Related provisions for LR 11.1.1D

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REC 4.3.1GRP
Information is needed to support the FCA's1 risk based approach to the supervision of all regulated entities. Risk based supervision is intended to ensure that the allocation of supervisory resources and the supervisory process are compatible with the regulatory objectives and the FCA's1 general duties under the Act. The central element of the process of risk based supervision is a systematic assessment by the FCA1 (a risk assessment) of the main supervisory risks and concerns
REC 4.3.2GRP
For each UK recognised body, the FCA1 will conduct a periodic risk assessment. This assessment will take into account relevant considerations including the special position of recognised bodies under the Act, the nature of the UK recognised body's members, the position of other users of its facilities and the business environment more generally.1
REC 4.3.3GRP
The risk assessment will guide the FCA's1 supervisory focus. It is important, therefore, that there is good dialogue between the FCA1 and the recognised body. The FCA1 expects to review its risk assessment with the staff of the UK recognised body to ensure factual accuracy and a shared understanding of the key issues, and may discuss the results of the risk assessment with key individuals of the UK recognised body. If appropriate, the FCA1 may send a detailed letter to the body's
DEPP 3.1.1GRP
1The Regulatory Decisions Committee (RDC) is a committee of the FCA2Board. It is part of theFCA2 It exercises certain regulatory powers on behalf of the FCA2 and is accountable to the FCA2 Board for its decisions generally.2222
DEPP 3.1.2GRP
(1) The RDC is separate from the FCA's2 executive management structure. Apart from its Chairman, none of the members of the RDC is an FCA2employee.22(2) All members of the RDC are appointed for fixed periods by the FCA2 Board. The FCA2 Board may remove a member of the RDC, but only in the event of that member's misconduct or incapacity.22
DEPP 3.1.3GRP
The RDC has its own legal advisers and support staff. The RDC staff are separate from the FCA2 staff involved in conducting investigations and making recommendations to the RDC.2
FEES 10.3.2GRP
(1) The FCA expects to issue invoices at least 30 days before the date on which the relevant amounts fall due.(2) Accordingly, a firm will usually have at least 30 days from the issue of the invoice before an administrative fee becomes payable.
FEES 10.3.3GRP
(1) The FCA may recover the pensions guidance levy as a debt owed to the FCA under paragraph 23(8) of Schedule 1ZA of the Act.(2) The FCA will consider taking action for recovery (including interest) through the civil courts.
FEES 10.3.4GRP
(1) In addition, the FCA may be entitled to take regulatory action for the non-payment of the pensions guidance levy.(2) What action (if any) is taken by the FCA will be decided by the particular circumstances of the case.
LR 19.1.1RRP
1This chapter applies to an issuer of:(1) retail securitised derivatives;(2) specialist securitised derivatives; and(3) other derivative products if the FCA has specifically approved their listing under this chapter.
LR 19.1.2RRP
For the purposes of this chapter, an issuer of other derivative products that have received the specific approval of the FCA to be listed under this chapter must comply with the rules applicable to an issuer of specialist securitised derivatives unless otherwise stated.
LR 19.1.3RRP
The FCA will not admit to listing, under this chapter, other derivative products that are likely to be bought and traded by investors who are not specialist investors, unless the derivative product falls within the scope of specified investments in Part III of the Regulated Activities Order.
LR 1.3.1RRP
An issuer must provide to the FCA as soon as possible:(1) any information and explanations that the FCA may reasonably require to decide whether to grant an application for admission;(2) any information that the FCA considers appropriate to protect investors or ensure the smooth operation of the market; and [Note: Article 16.1 CARD](3) any other information or explanation that the FCA may reasonably require to verify whether listing rules are being and have been complied with
LR 1.3.2RRP
