Related provisions for SUP 7.1.1

FIT 1.1.1G01/04/2013

FIT applies to:(1) a firm;(2) an applicant for Part 4A permission;(3) and EEA firm, a Treaty firm or a UCITS qualifier that wishes to establish a branch into the United Kingdom using EEA rights, Treaty rights or UCITS directive rights (see SUP 10.1.12 G9SUP 10A.1.10 G and SUP 10B.1.10 G9 and SUP 10.1.13 R9SUP 10A.1.11 R and SUP 10B.1.11 R9), or apply for a top-up permission (see SUP 10.1.14 R9SUP 10A.1.13 RSUP 10B.1.12 R9);(4) an approved person; and(5) a candidate.

PERG 1.1.1G01/04/2013

This manual applies to:(1) a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he needs to be an authorised person;(2) a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom;(3) a person who is seeking guidance on whether any communication he may be seeking

MIPRU 5.1.1R01/04/2013

2This chapter applies to a firm with a Part 4A permission to carry on:(1) insurance business; or(2) home financing;111(3) and which uses, or proposes to use, the services of another person consisting of:(a) insurance mediation; or(b) insurance mediation activity; or(c) home finance mediation activity.11

REC 6.1.1G01/04/2013

The Act prohibits any person from carrying on, or purporting to carry on, regulated activities in the United Kingdom unless that person is an authorised person or an exempt person. If an overseas investment exchange wishes to undertake regulated activities in the United Kingdom, it will need to:2(1) obtain a Part 4A permission2 from the FCA2; 22(2) (in the case of an EEA firm or a Treaty firm) qualify for authorisation under Schedule 3 (EEA Passport Rights) or Schedule 4 (Treaty

MIPRU 1.1.1G01/04/2013

2This sourcebook applies to a firm with Part 4A permission to carry on:(1) insurance mediation activity;(2) home finance mediation activity;11(3) home financing;111(4) home finance administration;1 and11(5) insurance business;as specified in the beginning of each of the remaining chapters.

PERG 5.15.2G01/04/2013

Flow chart: regulated activities related to insurance mediation activities – do you need authorisation?

PERG 5.15.8G01/04/2013

Flow chart: am I carrying on regulated activities in the United Kingdom?

SUP 10A.6.8R01/04/2013

(1) If a firm is a body corporate (other than a limited liability partnership), the director function is also the function of acting in the capacity of a person:(a) who is a director, partner, officer, member (if the parent undertaking or holding company is a limited liability partnership), senior manager, or employee of a parent undertaking or holding company of the firm; and(b) whose decisions or actions are regularly taken into account by the governing body of the firm.(2)

SUP 10A.6.13R01/04/2013

(1) If a firm is a body corporate, the non-executive director function is also the function of acting in the capacity of a person:(a) who is a non-executive director of a parent undertaking or holding company; and(b) whose decisions or actions are regularly taken into account by the governing body of the firm.(2) However, (1) does not apply if that parent undertaking or holding company has a Part 4A permission or is regulated by an EEA regulator.

DEPP 6.2.1G01/04/2013

The FCA4 will consider the full circumstances of each case when determining whether or not to take action for a financial penalty or public censure. Set out below is a list of factors that may be relevant for this purpose. The list is not exhaustive: not all of these factors may be applicable in a particular case, and there may be other factors, not listed, that are relevant.4(1) The nature, seriousness and impact of the suspected breach, including:(a) whether the breach was deliberate

DEPP 6.2.21G01/04/2013

In some cases, it may be appropriate for both the FCA4and another authority to be involved, and for both to take action in a particular case arising from the same facts. For example, a breach of RIE rules may be so serious as to justify the FCA4 varying or cancelling the firm's Part IV permission, or withdrawing approval from approved persons, as well as action taken by the RIE. In such cases, the FCA4 will work with the relevant authority to ensure that cases are dealt with efficiently

BIPRU 7.8.34R01/04/2013

Except where otherwise specified by a requirement on its Part 4A permission, a firm must calculate the net underwriting exposure to an issuer by applying the relevant reduction factors in the table in BIPRU 7.8.35R to its net underwriting position calculated under BIPRU 7.8.17R.

BIPRU 7.8.36G01/04/2013

The effect of BIPRU 7.8.34R is that there is no concentration limit for net underwriting exposures between initial commitment and the end of working day 0, except where specified by a requirement on a firm'sPart 4A permission.

