Related provisions for BIPRU 13.5.23

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

TC App 1.1.1RRP

1Activity

Products/Sectors

Is there an appropriate qualification4requirement?

4

Designated investment business carried on for a retail client

Providing basic advice

1.

Stakeholder products excluding a deposit-based stakeholder product

No

Advising

2.

Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds

Yes

3.

Derivatives

Yes2

4.

Packaged products6Retail investment products6 which are not broker funds

Yes2

5.

Friendly Societylife policies where the employee is not reasonably expected to receive a remuneration of greater than £1000 a year in respect of such sales

No2

6.

Friendly Society tax-exempt policies (other than Holloway sickness policies where the Holloway policy special application conditions are met)5

Yes2

7.

Long-term care insurance contracts

Yes2

8.

Investments in the course of corporate finance business

Yes2

9.

Advising on syndicate participation at Lloyd's

Yes2

Undertaking the activity in column 2

10.

Broker fund adviser

Yes

11.

Pension transfer specialist

Yes2

Advising and dealing

12.

Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds

Yes

13.

Derivatives

Yes2

4Dealing

13A.8

Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds

No

413B.8

Derivatives

No

8MiFID business bidding

13C.

Emissions auction products that are financial instruments

No

Managing

14.

Investments

Yes

Overseeing on a day-to-day basis

15.

Operating a collective investment scheme or undertaking the activities of a trustee or depositary of a collective investment scheme

Yes

16.

Safeguarding and administering investments or holding client money

Yes2

17.

Administrative functions in relation to managing investments

Yes2

18.

Administrative functions in relation to effecting or carrying out contracts of insurance which are life policies

Yes2

19.

Administrative functions in relation to the operation of stakeholder pension schemes

Yes2

Regulated mortgage activity and reversion activity carried on for a customer

Advising

20.

Regulated mortgage contracts for a non-business purpose

Yes

21.

Equity release transactions

Yes2

Designing scripted questions for non-advised sales

22.

Equity release transactions

Yes

Overseeing non-advised sales on a day-to-day basis

23.

Equity release transactions

Yes

Non-investment insurance business carried on for a consumer

Advising

24.

Non-investment insurance contracts

No

3Regulated sale and rent back activity carried on for a customer

Advising

25.

Regulated sale and rent back agreements

No

Overseeing non-advised saleson a day-to-day basis

26.

Regulated sale and rent back agreements

No

Notes:

1.

In the Appendix the heading and types of business specified in the headings are to be read in conjunction with the paragraphs appearing beneath them.

2.

Thus, for example, paragraph 24consistent with the heading above it3, refers only to advice on non-investment insurance contracts given to a consumer.

3
COBS 18.2.5RRP

1COBS applies as set out in the table to firms in respect of activities referred to in the general application rule related to:

  1. (1)

    commodity futures; or

  2. (2)

    commodity options; or

  3. (3)

    contracts for differences related to an underlying commodity; or

  4. (4)

    other futures or contracts for differences which are not related to commodities, financial instruments or cash;

which is not MiFID or equivalent third country business and energy market activity or oil market activity.

Application of COBS to other non-MiFID business related to commodity derivative instruments

All of COBS applies, except COBS 18.2.6 R to COBS 18.2.9 E applies instead of COBS 11.2 (Best execution)

COBS 2.2.-1RRP
(1) 1This section applies in relation to MiFID or equivalent third country business.(2) This section applies in relation to other designated investment business carried on for a retail client: (a) in relation to a derivative, a warrant or stock lending activity, but as regards the matters in COBS 2.2.1R (1)(b) only; and (b) in relation to a retail investment product2, but as regards the matters in COBS 2.2.1R (1)(a) and (d) only.2[Note: article 19(3) of MiFID]
DTR 3.1.1GRP
1This chapter sets out the notification obligations of issuers, persons discharging managerial responsibilities and their connected persons in respect of transactions conducted on their own account in shares of the issuer, or derivatives or any other financial instrument relating to those shares.
BIPRU 5.8.5RRP
Where a credit derivative is not prevented from terminating prior to expiration of any grace period required for a default on the underlying obligation to occur as a result of a failure to pay the maturity of the protection must be reduced by the amount of the grace period.[Note: BCD Annex VIII Part 4 point 5]
BIPRU 5.6.16RRP
The master netting agreement internal models approach1 is an alternative to using the supervisory volatility adjustments approach or the own estimates of volatility adjustments approach in calculating volatility adjustments for the purpose of calculating the ‘fully adjusted exposure value’ (E*) resulting from the application of an eligible master netting agreement covering repurchase transactions, securities or commodities lending or borrowing transactions and/or other capital
TC App 4.1.1ERP

510679

Part 1: Activities

Note: The activity numbers in this table relate to the Regulated Activities in TC App 1.1.1 R. These tables do not cover activities 1, 5, 13A, 13B, 13C, 24, 25 or 26 as these activities do not have a qualification requirement.