(1) The FCA may, at any time, require an issuer to publish such information in such form and within such time limits as it considers appropriate to protect investors or to ensure the smooth operation of the market. [Note: Article 16.2 CARD](2) If an issuer fails to comply with a requirement under paragraph (1) the FCA may itself publish the information (after giving the issuer an opportunity to make representations as to why it should not be published). [Note: Article 16.2 CA
LR 1.3.3RRP
An issuer must take reasonable care to ensure that any information it notifies to a RIS or makes available through the FCA is not misleading, false or deceptive and does not omit anything likely to affect the import of the information.
SUP 8.8.1GRP
The appropriate regulator1 may revoke a waiver at any time. In deciding whether to revoke a waiver, the appropriate regulator1 will consider whether the conditions in section 138A(4)1 of the Act are no longer satisfied (see SUP 8.3.1 G), and whether the waiver is otherwise no longer appropriate.1111
SUP 8.8.2GRP
If the appropriate regulator1 proposes to revoke a waiver, or revokes a waiver with immediate effect, it will:1(1) give the firm written notice either of its proposal, or of its action, giving reasons;(2) state in the notice a reasonable period (usually 28 days) within which the firm can make representations about the proposal or action; if a firm wants to make oral representations, it should inform the appropriate regulator1 as quickly as possible , specify who will make the
SUP 8.8.3GRP
If the waiver that has been revoked has previously been published, the appropriate regulator1 will publish the revocation unless it is satisfied that it is inappropriate or unnecessary to do so, having regard to any representations made by the firm.1
FEES 10.4.1GRP
The FCA may reduce or remit all or part of the pensions guidance levy applicable to a firm if it appears to the FCA that, in the exceptional circumstances of a particular case, paying all or part of it would be inequitable.
FEES 10.4.2GRP
The FCA may refund all or part of the pensions guidance levy applicable to a firm if it appears to the FCA that, in the exceptional circumstances of a particular case, retaining all or part of the pensions guidance levy applicable to that firm would be inequitable.
FEES 10.4.4GRP
The FCA is entitled not to consider a claim under FEES 10.4.1 G or FEES 10.4.2 G to refund any overpaid amounts due to a mistake of fact or law by the fee paying firm if the claim is made more than two years after the beginning of the period to which the pensions guidance levy subject to the claim relates.
SUP 16.19.2DRP
A firm must report its compliance with section 40 of the Immigration Act 2014 to the FCA annually.
SUP 16.19.3DRP
A firm must report its compliance in the form specified in SUP 16 Annex 1AR using the appropriate online systems accessible from the FCA's website.
SUP 16.19.4DRP
A firm which is subject to SUP 16.7A (Annual reports and accounts) must report its compliance at the same time that it submits its annual reports and accounts to the FCA.
IFPRU 1.3.1RRP
Except for operational risk, a firm that is permitted to use internal approaches for the calculation of risk weighted exposure amounts or own fund requirements must report annually to the FCA: (1) the results of the calculations of its internal approaches for its exposures or positions that are included in the benchmark portfolios; and(2) an explanation of the methodologies used to produce those calculations in (1).[Note: article 78(1) of CRD]
IFPRU 1.3.2GRP
A firm must submit the results of the calculations referred to in IFPRU 1.3.1 R (1), in line with the template set out in the Commission Regulation adopted under article 78(8) of CRD, to the FCA and to EBA.
IFPRU 1.3.3RRP
Where the FCA has chosen to develop specific portfolios in accordance with article 78(2) of CRD, a firm must report the results of the calculations separately from the results of the calculations for EBA portfolios. [Note: article 78(2) of CRD]
FIT 2.2.1GRP
In determining a person's competence and capability, the FCA9 will have regard to all relevant 3matters including but not limited to:9(1) whether the person satisfies the relevant FCA9 training and competence requirements1 in relation to the controlled function the person performs or is intended to perform;19(2) whether the person has demonstrated by experience and training that the person is suitable2, or will be suitable 2if approved, to perform the controlled function;422(3)
FIT 2.2.2GRP
