Related provisions for LR 11.1.1D
421 - 440 of 1047 items.
The FOS ADR levy is
calculated as follows:(1) Determine the number of hours, or part of an
hour, taken by the FCA, in performing functions
under the ADR Regulations.(2) Using the table at FEES 3 Annex 9R(11),
determine the relevant pay grades of those employed by the
FCA to perform the functions under the
ADR Regulations.(3) Next, multiply the applicable rate in the table
at FEES 3 Annex 9R(11) by the number of hours or part hours obtained under
(1).(4) Then add any fees and disbursements
(1) CASS 11.3.4R describes the FCA controlled function known as the CASS operational oversight function (CF10a) in relation to CASS large debt management firms, including not-for-profit debt advice bodies.1(2) As a consequence of CASS 11.3.4R (in conjunction with SUP 10A.4.1R and SUP 10A.7.10R), in a CASS large debt management firm (including a not-for-profit debt advice body fitting into that category) the function described in CASS 11.3.4R is required to be discharged by a director
A CASS large debt management firm must allocate to a director or senior manager the function of: (1) oversight of the operational effectiveness of that CASS debt management firm's systems and controls that are designed to achieve compliance with CASS 11; (2) reporting to the CASS debt management firm'sgoverning body in respect of that oversight; and(3) completing and submitting a CCR005 return to the FCA in accordance with SUP 16.12.29C R.
If, at the time a CASS debt management firm that is not a relevant authorised person1becomes a CASS large debt management firm in accordance with CASS 11.2.8 R, the firm is not able to comply with CASS 11.3.4 R because it has no director or senior manager who is an approved person in respect of the CASS operational oversight function, the firm must:(1) take the necessary steps to ensure that it complies with CASS 11.3.4 R as soon as practicable, which must at least include submitting
(1) 1CASS 11.3.5R provides a grace period for a firm that is not a relevant authorised person to apply for someone to be approved to perform the CASS operational oversight function. (2) There is no equivalent to CASS 11.3.5R for a relevant authorised person, because a person does not need specific FCA approval before carrying out the function. This is explained in (3) to (5), below.(3) As explained in CASS 11.3.3G, the function in CASS 11.3.5R is not, by itself, a controlled function.(4)
(1) 6A must be capable of being effectively supervised by the FCA having regard to all the circumstances including-(a) the nature (including the complexity) of the regulated activities that A carries on or seeks to carry on;(b) the complexity of any products that A provides or will provide in carrying on those activities;(c) the way in which A’s business is organised;(d) if A is a member of a group, whether membership of the group is likely to prevent the FCA’s effective supervision
(1) 6B must be capable of being effectively supervised by the FCA having regard to all the circumstances including-(a) the nature (including the complexity) of the regulated activities that B carries on or seeks to carry on;(b) the complexity of any products that B provides or will provide in carrying on those activities;(c) the way in which B’s business is organised;(d) if B is a member of a group, whether membership of the group is likely to prevent the FCA’s effective supervision
6The guidance in COND 2.3 should be read as applying to both paragraph 2C of Schedule 6 of the Act and, as far as relevant to the discharge by the FCA of its functions under the Act in respect of firms carrying on, or seeking to carry on, a PRA-regulated activity, paragraph 3B of Schedule 6 of the Act.
In assessing the threshold conditions set out in paragraphs 2C and 3B of Schedule 6 to the Act6, factors which the FCA6 will take into consideration include, among other things, whether: 6(1) it is likely that the FCA6 will receive adequate information from the firm, and those persons with whom the firm has close links, to enable it to determine whether the firm is complying with the requirements and standards under the regulatory system for which the FCA is responsible6 and to
A parent undertaking which wishes to make use of the exemption in relation to issuers subject to this chapter whose shares are admitted to trading on a regulated market must without delay, notify the following to the FCA:1(1) a list of the names of those management companies, investment firms or other entities, indicating the competent authorities that supervise them, but with no reference to the issuers concerned; and(2) a statement that, in the case of each such management company
A parent undertaking of a management company or of an investment firm must in relation to issuers subject to this chapter whose shares are admitted to trading on a regulated market be able to demonstrate to the FCA on request that:1(1) the organisational structures of the parent undertaking and the management company or investment firm are such that the voting rights are exercised independently of the parent undertaking;(2) the persons who decide how the voting rights are exercised
A parent undertaking of a third country undertaking must comply with the notification requirements in DTR 5.4.4 R (1) and DTR 5.4.5 R and in addition: (1) must make a statement that in respect of each management company or investment firm concerned, the parent undertaking complies with the conditions of independence set down in DTR 5.4.10 R; and (2) must1 be able to demonstrate to the FCA on request that the requirements of DTR 5.4.6 R are respected.[Note: article 23 of the TD
Where the FCA has modified LR 14.2.2 R to accept a percentage lower than 25% on the basis that the market will operate properly with a lower percentage, but the FCA considers that in practice the market for the shares is not operating properly, the FCA may revoke the modification in accordance with LR 1.2.1 R (4).
