Related provisions for PERG 2.10.1
Insurance mediation activities able to be carried on by an appointed representative. This table belongs to PERG 5.13.3 G.
Type of contract of insurance |
Regulated activities an appointed representative can carry on |
|
|
|
|
|
This is a guide only and should not be used as a substitute for legal advice
in individual cases.
Table 3: Insurance Directive activities |
Part II RAO Activities |
Part III RAO Investments |
|
1. Non-life insurance activities |
|||
1. |
Taking up and carrying on direct non-life insurance business |
Article 10 |
Article 75 |
2. |
Classes 1 to 18 of direct non-life insurance business in Point A of the Annex to the First Directive |
Corresponding paragraphs 1 to 18 of Schedule 1, Part I |
|
2. Consolidated Life Directive activities |
|||
1. |
Taking up and carrying on direct life insurance business |
Article 10 |
Article 75 |
2. |
Classes I to IX of direct life insurance business in the Annex 1 to the Consolidated Life Directive |
Corresponding paragraphs I to IX of Schedule 1, Part II |
Table of applicable rules containing data items4, frequency and submission periods
(1) |
(2) |
(3) |
(4) |
|
RAGnumber |
Provisions containing: |
|||
applicabledata items |
reporting frequency/ period |
due date32 32 |
||
RAG 1 |
• accepting deposits • meeting of repayment claims12 • managing dormant account funds (including the investment of such funds)12 27 |
|||
RAG 2.1 |
• effecting contracts of insurance • carrying out contracts of insurance • entering as provider into a funeral plan contract |
|||
RAG 2.2 |
• managing the underwriting capacity of a Lloyds syndicate as a managing agent at Lloyds • advising on syndicate participation at Lloyds • arranging deals in contracts of insurance written at Lloyds |
|||
RAG 3 |
• dealing in investment as principal • dealing in investments as agent • advising on investments (excluding retail investment activities) • arranging (bringing about) deals in investments (excluding retail investment activities) |
|||
RAG 4 |
• managing investments • establishing, operating or winding up a regulated collective investment scheme • establishing, operating or winding up an unregulated collective investment scheme • establishing, operating or winding up a stakeholder pension scheme • establishing, operating or winding up a personal pension scheme2 |
|||
RAG 5 |
• home finance administration or home finance providing activity11 11 |
|||
RAG 6 |
• acting as trustee of an authorised unit trust • safeguarding and administration of assets (without arranging) • arranging safeguarding and administration of assets • acting as depository or sole director of an OEIC |
|||
RAG 7 |
• retail investment activities • advising on pensions transfers & opt-outs • arranging (bringing about deals) in retail investments |
|||
RAG 8 |
• making arrangements with a view to transactions in investments • operating a multilateral trading facility4 |
|||
RAG 9 |
• home finance mediation activity14 • insurance mediation activity (non-investment insurance contracts) 14 |
|||
RAG 10 |
96 | |||
2The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.
Frequency |
Submission deadline |
|||
Annual regulated business revenue up to and including £5 million |
Annual regulated business revenue over £5 million |
|||
Balance Sheet |
Section A RMAR |
Half yearly |
Quarterly |
|
Income Statement |
Section B RMAR |
Half yearly |
Quarterly |
|
Capital Adequacy |
Section D1 RMAR |
Half yearly |
Quarterly |
|
Professional indemnity insurance (note 2)11 |
Section E RMAR |
Half yearly |
Quarterly 11 11 |
|
Threshold Conditions |
Section F RMAR |
Half yearly |
Half yearly |
|
Training and Competence |
Section G RMAR |
Half yearly |
Half yearly |
|
COBS11 data |
Section H RMAR |
Half yearly |
Half yearly |
|
Supplementary product sales data |
Section I RMAR |
Half yearly11 11 |
Annually |
|
Client money and client assets |
Section C RMAR |
Half yearly |
Quarterly |
|
Fees and levies |
Section J RMAR |
Annually |
Annually |
|
Note 1 |
When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 18A. Guidance notes for the completion of the data items is set out in SUP 16 Annex 18B. |
|||
11Note 2 |
This item only applies to firms that may be subject to an FSA requirement to hold professional indemnity insurance and are not exempt CAD firms. |
Part II RAO Investments |
Part III RAO Investments |
||
1. |
Reception and transmission of orders in relation to one or more financial instruments |
Article 252 |
Article 76-81, 83-85, 89 |
2. |
Execution of orders on behalf of clients |
Article 14, 21 |
A Article 76-81, 83-85, 89 |
3. |
Dealing on own account |
Article 14 |