A person may have been convicted of, or dismissed or suspended from employment for, drug or alcohol abuses or other abusive acts. This will be considered only in relation to a person's continuing ability to perform the particular controlled function for which the person is or is to be employed.5
SYSC 6.3.5GRP
The FCA, when considering whether a breach of its rules on systems and controls against money laundering has occurred, will have regard to whether a firm has followed relevant provisions in the guidance for the United Kingdom financial sector issued by the Joint Money Laundering Steering Group.1
SYSC 6.3.9RRP
A firm (with the exception of a sole trader who has no employees)21 must:12(1) appoint an individual as MLRO, with responsibility for oversight of its compliance with the FCA'srules on systems and controls against money laundering; and(2) ensure that its MLRO has a level of authority and independence within the firm and access to resources and information sufficient to enable him to carry out that responsibility.
SYSC 6.3.10GRP
The job of the MLRO within a firm is to act as the focal point for all activity within the firm relating to anti-money laundering. The FCA expects that a firm'sMLRO will be based in the United Kingdom.
SYSC 6.3.11GRP
3The FCA provides guidance on steps that a firm can take to reduce the risk that it might be used to further financial crime in FC (Financial crime: a guide for firms).
MCOB 13.3.4CGRP
3Firms should note that the list of options to consider set out at MCOB 13.3.4AR(1) is not exhaustive. The FCA would expect firms to be able to justify a decision to offer a particular option.
MCOB 13.3.4DGRP
3In the FCA's view, in order to comply with Principle 6, firms should not agree to capitalise a payment shortfall4 save where no other option is realistically available to assist the customer.4
MCOB 13.3.6GRP
In relation to adopting a reasonable approach to the time over which the payment shortfall4 or sale shortfall should be repaid,1the FCA takes the view that the determination of a reasonable repayment period will depend upon the individual circumstances. In appropriate cases this will mean that repayments are arranged over the remaining term. 141
MCOB 13.3.8GRP
Firms that propose to outsource aspects of customer relationships (including collection of debts or any other sums due1) should note that and SYSC 8,2 a firm cannot contract out its regulatory obligations and1 the FCA will continue to hold them responsible for the way in which this work is carried on.11
GENPRU 2.1.6GRP
Principle 4 requires a firm to maintain adequate financial resources. GENPRU 2 sets out provisions that deal specifically with the adequacy of that part of a firm's financial resources that consists of capital resources. The adequacy of a firm'scapital resources needs to be assessed both by that firm and the appropriate regulator. Through its rules, the appropriate regulator sets minimum capital resources requirements for firms. It also reviews a firm's own assessment of its
GENPRU 2.1.10GRP
For the purposes of GENPRU 2.1.9 R, a firm should have systems in place to enable it to be certain whether it has adequate capital resources to comply with GENPRU 2.1.13 R and the main BIPRU firm Pillar 1 rules (as applicable) at all times. This does not necessarily mean that a firm needs to measure the precise amount of its capital resources and its CRR on a daily basis. A firm should, however, be able to demonstrate the adequacy of its capital resources at any particular time
GENPRU 2.1.11RRP
A firm must notify the appropriate regulator immediately of any breach, or expected breach, of GENPRU 2.1.13 R (in the case of an insurer) or the main BIPRU firm Pillar 1 rules (in the case of a BIPRU firm).
GENPRU 2.1.12GRP
The appropriate regulator may impose a higher capital requirement than the minimum requirement set out in this section as part of the firm's Part 4A permission (see GENPRU 1.2 (Adequacy of financial resources), BIPRU 2.2 (Internal capital adequacy standards) and INSPRU 7.1 (Individual capital assessment)).
GENPRU 2.1.58GRP
For the purpose of GENPRU 2.1.57 R, the FCA would consider as material 10% of a firm's expenditure incurred on its behalf by third parties.
SUP 16.7A.2GRP
The purpose of this section is to require firms to submit their annual report and accounts, and the annual report and accounts of their mixed activity holding companies, to the FCA online through the appropriate systems accessible from the FCA's website. This information is used in the monitoring of firms both individually and collectively.
SUP 16.7A.3RRP

