Related provisions for DISP 1.2.4
41 - 60 of 273 items.
The Listing Principles are designed to assist listed companies in identifying their obligations and responsibilities under the listing rules and the disclosure rules and transparency rules. The Listing Principles should be interpreted together with relevant rules and guidance which underpin the Listing Principles.
(1) An insurance intermediary must, on a commercial customer's request, promptly disclose the commission that it and any associate receives in connection with a policy.(2) Disclosure must be in cash terms (estimated, if necessary) and in writing or another durable medium. To the extent this is not possible, the firm must give the basis for calculation.
(1) The commission disclosure rule is additional to the general law on the fiduciary obligations of an agent in that it applies whether or not the insurance intermediary is an agent of the commercial customer.(2) In relation to contracts of insurance, the essence of these fiduciary obligations is generally a duty to account to the agent’s principal. But where a customer employs an insurance intermediary by way of business and does not remunerate him, and where it is usual for
Unless otherwise stated, the issuer or the owner, as the case may be, must send the relevant forms and information to the FCA's address marked for the attention of the "Covered Bonds Team, Capital Markets Sector" by any of the following methods:(1) post; or(2) leaving it at the FCA's address and obtaining a time-stamped receipt; or(3) email to rcb@fca.org.uk.
A company with, or applying for, a premium listing of its equity shares5 must appoint a sponsor on each occasion that it:4(1) is required to submit any of the following documents to the FCA in connection with6 an application for admission of equity shares5 to premium listing6:66(a) a prospectus, supplementary prospectus7 or equivalent document1; or6(b) a certificate of approval from another competent authority; or6(c) a summary document as required by PR 1.2.3R (8); or6(d) listing
If a company with a premium listing6 is proposing to enter into a transaction which due to its size or nature could amount to a class 1 transaction or a reverse takeover it must obtain the guidance of a sponsor to assess the application of the listing rules, the6disclosure rules and the 6transparency rules.3263
The FCA will generally be satisfied that there is sufficient information in the market about the propos ed transaction if: (1) the target has shares or certificates representing equity securities admitted to a regulated market; and(2) the issuer makes an announcement stating that the target has complied with the disclosure requirements applicable on that regulated market and providing details of where information disclosed pursuant to those requirements can be obtained.
The FCA will generally be satisfied that there is sufficient publicly available information in the market about the proposed transaction if the target has securities admitted to an investment exchange or trading platform that is not a regulated market and the issuer:(1) confirms, in a form acceptable to the FCA, that the disclosure requirements in relation to financial information and inside information of the investment exchange or trading platform on which the target'ssecurities
Where the target in a reverse takeover is not subject to a public disclosure regime, or if the target has securities admitted on an investment exchange or trading platform that is not a regulated market but the issuer is not able to give the confirmation and make the announcement contemplated by LR 5.6.12 G, the FCA will generally be satisfied that there is sufficient publicly available information in the market about the proposed transaction such that a suspension is not required
Failing
to inform: (1) a customer; or(2) his firm (or its auditors or an actuary appointed
by his firm under SUP 4 Actuaries)1);1of material information in circumstances
where he was aware, or ought to have been aware, of such information, and
of the fact that he should provide it, falls within APER 4.2.2 E.
Behaviour
of the type referred to in APER 4.2.3 E includes, but is not limited to:(1) failing
to explain the risks of an investment to
a customer;(2) failing
to disclose to a customer details
of the charges or surrender penalties of investment products;(3) mismarking
trading positions;(4) providing
inaccurate or inadequate information to a firm,
its auditors or an actuary appointed
by his firm under SUP 4 (Actuaries)1;1(5) failing
to disclose dealings where disclosure is required
This section applies to a firm which produces, or arranges for the
production of, investment research that
is intended or likely to be subsequently disseminated to clients of
the firm or to the public, under
its own responsibility or that of a member of its group. [Note: article 25(1) of the MiFID
implementing Directive]
Knowledge by a financial
analyst or other relevant person that
the firm intends to produce
or disseminate investment research to
its clients or to the public
(including in circumstances where research material has not yet been written)
could constitute knowledge of the likely timing and content of investment research under COBS 12.2.5 R (1).
