Related provisions for CONC 7.17.10
101 - 120 of 321 items.
(1) A firm must inform the account-holder in writing of the matters in (2) without delay where:(a) the account-holder overdraws on the current account without a pre-arranged overdraft, or exceeds a pre-arranged overdraft limit, for a period exceeding one month; (b) the amount of that overdraft or excess is significant throughout that period; (c) the overdraft or excess is a regulated credit agreement; and(d) the account-holder has not been informed in writing of the matters in
The accounting policies and presentation applied to half-yearly figures must be consistent with those applied in the latest published annual accounts except where:(1) the accounting policies and presentation are to be changed in the subsequent annual financial statements, in which case the new accounting policies and presentation should be followed and the changes and the reasons for the changes should be disclosed in the half-yearly report; or(2) the FCA otherwise agrees.
(1) In addition to the requirement set out in DTR 4.2.7 R, an issuer of shares must disclose in the interim management report the following information, as a minimum:(a) related parties transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or the performance of the enterprise during that period; and(b) any changes in the related parties transactions described in the last annual report that
An issuer of securities other than shares admitted to trading on a regulated market must disclose to the public without delay any changes in the rights of holders of securities other than shares, including changes in the terms and conditions of such securities which could indirectly affect those rights, resulting in particular from a change in loan terms or in interest rates.[Note article 16(2) of the TD]
(1) The firm must disclose to the consumer:(a) in good time before or, if that is not possible, immediately after the consumer is bound by a contract that attracts a right to cancel or withdraw; and(b) in a durable medium;the existence of the right to cancel or withdraw, its duration and the conditions for exercising it including information on the amount which the consumer may be required to pay, the consequences of not exercising it and practical instructions for exercising
A firm will satisfy the disclosure obligation under this section if it:(1) discloses the essential arrangements relating to the fee, commission or non-monetary benefit in summary form;(2) undertakes to the client that further details will be disclosed on request; and(3) honours the undertaking in (2).[Note: article 26 of the MiFID implementing Directive and article 29(2) of the UCITS implementing Directive]7
(1) 1If a firm enters into an arrangement with another firm under which it makes or receives a payment of commission in relation to the sale of a packaged product that is increased in excess of the amount disclosed to the client, the firm is likely to have breached the rules on disclosure of charges, remuneration and commission (see COBS 6.4) and, where applicable, the rule on inducements in COBS 2.3.1R (2)(b), unless the increase is attributable to an increase in the premiums
(1) A firm must make a record of the information disclosed to the client in accordance with COBS 2.3.1R (2)(b)4 and must keep that record for at least five years from the date on which it was given.4(2) A firm must also 4make a record of each benefit given to another firm which does not have to be disclosed to the client4in accordance with COBS 2.3.1R (2)(b)(ii),4 and must keep that record for at least five years from the date on which it was given.14 [Note: see article 51(3)
If a firm provides elements of status disclosure information orally as part of an interactive dialogue, it should do so for all elements of the information. In the case of telephone selling, the information may be given in accordance with the distance marketing disclosure rules (see ICOBS 3.1.14 R).
(1) Prior to the conclusion of an initial contract and, if necessary, on its amendment or renewal, an insurer must disclose to the customer at least:(a) the statutory status disclosure statement (see GEN 4);(b) whose policies it offers; and(c) whether it is providing a personal recommendation or information.(2) If this is done orally, the disclosure must be provided in writing or any other durable medium no later than immediately after the conclusion of the contract.
Reasonable assistance in SUP 5.5.9 R should include:(1) access at all reasonable business hours for the skilled person to the firm's accounting and other records in whatever form;(2) providing such information and explanations as the skilled person reasonably considers necessary or desirable for the performance of his duties; and (3) permitting a skilled person to obtain such information directly from the firm's auditor as he reasonably considers necessary or desirable for the
Where the FCA3 appoints an investigator in response to a request from an overseas regulator or EEA regulator2 it may, under section 169(7) or section 131FA2 of the Act,
direct him to permit a representative of that regulator to attend and take
part in any interviews conducted for the purposes of the investigation. The FCA3 may
only give a direction under section 169(7) or section 131FA2 if it is satisfied that any information
obtained by an overseas regulator or EEA
regulator2
A firm in relation to a customer with whom it has entered into a debt management plan must: (1) maintain contact with the customer; [Note: paragraph 3.44 of DMG](2) regularly monitor and review the financial position and circumstances of the customer; [Note: paragraph 3.44 of DMG](3) adapt the debt management plan to take into account relevant changes in the financial position and circumstances of the customer;[Note: paragraph 3.44 of DMG](4) inform the customer without delay
(1) Evidence that there may have been a material change in a customer's financial circumstances is likely to include where a customer who has not previously missed payments under a debt management plan misses such payments. [Note: paragraph 3.45ci of DMG](2) Where the firm informs a customer of the outcome of a review of a debt management plan, it should seek to discuss with the customer any changes to the plan or to the firm's service at the earliest reasonably opportunity. [Note:
Application forms must always be completed fully and honestly. Further notes on how to complete the form are contained in each form. If forms are not completed fully and honestly, applications will be subject to investigation and the FCAcandidate's suitability to be approved to undertake an FCA controlled function will be called into question. A person who provides information to the FCA that is false or misleading may commit a criminal offence, and could face prosecution under
Before making a decision to grant the application or give a warning notice, the FCA may ask the firm for more information about the FCA candidate. If it does this, the three-month period in which the FCA must determine a completed application:(1) will stop on the day the FCA requests the information; and(2) will start running again on the day on which the FCA finally receives all the requested information.