A firm in the RAG in column (1) and which is a type of firm in column (2) must submit its annual report and accounts to the FCA annually on a single entity basis.

(1)

(2)

RAG

Firm type

1

UK bank

Dormant account fund operator

Non-EEA bank

2.2

The Society

3

IFPRU investment firms

BIPRU firms

Exempt CAD firms subject to IPRU (INV) Chapter 13

All other firms subject to the following chapters in IPRU(INV):

(1)

Chapter 3

(2)

Chapter 5

(3)

Chapter 9

4

IFPRU investment firms

BIPRU firms

Exempt CAD firms subject to IPRU (INV) Chapter 13

Collective portfolio management firm

All other firms subject to the following chapters in IPRU(INV):

(1)

Chapter 3

(2)

Chapter 5

(3)

Chapter 9

(5)

Chapter 12

5

All firms

6

All firms

7

IFPRU investment firms

BIPRU firms

Exempt CAD firms subject to IPRU (INV) Chapter 13

8

All firms
SUP 16.7A.5RRP

A firm in the RAG group in column (1), which is a type of firm in column (2) and whose ultimate parent is a mixed activity holding company must:

  1. (1)

    submit the annual report and accounts of the mixed activity holding company to the FCA annually; and

  2. (2)

    notify the FCA that it is covered by this reporting requirement by email using the email address specified in SUP 16.3.10 G (3), by its accounting reference date.

    (1)

    (2)

    RAG

    Firm type

    1

    UK bank

    3

    IFPRU investment firm

    BIPRU firm

    4

    IFPRU investment firm

    BIPRU firm

    7

    IFPRU investment firm

    BIPRU firm
SUP 16.7A.7RRP
Firms must submit the annual report and accounts to the FCA online through the appropriate systems accessible from the FCA's website, using the form specified in SUP 16 Annex 1A.
SUP 13A.3.1CGRP
(1) 6Under paragraph 15A(1) of Part II of Schedule 3 to the Act, an EEA UCITS management company intending to exercise an EEA right to provide collective portfolio management services for a UCITS scheme must, before it undertakes that activity, obtain the FCA's10 approval to manage that UCITS scheme. Firms should use the application form set out in SUP 13A Annex 3 R (EEA UCITS management companies: application for approval to manage a UCITS scheme established in the United Kingdom)
SUP 13A.3.1DGRP
For details of the FCA's procedures for the giving of notices see DEPP 2 (Statutory notices and allocation of decision making).10
SUP 13A.3.6AGRP
10Where the PRA receives a notification, it will give a copy to the FCA, and where the FCA receives a notification, it will give a copy to the PRA where relevant.
SUP 13A.3.7DRP
(1) A written notice from a Treaty firm under paragraph 5(2) of Schedule 4 to the Act must be: (a) addressed for the attention of the authorisations team in the PRA or FCA, as appropriate; and101010(b) delivered to the appropriate UK regulator10 by one of the methods in (2).10(2) The written notice may be delivered by:(a) post to either of the following addresses, as appropriate:1010(i) the address for notices to the FCA: The Financial Conduct Authority, 25 The North Colonnade,
SUP 13A.3.9GRP
(1) For further information, a Treaty firm should contact the FCA and/or PRA authorisations teams using the details provided on that regulator's website.1010
APER 4.1.2ERP
In the opinion of the appropriate regulator,6 conduct of the type described in APER 4.1.3 E, APER 4.1.5 E, APER 4.1.6 E, APER 4.1.8 E, APER 4.1.10 E, APER 4.1.12 E,22APER 4.1.13 E, APER 4.1.14 E or APER 4.1.15 E2 does not comply with Statement of Principle 1.66
APER 4.1.3ERP
Deliberately misleading (or attempting to mislead) by act or omission: (1) a client; or(2) his firm (or its auditors or an actuary appointed by his firm under SUP 4 (Actuaries)1); or1(3) the FCA or the PRA;66falls within APER 4.1.2 E.
APER 4.1.4ERP
Behaviour of the type referred to in APER 4.1.3 E includes, but is not limited to, deliberately:(1) falsifying documents;(2) misleading a client about the risks of an investment;(3) misleading a client about the charges or surrender penalties of investment products;(4) misleading a client about the likely performance of investment products by providing inappropriate projections of future investment returns;(5) misleading a client by informing him that products require only a single
APER 4.1.6ERP
Deliberately failing to inform, without reasonable cause:(1) a customer; or(2) his firm (or its auditors or an actuary appointed by his firm under SUP 4 (Actuaries)1); or1(3) the FCA or the PRA;66of the fact that their understanding of a material issue is incorrect, despite being aware of their misunderstanding, falls within APER 4.1.2 E.
LR 9.6.1RRP
A listed company must forward to the FCA for publication through the document viewing facility, two copies of all circulars, notices, reports or other documents to which the listingrules apply at the same time as they are issued.
LR 9.6.2RRP
A listed company must forward to the FCA, for publication through the document viewing facility, two copies of all resolutions passed by the listed company other than resolutions concerning ordinary business at an annual general meeting as soon as possible after the relevant general meeting.
LR 9.6.3RRP
(1) A listed company must notify a RIS as soon as possible when a document has been forwarded to the FCA under LR 9.6.1 R or LR 9.6.2 R unless the full text of the document is provided to the RIS.(2) A notification made under paragraph (1) must set out where copies of the relevant document can be obtained.
LR 9.6.19RRP
A listed company which changes its name must, as soon as possible:(1) notify a RIS of the change, stating the date on which it has taken effect;(2) inform the FCA in writing of the change; and(3) where the listed company is incorporated in the United Kingdom, send the FCA a copy of the revised certificate of incorporation issued by the Registrar of Companies.
PR 5.3.1UKRP