Activity Number

Activity

Key - extent to which qualification meets qualification requirement

2

Advising on securities which are not stakeholder pension schemes, personal pension schemes or broker funds

(a)

Meets full qualification requirement on and after, 31 December 2012

3

Advising on derivatives

4 and 6

(4) Advising on retail investment products which are not broker funds and (6) advising on friendly societytax-exempt policies (other than Holloway sickness policies where the Holloway policy special application conditions are met)

(b)

Meets full qualification requirement until 31 December 2012. On and after 31 December 2012 this must be combined with qualification gap-fill. This gap-fill constitutes additional structured continuing professional development, which need not be by examination, completed and verified by an accredited body

12

Advising on and dealing in securities which are not stakeholder pension schemes, personal pension schemes or broker funds

13

Advising on and dealing in derivatives

Activity Number

Activity

Key - extent to which qualification meets qualification requirement

7

Advising on long-term care insurance contracts

1 or

(2 + 3) or

(4 + 5 + 6)

Meets full qualification requirement

8

Advising on investments in the course of corporate finance business

9

Advising on syndicate participation at Lloyd's

11

Undertaking the activity of a pension transfer specialist

14 and 10

Managing investments and/or undertaking the activity of a broker fund adviser

15

Overseeing on a day to day basis operating a collective investment scheme or undertaking activities of a trustee or depositary of a collective investment scheme

16

Overseeing on a day to day basis safeguarding and administering investments or holding client money

17

Overseeing on a day to day basis administrative functions in relation to managing investments:

(i) arranging settlement;

(ii) monitoring and processing corporate actions;

(iii) client account administration, liaison and reporting including valuation and performance measurement;

(iv) ISA or CTF administration;

(v) Investment trust savings scheme administration.

18

Overseeing on a day to day basis administrative functions in relation to effecting or carrying out contracts of insurance which are life policies:

(i) new business administration;

(ii) policy alterations including surrenders and policy loans;

(iii) preparing projections;

(iv) processing claims, including pension payments;

(v) fund switching

1 or

(2 + 3) or

(4 + 5 + 6)

Meets full qualification requirement

19

Overseeing on a day to day basis administrative functions in relation to the operation of stakeholder pension schemes:

(i) new business administration;

(ii) receipt of or alteration to contributions;

(iii) preparing projections and annual statements;

(iv) administration of transfers;

(v) handling claims, including pension payments;

(vi) fund allocation and switching.

20

Advising on a regulated mortgage contract for a non-business purpose

21

Advising on equity release transactions

22

Designing scripted questions for non-advised sales of14equity release transactions

23

Overseeing non-advised sales on a day-to-day basis of equity release transactions

Part 2: Appropriate Qualifications Tables

Qualification provider

Qualification

Activity Number(s)

Key

ACI The Financial Markets Association

ACI Diploma (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation)

2, 3, 12, 13

a

ACI Dealing Certificate when combined with Chartered Institute of Securities and Investment (CISI) Introduction to Securities and Investments and one of the Regulatory units of the Investment Operations Certificate (IOC)

15, 17

4

ACI Operations Certificate when combined with Chartered Institute of Securities and Investment (CISI) Introduction to Securities and Investments and one of the Regulatory units of the Investment Operations Certificate (IOC)

Association of Accounting Technicians

Member

15, 16, 17, 18, 19

4

Association of Certified International Investment Analysts (ACIIA)

CIIA qualification (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation)

2, 3, 12, 13

a

Certified International Investment Analyst (CIIA)

14 and 10

2

Association of Chartered Certified Accountants

Member or Affiliate

8

1

Fellow or Associate

15, 16, 17, 18, 19

4

Association of Corporate Treasurers

Fellow or Associate

15, 16, 17, 18, 19

4

Association of International Wealth Management (AIWM)

Certified International Wealth Manager Diploma (CIWM)

2, 3, 12, 13

a

14 and 10

1

Blackburn College - University Centre

Foundation Degree Award in Financial Services

4 and 6

a

Bournemouth University

BA in Financial Services (1995 to 2001)

4 and 6

b

MA in Financial Services (1995 to 2001)

Post Graduate in Financial Services (1995 to 2001)

Calibrand / Scottish Qualifications Authority

Diploma in Professional Financial Advice

4 and 6

a

Diploma in Professional Financial Advice (NMBA - Alternative Assessment method)

CASS Business School

MSC in Banking and International Finance (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation)

2, 3, 12, 13

a

12MSC in Investment Management pre 2003 syllabus (provided it is accompanied by appropriate qualifications in Regulation and Ethics and Personal Taxation)

2, 3, 12, 13

b

CFA Institute and the CFA Society of the UK

Level 1 of CFA Program plus Investment Management Certificate (Level 4)12

12

2, 3, 12, 13

a

Completion of CFA Program plus Investment Management Certificate Unit 1: The investment environment (Level 4)12

12

Holder of Associate qualification (associate member)12

12

2, 3, 12, 13

b

Level 1 of CFA Program plus Investment Management Certificate (Level 3)12

12

Completion of CFA Program plus Investment Management Certificate Unit 1: UK Regulation and Markets (level 3)12