Upon request, an issuer or other person must be able to communicate to the FCA, in relation to any disclosure of regulated information:(1) the name of the person who communicated the regulated information to the RIS;(2) the security validation details;(3) the time and date on which the regulated information was communicated to the RIS;(4) the medium in which the regulated information was communicated; and(5) details of any embargo placed by the issuer on the regulated information,
(1) Information that is disclosed in a non-EEA State which may be of importance to the public in the EEA must be disclosed in accordance with the provisions set out in DTR 6.2 and DTR 6.3. (2) Paragraph (1) applies additionally to information that is not regulated information.[Note: article 23(3) of the TD]
Where
the approved person is, or is
one of the approved persons who
is, responsible within the firm for
reporting matters to the regulator concerned (as defined in APER 4.4.4 E)3, failing promptly to inform the regulator concerned3 of information of which he is aware
and which it would be reasonable to assume would be of material significance
to the regulator concerned,3 whether in response to questions or
otherwise, falls within APER 4.4.3 E.333
Failing
without good reason to:(1) inform
a regulator of information of which the approved
person was aware in response to questions from that regulator;(2) attend
an interview or answer questions put by a regulator, despite a request or
demand having been made;(3) supply
a regulator with appropriate documents or
information when requested or required to do so and within the time limits
attaching to that request or requirement;falls within APER 4.4.3 E.
To comply with COBS 6.1D.11R, a firm's disclosure should be in cash terms (or convert non-cash terms into illustrative cash equivalents) and should:(1) include information as to the period over which the consultancy charge is payable;(2) provide information on the implications for the employee if the employee leaves the employer’s service or their contributions to the group personal pension scheme or group stakeholder pension scheme are cancelled before the consultancy charge
(1) An issuer'ssecurities must be admitted to trading on a RIE's market for listed securities at all times.(2) An issuer must inform the FCA in writing without delay if it has:(a) requested a RIE to admit or re-admit any of its listed securities to trading; or(b) requested a RIE to cancel or suspend trading of any of its listed securities; or(c) been informed by a RIE that the trading of any of its listed securities will be cancelled or suspended.
Table of modified cross-references to other rules: This table belongs to MCOB 8.3.1 R.
Subject |
Rule or guidance |
Reference in rule or guidance |
To be read as a reference to: |
Advice or information from the whole market |
MCOB 4.3.4R(2) |
MCOB 4.7.2R |
MCOB 8.5.2R |
Initial disclosure requirement (for equity release transactions only)3 3 |
MCOB 4.4.1R(1)(c) and (3) |
MCOB 4 Ann 1R |
MCOB 8 Ann 1R |
Initial disclosure requirements |
MCOB 4.4.3G |
MCOB 4 |
|
Initial disclosure requirements where initial contact is by telephone (for equity release transactions only)3 3 |
|||
Additional disclosure for distance mortgage mediation contracts |
MCOB 4.5 |
||
Non-advised sales |
MCOB 4.8.6G |
MCOB 4.7 |
MCOB 8.5 |
The information that the introducer must disclose to the borrower prior to making the introduction is, where relevant:(1) that he is a member of the same group as the person (N) to whom the borrower is introduced;(2) details of any payment which he will receive from N, by way of fee or commission, for introducing the borrower to N; and(3) an indication of any other reward or advantage arising out of his introducing to N.
In the FCA's view, the information condition in PERG 4.5.14G (3) requires the introducer to indicate to the borrower any other advantages accruing to him as a result of ongoing arrangements with N relating to the introduction of borrowers. This may include, for example, indirect benefits such as office space, travel expenses, subscription fees and this and other relevant information may be provided on a standard form basis to the borrower, as appropriate.
The FCA considers that it is important
for the proportions published in compliance with COBS 12.4.10 R (4) to be consistent and meaningful to the recipients of the research recommendations. Accordingly for
non-equity material, the relevant categories should be meaningful to the recipients
in terms of the course of action being recommended.
