Related provisions for PERG 6.7.11
341 - 360 of 811 items.
On the failure of
a third party with which client money is
held, a firm must notify the FCA:(1) as
soon as it becomes aware, of the failure of
any bank, other broker or settlement agent or
other entity with which it has placed, or to which it has passed, client money; and(2) as
soon as reasonably practical, whether it intends to make good any shortfall that has arisen or may arise and
of the amounts involved.
If FCA2 staff recommend that action be taken and they consider that the
decision falls within the responsibility of a senior
staff committee:2(1) in general the FCA2 staff's recommendation will go before the senior
staff committee;2(2) in urgent statutory
notice cases for which a senior
staff committee is responsible, the decision to give the statutory notice may be taken by the chairman
or, if he is unavailable, a deputy chairman of the senior
staff committee, and, if it is practicable,
In the circumstances described
in DEPP 4.2.1 G (4) the FCA2 considers
that it may be necessary for an FCA2 director of division or member of a senior
staff committee to take the decision to give a supervisory notice even if he has been involved
in establishing the evidence on which the decision is based, as permitted
by section 395(3) of the Act.
Where practicable, however, FCA2 staff will seek to ensure that the FCA2 director or committee member has not been so involved.2222
In an exceptionally urgent case the decision to give a supervisory notice may be taken by a member of the FCA's1 executive of at least director of division level if:1(1) FCA1 staff consider that the action should be taken before a recommendation to the Chairman or a Deputy Chairman of the RDC can be made; and1(2) an urgent decision on the proposed action is necessary to protect the interests of consumers.
In the circumstances described in DEPP 3.4.3 G, the FCA1 considers that it may be necessary for an FCA1 director of division to take the decision to give the supervisory notice even if he has been involved in establishing the evidence on which the decision is based, as permitted by section 395(3) of the Act. Where practicable, however, FCA1 staff will seek to ensure that the FCA1 director has not been so involved.1111
Recognised Auction Platforms Regulations, regulation 13
(1) In considering whether [an RAP] or applicant satisfies the [RAP recognition requirements], the [FCA1] may- (a) treat compliance by the [RAP] or applicant with the [recognition requirements or MiFID implementing requirements] applying to it as a [UK RIE] as conclusive evidence that the [RAP] or applicant satisfies any equivalent [RAP recognition requirements] applying to it under these [RAP regulations], taking into account any arrangements that would be necessary to meet the [RAP recognition requirements], and (b) take into account all relevant circumstances including the constitution of the person concerned. 1 |
(2) Without prejudice to the generality of paragraph (1), [an RAP] or applicant may satisfy [RAP recognition requirements] by making arrangements for functions to be performed on its behalf by any other person. |
(3) Where [an RAP] or applicant makes arrangements of the kind mentioned in paragraph (2), the arrangements do not affect the responsibility imposed by these [RAP regulations] on the [RAP] or applicant to satisfy the [RAP recognition requirements], but it is in addition [an RAP recognition requirement] applying to the [RAP] or applicant that the person who performs (or is to perform) the functions is a fit and proper person who is able and willing to perform them. |
Where a UK recognised body has taken any disciplinary action against any member or any employee of a member, in respect of a breach of a rule relating to the carrying on by the UK recognised body of any of its regulatory functions, that body must immediately notify the FCA1of that event, and give:1(1) the name of the person concerned;(2) details of the disciplinary action taken by the UK recognised body; and(3) the UK recognised body's reasons for taking that disciplinary act
Where an appeal is lodged against any disciplinary action referred to in REC 3.20.1 R, the UK recognised body must immediately give the FCA1notice of that event, and:1(1) the name of the appellant and the grounds on which the appeal is based, immediately; and(2) the outcome of the appeal, when known.
If a firm decides to cease to effect new contracts of insurance, it must, within 28 days of that decision, submit a run-off plan to the appropriate regulator including: (1) a scheme of operations; and (2) an explanation of how, or to what extent, all liabilities to policyholders (including, where relevant, liabilities which arise from the regulatory duty to treat customers fairly in setting discretionary benefits) will be met in full as they fall due.
Under Principle 11, the appropriate regulator normally expects to be notified by a firm when it decides to cease effecting new contracts of insurance in respect of one or more classes of contract of insurance (see SUP 15.3.8 G). At the same time, the appropriate regulator would normally expect the firm to discuss with it the need for the firm to apply to vary its permission (see SUP 6.2.6 G and SUP 6.2.7 G) and, if appropriate, to submit a scheme of operations in accordance with
The purpose of this chapter is
to provide guidance in
relation to the FCA's functions under the short selling regulation.2222Note: Other
parts of the Handbook that may
also be relevant to natural and legal persons to whom the short
selling regulation applies include:Chapter 2 of SUP (the Supervision
manual) and DEPP (the Decision Procedure and Penalties manual).The following
Regulatory Guides are also relevant:1. the Enforcement
Guide (EG)
The purpose of REC 3.9.2 R is to enable the FCA1to obtain information on changes to standard tariffs for matters such as membership and trading and of any scheme introduced by the UK recognised body for rebating or waiving fees or charges. A UK recognised body is not required to inform the FCA1of fees or charges for which the UK recognised body does not charge according to a standard tariff.11
A UK recognised body must give the FCA1a summary of:1(1) any proposal to change the fees or charges levied on its members (or any group or class of them), at the same time as the proposal is communicated to those members; and(2) any such change, no later than the date when it is published or notified to those members.
If the appropriate regulator1 gives a firm a waiver, then the relevant rule no longer applies to the firm. But:1(1) if a waiver directs that a rule is to apply to a firm with modifications, then contravention of the modified rule could lead to appropriate regulator1 enforcement action and (if applicable) a right of action under section 138D1 of the Act (Actions for damages); and11(2) if a waiver is given subject to a condition, it will not apply to activities conducted in breach
Substantive changes to the rules (this would not include simple editorial changes) in the Handbook may affect existing waivers, changing their practical effect and creating a need for a change to the original waiver. The appropriate regulator1 will consult on proposed rule changes. A firm should note proposed rule changes and discuss the impact on a waiver with its appropriate1 supervisory contact.111
Under section 166 of the Act (Reports by skilled persons), the appropriate regulator2 may, by giving a written notice, itself appoint a skilled person to provide it with a report, or 2require any of the following persons to provide it with a report by a skilled person:2(1) a firm; (2) any other member of the firm's group; (3) a partnership of which the firm is a member; (4) a person who has at any relevant time been a person falling within (1), (2) or (3);but only if the person
Examples of when the FCA may require the suspension of trading of a financial instrument include:(1) if an issuer fails to make a RIS announcement as required by the disclosure rules within the applicable time-limits which the FCA considers could affect the interests of investors or affect the smooth operation of the market; or(2) if there is or there may be a leak of inside information and the issuer is unwilling or unable to issue an appropriate RIS announcement within a reasonable
1This chapter applies to every firm which:(1) is subject to the requirements as to the form and content of regulated agreements under the Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553) and the Consumer Credit (Agreements) Regulations (SI 2010/1014) made under section 60(1) of the CCA that wishes to apply for a direction from the FCA waiving or varying those requirements;(2) is subject to the requirement under section 64(1)(b) of the CCA to send debtors or hirers
This chapter explains how the regime works for obtaining: (1) a direction from the FCA waiving or varying the requirements as to the form and content of regulated agreements under the Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553) and the Consumer Credit (Agreements) Regulations (SI 2010/1014) made under section 60(1) of the CCA;(2) a determination by the FCA that the requirement under section 64(1)(b) of the CCA to send debtors or hirers a notice of their rights