Sections 87H and 87I of the Act provide:

Prospectus approved in another EEA State

87H

(1)

A prospectus approved by the competent authority of an EEA State other than the United Kingdom is not an approved prospectus for the purposes of section 85 unless that authority has notified ESMA and provided the competent authority with -3

(a)

a certificate of approval;

(b)

a copy of the prospectus as approved; and

(c)

if requested by the [FCA], a translation of the summary of the prospectus.

(2)

A document is not a certificate of approval unless it states that the prospectus -

(a)

has been drawn up in accordance with the prospectus directive; and

(b)

has been approved, in accordance with that directive, by the competent authority providing the certificate.

(3)

A document is not a certificate of approval unless it states whether (and, if so, why) the competent authority providing it authorised, in accordance with the prospectus directive, the omission from the prospectus of information which would otherwise have been required to be included.

3(3A)

The competent authority must publish on its website a list of certificates of approval provided to it in accordance with this section.

3(3B)

The list referred to in subsection (3A) must -

(a)

be kept up-to-date;

(b)

retain items on it for a period of at least 12 months; and

(c)

include hyperlinks to any certificate of approval and prospectus published on the website of -

(i)

the competent authority of the EEA State which provided the certificate;

(ii)

the issuer; or

(iii)

the regulated market where admission to trading is sought.

(4)

"Prospectus" includes a supplementary prospectus.

Provision of information to host Member State

87I

(1)

The [FCA] must, if requested to do so, supply the competent authority of a specified EEA State with –

(a)

a certificate of approval;

(b)

a copy of the specified prospectus (as approved by the [FCA]); and

(c)

a translation of the summary of the specified prospectus (if the request states that one has been requested by the other competent authority).2

(1A)2

If the competent authority supplies a certificate of approval to the competent authority of the specified EEA State, it must also supply a copy of that certificate to -

(a)

the person who made the request under this section; and

(b)

ESMA.

(2)

Only the following may make a request under this section –

(a)

the issuer of the transferable securities to which the specified prospectus relates;

(b)

a person who wishes to offer the transferable securities to which the specified prospectus relates to the public in an EEA State other than (or as well as) the United Kingdom;

(c)

a person requesting the admission of the transferable securities to which the specified prospectus relates to a regulated market situated or operating in an EEA State other than (or as well as) the United Kingdom.

