Related provisions for SUP 8.3.13A

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SUP 8.3.1GRP
Under section 138A(4) of the Act, the appropriate regulator9 may not give a waiver unless it is satisfied that:99(1) compliance by the firm with the rules, or with the rules as unmodified, would be unduly burdensome, or would not achieve the purpose for which the rules were made; and(2) the waiver would not adversely affect the advancement of, in the case of the PRA, any of its objectives and, in the case of the FCA, any of its operational objectives.99
SUP 8.3.2AGRP
9The FCA must consult the PRA before publishing or deciding not to publish a waiver which relates to:(1) a PRA-authorised person; or(2) an authorised person who has as a member of its immediate group a PRA-authorised person;unless the waiver relates to rules made by the FCA under sections 247 or 248 of the Act.
SUP 8.3.10GRP
Under section 138A(1) of the Act the appropriate regulator9 may give a waiver with the consent of a firm. This power may be used by the appropriate regulator9 in exceptional circumstances where the appropriate regulator9 considers that a waiver should apply to a number of firms (for example, where a rule unmodified may not meet the particular circumstances of a particular category of firm). In such cases the appropriate regulator9 will inform the firms concerned that the waiver
SUP 8.3.11GRP
An application for a waiver of an evidential provision will normally be granted only if a breach of the underlying binding rule is actionable under section 138D9 of the Act. Individual guidance would normally be a more appropriate response (see SUP 9 (Individual Guidance)) if there is no right of action.29
SUP 8.3.13GRP
For an application for a waiver of the presumption of contravention of a binding rule, which is actionable under section 138D9 of the Act, the appropriate regulator9 would normally wish to be satisfied that the evidential rule is itself unduly burdensome or does not achieve the purpose of the rule.299
SUP 4.5.1RRP
An actuary2 appointed under this chapter2 must be objective in performing his duties.2
SUP 4.5.3RRP
An actuary appointed under this chapter2 must take reasonable steps to satisfy himself that he is free from bias, or from any conflict of interest from which bias may reasonably be inferred. He must take appropriate action where this is not the case.2
SUP 4.5.7GRP
(1) Actuaries appointed under this chapter made by the Treasury under sections 342(5) and 343(5) of the Act (Information given by auditor or actuary to a regulator7). Section 343 and the regulations also apply to an actuary of an authorised person in his capacity as an actuary of a person with close links with the authorised person.47(2) These regulations oblige actuaries to report certain matters to the appropriate regulator.7Sections 342(3) and 343(3) of the Act provide that
SUP 4.5.8GRP
SUP 4.5.9 R to SUP 4.5.11 G apply to a person who is or has been an actuary appointed under this chapter2.2
SUP 4.5.10RRP
An actuary2 who has ceased to be appointed under this chapter2, or who has been formally notified that he will cease to be so 2appointed, must notify the appropriate regulator without delay:222(1) of any matter connected with the cessation which he thinks ought to be drawn to the appropriate regulator's attention; or(2) that there is no such matter.
SUP 4.5.13RRP
2When carrying out his duties, an actuary appointed under this chapter must pay due regard to generally accepted actuarial practice.3
SUP 5.1.2GRP
This chapter (other than the rules, and guidance on rules, in SUP 5.5 (Duties of firms)) is also relevant to certain unauthorised persons within the scope of section 166 of the Act (Reports by skilled persons) (see SUP 5.2.1 G).
SUP 5.1.3GRP
6The purpose of this chapter is to give guidance on the appropriate regulator's use of the power in section 166 (Reports by skilled persons) and section 166A (Appointment of skilled person to collect and update information) of the Act. The purpose is also to make rules requiring a firm to give assistance to a skilled person and, where a firm is required to appoint a skilled person, to include certain provisions in its contract with a skilled person. These rules are designed to
REC 3.3.1GRP
Under section 294 of the Act (Modification or waiver of rules), the FCA1 may, on the application or with the consent of a recognised body (including an ROIE),1 direct that any notification rule is not to apply to the body or is to apply with such modifications as may be specified in the waiver.11
REC 3.3.3GRP
Under section 294(4) of the Act, before the FCA1 may give a waiver of notification rules, it must be satisfied that:1(1) compliance by the recognised body with those notification rules, or with those rules as unmodified, would be unduly burdensome or would not achieve the purpose for which those rules were made; and(2) the waiver would not result in undue risk to persons whose interests those rules are designed to protect.
REC 3.3.7GRP
Any waiver given by the FCA1 under section 294 of the Act will be made in writing, stating: 1(1) the name of the recognised body in respect of which the waiver is made;(2) the notification rules which are to be waived or modified in respect of that body;(3) where relevant, the manner in which any rule is to be modified;(4) any condition or time limit to which the waiver is subject; and(5) the date from which the waiver is to take effect.
