Related provisions for APER 1.1A.9
1 - 20 of 22 items.
(1) A firm must use Form E where an approved person is both ceasing to perform one or more controlled functions and needs to be approved in relation to one or more FCA controlled functions within the same firm or group.(2) A firm must not use Form E if the approved person has never before been approved to perform a significant-influence function for any firm or has not been subject to a current approved person approval from the FCA or PRA to perform a significant-influence function
3In addition to the general factors outlined in DEPP 6.2.1 G, there are some additional considerations that the FCA4 will have regard to when deciding whether to take action against a person that performs a controlled function without approval contrary to section 63A of the Act.4(1) The conduct of the person. The FCA4 will take into consideration whether, while performing controlled functions without approval, the person committed misconduct in respect of which, if he had been
The purpose of FIT is to set out and describe the criteria that the FSA8appropriate regulator8 will consider when assessing the fitness and propriety of a candidate for a controlled function (see generally SUP 109SUP 10A and SUP 10B9 on approved persons). The criteria are also relevant in assessing the continuing fitness and propriety of approved persons.8
Some of the distinguishing features of notices given under enactments other than the Act are as follows: (1) [deleted]66(2) [deleted]66(3) Friendly Societies Act 1992, section 58A1: The warning notice and decision notice must set out the terms of the direction which the FCA6 proposes or has decided to give and any specification of when the friendly society is to comply with it. A decision notice given under section 58A(3) must give an indication of the society's right, given by
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
Examples of the kind of particular considerations to which the FCA may have regard when assessing whether a firm will satisfy, and continue to satisfy, this threshold condition include, but are not limited to, whether:1515(1) the firm has been open and co-operative in all its dealings with the FCA15and any other regulatory body (see Principle 11 (Relations with regulators)) and is ready, willing and organised to comply with the requirements and standards under the regulatory system
3The FCA has the power to take the following enforcement action: • discipline authorised firms under Part XIV of the 2000 Act and approved persons under s.66 of the 2000 Act;• impose penalties on persons that perform controlled functions without approval under s.63A of the 2000 Act;• impose civil penalties in cases of market abuse under s.123 of the 2000 Act;• prohibit an individual from being employed in connection with a regulated activity, under s.56 of the 2000 Act;•
3The FCA has the following powers to impose a financial penalty and to publish a public censure. (1) It may publish a statement: (a) against an approved person under section 66 of the Act;
(b) against an issuer under section 87M of the Act;
(c) against a sponsor under section 88A of the Act;
(ca) against a primary information provider under section 89Q of the Act;
(d) where there has
(1) Some of the controlled functions, as set out in SUP 10A.4.1 R22, apply to an appointed representative of a firm, other than an introducer appointed representative, just as they apply to a firm (see SUP 10A.1.15 R22). These are the governing functions and the customer function5. In the case of an appointed representative that also has a limited permission, an FCA required function may apply to it.9 As explained in SUP 10A.1.16 R22 and SUP 10A.3.2 G22 respectively:22222522522(a)