FCA considers that the circumstances, or combination of circumstances, in which a reasonable investor would be in a position to form this view include:(1) where the basis of net asset valuation
PERG 9.9.4GRP
PERG 9.9.3 G (2)and PERG 9.9.3 G (3) refer to circumstances where the reasonable investor may be satisfied that he can realise his investment at net asset value because of arrangements made to ensure that the shares or securities trade at net asset value on a market. There may, for example, be cases of market dealing where the price of shares or securities will not depend on the market. An example is where BC or a third party undertakes to ensure that the market value reflects
PERG 9.9.5GRP
However, where there is a market, the FCA does not consider that the test in section 236(3)(b) would be met if the price the investor receives for his investment is wholly dependent on the market rather than specifically on net asset value. In the FCA's view, typical market pricing mechanisms introduce too many uncertainties to be able to form a basis for calculating the value of an investment (linked to net asset value) of the kind contemplated by the satisfaction test. As a
PERG 9.9.6GRP
The fact that the definition must be applied to BC as a whole (see PERG 9.6.3 G (The investment condition (section 236(3) of the Act): general)) is also relevant here. So, for example, in a take-over situation the fact that a bidder may be willing to provide an exit route for an investment at net asset value will be irrelevant within the context of the definition. This is so even if an investor invests in particular shares or securities in the knowledge or expectation or in anticipation
SUP 1A.1.1GRP
1This chapter applies to every firm, except that its relevance for an ICVC is limited as the FCA does not intend to carry out an assessment of an ICVC that is specific to that ICVC.
SUP 1A.1.2GRP
The Act (section 1L) requires the FCA to "maintain arrangements for supervising authorised persons". Section 1K of the Act also requires the FCA to provide general guidance about how it intends to advance its operational objectives in discharging its general functions in relation to different categories of authorised person or regulated activity. One purpose of this guidance is to discharge the duties of the FCA set out in sections 1L and 1K of the Act. The FCA's approach to
SUP 1A.1.3GRP
The design of these arrangements is shaped by the FCA'sstatutory objectives in relation to the conduct supervision of financial services firms as well as the prudential supervision of firms not supervised by the PRA. These objectives are set out in Chapter 1 of the Act. The FCA has one strategic objective: ensuring that the relevant markets function well. In discharging its general functions, the FCA must, so far as is reasonably possible, act in a way which is compatible with
SUP 1A.1.4GRP
(1) In designing its approach to supervision, the FCA has regard to the regulatory principles set out in section 3B of the Act. In particular, the FCA's regulatory approach aims to focus and reinforce the responsibility of the senior management of each firm (section 3B(1)(d) of the Act) to ensure that it takes reasonable care to organise and control the affairs of the firm responsibly and effectively, and develops and maintains adequate risk management systems. It is the responsibility
CASS 1A.2.5RRP
(1) Notwithstanding CASS 1A.2.2 R, provided that the conditions in (2) are satisfied a firm may elect to be treated:(a) as a CASS medium firm, in the case of a firm that is classed by the application of the limits in CASS 1A.2.7 R as a CASS small firm; and (b) as a CASS large firm, in the case of a firm that is classed by the application of the limits in CASS 1A.2.7 R as a CASS medium firm.(2) The conditions to which (1) refers are that in either case:(a) the election is notified4
CASS 1A.2.9RRP
Once every calendar year a firm must notify to the FCA in writing the information specified in (1), (2) or (3) as applicable, and the information specified in (4), in each case no later than the day specified in (1) to (4):44(1) if it held client money or safe custody assets in the previous calendar year, the highest total amount of client money and the highest total value of safe custody assets held during the previous calendar year, notification of which must be made no later
CASS 1A.2.11GRP
For the purpose of CASS 1A.2.9R (1), the FCA will treat that obligation as satisfied if a firm submitted4 a CMAR for each period within the previous calendar year 4 in compliance with SUP 16.14.3 R.3434343
CASS 1A.2.12RRP