A company2 must forward to the FCA, for publication through the document viewing facility, two copies of:2(1) all circulars, notices, reports or other documents to which the listingrules apply, at the same time as any such documents are issued; and(2) all resolutions passed by the company other than resolutions concerning ordinary business at an annual general meeting, as soon as possible after the relevant general meeting.
A benchmark submitter who suspects that any person(1) is manipulating, or has manipulated, a specified benchmark;(2) is attempting, or has attempted, to manipulate a specified benchmark; or(3) is colluding, or has colluded, in the manipulation or attempted manipulation of a specified benchmark;must notify the FCA without delay.
(1) The FCA expects the report required under MAR 8.2.12 R to be issued annually, although the FCA may agree a longer period depending on the benchmark submitter's particular circumstances, including the nature and scale of its engagement in the specified benchmark and the internal framework for monitoring compliance with the requirements of this chapter.(2) A benchmark submitter which proposes to appoint an auditor to report to the FCA under MAR 8.2.12 R on a less frequent than
(1) 1A person who notifies the FCA of a desire to obtain interim permission in accordance with article 56 (Interim permission) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 must pay to the FCA, in full and without deduction, a fee of :(a) where the person is a sole trader:(i) if the notification is made on or before 30 November 2013, £105; or(ii) £150; (b) in any other case:(i) if the notification is made on or before 30 November
(1) 2A local authority which notifies the FCA of a desire to obtain interim permission in accordance with article 56 (Interim permission) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 must pay to the FCA, in full and without deduction, a fee of £350.(2) The fee required by (1) must be paid by debit card (Maestro/Visa only), credit card (Visa/Mastercard only), bankers draft, cheque, or other payable order.(3) The fee required
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.
In the FCA's opinion, however, such information is likely to take on the nature of advice if the circumstances in which it is provided give it the force of a recommendation. Examples of situations where information provided by a person (P) might take the form of advice are given below.(1) P may provide information on a selected, rather than balanced and neutral, basis that would tend to influence the decision of a person. This may arise where P offers to provide information about
The potential for variation in the form, content and manner of pre-purchase questioning is considerable, but there are two broad types. The first type involves providing questions and answers which are confined to factual matters (for example, the amount of the cover). In the FCA's view, this does not itself amount to advising on contracts of insurance, if it involves the provision of information rather than advice. There are various possible scenarios, including the following:(1)
In the case of PERG 5.8.18G (2) and similar scenarios, the FCA considers that it is necessary to look at the process and outcome of pre-purchase questioning as a whole. It may be that the element of advice incorporated in the questioning can properly be viewed as generic advice if it were considered in isolation. But although the actual advice may be generic, the process has ended in identifying one or more particular contracts of insurance. The combination of the generic advice
This is explained in greater detail, together with the provisions on the granting of certificates by the FCA on the application of the proprietor of a periodical publication or news or information service or broadcast, in PERG 7 (Periodical publications, news services and broadcasts: applications for certification).
Within the legal constraints that apply, the appropriate regulator2 may pass on to a skilled person any information which it considers relevant to the skilled person's function. A skilled person, being a primary recipient under section 348 of the Act (Restrictions on disclosure of confidential information by Authority etc.), is bound by the confidentiality provisions in Part XXIII of the Act (Public record, disclosure of information and cooperation) as regards confidential information
2In respect of the appointment of a skilled person under section 166A (Appointment of skilled person to collect and update information) of the Act, a contractual or other requirement imposed on a person to keep any information confidential will not apply if:(1) the information is or may be relevant to anything required to be done as part of the skilled person's appointment under section 166A (Appointment of skilled person to collect and update information) of the Act;(2) a firm
2A firm may provide information that would otherwise be subject to a contractual or other requirement to keep it in confidence if it is provided for the purposes of anything required to be done in respect of the skilled person's collection or updating of information under section 166A (Appointment of skilled person to collect and update information) of the Act.