IFPRU 1.1.14G01/01/2014

A firm also falls into one of the categories of an IFPRU investment firm listed in IFPRU 1.1.7 G (Types of IFPRU investment firm) or IFPRU 1.1.8 R (Alternative classification of IFPRU investment firms) if its Part 4A permission contains a requirement that it must comply with the rules in IFPRU applicable to that category of firm. If a firm is subject to such a requirement, and it would otherwise also fall into another category of IFPRU investment firm, it does not fall into that

IFPRU 1.1.15G01/01/2014

For the purposes of the definitions in IFPRU and Part Three, Title I, Chapter 1, Section 2 of the EU CRR (Own funds requirements for investment firms with limited authorisation to provide investment services), a person does any of the activities referred to in IFPRU and the EU CRR if:(1) it does that activity anywhere in the world; or(2) its permission includes that activity; or(3) (for an EEA firm) it is authorised by its Home State regulator to do that activity; or(4) (if the

SUP 12.6.6R14/01/2005

A firm must take reasonable steps to ensure that each of its appointed representatives:(1) does not carry on regulated activities in breach of the general prohibition in section 19 of the Act; and(2) carries on the regulated activities for which the firm has accepted responsibility in a way which is, and is held out as being, clearly distinct from any of the appointed representative's other business:(a) which is performed as an appointed representative of another firm; or(b) which:(i)

SUP 12.6.8G01/04/2013

(1) Some of the controlled functions, as set out in SUP 10A.4.1 R22, apply to an appointed representative of a firm, other than an introducer appointed representative, just as they apply to a firm (see SUP 10A.1.15 R22). These are the governing functions and the customer function5. As explained in SUP 10A.1.16 R22 and SUP 10A.3.2 G22 respectively:22222522522(a) the effect of SUP 10A.1.15 R22 is that the directors (or their equivalent) and senior managers (or their equivalent)

FEES 4.3.6R01/07/2013

(1) Subject to FEES TP 8, if27 the firm's, designated professional body's, recognised investment exchange's, 12or regulated covered bondissuer's11periodic fee for the previous fee year27 was at least £50,000, it11 must pay the FCA:27272711(a) an amount equal to 50% of the FCA27 periodic fee payable for the previous fee year, by 30 April or, if later, within 30 days of the date of the invoice, in the fee year27 to which the sum due under FEES 4.2.1 R relates; and 27(b) the balance

FEES 4.3.14G01/04/2013

Where a firm has applied to cancel its Part 4A permission, or its authorisation or registration under the Payment Services Regulations7or the Electronic Money Regulations, 10 or the appropriate regulator has exercised its own-initiative powers to cancel a firm's7Part 4A permission or the appropriate regulator has exercised its powers under regulation 10 (Cancellation of authorisation), including as applied by regulation 14 (Supplementary provisions) of the Payment Services Regulations

COND 2.5.2G01/04/2013

(1) [deleted]1515(2) The FCA15 will also take into consideration anything that could influence a firm's continuing ability to satisfy the threshold conditions set out in paragraphs 2E and 3D of Schedule 6 to the Act15. Examples include the firm's position within a UK or international group, information provided by overseas regulators about the firm, and the firm's plans to seek to vary its Part 4A permission15 to carry on additional regulated activities once it has been granted

PERG 1.4.2G01/01/2014

Table: list of general guidance to be found in PERG.