12

Holder of Associate qualification (Fellow)12

12

CFA Program (Level 1)

14 and 10

2

Fellow or Associate by examination

8

1

14 and 10

15, 16, 17, 18, 19

4

Investment Management Asset Allocation Qualification13

1212

14 and 10

2

Investment Regulation and Practice Paper of the Associate Examination

15, 16, 17

5

CFA Society of UK (Formerly the UK Society of Investment Professionals/ Institute of Investment Management and Research (IIMR))

Investment Management Certificate (Level 4) plus other qualifications that meet specialist standards for advising on securities

12

2, 12

a

Investment Management Certificate (Level 4) plus other qualifications that meet specialist standards for advising on packaged products

12

4 and 6

Investment Management Certificate (Level 4) plus other qualifications that meet specialist standards for advising on derivatives

12

3, 13

Investment Management Certificate (Level 3 or 4)12

12

8

1

15, 16, 17, 18, 19

4

15, 16, 17

5

14 and 10

1

Investment Practice Paper (Unit 2) of Investment Management Certificate (Level 3 or 4)12

12

14 and 10

2
12

8

2

Investment Management Certificate Unit 1: UK Regulation and Markets (Level 3) or Investment Management Certificate Unit 1: The Investment Environment (Level 4)12

12

8

3

15, 16, 17, 19

5

18

6
12

14 and 10

3

Chartered Alternative Investment Analysis Association (CAIA)

CAIA Level 1 (provided it is accompanied by appropriate qualifications in Regulation and Ethics and Personal Taxation)

2, 12

b

Chartered Institute of Bankers in Ireland

Fellow or Associate

15, 16, 17, 18, 19

4

Chartered Institute of Bankers in Scotland

Diploma in Investment Planning (Existing Adviser) Post 2010 examination standards

4 and 6

a

Diploma in Investment Planning (New Adviser) Post 2010 examination standards

Post 2010 examination standards

Diploma in Investment Planning (Retail Banking) (Existing Adviser) Post 2010 examination standards

Diploma in investment planning (work based assessment)

Associate (March 1992 to July 1994 syllabus (including top-up test))

4 and 6

b

Associate (post August 1994 syllabus)

Certificate in Investment Planning (Pre 17/09/2004)

Chartered Banker (where candidates hold UK Financial Services and Investment modules)

Diploma in Investment Planning (current)

Associateship - (must include a pass in the Investment Paper)

2, 3, 12, 13

b

Certificate in Investment Planning - Paper 1

15, 16, 18, 19

4

15, 16, 17, 18, 19

5

Certificate in Investment Planning

17

4

Member or Associate

15, 16, 17, 18, 19

4

Mortgage Advice and Practice Certificate

20

1

Certificate in Mortgage Advice and Practice (MAPC) (Pre 16/09/2004)

20, 21, 22

1

MAPC bridge paper plus entry requirements (Pre 31/10/2004)

20

1

Certificate in Investment Planning - Paper 1 (Pre 16/09/2004)

20, 21, 22

3

MAPC - Paper 1 (Pre 16/09/2004)

20

3

Mortgage Advice and Practice Certificate - Paper 1 (Post 17/09/2004)

20, 21

3

Equity Release Mortgage Advice and Practice Certificate (ERMAPC)

21, 22

1

Lifetime Mortgage Advice and Practice Certificate

MAPC Bridge paper plus entry requirements (Pre 16/09/2004)

Certificate in Mortgage Advice and Practice (MAPC) (Pre 16/09/2004) - Paper 1

21, 22

3

Equity Release Mortgage Advice and Practice Certificate (ERMAPC)

23

4

23

5

23

6

Chartered Institute of Management Accountants

Fellow or Associate

15, 16, 17, 18, 19

4

Chartered Institute of Public Finance and Accountancy

Fellow or Associate

15, 16, 17, 18, 19

4

Chartered Institute for Securities and Investment (CISI) - (Formerly the Securities and Investment Institute (SII); formerly The Securities Association)

Investment Advice Diploma (where candidate holds 3 modules including the derivatives module)

3, 13

Investment Advice Diploma (where candidate holds 3 modules including the securities module)

2, 12

Masters in Wealth Management (Post 2010 examination standards)

2, 3, 4 and 6, 12, 13

Certificate in Private Client Investment Advice and Management

2, 3, 4 and 6, 12, 13

b

14 and 10

1

Certificate in Private Client Investment Advice and Management (attained through a CISI competency interview and presentation only)

2, 3, 4 and 6, 12, 13

b

14 and 10

1

Diploma (where candidate holds 3 modules as recommended by the firm)

2, 3, 4 and 6, 12, 13

b

Investment Advice Certificate

2, 3, 4 and 6, 12, 13

b

Masters in Wealth Management (Pre 2010 examination standards)

2, 3, 4 and 6, 12, 13

b

Member of the Securities Institute (MSI Dip) (where candidate holds 3 modules as recommended by the firm)

