Related provisions for SUP 10C.12.10
741 - 760 of 1047 items.
On:(1) the presentation of a petition for the winding up of a UK recognised body (or the commencement of any similar or analogous proceedings under the law of a jurisdiction outside the United Kingdom); or(2) the appointment of a receiver, administrator, liquidator, trustee or sequestrator of assets of that body (or of any similar or analogous appointment under the laws of a jurisdiction outside the United Kingdom); or(3) the making of a voluntary arrangement by that body with
If a professional indemnity insurance policy is denominated in any currency other than euros, an exempt CAD
firm must take reasonable FCA steps to ensure that the limits of indemnity are, when the policy is effected and at renewal, at least equivalent to those required for the purposes of the rules relating to professional indemnity insurance above.
1In investigations into possible
insider dealing,market abuse, misleading statements and practices offences, breaches of the general prohibition, the restriction on financial promotion, or the prohibition on promoting collective investment schemes, the investigator may not know the identity of the perpetrator or may be looking into market circumstances at the outset of the investigation rather than investigating a particular person. In those circumstances,
Firms are reminded that: (1)
requirements relating to the systems and controls which firms must establish and maintain for ensuring compliance with financial resources and other requirements are set out in SYSC.
(2) the financial reports that a firm is required to make to the FCA are set out in SUP 16.
To be satisfied that the credit risk stress test undertaken by a firm under article 177(2) of the EU CRR is meaningful and considers the effects of severe, but plausible, recession scenarios, the FCA would expect the stress test to be based on an economic cycle that is consistent with IFPRU 2.2.73G(1)(b) (see article 177(2) of the EU CRR)
The Principles
1 Integrity |
A firm must conduct its business with integrity. |
2 Skill, care and diligence |
A firm must conduct its business with due skill, care and diligence. |
3 Management and control |
A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems. |
4 Financial prudence |
A firm must maintain adequate financial resources. |
5 Market conduct |
A firm must observe proper standards of market conduct. |
6 Customers' interests |
A firm must pay due regard to the interests of its customers and treat them fairly. |
7 Communications with clients |
A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading. |
8 Conflicts of interest |
A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client. |
9 Customers: relationships of trust |
A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment. |
10 Clients' assets |
A firm must arrange adequate protection for clients' assets when it is responsible for them. |
11 Relations with regulators |
A firm must deal with its regulators in an open and cooperative way, and must disclose to the appropriate regulator appropriately anything relating to the firm of which that regulator would reasonably expect notice. |
1Where the behaviour to which a decision notice, final notice, civil action, or criminal action relates has occurred in the context of a takeover bid, the FCA will consult the Takeover Panel over the timing of publication if the FCA believes that publication may affect the timetable or outcome of that bid, and will give due weight to the Takeover Panel's views.
1If the FCA has decided to carry out an investigation where there are circumstances suggesting that contraventions set out in section 97 may have happened, it will normally appoint investigators pursuant to that section. An investigator appointed under section 97 is treated under the Act as if they were appointed under section 167(1).
1The FCA may be alerted to possible contraventions or breaches by complaints from the public or firms, by referrals from other authorities or through its own enquiries and supervisory activities. Firms may also bring their own contraventions to the FCA's attention, as they are obliged to do under Principle 11 of the Principles for Businesses and rules in the FCA's Supervision manual.
United States ('US') legislation restricts the ability of non-US firms to trade on behalf of customers resident in the US ('US customers') on non-US futures and options exchanges. The relevant US regulator (the CFTC) operates an exemption system for firms authorised under the Act. Under the Part 30 exemption order, eligible firms may apply for confirmation of exemptive relief from Part 30 of the General Regulations under the US Commodity Exchange Act. In line with this system,
Under article 64 of the Regulated Activities Order (Agreeing to carry on specific kinds of activity), in addition to the regulated activities of arranging (bringing about), making arrangements with a view to, advising on, entering into and administering regulated mortgage contracts, agreeing to do any of these things is itself a regulated activity. In the FCA's opinion, this activity concerns the entering into of a legally binding agreement to provide the services that it concerns.
A firm should consider whether it should notify the FCA and the PRA (if it is a PRA-authorisedfirm) or the FCA (in all other cases) under Principle 11 if:(1) the firm expects or knows its auditor will qualify his report on the audited annual financial statements or add an explanatory paragraph; or (2) the firm receives a written communication from its auditor commenting on internal controls (see also SUP 15.3).
The purposes of SYSC are:(1) to encourage firms' directors and senior managers to take appropriate practical responsibility for their firms' arrangements on matters likely to be of interest to the FCA3 because they impinge on the FCA’s3 functions under the Act;(2) to increase certainty by amplifying Principle 3, under which a firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems;1(3) to encourage
24The Ombudsman may designate members of the staff of FOS Ltd to exercise any of the powers of the Ombudsman relating to the consideration of a complaint apart from the powers to:(1) determine a complaint; or(2) authorise the disclosure of information to the
FCA5
or any other body exercising regulatory or statutory functions.5
Where a UK RIE2 decides to put a member into default, it must immediately give notice of that event, and give the following information to the FCA2, at the same time as that decision is communicated to that member or to any other member (or group or class of them) of that body: 22(1) the name of the member and (where relevant) the class of membership; (2) the reasons for that decision; and(3) the names of any other exchange,1clearing house or auction platform 1on which, to the