Chapter:	Applicable to:	About:
PERG 2: Authorisation and regulated activities	an unauthorised person wishing to find out whether he needs to be authorised or exempt an authorised person wishing to know whether he needs to vary hisPart 4A permission	the regulatory scope of the Act the Regulated Activities Order the Exemption Order the Business Order
PERG 3A:8 Guidance on the scope of the Electronic Money Regulations 8 8 8	a person who needs to know whether a particular electronic payment product is8electronic money 8 and whether the person issuing it needs to be8 authorised or registered under the Electronic Money Regulations 8	the scope of the8Electronic Money Regulations 8
PERG 4: Regulated activities connected with mortgages	any person who needs to know whether the activities he conducts in relation to mortgages are subject to FCA regulation. This is likely to include: lenders administration service providers mortgage brokers and advisers	the scope of relevant orders (in particular, the Regulated Activities Order) as respects activities concerned with mortgages
PERG 5: Insurance mediation activities	any person who needs to know whether he carries on insurance mediation activities and is, thereby, subject to FCA regulation. This is likely to include: insurance brokers insurance advisers insurance undertakings other persons involved in the sale or administration of contracts of insurance, where these activities are secondary to their main business.	the scope of relevant orders (in particular, the Regulated Activities Order) as respects activities concerned with the sale or administration of insurance
PERG 6: Identification of contracts of insurance	any person who needs to know whether a contract with which he is involved is a contract of insurance	the general principles and range of specific factors that the FCA regards as relevant in deciding whether any arrangement is a contract of insurance
PERG 7: Periodical publications, news services and broadcasts: application for certification	any person who needs to know whether he will be regulated for providing advice about investments through the medium of a periodical publication, a broadcast or a news service	the circumstances in which such persons will be carrying on the regulated activities of advising on investments or advising on regulated mortgage contracts (including where a request for a certificate may be appropriate) how theFCA will exercise its power to grant certificates
PERG 8: Financial promotion and related activities	any person who needs to know whether his communications are financial promotions or are subject to the restriction in section 21 of the Act or both whether his activities in making or helping others to make financial promotions are regulated activities.	the scope of the restriction on financial promotion under section 21 of the Act and the main exemptions provided the circumstances in which persons who are primarily involved in making or helping others to make financial promotions may themselves be conducting regulated activities requiring authorisation or exemption
PERG 9: Meaning of open-ended investment company	any person who needs to know whether a body corporate is an open-ended investment company as defined in section 236 of the Act (Open-ended investment companies) and is therefore a collective investment scheme.	the circumstances in which a body corporate will be an open-ended investment company
PERG 10: Activities related to pension schemes	Any person who needs to know whether his activities in relation to pension schemes will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make.1 1	the regulated activities that arise in connection with the establishment and operation of pension schemes and any exclusions that may be relevant the circumstances in which financial promotions about pension schemes may be exempt from the restriction in section 21 of the Act 1
4PERG 11: Property investment clubs and land investment schemes	Any person who needs to know whether his activities in relation to property investment clubs and land investment schemes will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make.	the regulated activities that may arise in connection with the establishment and operation of property investment clubs and land investment schemes and any exclusions that may be relevant the extent to which the financial promotion restriction in section 21 of the Act applies
2PERG 12: Running or advising on personal pension schemes	any person who needs to know whether his activities in relation to establishing, running, advising on or marketing personal pension schemes will amount to regulated activities	the regulated activities that arise in connection with establishing, running, advising on or marketing personal pension schemes and any exclusions that may be relevant
3PERG 13: Guidance on the scope of the Markets in Financial Instruments Directive and CRD IV (Directive on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms and the Regulation on prudential requirements for credit institutions and investments firms)9 9 5	Any UK person who needs to know whether MiFID or the CRD and EU CRR (which allow the recast CAD to continue to apply to certain firms)9as implemented in the UK apply to him5 9	the scope of MiFID and the CRD and EU CRR.5 9
3PERG 14: Home reversion,7 home finance and regulated sale and rent back 7activities 7	Any person who needs to know whether his activities in relation to home reversion plans,7 home purchase plans or regulated sale and rent back agreements 7will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make. 7	the regulated activities that arise in connection with home reversion plans,7 home purchase plansand regulated sale and rent back agreements 7and any exclusions that may be relevant the circumstances in which financial promotions about home reversion plans,7home purchase plansand regulated sale and rent back agreements 7may be made without breaching the restriction in section 21 of the Act
6PERG 15: Guidance on the scope of the Payment Services Regulations 2009	Any person with an establishment in the UK who needs to know whether the Payment Services Directive, as transposed in UK legislation by the Payment Services Regulations 2009, applies to him. Q46 applies specifically to persons providing payment services from an establishment outside the EEA to persons located in the UK.	the scope of the PSD Regulations 2009.

Chapter:

Applicable to:

About:

PERG 2:

Authorisation and regulated activities

an unauthorised person wishing to find out whether he needs to be authorised or exempt
an authorised person wishing to know whether he needs to vary hisPart 4A permission

the regulatory scope of the Act
the Regulated Activities Order
the Exemption Order
the Business Order

PERG 3A:8

Guidance on the scope of the Electronic Money Regulations 8

8 8

a person who needs to know

whether a particular electronic payment product is8electronic money 8 and whether the person issuing it needs to be8 authorised or registered under the Electronic Money Regulations 8

the scope of the8Electronic Money Regulations 8

PERG 4:

Regulated activities connected with mortgages

any person who needs to know whether the activities he conducts in relation to mortgages are subject to FCA regulation. This is likely to include:

lenders
administration service providers
mortgage brokers and advisers

the scope of relevant orders (in particular, the Regulated Activities Order) as respects activities concerned with mortgages

PERG 5:

Insurance

mediation

activities

any person who needs to know whether he carries on insurance mediation activities and is, thereby, subject to FCA regulation. This is likely to include:

insurance brokers
insurance advisers
insurance undertakings
other persons involved in the sale or administration of contracts of insurance, where these activities are secondary to their main business.