The authorised fund manager of a UCITS scheme that is a master UCITS must provide the management company of its feeder UCITS with all documents and information necessary for the latter to meet its regulatory obligations under the UCITS Directive.[Note: article 60(1) first paragraph first sentence of the UCITS Directive]
An authorised fund manager of a master UCITS must ensure the timely availability of all information that is required in accordance with its obligations under the regulatory system, the general law and the instrument constituting the fund,2 to:2(1) the feeder UCITS (or where applicable its management company);(2) the competent authority of the feeder UCITS;(3) the depositary of the feeder UCITS; and(4) the auditor of the feeder UCITS.[Note: article 66(3) of the UCITS Directive
The authorised fund manager of a UCITS scheme that operates, or intends to operate, as a master UCITS must:(1) not enter into a master-feeder agreement or, where applicable, internal conduct of business rules in accordance with COLL 11.3.2R (2) unless it is satisfied on reasonable grounds that the arrangements with the feeder UCITS will not unfairly prejudice the interests of any other unitholder or class of unitholders in the master UCITS;(2) consider, in relation to:(a) each
If an originator or sponsor fails to comply with BIPRU 9.6.1 R or BIPRU 9.6.1A R1 in respect of a securitisation, it must:(1) hold capital against all of the securitised exposures associated with the securitisation transaction as if they had not been securitised; and(2) disclose publicly:(a) that it has provided non-contractual support;1 and(b) the regulatory capital impact of doing so.[Note: BCD Article 101(2)]
(1) Securitisation documentation should make clear, where applicable, that any repurchase of securitised exposures or securitisation positions by the originator or sponsor beyond its contractual obligations is not mandatory and may only be made at fair market value. In general, any such repurchase should be subject to a firm's credit review and approval process, which should be adequate to ensure that the repurchase complies with BIPRU 9.6.1 R.(2) If an originator or sponsor repurchases
(1) There are certain additional disclosure requirements laid down by the Distance Marketing Directive that will have to be provided by a mortgage intermediary,6 a home purchase intermediary and a SRB intermediary64 to a consumer5 prior to the conclusion of a distance mortgage mediation contract,66 a distance home purchase mediation contract4 or a distance regulated sale and rent back mediation contract.6 The purpose of this section, MCOB 4.5, is to set out those additional requirements.
If the initial contact of a kind in MCOB 4.4.1 R (1) is with a consumer5 with a view to concluding a distance mortgage mediation contract,6 a distance home purchase mediation contract or a distance regulated sale and rent back mediation contract6,4 a firm must:546(1) in addition to initial disclosure information and any other required information, provide the consumer5 with the information in MCOB 4 Annex 3 in a durable medium in good time before the conclusion of the distance
(1) The information in MCOB 4 Annex 3 will be provided in 'good time' for the purposes of MCOB 4.5.2 R (1), if provided in sufficient time to enable the customer to consider properly the services on offer.(2) An example of the circumstances in which MCOB 4.5.2 R (4) or (5) may apply is given in MCOB 4.4.4 G. If the initial disclosure document and accompanying information (including that in MCOB 4 Annex 3) was previously provided to a customer and continues to be appropriate, there
Firms will need to consider the implications of the Data Protection Act 1998 under which personal data that a firm, as data controller, holds about its customer cannot be disclosed to a third party without his consent. In practice the firm is likely to need the SRB agreement seller's consent to disclosing the matters covered by MCOB 6.9.8 R to the relevant mortgage lender or home purchase provider.
The SRB agreement provider must keep a record of the written pre-offer document at Stage One and the written offer document for signing at Stage Two for a period of:(1) one year after the end of the fixed term of the tenancy under the regulated sale and rent back agreement; or(2) five years from the date of the disclosures and warnings, written offer documents and cooling-off period notices;whichever is the longer.
(1) FCA3staff
are required by their contract of employment to comply with a code of conduct
which imposes strict rules to cover the handling of conflicts of interest
which may arise from personal interests or associations. FCA3 staff subject to a conflict of interest must declare that interest
to the person to whom they are
immediately responsible for a decision.33(2) If a member of a senior
staff committee has a potential conflict of interest in any
matter in which he is asked
The procedure for taking decisions
under executive procedures will
generally be less formal and structured than that for decisions by the RDC. Broadly, however, FCA3 staff responsible for taking statutory
notice decisions under executive
procedures will follow a procedure similar to that described
at DEPP 3.2.7 G to DEPP 3.2.27 G for
the RDC except that:3(1) in a case where the decision will
be taken by a senior staff committee: (a) the chairman or deputy chairman
of the senior