Related provisions for SUP 15.3.20
41 - 60 of 89 items.
The high level requirement for appropriate systems and controls at SYSC 3.1.1 R applies at all times, including when a business continuity plan is invoked. However, the appropriate regulator recognises that, in an emergency, a firm may be unable to comply with a particular rule and the conditions for relief are outlined in GEN 1.3 (Emergency).
Under Principle 11 and SUP 15.3.1 R, a firm must notify the appropriate regulator immediately of any operational risk matter of which the appropriate regulator would reasonably expect notice. SUP 15.3.8 G provides guidance on the occurrences that this requirement covers, which include a significant failure in systems and controls and a significant operational loss.
1A firm operating an MTF must:(1) report to the FCA:(a) significant breaches of the firm's rules;(b) disorderly trading conditions; and(c) conduct that may involve market abuse; (2) supply the information required under this rule without delay to the FCA and any other authority competent for the investigation and prosecution of market abuse; and (3) provide full assistance to the FCA, and any other authority competent for the investigation and prosecution of market abuse, in
(1) The FCA2 will determine a figure that reflects the seriousness of the breach. In many cases, the amount of revenue generated by a firm from a particular product line or business area is indicative of the harm or potential harm that its breach may cause, and in such cases the FCA2 will determine a figure which will be based on a percentage of the firm’s revenue from the relevant products or business areas. The FCA2 also believes that the amount of revenue generated by a firm
The FCA2 may delay the commencement of the period of suspension or restriction.
In deciding whether this is appropriate, the FCA2 will take into account all the circumstances of a case. Considerations
that may be relevant in respect of an authorised
person, sponsor or primary
information provider2 include:22(1) the impact of the suspension or
restriction on consumers;(2) any practical measures the authorised person, sponsor or primary information provider2 needs to take before
(1) 3A firm must, at the level of the EEA financial conglomerate, regularly provide the appropriate regulator with details on the financial conglomerate's legal structure and governance and organisational structure, including all regulated entities, non-regulated subsidiaries and significant branches.(2) A firm must disclose publicly, at the level of the EEA financial conglomerate, on an annual basis, either in full or by way of references to equivalent information, a description
(1) A Chief Risk Officer should:(a) be accountable to the firm'sgoverning body for oversight of firm-wide risk management;(b) be fully independent of a firm's individual business units;(c) have sufficient authority, stature and resources for the effective execution of his responsibilities; (d) have unfettered access to any parts of the firm's business capable of having an impact on the firm's risk profile; (e) ensure that the data used by the firm to assess its risks are fit for
(1) The FCA3 will determine a figure which will be based on a percentage of an individual’s “relevant income”. “Relevant income” will be the gross amount of all benefits received by the individual from the employment in connection with which the breach occurred (the “relevant employment”), and for the period of the breach. In determining an individual’s relevant income, “benefits” includes, but is not limited to, salary, bonus, pension contributions, share options and share schemes;
The following events are examples of events likely to affect an assessment of whether an ROIE1 is continuing to satisfy the recognition requirements11(1) significant changes to any relevant law or regulation in its home territory, including laws or regulations:(a) governing exchanges or, if relevant to an ROIE's satisfaction of the recognition requirements,1clearing houses;(b) designed to prevent insider dealing, market manipulation or other forms of market abuse or misconduct;(c)
An approved person performing a significant influence function will not
always manage the business on a day-to-day basis himself. The extent to which
he does so will depend on a number of factors, including the nature, scale
and complexity of the business and his position within it. The larger and
more complex the business, the greater the need for clear and effective delegation
and reporting lines. The appropriate
regulator4 will look to the approved person performing a significant-influence
function4
A CASS large debt management firm must allocate to a director or senior manager the function of: (1) oversight of the operational effectiveness of that CASS debt management firm's systems and controls that are designed to achieve compliance with CASS 11; (2) reporting to the CASS debt management firm'sgoverning body in respect of that oversight; and(3) completing and submitting a CCR005 return to the FCA in accordance with SUP 16.12.29C R.
The FCA 5 may also5 seek to exercise its own-initiative
powers in certain situations,5 including
the following:55(1) If
the FCA5 determines
that a firm's management, business
or internal controls give rise
to material risks that are not fully addressed by existing requirements,
the FCA5may
seek to use its own-initiative
powers.555(2) If
a firm becomes or is to become
involved with new products or selling practices which present risks not adequately
addressed by existing requirements,