(3)

A certificate of approval must state that the prospectus –

(a)

has been drawn up in accordance with this Part and the prospectus directive; and

(b)

has been approved, in accordance with those provisions, by the [FCA].

(4)

A certificate of approval must state whether (and, if so, why) the [FCA] authorised, in accordance with section 87B, the omission from the prospectus of information which would otherwise have been required to be included.

(5)

The [FCA] must comply with a request under this section –

(a)

if the prospectus has been approved before the request is made, within 3 working days beginning with the date the request is received2; or

2

(b)

if the request is submitted with an application for the approval of the prospectus, on the first working day after the date on which it approves the prospectus.

(6)

“Prospectus” includes a supplementary prospectus.

(7)

“Specified” means specified in a request made for the purposes of this section.
PR 5.3.2RRP
(1) This rule applies to a request by a person to the FCA to supply information referred to in section 87I of the Act to the competent authority of a relevant Host State.(2) The request must be in writing and must include:(a) the relevant prospectus as approved (if it has already been approved); and(b) a translation of the summary if required by the competent authority of a relevant host State.
PR 5.3.3GRP
The FCA will inform the person who made the request as soon as practicable after it has supplied the information to the other competent authority.
PR 5.3.4GRP
If the FCA receives information referred to in section 87H from another competent authority it will as soon as practicable give notice on the FCA website that it has received the information.11
DEPP 6A.1.1GRP
1DEPP 6A sets out the FCA's2 statement of policy with respect to the imposition of suspensions or restrictions, and the period for which those suspensions or restrictions are to have effect, under the Act, as required by sections 69(1), 88C(1), 89S(1)2 and 210(1) of the Act. 2
DEPP 6A.1.3GRP
The power to impose a suspension or a restriction is a disciplinary measure which the FCA2 may use in addition to, or instead of, imposing a financial penalty or issuing a public censure. The principal purpose of imposing a suspension or a restriction is to promote high standards of regulatory and/or market conduct by deterring persons who have committed breaches from committing further breaches, helping to deter other persons from committing similar breaches, and demonstrating
DEPP 6A.1.4GRP
The powers to impose a suspension or a restriction in relation to authorised persons and approved persons are disciplinary measures;2 where the FCA2 considers it necessary to take action, for example, to protect consumers from an authorised person, the FCA2 will seek to cancel or vary the authorised person'spermissions. If the FCA2 has concerns with a person's fitness to be approved, and considers it necessary to take action, the FCA2 will seek to prohibit the approved person
SUP App 3.6.7GRP
In respect of banking services, the European Commission believes that "...to determine where the activity was carried on, the place of provision of what may be termed the 'characteristic performance' of the service i.e. the essential supply for which payment is due, must be determined" (Commission interpretative communication: Freedom to provide services and the interests of the general good in the Second Banking Directive (97/C 209/04)). In the view of the FCA and PRA6, this
SUP App 3.6.8GRP
The FCA and PRA are6 of the opinion that UK firms that are credit institutions and MiFID investment firms2 should apply the 'characteristic performance' test (as referred to in SUP App 3.6.7 G) when considering whether prior notification is required for services business. Firms should note that other EEA States may take a different view. Some EEA States may apply a solicitation test. This is a test as to whether it is the consumer or the provider that initiates the business r
SUP App 3.6.15GRP
The FCA and PRA consider6 that, in order to comply with Principle 3:Management and control (see PRIN 2.1.1 R), a firm should have appropriate procedures to monitor the nature of the services provided to its customers. Where a UK firm has non-resident customers but has not notified the EEA State in which the customers are resident that it wishes to exercise its freedom to provide services, the FCA and PRA6 would expect the firm's systems to include appropriate controls. Such controls
SUP App 3.6.27GRP
Firms should note that, in circumstances where the FCA or PRA take6 the view that a notification would not be required, other EEA States may take a different view.6