4A firm's 'CASS firm type' and any change to it takes effect:(1) if the firm notifies the FCA in accordance with CASS 1A.2.9 R (1) or CASS 1A.2.9 R (2), on 1 February following the notification; or(2) if the firm notifies the FCA in accordance with CASS 1A.2.9 R (3), on the day it begins to hold client money or safe custody assets; or(3) if the firm makes an election under CASS 1A.2.5 R (1), and provided the conditions in CASS 1A.2.5 R (2) are satisfied, on the day the notification
CASS 1A.2.13GRP
4Any written notification made to the FCA under this chapter should be marked for the attention of: "Client Assets Firm Classification".
LR 5.3.1RRP
A request by an issuer for the listing of its securities to be suspended or cancelled must be in writing and must include:(1) the issuer's name;(2) details of the securities to which it relates and the RIEs on which they are traded;(3) a clear explanation of the background and reasons for the request;(4) the date on which the issuer requests the suspension or cancellation to take effect;(5) for a suspension, the time the issuer wants the suspension to take effect;(6) if relevant,
LR 5.3.4GRP
A written request by an issuer to have the listing of its securities suspended should be made as soon as practicable. Suspension requests received for the opening of the market should allow sufficient time for the FCA to deal with the request before trading starts.
LR 5.3.6GRP
Cancellations will only be specified to take effect when the market opens on a specified day. An issuer should therefore ensure that all accompanying information has been provided to the FCA well before the date on which the issuer wishes the cancellation to take effect and at the very latest by 3 p.m. on the business day before it is to take effect. If the information is received after 3:00 p.m. on the day before the issuer wishes the cancellation to take effect, it will normally
LR 5.3.7GRP
(1) If an issuer requests the FCA to suspend or cancel the listing of its securities, it may withdraw its request at any time before the suspension or cancellation takes effect. The withdrawal request should initially be made by telephone and then confirmed in writing as soon as possible, with an explanation of the reasons for the withdrawal.(2) Even if an issuer withdraws its request, the FCA may still suspend or cancel the listing of the securities if it considers it is necessary
LR 5.3.8GRP
4If an issuer requests the FCA to suspend or cancel the listing of its securities under LR 5.3.1 R and the FCA agrees to do so, the notification given by the FCA to the issuer will include the following information: (1) the date on which the suspension or cancellation took effect or will take effect;(2) details of the suspension or cancellation; and (3) in relation to requests for suspension, details of the issuer's right to apply for the suspension of its listed securities to
FEES 4.2.2AGRP
64A recognised body may also have obligations to pay fees to the FCA under other rules arising from legislation other than the Act. For example a recognised body may have an obligation to pay a fee as an approved operator of a relevant system under the Uncertificated Securities Regulations 1995 (SI 1995/3272).
FEES 4.2.3GRP
The FCA64 will issue invoices in respect of the FCA and PRA64 to firms and other fee payers and expects to do so at least 30 days before the dates on which payments fall due under FEES 4.2.1 R.64
FEES 4.2.4ARRP
64The FCA does not specify a method of payment for a recognised body or a designated professional body.
FEES 4.2.5GRP
The FCA expects a recognised body or a designated professional body will generally pay their respective fees by electronic credit transfer.
FEES 4.2.9GRP
The appropriate regulator will not refund periodic fees if, after the start of the period to which they relate:(1) a fee payer ceases to have the status set out in column (1) of the table in FEES 4.2.11 R or FEES 4.2.11AR65; or(2) a firm reduces its permission or payment services activities 9so that it then falls out of the fee-block previously applied to it;99(but see FEES 2.3 (Relieving Provisions) and FEES 4.3.13 R (Firms Applying to Cancel or Vary Permission Before Start
FEES 4.2.10RRP
A person need not pay a periodic fee on the date on which it is due under the relevant provision in FEES 4.2.1 R, if:(1) that date falls during a period during which circumstances of the sort set out in GEN 1.3.2 R (Emergencies) exist, and that person has reasonable grounds to believe that those circumstances impair its ability to pay the fee, in which case he must pay it on or before the fifth business day after the end of that period; or(2) unless FEES 4.3.6R (3), 9FEES 4.3.6R
FEES 4.2.11RRP