the scope of relevant orders (in particular, the Regulated Activities Order) as respects activities concerned with the sale or administration of insurance

PERG 6:

Identification of contracts of insurance

any person who needs to know whether a contract with which he is involved is a contract of insurance

the general principles and range of specific factors that the FCA regards as relevant in deciding whether any arrangement is a contract of insurance

PERG 7:

Periodical publications, news services and broadcasts: application for certification

any person who needs to know whether he will be regulated for providing advice about investments through the medium of a periodical publication, a broadcast or a news service

the circumstances in which such persons will be carrying on the regulated activities of advising on investments or advising on regulated mortgage contracts (including where a request for a certificate may be appropriate)
how theFCA will exercise its power to grant certificates

PERG 8:

Financial promotion and related activities

any person who needs to know

whether his communications are financial promotions or are subject to the restriction in section 21 of the Act or both
whether his activities in making or helping others to make financial promotions are regulated activities.

the scope of the restriction on financial promotion under section 21 of the Act and the main exemptions provided
the circumstances in which persons who are primarily involved in making or helping others to make financial promotions may themselves be conducting regulated activities requiring authorisation or exemption

PERG 9:

Meaning of open-ended investment company

any person who needs to know whether a body corporate is an open-ended investment company as defined in section 236 of the Act (Open-ended investment companies) and is therefore a collective investment scheme.

the circumstances in which a body corporate will be an open-ended investment company

PERG 10:

Activities related to pension schemes

Any person who needs to know whether his activities in relation to pension schemes will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make.1

1

the regulated activities that arise in connection with the establishment and operation of pension schemes and any exclusions that may be relevant
the circumstances in which financial promotions about pension schemes may be exempt from the restriction in section 21 of the Act 1

4PERG 11:

Property investment clubs and land investment schemes

Any person who needs to know whether his activities in relation to property investment clubs and land investment schemes will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make.

the regulated activities that may arise in connection with the establishment and operation of property investment clubs and land investment schemes and any exclusions that may be relevant
the extent to which the financial promotion restriction in section 21 of the Act applies

2PERG 12:

Running or advising on personal pension schemes

any person who needs to know whether his activities in relation to establishing, running, advising on or marketing personal pension schemes will amount to regulated activities

the regulated activities that arise in connection with establishing, running, advising on or marketing personal pension schemes and any exclusions that may be relevant

3PERG 13:

Guidance on the scope of the Markets in Financial Instruments Directive and CRD IV (Directive on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms and the Regulation on prudential requirements for credit institutions and investments firms)9

9 5

Any UK person who needs to know whether MiFID or the CRD and EU CRR (which allow the recast CAD to continue to apply to certain firms)9as implemented in the UK apply to him5

9

the scope of MiFID and the CRD and EU CRR.5

9

3PERG 14:

Home reversion,7 home finance and regulated sale and rent back 7activities

7

Any person who needs to know whether his activities in relation to home reversion plans,7 home purchase plans or regulated sale and rent back agreements 7will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make.

7

the regulated activities that arise in connection with home reversion plans,7 home purchase plansand regulated sale and rent back agreements 7and any exclusions that may be relevant
the circumstances in which financial promotions about home reversion plans,7home purchase plansand regulated sale and rent back agreements 7may be made without breaching the restriction in section 21 of the Act

6PERG 15: Guidance on the scope of the Payment Services Regulations 2009

Any person with an establishment in the UK who needs to know whether the Payment Services Directive, as transposed in UK legislation by the Payment Services Regulations 2009, applies to him.

Q46 applies specifically to persons providing payment services from an establishment outside the EEA to persons located in the UK.

the scope of the PSD Regulations 2009.

SUP 8.1.1AG01/04/2013

This chapter is relevant to an applicant for a Part 4A permission7, as if that applicant were a firm. Where the chapter refers to appropriate7supervisory contact, the applicant should read this as being the usual supervisory7contact at7 the appropriate regulator7. Further, this chapter is relevant to a person who is subject to rules made by the appropriate regulator7 and where the chapter refers to a firm, this includes that person5.177577

BIPRU 1.1.10G01/01/2014

(1) This paragraph applies to an undertaking that would be a third country BIPRU firm if it were authorised under the Act.(2) Except in exceptional circumstances, it is the appropriate regulator's policy that it will not give an overseas applicant a Part 4A permission unless the appropriate regulator is satisfied that the applicant will be subject to prudential regulation by its home state regulatory body that is broadly equivalent to that provided for in the Handbook and the

Related provisions for SUP 7.1.1

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