Related provisions for PERG 7.4.13

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COLL 12.3.2GRP
(1) An EEA UCITS management company may be the authorised fund manager1 of an AUT or ACS,1 or the ACD of an ICVC, that is a UCITS scheme (see SUP 13A (Qualifying for authorisation under the Act)).1(2) An EEA UCITS management company that acts as the authorised fund manager1 of an AUT or ACS,1 or the ACD of an ICVC, that is a UCITS scheme may conduct its business from a branch in the United Kingdom or under the freedom to provide cross border services (without establishing a branch
COLL 12.3.5RRP
An EEA UCITS management company that manages a UCITS scheme must comply with the rules of the FCAHandbook which relate to the constitution and functioning of the UCITS scheme (the fund application rules), as follows:(1) the setting up and authorisation of the UCITS scheme (COLL 1 (Introduction), COLL 2 (Authorised fund applications), COLL 3 (Constitution), COLL 6.5 (Appointment and replacement of the authorised fund manager and the depositary), COLL 6.6 (Powers and duties of
SUP 18.4.9GRP
For an amalgamation the successor society, and for a transfer the transferee, may need to apply for permission, or to vary its permission, under Part 4A2 of the Act. The regulators2 will need sufficient time before a transfer is confirmed2 to consider whether any necessary permission or variation should be given. If the transferee is an EEA firm or a Swiss general insurance company, then confirmation will be needed from its Home State regulator that it meets the Home State's solvency
SUP 18.4.26GRP
If authorisation or a Part 4A permission2 is needed, the appropriate authority2 will need to consider the application for authorisation or permission in the usual way. If the authorisation or permission is refused, confirmation cannot be given even if all the other criteria are met.222
SUP 18.2.25GRP
(1) If the transferee is (or will be) an EEA firm (authorised in its Home State to carry on insurance business under the Insurance Directives) or a Swiss general insurance company, then the appropriate regulator8 has to consult the transferee's Home State regulator, who has 3 months to respond. It will be necessary for the appropriate regulator8 to obtain from the transferee's Home State regulator a certificate confirming that the transferee will meet the Home State's solvency
SUP 18.2.27GRP
If the transferee is not (and will not be) authorised and will be neither an EEA firm nor a Swiss general insurance company, then the appropriate regulator8 will need to consult the transferee's8 insurance supervisor in the place where the business is to be transferred. The appropriate regulator8 will need confirmation from this supervisor that the transferee will meet his solvency margin requirements there (if any) after the transfer.888
SUP 15.3.11AGRP
6SUP 15.3.11 R (1)(e) relates to the standard requirement in the permission of those firms which fall outside MiFID because of the Treasury's implementation of Article 3 of MiFID. Guidance on how the Treasury has exercised the Article 3 exemption for the United Kingdom is given in Q48 and the following questions and answers in PERG 13.5 (Exemptions from MiFID).
SUP 15.3.23DRP
3The Society must immediately inform the appropriate regulator35 in writing if it becomes aware that any matter likely to be of material concern to the appropriate regulator35 may have arisen in relation to:(1) the regulated activities for which the Society has permission; or (2) underwriting agents; or (3) approved persons or individuals acting for or on behalf of underwriting agents.
SUP 16.12.1GRP
1The effect of SUP 16.1.1 R is that this section applies to every firm carrying on business set out in column (1) of SUP 16.12.4 R except:(1) an incoming EEA firm2 with permission for cross border services only;(1A) an incoming EEA firm in relation to its carrying on of bidding in emissions auctions;32(2) an oil market participant that is not subject to the requirements of IPRU(INV) Chapter 32;(3) an authorised professional firm (other than one that must comply with IPRU(INV)
SUP 16.12.29CRRP

47The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.

Description of data item

Data item (note 1)

Frequency

Submission deadline

Annual revenue from credit-related regulated activities up to and including £5 million (note 2)

Annual revenue from credit-related regulated activities over £5 million

Financial data (note 3)

CCR001

Annually

Half yearly

30 business days

Volumes (note 4)

CCR002

Annually

Half yearly

30 business days

Lenders (note 5)

CCR003

Annually

Half yearly

30 business days

Debt management (note 6)

CCR004

Annually

Half yearly

30 business days

Client Money & Assets (note 7)

CCR005

Annually

Half yearly

30 business days

Debt collection (note 8)

CCR006

Annually

Half yearly

30 business days

Key data (note 9)

CCR007

Annually

Annually

30 business days56

56Credit broking websites (note 10)

CCR008

Quarterly

(note 11)60

Quarterly

(note 11)60

30 business days

Note 1

When submitting the required data item, a firm must use the format of the data item set out in SUP 16 Annex 38A50. Guidance notes for the completion of the data items is set out in SUP 16 Annex 38B50.