2, 3, 4 and 6, 12, 13

b

Certificate in Corporate Finance

8

1

15, 16, 17, 18, 19

4

Certificate in Derivatives - Paper 2

15, 16, 17, 18, 19

4

Certificate in Investment and Financial Advice - Paper 1

21, 22

3

Certificate in Investment Management (Level 3, pre 31 December 2013)13

8

1

15, 16, 17, 19

4

15, 16, 17

5

14 and 10

113

13Certificate in Investment Management (Level 4)

14 and 10

1

Certificate in Investment Management - Paper 2

8

2

14 and 10

Certificate in Securities

8

1

Certificate in Securities - Paper 2

15, 16, 17, 18, 19

4

Certificate in Securities and Derivatives - Paper 2

19

4

Certificate in Securities and Financial Derivatives

8

1

Certificate in Securities and Financial Derivatives - Paper 2

15, 16, 17, 18

4

Client Services Qualification

15, 16, 17, 18, 19

4

Diploma

15, 16, 17, 18, 19

4

Diploma - Corporate Finance Paper

8

2

Diploma - Global Operations Management Module

15, 16, 17, 18, 19

4

15, 16, 17

5

6

Diploma - International Operations Management Module

15

4

15, 16

5

6

17

4

5

6

Diploma - International Operations Module

16, 18, 19

4

Diploma - Operations Management Module

15, 16, 17, 18, 19

4

15, 17

5

15, 16, 17

6

Diploma - Regulation and Compliance Module

8

3

14 and 10

15, 16, 17, 18, 19

5

Diploma (must include a pass in Regulation and Compliance Paper)

8

1

Diploma (where candidate holds 3 modules as recommended by the firm)

14 and 10

1

12Diploma in Corporate Finance

8

1

Investment Administration Qualification - Asset Servicing Module

15, 16, 17

6

Investment Administration Qualification - Basics of CREST Module

15, 16, 17

6

Investment Administration Qualification - Bond Settlement Module

15, 16, 17

6

Investment Administration Qualification - Collective Investment Schemes Administration Module

15, 16, 17

6

Investment Administration Qualification - CREST Settlement Module

15, 16, 17

6

Investment Administration Qualification - Derivatives Operations Module

15, 16, 17

6

Investment Administration Qualification - Exchange - Traded Derivative Administration Module

15, 16, 17

6

Investment Administration Qualification - FSA Regulatory Environment Module

15, 16, 17

5

Investment Administration Qualification - Global Custody Module

15, 16, 17

6

Investment Administration Qualification - Global Securities Operations Module

16, 17

6

Investment Administration Qualification - Global Settlement Module

15, 16, 17

6

Investment Administration Qualification - IMRO Regulatory Environment Module

8

3

14 and 10

15, 16, 17, 18, 19

5

Investment Administration Qualification - Introduction to Securities and Investment Module

15, 16, 17, 18, 19

4

Investment Administration Qualification - ISA Administration Module

15, 16, 17

6

Investment Administration Qualification - ISA and CTF Administration Module

17

6

Investment Administration Qualification - ISA and PEP Administration Module

15, 16, 17

6

Investment Administration Qualification - Life Policy Administration Module

18

6

Investment Administration Qualification - OEIC Administration Module

15, 16, 17

6

Investment Administration Qualification - Operational Risk Module

15, 16, 17

6

Investment Administration Qualification - OTC Derivatives Administration Module

15, 16

6

Investment Administration Qualification - Pensions Administration Module

19

6

Investment Administration Qualification - PEP Administration Module

15, 16, 17

6

Investment Administration Qualification - Portfolio Performance Measurement Module

15, 16

6

Investment Administration Qualification - Private Client Administration Module

15, 16, 17

6

Investment Administration Qualification - SFA Regulatory Environment Module

8

3

14 and 10

15, 16, 17, 18

5

Investment Administration Qualification - Unit 2 FSA Regulatory Environment - (Formerly the Investment Administration Qualification - Regulatory Environment Module)

8

3

14 and 10

18, 19

5

Investment Administration Qualification - Unit Trust Administration Module

15, 16, 17

6

Investment Advice Certificate

14 and 10

1

Investment Advice Certificate - Paper 1

15, 16, 17, 18, 19

4

5

Investment Advice Certificate - Paper 1 (No new registrations)

20, 21, 22

3

Investment Advice Certificate - Paper 2

18, 19

6

Investment Advice Diploma (where candidates hold technical modules as recommended by the firm)

14 and 10

1

Investment Operations Certificate - Asset Servicing Module

15, 16, 17

6

Investment Operations Certificate - Collective Investment Schemes Administration Module

15, 16, 17

6

Investment Operations Certificate - CREST Settlement Module

15, 16, 17

6

Investment Operations Certificate - Exchange - Traded Derivative Administration Module