Table of periodic fees payable to the FCA65

65

1 Fee payer

2 Fee payable

3 Due date

4 Events occurring during the period leading to modified periodic fee

Any firm (except an ICVC or a UCITS qualifier)

As specified in FEES 4.3.1 R in relation to FEES 4 Annex 2AR and FEES 4 Annex 11 R65

(1) Unless (2) or (3) apply7, on or before the relevant dates specified in FEES 4.3.6 R.12

(2) Unless (3) applies, if 7an event specified in column 4 occurs during the course of a fee year,64 30 days after the occurrence of that event, or if later the dates specified in FEES 4.3.6 R.7

(3) Where the permission is for operating a multilateral trading facility, the date specified in FEES 4 Annex 10 (Periodic fees for MTF operators).

7764

Firm receives permission, or becomes authorised or registered under the Payment Services Regulations or the Electronic Money Regulations12;9 or firm9extends permission or its payment service activities916

9

Persons who hold a certificate issued by the FCA64 under article 54 of the Regulated Activities Order (Advice given in newspapers etc.)

64

£1,000

(1) Unless (2) applies, on or before 1 August or, if later, within 30 days of the date of the invoice23

(2) If an event in column 4

occurs

during the course of a fee year,64 30 days after the occurrence of that event

2364

Certificate issued to person by FCA64 under Article 54 RAO

64

Any manager of an AUT23;

23

In relation to each unit trust the amount specified in FEES 4 Annex 4

Authorisation order is made in relation to the relevant scheme24

24Any authorised fund manager of an authorised contractual scheme;

In relation to each authorised contractual scheme the amount specified in FEES 4 Annex 4

Any ACD of an ICVC; and

In relation to each ICVC the amount specified in FEES 4 Annex 4

Persons who, under the constitution or founding arrangements of a recognised scheme, is responsible for the management of the property held for or within the scheme;

In relation to each recognised scheme the amount specified in FEES 4 Annex 4

The relevant scheme becomes a recognised collective investment scheme

Not applicable

UK recognised body

FEES 4 Annex 6, part 1 for a UK RIE ; and

FEES 4 Annex 6 R, part 1A for a UK RIE that is also an RAP13

65

(1) On or before the relevant dates specified in FEES 4.3.6 R23

(2) If the event in column 4 occurs during the course of a fee year64, 30 days after the occurrence of that event

2364

Recognition order is made.

The modified1166 periodic fee is specified in FEES 4 Annex 6 R, Part 1and (in the case of an RAP) Part 1A.131166

1166116611661166

ROIE65

65

FEES 4 Annex 6, part 2

(1) On or before the relevant dates specified in FEES 4.3.6 R23

(2) If the event in column 4 occurs during the course of a fee year64, 30 days after the occurrence of that event.

2364

Recognition order is made.

The modified1166 periodic fee is specified in FEES 4 Annex 6, Part 2.1166

1166116611661166

Listedissuers (in LR) of shares, depositary receipts and securitised derivatives (in LR), unless the conditions set out below apply.3

The first condition is that the listedissuer, or a related entity, has already paid a periodic fee in respect of the period concerned. The second condition is that the listedissuer is subject to listing rules as a result of a reverse takeover, or that the listedissuer is a newly formed entity, created as a result of a restructuring.3

FEES 4 Annex 7

Within 30 days of the date of the invoice

Listedissuer3 (in LR) becomes subject to listing rules

3

Sponsors

£25,000231210 per year for the period from 1 April to 31 March the following year (see Note)2

101223

Within 30 days of the date of the invoice

(1)14Approval of sponsor, unless (2) applies.14

(2) In the case of approval of a sponsor following a change of legal status in accordance with FEES 3 Annex 1 R Part 7, the balance of the fee otherwise due from the original sponsor.

Where a payment is made in accordance with (2) the original sponsor's obligation to pay that fee ceases.14

All non-listed issuers (in DTR) of shares, depositary receipts and securitised derivatives.6

6

FEES 4 Annex 8

Within 30 days of the date of the invoice

Non-listed issuer (in DTR) becomes subject to disclosure rules and transparency rules6

6All firms reporting transactions in securities derivatives10to the FCA64 in accordance with SUP 17, and market operators who provide facilities for trading in securities derivatives.10

6410

FEES 4 Annex 9 R

Within 30 days of the date of the invoice

Not applicable

15Any issuer of a regulated covered bond.