Note 2

References to revenue in SUP 16.12.29C R in relation to any firm do not include the amount of any repayment of any credit provided by that firm as lender.

Note 3

(a) Subject to (b) to (d) below, this data item applies to all credit firms.

(b) This data item does not apply to a firm if the only credit-related regulated activity for which it has permission is operating an electronic system in relation to lending.

(c) This data item does not apply to a firm required to submit a Balance Sheet, Income Statement or Capital Adequacy data item from a RAG other than RAG 12.

(d) This data item does not apply to a firm with limited permission unless it is a not-for-profit debt advice body and at any point in the last 12 months has held £1 million or more in client money or as the case may be, projects that it will hold £1million or more in client money in the next 12 months.

Note 4

(a) Subject to (b) below, this data item applies to all credit firms.

(b) This data item does not apply to a firm with limited permission unless it is a not-for-profit debt advice body and at any point in the last 12 months has held £1 million or more in client money or as the case may be, projects that it will hold £1million or more in client money in the next 12 months.

Note 5

This data item applies to all firms with permission for entering into a regulated credit agreement as lender or exercising, or having the right to exercise, the lender's rights and duties under a regulated credit agreement.

Note 6

(a) Subject to (b) to (d) below, this data item applies to a debt management firm and to a not-for-profit debt advice body that at any point in the last 12 months has held £1 million or more in client money or, as the case may be, projects that it will hold £1million or more in client money in the next 12 months.

(b) This data item does not apply to a firm with limited permission other than a not-for-profit debt advice body within (a).

(c) This data item does not apply to a firm required to submit a Capital Adequacy data item from a RAG other than RAG 12, or under SUP 16.13, unless (d) applies

(d) Where a firm is required to submit a Capital Adequacy data item from a RAG other than RAG 12 or under SUP 16.13 but the firm's highest capital requirement derives from its activity under RAG 12, the firm should submit both CCR004 and the Capital Adequacy data item required from the RAG other than RAG 12 or SUP 16.13.

Note 7

This data item applies to a CASS debt management firm.

Note 8

This data item applies to a firm with permission to carry on debt collecting or operating an electronic system in relation to lending.

note 9

(a) Subject to (b) and (c) below, this data item applies to a firm that has limited permission.

(b) This data item does not apply to an authorised professional firm that is a CASS debt management firm. Such a firm is instead required to submit the other data items in SUP 16.12.29C R as appropriate.

(c) This data item does not apply to a not-for-profit debt advice body that at any point in the last 12 months has held £1 million or more in client money or, as the case may be, projects that it will hold £1million or more in client money in the next 12 months. Such a not-for-profit debt advice body is instead required to submit data items CCR001, CCR002, CCR004 and CCR005.56

56Note 10

This data item applies to a firm that carries on credit broking where a fee or charge is or may become payable by a customer in connection with the credit broking activities. Firms are also reminded of the requirement to check the accuracy of standing data (including trading name(s) of the firm and website address) and to report changes to the appropriate regulator under SUP 16.10.4 R and the requirement to give the appropriate regulator reasonable advance notice of a change in any business name under which the firm carries on a regulated activity or ancillary activity either from an establishment in the United Kingdom or with or for clients in the United Kingdom under SUP 15.5.1 R.

60Note 11

Quarters end on 31 March, 30 June, 30 September and 31 December.