15, 16, 17

6

Investment Operations Certificate - UK13 Financial Regulation Module

13

8

3

14 and 10

15, 16, 17, 18, 19

5

Investment Operations Certificate - Global Securities Operations Module

17

6

Investment Operations Certificate - Global Securities Operations Module

16

6

Investment Operations Certificate - Introduction to Securities and Investment Module

15, 16, 17, 18, 19

4

Investment Operations Certificate - ISA Administration Module

15, 16, 17

6

Investment Operations Certificate - Operational Risk Module

15, 16, 17

6

Investment Operations Certificate - OTC Derivatives Administration Module

15, 16

6

Investment Operations Certificate - Administration of Settlement & Investments Module (previously known as the Private Client Administration Module)12

12

15, 16, 17

6

Level 3 Certificate in Investments (Derivatives) - Unit 3

15, 16, 17, 18, 19

4

Level 3 Certificate in Investments (Investment Management)

14 and 10

1

15, 16, 17, 18, 19

4

15, 16, 17

5

Level 3 Certificate in Investments (Investment Management) - Unit 5

8

2

14 and 10

Level 3 Certificate in Investments (Securities and Financial Derivatives)

8

1

15, 16, 17, 18, 19

4

Level 3 Certificate in Investments (Securities)

8

1

Level 3 Certificate in Investments (Securities) - Unit 2

15, 16, 17, 18, 19

4

Level 6 Diploma in Wealth Management

14 and 10

1

Masters in Wealth Management

14 and 10

1

Member of the Securities Institute by examination

15, 17, 19

4

Principles of UK13 Financial Regulation

8

3

18, 19

5

SFA Corporate Finance Representative Examination

8

1

15, 16, 17, 18, 19

4

SFA Futures and Options Representative Examination

15, 16, 17, 18, 19

4

15, 16, 17

5

SFA Registered Persons Examination - Section 1 (Regulation)

8

3

14 and 10

15, 16, 17, 18, 19

5

SFA Securities and Financial Derivatives Representative Examination

8

1

15, 16, 17, 18, 19

4

15, 16, 17

5

SFA Securities Representative Examination

8

1

15, 16, 17, 18, 19

4

16, 17

5

TSA Registered Representative Examinations

8

1

15, 16, 17, 18, 19

4

15, 16

5

Unit 1 - Financial Regulation

14 and 10

3

Unit 1 Financial Regulation (Formerly the Securities Institute Regulatory Paper)

8

3

15, 16, 17, 18, 19

5

Unit 6 - Principles of UK13 Financial Regulation

14 and 10

3

15, 16, 17

5

Chartered Insurance Institute

Certificate in Securities Advice and Dealing

2, 12

Diploma in Regulated Financial Planning

4 and 6

a

Diploma in Regulated Financial Planning (attained through a CII alternative assessment day)

Fellow or Associate (life and pensions route only)

2, 3, 12, 13

b

Advanced Financial Planning Certificate

2, 3, 4 and 6, 12, 13

b

Diploma in Financial Planning

4 and 6

b

Fellow (FCII) (where candidates hold appropriate life and pensions modules)

Fellow (FLIA Dip)

Advanced Diploma in Financial Planning

Associate (ACII) (where candidate holds appropriate life and pension modules)

Associate (ALIA Dip)

12Diploma in Financial Planning plus a pass in J12: Securities advice and dealing

2, 1213

13

a13

13

Certificate in Financial Planning plus the Award in Long Term Care Insurance

7

1

G80 paper of Advanced Financial Planning Certificate (October 2004) plus appropriate exam requirements for TC 2.1.4R(1)(f)

G70 Paper of the Advanced Financial Planning Certificate

8

1

Award in London Market Insurance

9

1

Fellow or Associate including three pensions-related subjects as confirmed by the examining body

11

1

G60 paper of Advanced Financial Planning Certificate

Unit AF3 of the Advanced Diploma in Financial Planning

Certificate of Insurance Practice

18

4

Certificate of Insurance Practice (life or pensions route)

18

6

FA1 - Life office administration

Fellow or Associate (life and pensions route only)

Life assurance paper (735) from the Associateship

Certificate of Insurance Practice (Pensions route)

19

6

Fellow or Associate (Pensions route)

Certificate in Mortgage Advice

20

1

Certificate in Equity Release (Formerly known as Certificate in Financial Planning and Lifetime Mortgages)

21

1

Certificate in Equity Release

22

1

23

4

23

5

23

6

Advanced Financial Planning Certificate (must include a pass in G70 paper)

14 and 10

1

Certificate in Discretionary Investment Management

Fellow or Associate

15, 16, 17, 18, 19

4

Financial Planning Certificate - Paper 1

15, 16, 17, 18, 19

4

15, 16, 17, 18, 19

5

CF1 - UK financial services, regulation and ethics

15, 16, 17, 1318, 19

4

15, 16, 17, 1318, 19

513

13RO1 Paper: Regulation and Ethics

15, 16, 17, 18, 19

4

15, 16, 17, 18, 19

5

FA2 - Pensions administration paper

18, 19

613

Financial Planning Certificate - Paper 2

Pensions law, taxation and administration paper (740) from the Associateship

18, 19

613

13Certificate in Investment Operations: Collective Investment Scheme Administration paper (FA4)