1DEPP 6A sets out the FCA's2 statement of policy with respect to the imposition of suspensions
or restrictions under sections 88A, 89Q and 206A of the Act3, and the period for which those suspensions or restrictions
are to have effect, as required by sections3 88C(1), 89S(1)2 and 210(1) of the Act. It also sets out the FCA's statement of policy on the imposition of suspensions, conditions or limitations under section 66 of the Act, the period for which suspensions or conditions
The power to impose a suspension, restriction, condition or limitation3 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 such a measure3 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
The powers to impose a suspension, restriction, condition or limitation3 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
3The FCA expects to impose a limitation in two situations. The FCA may impose a limitation where it considers it appropriate for an approval to cease to have effect:(1) after a certain period, unless the approved person demonstrates during the period of limitation that it is appropriate for them to be reapproved without the limitation;(2) after a short period, without giving the approved person the opportunity to demonstrate that they should be re-approved.The imposition of a
The purpose of this chapter is to set out the requirements on firms to pay annual fees (through a general levy invoiced and collected by the FCA on behalf of FOS Ltd) and case fees (invoiced and collected directly by FOS Ltd) in order to fund the operation of the Financial Ombudsman Service.This Chapter4 also provides for unauthorised persons to pay case fees to FOS Ltd in respect of any relevant complaints which it handles.44
Pursuant to the Financial Services
and Markets Act 2000 (Short Selling) Regulations 2012 (SI 2012/2554), the FCA will direct how notifications to use
the market maker exemption or
the authorised primary dealer exemption shall
be made. Such directions will be published on the FCA website and listed in FINMAR 2 Annex 1
G.
(1) If the FCA considers that a natural or legal
person ('P') who has notified the FCA of his intention to use either
the market maker exemption or
the authorised primary dealer exemption does
not satisfy the criteria to use the market
maker exemption or the authorised
primary dealer exemption, the FCA will send a letter to P setting
out the reasons why it is minded to prohibit P from using the market maker exemption or the authorised primary dealer exemption.(2) P will be given
If P is not satisfied with the FCA's decision to prohibit P's use of
the market maker exemption or
the authorised primary dealer exemption,
P may seek a review of the decision. This will be conducted by a group of
at least three senior FCA staff. None of the group conducting
the review will have been connected with the earlier decision taken in respect
of P's use of the market maker exemption or
the authorised primary dealer exemption.
The review may take place after the expiry
23Firms proposing to offer arrangements involving some form of minimum underpinning or 'guarantee' should discuss their proposals with the FCA and1 HM Revenue and Customs1 at the earliest possible opportunity (see DISP App 1.5.8 G). The FCA will need to be satisfied that these proposals provide complainants with redress which is at least commensurate with the standard approaches contained in this appendix.
23One of the reasons for introducing the guidance in this appendix is to seek a reduction in the number of complaints which are referred to the Financial Ombudsman Service. If a firm writes to the complainant proposing terms for settlement which are in accordance with this appendix, the letter may include a statement that the calculation of loss and redress accords with the FCAguidance, but should not imply that this extends to the assessment of whether or not the complaint should
23'Relevant benefits' are those benefits that fall outside what is required in order that policyholders' reasonable expectations at that point of sale can be fulfilled. (The phrase 'policyholders' reasonable expectations' has technically been superseded. However, the concept now resides within the obligations imposed upon firms by FCA Principle 6 ('...a firm must pay due regard to the interests of its customers and treat them fairly....') Additionally, most of these benefits would
This section has rules requiring a firm to identify and assess risks to its ability to meet its liabilities as they fall due, how it intends to deal with those risks, and the amount and nature of financial resources that the firm considers necessary. IFPRU 2.2.43 R (Documentation of risk assessment) provides that a firm should document that assessment. The FCA will review that assessment as part of its own assessment of the adequacy of a firm's capital under its supervisory review
This section has rules requiring a firm to carry out appropriate stress tests and scenario analyses for the risks it has previously identified and to establish the amount of financial resources and internal capital needed in each of the circumstances and events considered in that analyses. The FCA will consider, as part of its SREP, whether the firm should hold a capital planning buffer and the amount and quality of that buffer. The capital planning buffer is an amount separate,
After a prospectus is approved by the FCA, it must be filed with the FCA at the same time it is made available to the public in line with PR 3.2.2 R or PR 3.2.3 R (as applicable) or, if earlier, within 24 hours of receipt of the notification of the approval by the issuer, offeror or person requesting admission4. [ Note: articles 14.1 and 16.1 of PD ]4
The FCA will publish on its website, a list of prospectuses approved over the previous 12 months. The list will specify how a prospectus is made available and where it can be obtained, including, if applicable, a hyperlink to the prospectus published on the issuer's or regulated market's website. [ Note: article 14.4 PD ]
1This section applies to a firm or qualifying parent undertaking who is required to send any of the following types of information to the FCA: (1) recovery plans in line with IFPRU 11.2 (Individual recovery plans); or(2) group recovery plans in line with IFPRU 11.3 (Group recovery plans); or(3) information required for resolution plans in line with IFPRU 11.4 (Information for resolution plans).