PERG 8.21.5GRP
Where statements or briefings are only available to analysts who are, or who work for, authorised persons (including overseas persons who would need to be authorised if they were conducting their business in the United Kingdom), article 19 will exempt any financial promotion that may be made (see PERG 8.12.21 G). Furthermore, where a financial promotion is made in the course of an interactive dialogue with an analyst and is addressed to him, the financial promotion will be regarded
SUP 16.10.4ARRP
(1) A firm other than: 88(a) a credit union; or8(b) an FCA-authorised person with permission to carry on only credit-related regulated activity;8must submit any corrected standing data under SUP 16.10.4R (3) online at 8the appropriate regulator's website20 using the ONA7system.20207(2) A credit union or a firm with permission to carry on only credit-related regulated activity8must submit any corrected standing data under SUP 16.10.4R (3) to static.data@fca.org.uk or via post or
LR 9.7A.3GRP
The FCA may authorise the omission of information required by LR 9.7A.1 R or LR 9.7A.2 R if it considers that disclosure of such information would be contrary to the public interest or seriously detrimental to the listed company, provided that such omission would not be likely to mislead the public with regard to facts and circumstances, knowledge of which is essential for the assessment of the shares.1
SUP 16.7A.1RRP
1This section applies to every firm in the regulatory activity group (RAG) set out in column (1), which is a type of firm in column (2), of the tables in SUP 16.7A.3 R and SUP 16.7A.5 R, except:(1) an incoming EEA firm with permission for cross border services only;(2) an incoming EEA firm in relation to its carrying on of bidding in emissions auctions;(3) an oil market participant that is not subject to the requirements of IPRU(INV) Chapter 3;(4) an authorised professional firm
COND 1.1A.3GRP
(1) As a result of the new legal framework for threshold conditions described in COND 1.1A.1G (1), PRA-authorised persons and firms seeking to become PRA-authorised persons are subject to two sets of threshold conditions:(i) the FCA-specific conditions referred to in COND 1.1A.1G (1)(ii)and(ii) one of the two PRA-specific conditions referred to in COND 1.1A.1G (1)(iii) or (iv), depending on the PRA-regulated activities which the PRA-authorised person or firm carries on, or is
SUP 16.17.4RRP
(1) A firm to which this rule applies must submit a High Earners Report to the FCA4 annually.104(2) The firm must submit that report to the FCA4 within four months of the end of the firm'saccounting reference date.104(3) A firm that is not part of a UK lead regulated group must complete that report on an unconsolidated basis in respect of remuneration awarded in the last completed financial year to all high earners of the firm who mainly undertook their professional activities
PERG 8.17.13GRP
Introducers can check whether a person is an authorised person or an appointed representative by visiting the FCA's register at www.fca.org.uk/firms/systems-reporting/register.If an authorised person has permission to carry on a regulated activity (which can be checked on the FCA's register) it is reasonable, in the FCA's view, to conclude that the authorised person carries on that activity (but not a controlled activity which is not a regulated activity). The FCA would normally
DEPP 6A.1.2GRP
(1) For the purposes of DEPP 6A, "suspension" refers to the suspension of:2(a) any permission which an authorised person has to carry on a regulated activity (under section 206A of the Act),2(b) any approval of the performance by an approved person of any function to which the approval relates (under section 66 of the Act),2(c) a sponsor's approval (under section 88A(2)(b) of the Act),2(d) and a primary information provider's approval (under section 89Q(2)(b) of the Act); and2(2)
CONC 4.3.8RRP
(1) 1This rule applies if:(a) a firm with permission to carry on the activity of operating an electronic system in relation to lending is to facilitate the entry into a P2P agreement; (b) the prospective borrower is an individual; and(c) an individual other than the borrower (in this rule referred to as “the guarantor”) is to provide a guarantee or an indemnity (or both) in relation to the P2P agreement.(2) The firm must, before the P2P agreement is made, provide the guarantor
MCOB 6.9.11RRP
The SRB agreement provider must keep a record of the written pre-offer document at Stage One and the written offer document for signing at Stage Two for a period of:(1) one year after the end of the fixed term of the tenancy under the regulated sale and rent back agreement; or(2) five years from the date of the disclosures and warnings, written offer documents and cooling-off period notices;whichever is the longer.
CREDS 10.1.3GRP

Module

Relevance to Credit Unions

The Principles for Businesses (PRIN)

The Principles for Businesses (PRIN) set out, high-level requirements, some of which are imposed by the FCA and some by the PRA.12 They provide a general statement of regulatory requirements. The Principles apply to all12credit unions. In applying the Principles to credit unions, the appropriate regulator12 will be mindful of proportionality. In practice, the implications are likely to vary according to the size of the credit union.

121212

Senior Management Arrangements, Systems and Controls (SYSC)

SYSC 1 and SYSC 4 to 10 apply to all credit unions in respect of the carrying on of their regulated activities and unregulated activities in a prudential context. SYSC 18 applies to all credit unions without restriction.

Threshold Conditions (COND)

In order to become authorised under the Act all firms must meet the threshold conditions. The threshold conditions must be met on a continuing basis by credit unions. Failure to meet one of the conditions is sufficient grounds for the exercise by the appropriate regulator12 of its powers.

