Related provisions for PRIN 3.1.5
441 - 460 of 489 items.
(1) Section 21(1) of the Act (Restrictions on financial promotion) prohibits an unauthorised person from communicating a financial promotion, in the course of business, unless an exemption applies or the financial promotion is approved by a firm. Many of the rules in this chapter apply when a firmapproves a financial promotion in the same way as when a firmcommunicates a financial promotion itself.(2) A firm may also wish to approve a financial promotion that it communicates itself.
In determining whether a UK recognised body is a fit and proper person, the FCA4 may have regard to any relevant factor including, but not limited to:4(1) the commitment shown by the UK recognised body'sgoverning body to satisfying the recognition requirements and to complying with other obligations in or under the Act;(2) its arrangements, policies and resources for fulfilling its obligations under the Act in relation to its activities as a UK recognised body;(3) the extent to
Statements of Principle issued under section 64 of the Act
Statement of Principle 1 An approved person must act with integrity in carrying out his accountable functions. |
Statement of Principle 2 An approved person must act with due skill, care and diligence in carrying out his accountable functions. |
Statement of Principle 3 An approved person must observe proper standards of market conduct in carrying out his accountable functions. |
Statement of Principle 4 An approved person must deal with the FCA, the PRA and other regulators in an open and cooperative way and must disclose appropriately any information of which the FCA or the PRA would reasonably expect notice. |
Statement of Principle 5 An approved person performing an accountable significant-influence function must take reasonable steps to ensure that the business of the for which he is responsible in his accountable function is organised so that it can be controlled effectively. |
Statement of Principle 6 An approved person performing an accountable significant-influence function must exercise due skill, care and diligence in managing the business of the for which he is responsible in his accountable function. |
Statement of Principle 7 An approved person performing an accountable significant-influence function must take reasonable steps to ensure that the business of the for which he is responsible in his accountable function complies with the relevant requirements and standards of the regulatory system. |
The Act does not specify a time limit for processing the application but the FCA intends to deal with an application as quickly as possible. The more complete and relevant the information provided by an applicant, the more quickly a decision can be expected. But on occasion it may be necessary to allow time in which the FCA can monitor the content of the service. This might happen where, for example, a service is in a form that makes record keeping difficult (such as a large website
(1) 1The Remuneration Code applies to:33(a) 3a building society;(b) 3a bank;(c) 3an investment firm;(d) 3an overseas firm that:(i) 3is not an EEA firm;(ii) 3has its head office outside the EEA; and(iii) 3would be a firm in (a), (b) or (c) if it had been a UK domestic firm, had carried on all its business in the UK and had obtained whatever authorisations for doing so as are required under the Act. (2) In relation to a 3firm that falls under (1)(d), the Remuneration Code applies
Section 351A (Disclosure under the UCITS directive) of the Act provides that where a trustee of an AUT or the depositary of an ACS1 which is a master UCITS or a feeder UCITS, or any person acting on their behalf, makes a disclosure to comply with rules implementing Chapter VIII of the UCITS Directive, that disclosure is not to be taken as a contravention of any duty to which the person making the disclosure is subject. The OEIC Regulations (see regulation 83A) contain corresponding
A financial promotion made under article 55A must contain a statement in the following terms: “The [firm/company] is not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment and consumer credit-related2 services to clients because we are members of [relevant designated professional body]. We can provide these investment and consumer credit-related2 services if they are an incidental part
(1) An approved person will only be in breach of
a Statement of Principle where
he is personally culpable. Personal culpability arises where an approved person's conduct was deliberate or
where the approved person's standard
of conduct was below that which would be reasonable in all the circumstances
(see DEPP 6.2.4 G (Action against
approved persons under section 66 of the Act2)).2(2) For
the avoidance of doubt, the Statements of
Principle do not extend the duties of approved
persons
(1) In determining whether a UK recognised body's procedures for consulting members and other users of its facilities are appropriate, the FCA3 may have regard to the range of persons to be consulted by the UK recognised body under those procedures. 3(2) In the FCA's3 view, consultation with a smaller range of persons may be appropriate where limited, technical changes to a UK recognised body's rules are proposed.3(3) In the FCA's3 view, a UK recognised body's procedures may include
In assessing whether a matter should be notified to the appropriate regulator9 under SUP 11.8.1 R (1), SUP 11.8.1 R (2) or SUP 11.8.1 R (3), a firm should have regard to the guidance on satisfying the threshold conditions set out in paragraphs 2E and 3D of Schedule 6 to the Act9 contained in COND 2.5.99
(1) The FCA may dispense with, or modify, the transparency rules in such cases and by reference to such circumstances as it considers appropriate (subject to the terms of directives and the Act).(2) A dispensation or modification may be either unconditional or subject to specified conditions.(3) If an issuer, or other person has applied for, or been granted, a dispensation or modification, it must notify the FCA immediately it becomes aware of any matter which is material to the
Professional firms with practices that involve acting for claimants in litigation against insurance undertakings are likely to be carrying on the regulated activity of assisting in the administration and performance of a contract of insurance. Exempt professional firms whose practices contain a material element of such activity should consider whether they can continue to take advantage of the Part XX exemption to avoid any need for authorisation, having regard to the relevant
(1) APER 1.1A.2 P refers to the authorised person in relation to which a person is an approved person. (2) Under section 59 of the Act (Approval for particular arrangements) there are two kinds of approved person. (3) Section 59(1) of the Act describes the first. It covers a person who performs a controlled function under an arrangement entered into by an authorised person ("A"). In this case, APER 1.1A.2 P refers to A.(4) Section 59(2) of the Act describes the second. It covers
(1) This rule applies
if under the Act or under the
law of another EEA State:(a) a prospectus must
be approved and published for the securities;
or(b) the applicant is
permitted and elects to draw up a prospectus for
the securities.(2) To be listed:(a) a prospectus must
have been approved by the FCA and published in relation to the securities; or(b) if another EEA
State is the Home Member State for
the securities, the relevant
competent authority must have supplied the FCA with:(i)