A firm or qualifying parent undertaking must send its recovery plan or group recovery plan to the FCA within three months of the reporting reference dates specified in the table below:
Type of firm or qualifying parent undertaking |
Type of plan |
Total balance sheet assets (see SUP 16.20.3 G) |
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 |
More than £2.5 billion |
30 June 2015 |
Every year on the same date as the first reporting reference date. |
|
More than £1 billion and less than £2.5 billion |
30 September 2015 |
|||
More than £500 million and less than £1 billion |
31 December 2015 |
|||
Less than £500 million |
31 March 2016 |
|||
More than £2.5 billion |
30 June 2015 |
Every year on the same date as the first reporting reference date. |
||
More than £1 billion and less than £2.5 billion |
30 September 2015 |
|||
More than £500 million and less than £1 billion |
31 December 2015 |
|||
Less than £500 million |
31 March 2016 |
|||
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) |
More than £50 million and less than £500 million |
30 September 2015 |
Every two years on the same date as the first reporting reference date. |
|
More than £15 million and less than £50 million |
31 December 2015 |
|||
More than £5 million and less than £15 million |
31 March 2016 |
|||
Less than £5 million |
30 June 2016 |
|||
More than £50 million and less than £500 million |
30 September 2015 |
Every two years on the same date as the first reporting reference date. |
||
More than £15 million and less than £50 million |
31 December 2015 |
|||
More than £5 million and less than £15 million |
31 March 2016 |
|||
Less than £5 million |
30 June 2016 |
[Note: articles 4(1)(b) and 6(1) of RRD]
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]
Table: FCA-approved persons forms
Form |
Purpose |
Handbook requirement |
|
the relevant Form A |
The relevant online form on the FCA and PRA'sONA1system or the form in SUP 10A Annex 4D (See Note) 1 |
Application to perform controlled functions under the approved persons regime |
|
Form B |
Notice to withdraw an application to perform controlled functions under the approved persons regime |
||
Form C |
Notice of ceasing to perform controlled functions |
||
Form D |
Notification of changes in personal information or application details |
||
Form E |
The relevant online form on the FCA and PRA'sONA1system or the form in SUP 10A Annex 8D (See Note) 1 |
Internal transfer of an approved person |
|
Note: The form in the SUP annex shown is to be used by credit unions, and by other firms only in the event of a failure of the information technology systems used by the FCA. See the relevant "Handbook requirement" |
|||
Copies of Forms A, B, C, D and E may be obtained from the FCA website. Credit unions can obtain copies from the FCA's Contact Centre. To contact the FCA's2 Contact Centre for approved persons enquiries:22(1) telephone 0300 500 0597;2or2(2) e-mail firm.queries@fca.org.uk; or(3) fax 020 7066 0017; or(4) write to:Customer Contact CentreThe Financial Conduct Authority25 The North ColonnadeCanary WharfLONDON E14 5HS.
A firm should satisfy itself that the terms of the contract with its appointed representative (including an introducer appointed representative):(1) are designed to enable the firm to comply properly with any limitations or requirements on its own permission;(2) require the appointed representative to cooperate with the FCA as described in SUP 2.3.4 G (Information gathering by the FCA on its own initiative: cooperation by firms) and give access to its premises, as described in