FEES 4 Annex 11R

(1) Unless (2) applies, on or before the relevant dates specified in FEES 4.3.6 R

(2) If an event specified in column 4 occurs during the course of a fee year64, 30 days after the occurrence of that event or, if later, the dates specified in FEES 4.3.6 R

64

A person becomes registered as an issuer of a regulated covered bond

Note:Sponsors on the list of approved sponsors as at 1 April each year will be liable for the full year's annual fee unless FEES 4.3.13 R applies.2

SUP 16.17.1GRP
1The purpose of this section is to ensure that the appropriate regulator10 receives regular and comprehensive information about remuneration in a standard format to assist it to benchmark remuneration trends and practices and to collect remuneration information on high earners. It also takes account of the Capital Requirements (Amendment) Regulations 2012 (SI 2012/917) together with the European Banking Authority's Guidelines to article 22(3) and (5) of the Banking Consolidation
SUP 16.17.2RRP
In this section "UK lead regulated group" means a UK consolidation group that is headed eitherby an EEA parent institution or by an EEA parent financial holding company.
SUP 16.17.4RRP
(1) A firm to which this rule applies must submit a High Earners Report to the appropriate regulator10 annually.10(2) The firm must submit that report to the appropriate regulator10 within four months of the end of the firm'saccounting reference date.10(3) A firm that is not part of a UK lead regulated group must complete that report on an unconsolidated basis in respect of remuneration awarded in the last completed financial year to all high earners of the firm who mainly undertook
REC 4.4.2GRP
The Act does not provide a mechanism for appeals to the FCA2 from decisions by recognised bodies in relation to complaints. However, the FCA2 is required by section 299 of the Act (Complaints about recognised bodies) to have arrangements to investigate complaints (called relevant complaints in the Act) which it considers relevant to the question of whether a recognised body should remain recognised as such. This section describes aspects of the FCA's2 arrangements for investigating
REC 4.4.3GRP
Where the FCA2 receives a complaint about a recognised body, it will, in the first instance, seek to establish whether the complainant has approached the recognised body. Where this is not the case, the FCA2 will ask the complainant to complain to the recognised body. Where the complainant is dissatisfied with the handling of the complaint, but has not exhausted the recognised body's own internal complaints procedures (in the case of a complaint against a UK recognised body, including
REC 4.4.4GRP
The FCA2 will not usually consider a complaint which has not, in the first instance, been made to the recognised body concerned, unless there is good reason for believing that it is a relevant complaint which merits early consideration by the FCA2.22
REC 4.4.5GRP
When it is considering a relevant complaint, the FCA2 will make its own enquiries as appropriate with the recognised body, the complainant and other persons. It will usually ask the recognised body and the complainant to comment upon any preliminary or draft conclusions of its review and to confirm any matters of fact at that stage.2
REC 4.4.6GRP
The FCA2 will communicate the outcome of its review of a relevant complaint to the complainant and the recognised body, but will normally only discuss any action which it considers the recognised body should take with the recognised body itself.2
REC 2.4.1UKRP

Schedule to the Recognition Requirements Regulations, Paragraph 2

2(1) The [UK RIE] must be a fit and properpersonto perform the [ relevant functions ] of a [ UK RIE ].

(2) In considering whether this requirement is satisfied, the [FCA]4 may (without prejudice to the generality of regulation 6(1)) take into account all the circumstances, including the [UK RIE's] connection with any person.

4

2(3) The persons who effectively direct the business and operations of the [UK RIE] must be of sufficiently good repute and sufficiently experienced to ensure the sound and prudent management and operation of the financial markets operated by it.