15, 16, 17

6

13Certificate in Investment Operations: Individual Savings Account Administration paper (FA5)

16, 17

6

13Certificate in Investment Operations: Investment Client Servicing paper (FA6)

15, 16, 17

6

Certificate in Mortgage Advice - Paper 1

20, 21

3

Mortgage Advice Qualification (MAQ) plus entry requirements

20, 21, 22

1

Financial Planning Certificate - Paper 1 (No new registrations after 17/12/2004)

20, 21, 22

313

13Deutsche Boerse AG

Certified Securities Trader (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation)

2, 12

b

13Deutsche Boerse AG and SIX Swiss Exchange

Certified Derivatives Trader (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation)

2, 12

b

3, 13

a

EFFAS Societies with accredited examinations

Certified European Financial Analyst

14 and 10

2

Faculty or Institute of Actuaries

Fellow or Associate or where the individual has passed all of the following modules CT1, CT2, CT4, CT5, CT6, CT7 and CT8

2, 3, 4 and 6, 12, 13

a

14 and 10

1

Associate - achieved by examination passed before 1 December 2001 (must include a pass in Subject 301 - Investment and Asset Management (syllabus in force from 1998)

14 and 10

1

Associate - achieved by examination passed after 1 December 2001 (must include a pass in subject 301 - Investment and Asset Management (syllabus in force from 1998)

14 and 10

2
12

Fellow - achieved by examination (must include a pass in subjects 301 and 401 Investment and Asset Management (syllabus in force from 1998))

14 and 10

1

Fellow or Associate

11

1

16, 17, 18, 19

4

18, 1912

6

Fellow or Associate by examination (must include Investment Paper E (Syllabus in force until 1998))

14 and 10

1

Fellow or where the individual has passed all of the following modules CA1 and SA2

18

4

Financial Industry Regulatory Authority (FINRA) - Formerly the National Association of Securities Dealers (NASD)

Series 7 - General Securities Representatives Examination (provided it is accompanied by appropriate qualifications in Regulation and Ethics and Personal Taxation)

2, 3, 12, 13

b

Financial Skills Partnership (formerly the Financial Services Skills Council (FSSC))

FSSC Advanced Apprenticeship in Advising on Financial Products (Long Term Care Insurance Pathway)

7

1

FSSC Advanced Apprenticeship in Retail Financial Services (Investment Administration Pathway including either Asset Servicing / CREST Settlement / Global Securities or ISA and CTF Administration)

17

6

FSSC Advanced Apprenticeship in Retail Financial Services (Investment Administration Pathway including FSA Regulatory Environment or Principles of Financial Regulation)

17

5

FSSC Advanced Apprenticeship in Retail Financial Services (investment Administration Pathway including the Introduction to Securities and Investment module)

17

4

FSSC AdvancedApprenticeship in Retail Financial Services (Long Term Insurance Pathway including CF1)

18

4

FSSC Advanced Apprenticeship in Retail Financial Services (Long Term Insurance Pathway including CF1)

18

5

FSSC Advanced Apprenticeship in Retail Financial Services (Long Term Insurance Pathway including CF1 and either FA1 or FA2)

18

6

FSSC Advanced Apprenticeship in Retail Financial Services (Long Term Insurance Pathway including CF1 and FA2)

19

1

FSSC Advanced Apprenticeship in Advising on Financial Products (Mortgage Advice Pathway)

20

1

ICMA Centre/ University of Reading (Formerly ISMA Centre/ University of Reading)

Diploma in Capital Markets, Regulation and Compliance

17

5

Operations Certificate Programme (OCP)

16, 17

6

ifs School of Finance(formerly the Chartered Institute of Bankers)

Diploma for Financial Advisers (post 2010 examination standards)

4 and 6

a

Professional Certificate in Banking (PCertB) (where candidate has passed the Practice of Financial Advice module)

Associateship - (must include a pass in the Investment / Investment Management Paper)

2, 3, 4 and 6, 12, 13

b

Diploma for Financial Advisers (pre 2010 examination standards)

4 and 6

b

Professional Investment Certificate

Certificate for Financial Advisers and Certificate in Long-term Care Insurance

7

1

Pensions paper of Professional Investment Certificate

11

1

Certificate for Financial Advisers - Paper 1

15

5

Fellow or Associate

15, 16, 17, 18, 19

4

Certificate for Financial Advisers - Paper 1 (Pre 31/10/2004)

15, 16, 17, 18, 19

4

5

20, 21, 22

3

Certificate for Financial Advisers - Paper 1 (Post 01/11/2004)

18, 19

4

5

Certificate for Financial Advisers - Paper 2 (Pre 31/10/2004)

18, 19

6

CeMAP Bridge paper plus entry requirements

20

1

Certificate in Mortgage Advice and Practice (Post 01/11/2004)