1212

Statements of Principle and Code of Practice for Approved Persons (APER)

The purpose of the Statements of Principle contained in APER 2 is to provide guidance to approved persons in relation to the conduct expected of them in the performance of a controlled function. The Code of Practice for Approved Persons sets out descriptions of conduct which, in the opinion of the appropriate regulator12, do not comply with a Statement of Principle and, in the case of Statement of Principle 3, conduct which tends to show compliance within that statement.

12

The Fit and Proper test for Approved Persons (FIT)

The purpose of FIT is to set out and describe the criteria that the appropriate regulator12 will consider when assessing the fitness and propriety of a person in respect of whom an application is being made for approval to undertake a controlled function under the approved persons regime. The criteria are also relevant in assessing the continuing fitness and propriety of persons who have already been approved.

12

General Provisions (GEN)

GEN contains rules and guidance on general matters, including interpreting the Handbook, statutory status disclosure, the appropriate regulator's12 logo and insurance against financial penalties.

Fees manual (FEES)

This manual sets out the fees applying to credit unions.

Conduct of Business sourcebook (COBS)

A credit union which acts as a CTF provider or provides a cash-deposit ISA will need to be aware of the relevant requirements in COBS. COBS 4.6 (Past, simulated past and future performance), COBS 4.7.1 R (Direct offer financial promotions), COBS 4.10 (Systems and controls and approving and communicating financial promotions), COBS 13 (Preparing product information) and COBS 14 (Providing product information to clients) apply with respect to accepting deposits as set out in those provisions, COBS 4.1 and BCOBS.

Banking: Conduct of Business sourcebook (BCOBS)

BCOBS sets out rules and guidance for credit unions on how they should conduct their business with their customers. In particular there are rules and guidance relating to communications with banking customers and financial promotions (BCOBS 2), distance communications (BCOBS 3), information to be communicated to banking customers (BCOBS 4), post sale requirements (BCOBS 5), and cancellation (BCOBS 6). BCOBS 5.1.13 R (Value dating) does not apply to credit unions. The rules in BCOBS 3.1 that relate to distance contracts for accepting deposits are likely to have limited application to a credit union. This is because the Distance Marketing Directive only applies where there is "an organised distance sales or service-provision scheme run by the supplier" (Article 2(a)). If, therefore, the credit union normally operates face to face and has not set up facilities to enable customers to deal with it at a distance, such as facilities for a customer to deal with it purely by post, telephone, fax or the Internet, the provisions will not be relevant.

Supervision manual (SUP)

The following provisions of SUP are relevant to credit unions: 13SUP 1A13 (The appropriate regulator's12 approach to supervision), SUP 2 (Information gathering by the appropriate regulator12 on its own initiative), SUP 3.1 to SUP 3.8 (Auditors), SUP 5 (Skilled persons), SUP 6 (Applications to vary or cancel Part 4A12permission), SUP 7 (Individual requirements), SUP 8 (Waiver and modification of rules), SUP 9 (Individual guidance), 13SUP 10A and SUP 10B13 (Approved persons), SUP 11 (Controllers and Close links), SUP 15 (Notifications to the appropriate regulator12) and SUP 16 (Reporting Requirements).

Credit unions are reminded that they are subject to the requirements of the Act and SUP 11 on

controllers and close links, and are bound to notify the appropriate regulator12 of changes. It may be unlikely, in practice, that credit unions will develop such relationships. It is possible, however, that a person may acquire control of a credit union within the meaning of the Act by reason of holding the prescribed proportion of deferred shares in the credit union.

In relation to SUP 16, credit unions are exempted from the requirement to submit annual reports of

controllers and close links.

1212121212

Decision, Procedure and Penalties manual (DEPP)

DEPP is relevant to credit unions because it sets out:

(1) the FCA's12 decision-making procedure for giving statutory notices. These are warning notices, decision notices and supervisory notices (DEPP 1.2 to DEPP 5); and

(2) the FCA's12 policy with respect to the imposition and amount of penalties under the Act (see DEPP 6).

1212

Dispute Resolution: Complaints (DISP)

DISP sets out rules and guidance in relation to treating complainants fairly and the Financial Ombudsman Service.

Compensation (COMP)

COMP sets out rules relating to the scheme for compensating consumers when authorised firms are unable, or likely to be unable, to satisfy claims against them.12

The Enforcement Guide (EG)

The Enforcement Guide (EG) describes the FCA's12 approach to exercising the main enforcement powers given to it by the Act and by other legislation.2

12

Financial crime: a guide for firms (FC)

FC provides guidance on steps that a firm can take to reduce the risk that it might be used to further financial crime.