REC 6.7.1RRP
The notification rules in this chapter, which are made under sections 293 (Notification requirements) and 295 of the Act (Notification: overseas investment exchanges and overseas clearing houses), apply to all ROIEs1.1
REC 6.7.2GRP
The notification rules in this chapter are made by the FCA1 in order to ensure that it is provided with notice of events and information which it reasonably requires for the exercise of its functions under the Act. 1
GEN 2.2.3RRP
Any rule in the Handbook which has the status letter "E" in the margin or heading:(1) is to be taken also to provide that contravention of the rule does not give rise to any of the consequences provided for by provisions of the Act other than section 138C36 (Evidential provisions); and36(2) incorporates the status letter "E" in the margin or heading as part of the rule.
GEN 2.2.4GRP
(1) The rules to which section 138C36 of the Act applies ("evidential provisions") are identified in the Handbook by the status letter "E" in the margin or heading.36(2) Other provisions in the Handbook, although also identified by the status letter "E" in the margin or heading, are actually not rules but provisions in codes and GEN 2.2.3 R does not apply to them. These code provisions are those provisions in the Code of Practice for Approved Persons (APER 3 and APER 4) and the
GEN 2.2.25GRP
36Examples of rules being interpreted as cut back by GEN 2.2.23 R include the following:(1) [deleted]1212(2) SYSC 6.1.1 R requires a firm to maintain adequate policies and procedures to ensure compliance with its obligations under the regulatory system; SYSC 6.1.1 R should be interpreted:(a) as applied by the FCA in respect of a PRA-authorised person's compliance with regulatory obligations that are the responsibility of the FCA (for example, in respect of a bank maintaining policies
REC 3.1.1RRP
(1) The notification rules in this chapter, which are made under section 293 of the Act (Notification requirements), apply to all UK recognised bodies.(2) The rules relating to the form and method of notification in REC 3.2 also apply to overseas recognised bodies.
REC 3.1.3GRP
The notification rules in this chapter are in addition to the requirements on UK RIEs2 to give notice or information to the FCA and if applicable, the Bank of England2 under sub-sections 293(5) and (6)2 of the Act.222
REC 3.1.4GRP
The notification rules in this chapter are made by the FCA2 in order to ensure that it is provided with notice of events and information which it reasonably requires for the exercise of its functions under the Act. 2
SUP 8.6.1AGRP
4The FCA must consult the PRA before publishing or deciding not to publish a waiver which relates to:(1) a PRA-authorised person; or(2) an authorised person who has as a member of its immediate group a PRA-authorised person;unless the waiver relates to rules made by the FCA under sections 247 or 248 of the Act.
SUP 8.6.2GRP
When considering whether it is satisfied under section 138B(2)4, the appropriate regulator4 is required by section 138B(3)4 of the Act:444(1) to take into account whether the waiver relates to a rule contravention of which is actionable under section 138D4 of the Act (Actions for damages); Schedule 5 identifies such rules;4(2) to consider whether its publication would prejudice, to an unreasonable degree, the commercial interests of the firm concerned, or any other member of its
SUP 8.6.3GRP
Waivers can affect the legal rights of third parties, including consumers. In the appropriate regulator's4 view it is important that the fact and effect of such waivers should be transparent. So the fact that a waiver relates to a rule that is actionable under section 138D4 of the Act (see SUP 8.6.2 G (1)) will tend to argue in favour of publication.44
SUP 8.6.4GRP
In making waiver applications under section 250 of the Act or regulation 7 of the OEIC Regulations, SUP 8.6.2 G (2) should be read in application to rules in COLL as if the word "commercial" were omitted.12
FIT 1.2.4GRP
The Act does not prescribe the matters which the appropriate regulator should take into account when determining fitness and propriety. However, section 61(2) states that the appropriate regulator may have regard (among other things) to whether the candidate or approved person is competent to carry out a controlled function.
COLL 5.2.13RRP
A UCITS scheme must not invest in units in a collective investment scheme ("second scheme") unless the second scheme satisfies all of the following conditions, and provided that no more than 30% of the value of the UCITS scheme is invested in second schemes within (1)(b) to (e):88(1) the second scheme must:(a) satisfy the conditions necessary for it to enjoy the rights conferred by the UCITS Directive; or(b) be a recognised scheme18 under the provisions of section 27218 of the
SUP 8.2.1GRP
Under section 138A12of the Act (Modification or waiver of rules), the appropriate regulator12 may, on the application or with the consent of a firm, direct that its 9rules:121299(1) are not to apply to the firm; or(2) are to apply to the firm with such modifications as may be specified.
SUP 8.2.1AGRP
12SUP 8.2.1 G does not apply to:(1) rules made by either regulator under section 137O of the Act;(2) rules made by the FCA under sections 247 or 248 of the Act.