2The FCA will make its assessment of whether the accounting and other standards applicable to an investment exchange or multilateral trading facility as a result of securities being admitted to trading are appropriate for the purpose of LR 13.5.27R (1)(b) having regard to at least the following matters in relation to the legal and regulatory framework applying to the target by virtue of its admission to that market:(1) the quality of auditing standards compared with International
There are other pre-contract information requirements outside this chapter, including:(1) for financial promotions, inthe financial promotion rules;55(2) for designated investment business, inCOBS 8 (Client agreements), COBS 5 (Distance Communications), COBS 6 (Information about the firm, its services and remuneration), COBS 13 and 14 (which relate to product information)5 and CASS (Client assets);5(3) for non-investment insurance contracts3, distance communication requirements
(1) When a firm provides a quotation to a customer in connection with a prospective credit agreement which would or might be secured on the customer's home, the firm must include (or cause to be included) in the quotation a statement that such security would or might be required. [Note: regulation 3a of SI 1999/2725](2) When a firm provides a quotation to a customer (C) in connection with a prospective credit agreement which would or might be secured on C’s home under which, while
(1) When a firm provides a quotation to a customer in connection with a prospective credit agreement which would or might be secured on the customer's home, the firm must include (or cause to be included) in the quotation a statement that such security would or might be required.[Note: regulation 6 of SI 1999/2725](2) When a firm provides a quotation to a customer (C) in connection with a prospective credit agreement which would or might be secured on C’s home under which, while
A firm which is included within comparable disclosures provided on a consolidated basis by a parent undertaking whose head office is not in an EEA State may apply for a waiver from the relevant disclosure requirements in BIPRU 11.2.2 R - BIPRU 11.2.5 R. The appropriate regulator's approach to granting waivers is set out in the Supervision manual (see SUP 8).[Note: BCD Article 72(3)]
A firm applying for a waiver from one or more of the disclosure requirements in BIPRU 11.2.2 R - BIPRU 11.2.5 R will need to:(1) satisfy the appropriate regulator that it is included within comparable disclosures provided on a consolidated basis by a parent undertaking whose head office is not in an EEA State; and(2) notify the appropriate regulator of the location where the comparable disclosures are provided.
A firm or qualifying parent undertaking must send the information required for a resolution plan to the FCA within three months of the reporting reference dates specified in the table below:
Type of firm or qualifying parent undertaking |
First reporting reference date |
Ongoing reporting reference date |
firm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is a significant IFPRU firm or does not include an IFPRU 730k firm |
30 June 2015 |
Every two years on the same date as the first reporting reference date. |
30 June 2015 |
Every two years on the same date as the first reporting reference date. |
|
firm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is not a significant IFPRU firm (but does not include an IFPRU 730k firm that is a significant IFPRU firm) |
31 December 2015 |
Every three years on the same date as the first reporting reference date. |
31 December 2015 |
Every three years on the same date as the first reporting reference date. |
[Note:articles 4(1)(b), 11(1) and 13(1) of RRD]
A person who wishes the FCA to vet an equivalent document referred to in PR 1.2.2 R (2) or (3) or PR 1.2.3R (3) or (4) must submit to the FCA:(1) a copy of the document;(2) a cross reference list identifying the pages in the document where each item that is equivalent to the disclosure requirements for a prospectus may be found;(3) contact details of individuals who are:(a) sufficiently knowledgeable about the documentation to be able to answer queries from the FCA; and(b) available
Behaviour conforming with any of the rules of the Takeover Codeabout the timing, dissemination or availability, content and standard of care applicable to a disclosure, announcement, communication or release of information, does not, of itself, amount to market abuse, if:1(1) the rule is one of those specified in the table in MAR 1.10.5 C;(2) the behaviour is expressly required or expressly permitted by the rule in question (the notes for the time being associated with the rules
1Table: Provisions of the Takeover Code conformity with which will not, of itself, amount to market abuse (This table belongs to MAR 1.10.4C):1
Takeover Code provisions: |
|
Disclosure of information which is not generally available |
1(a) 2.1 plus notes, 2.5, 2.6, 2.9 plus notes 8 19.7 20.1, 20.2, 20.3 28.4 37.3(b) and 37.4(a) |
Standards of care |
2.8 first sentence and note 4 19.1, 19.5 second sentence and note 2, 19.8 23 plus notes 28.1 |
Timing of announcements, documentation and dealings |
2.2, 2.4(b) 5.4 6.2(b) 7.1 11.1 note 6 only 17.1 21.2 30 31.6(c), 31.9 33 (in so far as it refers 31.6(c) and 31.9 only) 38.5 |
Content of announcements |
2.4 (a) and (b) 19.31 |
4As well as potentially breaching the requirements in this section, misleading statements by a firm may involve a breach of Principle 7 (Communications with clients) or section Part 7 (Offences relating to financial services) of the Financial Services Act 2012, as well as giving rise to private law actions for misrepresentation.
Under cooperation agreements between EEA regulators, if it has serious concerns about the proposed transferee, the appropriate regulator3 should inform the regulatory body of the transferor within 3 months of the original request from that regulatory body. The appropriate regulator3 is not obliged to reply, but if it does not, its opinion is taken to be favourable3. Although the protocol does not apply to Switzerland, the appropriate regulator3 is required to cooperate with the