20

1

Diploma for Mortgage Advice and Practice DipMAP (plus entry requirements)

20

1

CeMAP bridge paper plus entry requirements (Pre 31/10/2004)

21, 22

1

Certificate in Mortgage Advice and Practice (CeMAP) (Pre 31/10/2004) - Paper 1

20, 21

3

Certificate in Mortgage Advice and Practice (Post 01/11/2004) - Paper 1

20, 21

3

Certificate in Mortgage Advice and Practice (CeMAP) (Pre 31/10/2004)

20, 21, 22

1

Certificate in Regulated Equity Release (Formerly known as Certificate in Lifetime Mortgages)

21, 22

1

23

4

23

5

23

6

Institute of Chartered Accountants in England and Wales

Fellow or Associate

8

1

15, 16, 17, 18, 19

4

Initial Test of Competence

18, 19

6

Institute of Chartered Accountants in Ireland

Fellow or Associate

8

1

15, 16, 17, 18, 19

4

Initial Test of Competence

19

6

Institute of Chartered Accountants in Scotland

Member

8

1

15, 16, 17, 18, 19

4

Initial Test of Competence

19

6

Institute of Chartered Secretaries and Administrators

Certificate in Collective Investment Scheme Administration

15, 16, 17, 18

4

5

15, 16

6

19

4

Certificate in Company Secretarial Practice and Share Registration Practice (including the Regulatory module within the examination)

15, 16. 17

4

5

6

Fellow or Associate

15, 16, 17, 18, 19

4

Institute of Financial Planning

Certified Financial Planner

4 and 6

b

Fellowship

Insurance Sector Education and Training Authority

National Diploma: Financial Services Long-Term Risk Assessment

7

2

Investment Management Association

Investment Administration Management Award

15, 16, 17

6

Investment Property Forum

IPF Certificate in Property Investment

14 and 10

2

Japanese Bankers Association

Registered Representative of Public Securities Examination (pre-April 1990)

8

2

Representative of Public Securities Qualification - Class 1

Japanese Securities Dealers Association

Representative of Public Securities Qualification - Type 1 (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation

2, 3, 12, 13

b

Representative of Public Securities Examination (pre April 1990)

8

2

Representative of Public Securities Qualification - Type 1

Law Society of England and Wales

Module B(ii), Securities and Portfolio Management

8

2

Module B(i), Retail Branded/ Packaged Products

18, 19

6

Law Society of England and Wales/ Law Society of Northern Ireland

Solicitor

15

4

Law Society of England and Wales/ Law Society of Scotland/ Law Society of Northern Ireland

Solicitor

17, 18, 19

4

Lloyd's

Lloyd's and London Market Introductory Test (Formerly the Lloyd's Introductory Test)

9

1

Lloyd's/ Chartered Insurance Institute

Lloyd's Market Certificate

9

1

London Stock Exchange (records are now kept by The Chartered Institute for Securities and Investment (CISI); Formerly the Securities and Investment Institute (SII); formerly The Securities Association)

London Stock Exchange Full Membership Exams (and other regional stock exchanges as merged with London Stock Exchange) - where candidate holds three or four papers or holds both the Stock Exchange Practice and Techniques of Investment papers

2, 3, 4 and 6, 12, 13

b

14 and 10

1

Stock Exchange Registered Representative Examination

8

1

15, 16, 17, 18, 19

4

15, 16

5

Manchester Metropolitan University

BA (Hons) Financial Services, Planning and Management

2, 3, 4 and 6, 12, 13

a

N/A

In-house module (only where the firm can demonstrate that none of the listed examinations are appropriate)

15, 16, 17, 18, 19

6

NIBE SVV the Dutch Institute for the Banking, Insurance and Stockbroking Industry

Examination

8

2

Pensions Management Institute

Diploma in Regulated Retirement Advice

4 and 6

a

11

1

Fellow or Associate by examination

11

1

Module 201: Providing for Retirement

19

4

512

612

Fellow or Associate

15, 16, 17, 18, 19

4

Diploma in Member-Directed Pension Scheme Administration

18

6

Fellow or Associate by examination

18, 19

6

Sheffield Hallam University

BA in Financial Services (1995 to 2001)

4 and 6

b

MA in Financial Services (1995 to 2001)

Post Graduate in Financial Services (1995 to 2001)

Society of Investment Analysts in Ireland

Certificate in Investment Management (at least 3 papers passed by examination)

14 and 10

2

South African Institute of Financial Markets

Ordinary and Senior Certificates

8, 14 and 10

2

Swiss Finance Institute

Dual degree Executive MBA in Asset and Wealth Management

14 and 10

2

The Securities Analysts Association of Japan (SAAJ)

CMA Level 2 (for individuals advising before 30 June 2009)

2, 3, 12, 13

b

CMA Level 2 (for individuals not advising before 30 June 2009 - provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation)