SUP 8.2.3GRP
Sections 250 and 261L11 of the Act and regulation 7 of the OEIC Regulations allow the FCA12 to waive the application of certain rules in COLL to:111210(1) a person, as respects a particular AUT, ACS11 or ICVC, on the application or with the consent of that person; and(2) an AUT, ACS11 or ICVC on the application or with the consent of the manager and trustee (in the case of an AUT), the authorised contractual scheme manager and depositary (in the case of an ACS)11 or the ICVC and
SUP 5.3.2AGRP
6The decision by the appropriate regulator to require the collection or updating of information by a skilled person under section 166A of the Act (Appointment of skilled person to collect and update information) will be prompted where the appropriate regulator considers there has been a breach of a requirement by a firm to collect, and keep up to date, information of a description specified in the appropriate regulator'srules.
SUP 5.3.6GRP
The appropriate regulator6 will have regard to legal and procedural considerations including:6(1) statutory powers: whether one of the other available statutory powers is more appropriate for the purpose than the power in section 166 (Reports by skilled persons) or section 166A (Appointment of skilled person to collect and update information) of the Act;66(2) subsequent proceedings: whether it is desirable to obtain an authoritative and independent report for use in any subsequent
REC 3.26.2GRP
1Under section 300B(2) of the Act, the FCA4may, by rules under section 293 (Notification requirements):4(1) 1specify descriptions of regulatory provision in relation to which, or circumstances in which, the duty in section 300B(1) does not apply, or(2) 1provide that the duty applies only to specified descriptions of regulatory provision or in specified circumstances.
REC 3.26.3GRP
1Under section 300B(3) of the Act, the FCA4may also by rules under section 293: 4(1) 1make provision as to the form and contents of the notice required, and(2) 1require the UK recognised body to provide such information relating to the proposal as may be specified in the rules or as the FCA4may reasonably require.4
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
SUP 15.2.2GRP
This chapter sets out:(1) guidance on the type of event or change in condition which a firm should consider notifying in accordance with Principle 11; the purpose of this guidance is to set out examples and not to give comprehensive advice to firms on what they should notify in order to be in compliance with Principle 11;(2) rules on events and changes in condition that a firm must notify; these are the types of event that the appropriate regulator9 must be informed about, usually
FEES 6.1.4GRP
Section 213(3)(b) of the Act requires the appropriate regulator to make rules to enable the FSCS to impose levies on authorised persons in order to meet its expenses. These expenses include in particular expenses incurred, or expected to be incurred, in paying compensation, borrowing or insuring risks.
FEES 6.1.4AGRP
Section 224F of the Act enables the appropriate regulator to make rules to enable the FSCS to impose levies on authorised persons (or any class of authorised persons) in order to meet its management expenses incurred if, under Part 15A of the Act, it is required by HM Treasury to act in relation to relevant schemes. But those rules must provide that the FSCS can impose a levy only if the FSCS has tried its best to obtain reimbursement of those expenses from the manager of the
FEES 6.1.8GRP
The9 provisions on the allocation of levies to classes9 up to their levy limits2 meet9 a requirement of section 213(5) of the Act that the appropriate regulator , in making rules to enable the FSCS to impose levies, must take account of the desirability of ensuring that the amount of the levies imposed on a particular class of authorised person reflects, so far as practicable, the amount of claims made, or likely to be made, in respect of that class of person.22229999
SUP 15.3.11RRP
(1) A firm must notify the appropriate regulator35 of:35(a) a significant breach of a rule (which includes a Principle, or a Statement of Principle ; or(aa) a significant breach of any requirement imposed by the CCA or by regulations or an order made under the CCA (except if the breach is an offence, in which case (c) applies), but any notification under (aa) is required to be made only to the FCA; or 14(b) a breach of any requirement imposed by the Act or by regulations or an
SUP 15.3.22DRP
3SUP 15.3.23 D to SUP 15.3.25 D are given in relation to the exercise of the powers of the Society and of the Council generally, with a view to achieving the objective of enabling the appropriate regulator35to:35(1) comply with its general duty under section 314 of the Act (Regulators’35 general duty);35(2) determine whether underwriting agents, or approved persons acting for them or on their behalf, are complying with the requirements imposed on them by or under the Act;(3) enforce
DEPP 2.5.18GRP
Some of the distinguishing features of notices given under enactments other than the Act are as follows: (1) [deleted]66(2) [deleted]66(3) Friendly Societies Act 1992, section 58A1: The warning notice and decision notice must set out the terms of the direction which the FCA6 proposes or has decided to give and any specification of when the friendly society is to comply with it. A decision notice given under section 58A(3) must give an indication of the society's right, given by
SUP 2.1.8GRP
The purpose of SUP 2.3 is to amplify Principle 11 in the context of information gathering by the FCA on its own initiative in the discharge of its functions under the Act. SUP 2.3 therefore sets out, in guidance on Principle 11 and in rules, how the FCA expects firms to deal with the FCA in that context, including the steps that a firm should take with a view to ensuring that certain connected persons should also cooperate with the FCA.