2(4) The persons who are in a position to exercise significant influence over the management of the [UK RIE], whether directly or indirectly must be suitable.
REC 2.4.3GRP
In determining whether a UK recognised body is a fit and proper person, the FCA4 may have regard to any relevant factor including, but not limited to:4(1) the commitment shown by the UK recognised body'sgoverning body to satisfying the recognition requirements and to complying with other obligations in or under the Act;(2) its arrangements, policies and resources for fulfilling its obligations under the Act in relation to its activities as a UK recognised body;(3) the extent to
REC 2.4.4GRP
In determining whether a UK recognised body is a fit and proper person, the FCA4 may have regard to its connections with:4(1) any undertaking in the same group;(2) any owner or part-owner of the UK recognised body;(3) any person who has the right to appoint or remove members of the governing body or other key individuals;(4) any person who is able in practice to appoint or remove members of the governing body or other key individuals;(5) any person in accordance with whose instructions
REC 2.4.5GRP
In assessing whether its connection with any person could affect whether a UK recognised body is a fit and proper person, the FCA4 may have regard to:4(1) the reputation and standing of that other person, including his standing with any relevant UK or overseas regulator;(2) breaches of any law or regulation by that other person; (3) the roles of any of the UK recognised body's key individuals who have a position within organisations under the control or influence of that other
REC 2.4.6GRP
2In assessing whether the persons who effectively direct the business and operations of the UK RIE are of sufficiently good repute and sufficiently experienced to ensure the sound and prudent management and operation of the financial markets operated by 3it, the FCA4 may have regard to the repute and experience of the UK RIE'skey individuals.4
REC 3.6.1RRP
Where a UK recognised body is to circulate any notice or other document proposing any amendment to its memorandum or articles of association (or other similar agreement or document relating to its constitution) to:(1) its shareholders (or any group or class of them); or(2) its members (or any group or class of them); or(3) any other group or class of persons which has the power to make that amendment or whose consent or approval is required before it may be made;that UK recognised
REC 3.6.4RRP
Where a UK recognised body makes an amendment to its memorandum or articles of association (or other similar agreement or document relating to its constitution), that UK recognised body must immediately give the FCA1notice of that event, and give written particulars of that amendment and of the date on which it is to become or became effective.1
REC 3.6.6RRP
Where any change is made to an agreement which relates to the constitution or governance of a UK recognised body:(1) between that UK recognised body and another person; or(2) between the owners of that UK recognised body; or(3) between the owners of that UK recognised body and another person; or(4) between other persons; that UK recognised body must give the FCA1notice of that event as soon as it is aware of it, and give written particulars of that change and of the date on which
REC 3.6.7GRP
The purpose of REC 3.6.6 R is to ensure that the FCA1is informed of changes to agreements which specify the arrangements by which a UK recognised body will be governed or by which important decisions will be taken within that body. It is not intended to cover any agreement by which someone is appointed to be a key individual or which covers the terms and conditions of service in such an appointment.1
COLL 7.4A.1GRP
(1) 1This section deals with the circumstances and manner in which an ACS is to be wound up or a sub-fund of a co-ownership scheme is to be terminated otherwise than by the court as an unregistered company under the Insolvency Act 1986 or the Insolvency (Northern Ireland) Order 1989 (further rules regarding schemes of arrangement are found in COLL 7.6 (Schemes of arrangement)).(2) An ACS may be wound up under this section only if it is solvent. Under section 261W of the Act (Requests
COLL 7.4A.3GRP

This table belongs to COLL 7.4A.1G (5) (Explanation of COLL 7.4A)

Summary of the main steps in winding up an ACS or terminating a sub-fund of a co-ownership scheme under FCArules

Notes: N = Notice to be given to the FCA under section 261Q of the Act in a section 261Q case.

R = Request to wind up the scheme under section 261W of the Act in a section 261W case.

E = commencement of winding up or termination

W/U = winding up

FAP = final accounting period

Step number

Explanation

When

COLLrule, (unless stated otherwise)

1

Commence preparation of solvency statement

N-28 days or R-28 days

7.4A.5R(2)

2

Send audited solvency statement to the FCA with copy to depositary.

By N + 21 days or by R + 21 days

7.4A.5R(4) and (5)

3

In a section 261Q case:

- the authorised contractual scheme manager receiving FCA approval;

- or one month having passed after submitting the requisite notice under section 261Q of the Act without the authorised contractual scheme manager or depositary having received from the FCA a warning notice under section 261R in respect of the proposal.

In a section 261W case, the authorised contractual scheme manager or depositary receives an indication from the FCA that, subject to there being no change in any relevant factor, on the conclusion of the winding up of the ACS, the FCA will agree to the request to wind up the ACS.

N + one month or R + one month

Section 261Q of the Act (in a section 261Q case)

7.4A.4R(3)(c) to (e) (in a section 261W case)

4

Normal business ceases; notify unitholders

E

7.4A.4R

5

Depositary to realise and distribute proceeds

ASAP after E

7.4A.6R(1)-(5)

6

Send annual long report of authorised contractual scheme manager, depositary and auditor to the FCA

Within 4 months of FAP

7.4A.9R(7)