CMA Level 2

8

2

Secondary Examination

Chartered Member

14 and 10

2

University of Stirling

BA in Finance

2, 4 and 6, 12

b

BA in Finance and Accounting

2, 3, 4 and 6, 12, 13

b

MSc in Finance

2, 3, 12, 13

b

MSc in international Accounting and Finance (where candidates hold modules as recommended by the firm)

2, 3, 12, 13

b

8

2

14 and 10

1

MSc in Investment Analysis

2, 3, 12, 13

b

14 and 10

1

University of the West of England

BA in Financial Services (1995 to 2001)

4 and 6

b

MA in Financial Services (1995 to 2001)

Post Graduate in Financial Services (1995 to 2001)
COLL 8.5.4RRP
(1) The depositary is responsible for the safekeeping of all the scheme property.(2) The depositary must:(a) take all steps to ensure that transactions properly entered into for the account of the scheme are completed;(b) take all steps to ensure that instructions properly given by the authorised fund manager in respect of the exercise of rights related to scheme property are carried out;(c) ensure that any scheme property in registered form is as soon as reasonably practicable
LR 5.4.6GRP
(1) If an underlying instrument is restored, the securitised derivative'slisting will normally be restored.(2) For a securitised derivative relating to a basket of underlying instruments that has been suspended, the securitised derivative's listing may be restored by the FCA, irrespective of whether or not the underlying instrument has been restored, if:(a) the issuer of the securitised derivative confirms to the FCA that despite the relevant underlying instrument(s) suspension
BIPRU 9.11.10RRP
When the conditions in this paragraph have been met, and in order to determine its exposure value, a conversion figure of 50% may be applied to the nominal amount of a liquidity facility. The risk weight to be applied is the highest risk weight that would be applied to any of the securitised exposures under the standardised approach by a firm holding the exposures. Those conditions are as follows:11(1) the liquidity facility documentation must clearly identify and limit the circumstances
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
REC 3.15.3RRP
Where a UK recognised body suspends providing clearing facilitation services generally in respect of any derivative (other than an option in relation to a security), type of security or type of option in relation to a security, it must immediately give the FCA notice of that event, particulars of that derivative, type of security or type of option in relation to a security, as the case may be, and the reasons for the action taken.33
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 AIFM qualifier,25ICVC 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 part 1 of 25FEES 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 part 1 of25FEES 4 Annex 4

Any ACD of an ICVC; and

In relation to each ICVC,25 the amount specified in part 1 of25FEES 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 part 1 of25FEES 4 Annex 4

The relevant scheme becomes a recognised scheme25

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

26(i) An AIFM (other than a UK AIFM or an EEA AIFM with a branch in the UK) which has notified the FCA of its intention to market an AIF in the UK under regulation 57 of the AIFMD UK regulation and which has not ceased to market that AIF in the UK as at 1 April of the current fee year.

(ii) An AIFM which has notified the FCA of its intention to market an AIF in the UK under regulation 58 or 59 of the AIFMD UK regulation and which has not ceased to market that AIF in the UK as at 1 April of the current fee year.

For each notification made by the AIFM of the kind specified in part 2 of FEES 4 Annex 4, the amount specified in part 2 of FEES 4 Annex 4

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

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

The FCA receives a notification to market in the UK

26A small registered UK AIFM

The basic fee contained in part 3 of FEES 4 Annex 4

The AIFM is registered by the FCA under regulation 10 of the AIFMD UK regulation.

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

REC 2.5.8GRP
In assessing a UK RIE's systems and controls for the effecting and monitoring of transactions, and for the operation of settlement arrangements, the FCA3 may have regard to the totality of the arrangements and processes through which the UK RIE's transactions are effected, cleared,3 and settled, including:333(1) a UK RIE's arrangements under which orders are received and matched, its arrangements for trade and transaction reporting, and (if relevant) its arrangements with another
REC 3.26.4RRP
1The duty in section 300B(1) of the Act does not apply to any of the following:(1) any regulatory provision which is required under EU2 law or any enactment or rule of law in the United Kingdom; or2(2) (a) the specification of the standard terms of any derivative which a UK RIE proposes to admission to trading, or the amendment of the standard terms of any derivative already admitted to trading; or(b) the specification or any amendment of standard terms relating to the provision
FEES 4.4.9DRP
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444
BIPRU 7.4.36RRP
Where a firm is:(1) treating a commodity index derivative as if it was based on a single separate commodity (see BIPRU 7.4.13R(1)(a)); and(2) using the commodity extended maturity ladder approach to calculate the commodity PRR for that commodity;it must determine which index constituent incurs the highest rate in the table in BIPRU 7.4.33R and apply that rate to the notional position for the purposes of BIPRU 7.4.32R.
IFPRU 6.2.1GRP
Article 331(2) of the EU CRR (Interest rate risk in derivative instruments) states conditions that must be met before a firm not using interest rate pre-processing models can fully offset interest-rate risk on derivative instruments. One of the conditions is that the reference rate (for floating-rate positions) or coupon (for fixed-rate positions) should be 'closely matched'. The FCA will normally consider a difference of less than 15 basis points as indicative of the reference