Article 76-81, 83-85, 89 |
4. |
Portfolio management |
Article 37 (14, 21, 25 - see Note 1) 2 |
Article 76-81, 83-85, 89 |
5. |
Investment advice |
Article 53 |
Article 76-81, 83-85, 89 |
6. |
Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis |
Article 14, 21 |
Article 76-81, 83-85, 89 |
7. |
Placing of financial instruments without a firm commitment basis |
Article 21, 25 |
Article 76-81, 83-85, 89 |
8. |
Operation of Multilateral Trading Facilities |
Article 25D5 (see Note 2) 5 |
Article 76-81, 83-85, 89 |
Ancillary services |
Part II RAO Activities |
Part III RAO Investments |
|
1. |
Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management |
Article 40, 45, 64 |
Article 76-81, 83-85, 89 |
2. |
Granting credits or loans to an investor to allow him to carry out a transaction in one or more of the relevant instruments where the firm granting the credit or loan is involved |
||
3. |
Advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertakings |
Article 14, 21, 25, 53, 64 |
Article 76-80, 83-85, 89 |
4. |
Foreign exchange services where these are connected with the provision of investment services |
Article 14, 21, 25, 53, 64 |
Article 83-85, 89 |
5. |
Investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments |
Article 53, 64 |
Article 76-81, 83-85, 89 |
6. |
Services related to underwriting |
Article 25, 53, 64 |
Article 76-81, 83-85, 89 |
7. |
Investment services and activities as well as ancillary services of the type included under Section A or B of Annex I related to the underlying of the derivatives included under Section C 5, 6, 7 and 10-where these are connected to the provision of investment or ancillary services. |
Article 14, 21, 25, 25D,5 37, 53, 64 5 |
Article 83 and 84 |
Note 1. A firm may also carry on these other activities when it is managing investments.2 |
|||
Note 2. A firm operating an MTF under article 25D5 does not need to have a permission covering other regulated activities, unless it performs other regulated activities in addition to operating an MTF. 5 |
Table 2A: UCITS Directive activities |
Part II RAO Activities |
Part III RAO Investments |
|
1. |
The management of UCITS in the form of unit trusts / common funds or of investment companies; this includes the function mentioned in Annex II of the UCITS Directive (see Note 2). |
Articles 14, 21, 25, 37, 51, 53, 64 |
Articles 76-81, 83-85, 89 |
2. |
Managing portfolios of investments, including those owned by pension funds, in accordance with mandates given by investors on a discretionary, client-by-client basis, where such portfolios include one or more of the instruments listed in Section C 3of Annex I 3to MiFID3. 33 |
Articles 14, 21, 25, 37, 53, 64 |
Articles 76-81, 83-85, 89 |
3. |
Investment advice concerning one or more of the instruments listed in Section C3of Annex I 3to MiFID3. 3 |
Articles 53, 64 |
Articles 76-81, 83-85, 89 |
4. |
Safekeeping and administration services in relation to units of collective investment undertakings. |
Articles 40, 45, 64 |
Articles 76-81, 83-85, 89 |
Note 1. A UCITS management company can only exercise passport rights under the UCITS Directive (article 2(13)(h) of MiFID3). A UCITS management company can only be authorised to carry on the non-core services set out in rows (3) and (4) of Table 2A if it is also authorised to carry on the activity set out in row (2) of the table. 33 |
|||
Note 2. The functions set out in Annex 2 to the UCITS Directive are: |
|||
1. |
Investment management. |
||
2. |
Administration: |
||
a. |
legal and fund management accounting services; |
||
b. |
customer inquiries; |
||
c. |
valuation and pricing (including tax returns); |
||
d. |
regulatory compliance monitoring; |
||
e. |
maintenance of unit-holder register; |
||
f. |
distribution of income; |
||
g. |
unit issues and redemptions; |
||
h. |
contract settlements (including certificate dispatch); |
||
i. |
record keeping. |
||
3. |
Marketing. |
Table 2B: Insurance Mediation Directive2 Activities 2 |
Part II RAO Activities |
Part III RAO Investments |
|
1. |
Introducing, proposing or carrying out other work preparatory to the conclusion of contracts of insurance. |
Articles 25, 53 and 64 |
Articles 75, 89 (see Note 1) |
2. |
Concluding contracts of insurance |
Articles 21, 25, 53 and 64 |
Articles 75, 89 |
3. |
Assisting in the administration and performance of contracts of insurance, in particular in the event of a claim. |
Articles 39A, 64 |
Articles 75, 89 |
Note 1. Rights to or interests in life policies are specified investments under Article 89 of the Regulated Activities Order, but rights to or interests in general insurance contracts are not. |