7

Request FCA to revoke relevant authorisation order

On completion of W/U

7.4A.6R(6)
COLL 7.4A.4RRP
(1) Upon the happening of any of the matters or dates referred to in (3), and subject to the requirement of (4) being satisfied, and not otherwise:(a) COLL 6.2 (Dealing), COLL 6.3(Valuation and pricing) and COLL 5 (Investment and borrowing powers) cease to apply to the ACS or to the units and scheme property in the case of a sub-fund of a co-ownership scheme; (b) the depositary must cease to issue and cancelunits, except in respect of the final cancellation under COLL 7.4A.6R
COLL 7.4A.5RRP
(1) Either before notice is given under section 261Q of the Act or before a request is made under section 261W of the Act in relation to the proposals referred to in COLL 7.4A.4R (4), the authorised contractual scheme manager must make a full inquiry into the ACS's (or, in the case of the termination of a sub-fund of a co-ownership scheme, the sub-fund's) affairs, business and property to establish whether the ACS or the sub-fund will be able to meet all its liabilities.(2) The
COLL 7.4A.6RRP
(1) Where COLL 7.4A.4R (3)(f) applies, the depositary must cancel all units in issue and wind up the ACS or terminate the sub-fund of the co-ownership scheme in accordance with the approved scheme of arrangement.(2) In any other case falling within COLL 7.4A.4 R:(a) once the ACS falls to be wound up or sub-fund terminated, the depositary must realise the scheme property;(b) after paying out or retaining adequate provision for all liabilities payable and for the costs of the winding
COLL 7.4A.9RRP
(1) For any annual or half-yearly accounting period which begins after commencement of the winding up or termination, the authorised contractual scheme manager is not required to prepare a short report (COLL 4.5.13R (Provision of short report)), provided that it has reasonably determined that the report is not required in the interests of the unitholders.(2) The authorised contractual scheme manager must consult the depositary before determining that a short report is not required
SUP 16.10.2GRP
Standing data is used by the appropriate regulator20:20(1) to ensure that a firm is presented with the correct regulatory return when it seeks to report electronically;(2) in order to communicate with a firm;(3) as the basis for some sections of the Financial Services Register;20 and 20(4) in order to carry out thematic analysis across sectors and groups of firms.
SUP 16.10.4RRP
(1) Within 30 business days of its accounting reference date, a firm must check the accuracy of its standing data through the relevant section of the appropriate regulator's20 website.20(2) [paragraph suspended by FSA 2004/79]5(3) If any standing data is incorrect, the firm must submit5 the corrected standing data to the appropriate regulator,205 using the appropriate form set out in SUP 15 Ann 3 and in accordance with SUP 16.10.4A R.55
SUP 16.10.4ARRP
(1) 5A firm other than a credit union must submit any corrected standing data under SUP 16.10.4R (3) online at the appropriate regulator's website20 using the ONAsystem.2020(2) A credit union must submit any corrected standing data under SUP 16.10.4R (3) to static.data@fca.org.uk or via post or hand delivery to the FCA marked for the attention of the 'Static Data team'20.2020(3) Where a firm is obliged to submit corrected standing data online under (1), if the FCA's20 information
SUP 16.10.4BGRP
5If the FCA's20 information technology systems fail and online submission is unavailable for 24 hours or more, the FCA20 will endeavour to publish a notice on its website confirming that online submission is unavailable and that the alternative methods of submission set out in SUP 16.3.9 R20 should be used.202020
SUP 16.10.5GRP
The standing data is made available to the firm when the firm logs into the appropriate section of the appropriate regulator's20 website. The firm should check the standing data and send any corrections to the appropriate regulator20. The appropriate regulator's20 preferred method of receiving corrections to standing data is by the online forms available at the appropriate regulator's20 website.220202020
LR 14.3.2RRP
(1) A company2 must comply with LR 14.2.2 R at all times.2(2) A company2 that no longer complies with LR 14.2.2 R must notify the FCA as soon as possible of its non-compliance.2
LR 14.3.6RRP
A company2 must forward to the FCA, for publication through the document viewing facility, two copies of:2(1) all circulars, notices, reports or other documents to which the listingrules apply, at the same time as any such documents are issued; and(2) all resolutions passed by the company other than resolutions concerning ordinary business at an annual general meeting, as soon as possible after the relevant general meeting.
LR 14.3.7RRP
(1) A company2 must notify a RIS as soon as possible when a document has been forwarded to the FCA under LR 14.3.6 R unless the full text of the document is provided to the RIS.2(2) A notification made under (1) must set out where copies of the relevant document can be obtained.2
LR 14.3.8RRP
A company2 must ensure that the FCA is provided with up to date contact details of appropriate persons nominated by it to act as the first point of contact with the FCA in relation to the company's compliance with the listing rules and the disclosure rules and transparency rules, as applicable.22