Related provisions for CASS 5.5.27

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COLL 6.6B.17RRP
The depositary must ensure that the cash flows of each UCITS scheme are properly monitored and that:(1) all payments made by, or on behalf of, investors upon the subscription of units of the scheme have been received; (2) all cash of the scheme has been booked in cash accounts which are: (a) opened in the name of:(i) the scheme; or(ii) the authorised fund manager, acting on behalf of the scheme; or(iii) the depositary acting on behalf of the scheme; and(b) at:(i) a central bank;
SUP 17.1.7GRP
(1) 1The movement, reallocation or transfer of financial instruments within the accounts of one legal entity will be reportable where the movement, reallocation or transfer is as a result of an agreement to transfer rights in a financial instrument to which this chapter applies between clients of the firm or between the firm (or a member of its group) and a client, and where the movement, reallocation or transfer involves a transaction within the meaning of Article 5 of the MiFID
SYSC 4.1.8GRP
The matters dealt with in a business continuity policy should include:(1) resource requirements such as people, systems and other assets, and arrangements for obtaining these resources;(2) the recovery priorities for the firm's operations; (3) communication arrangements for internal and external concerned parties (including the appropriate regulator, clients and the press);(4) escalation and invocation plans that outline the processes for implementing the business continuity
SYSC 4.3A.1RRP
1A CRR firm must ensure that the management body defines, oversees and is accountable for the implementation of governance arrangements that ensure effective and prudent management of the firm, including the segregation of duties in the organisation and the prevention of conflicts of interest. The firm must ensure that the management body:(1) has overall responsibility for the firm;(2) approves and oversees implementation of the firm's strategic objectives, risk strategy and
REC 2A.4.3GRP
The provisions of the auction regulation referred to in REC 2A.4.1 G are directly applicable to an RAP and require it to, in summary:(1) only grant admission to bid to applicants that comply with the conditions set out in article 19 of the auction regulation, including the prerequisite that the applicants are eligible to bid in accordance with article 18 of the auction regulation;(2) require an applicant for admission to bid to ensure that its clients, and the clients of its clients,
CASS 10.1.2GRP
The purpose of the CASS resolution pack is to ensure that a firm maintains and is able to retrieve information that would, in the event of its insolvency, assist an insolvency practitioner in achieving a timely return of client money and safe custody assets held by the firm to that firm'sclients.
SYSC 4 Annex 1GRP

Business areas and management functions

Explanation

(1) Payment services

This means:

(1) payment services;

(2) issuing and administering other means of payment (for example, cheques and bankers' drafts);

(3) issuing electronic money; and

(4) current accounts.

(2) Settlement

This means clearing and settlement of any transactions described in rows (3) and (6) to (9) of this annex, in relation to the assets covered by (9).

It also includes clearing and settlement of any transactions described in row (10).

(3) Investment management

This has the same meaning as managing investments with the following adjustments:

(a) it covers all types of assets; and

(b) the exclusions in the Regulated Activities Order do not apply.

It also covers fund management.

(4) Financial or investment advice

This includes advising on investments.

(5) Mortgage advice

This has the same meaning as advising on regulated mortgage contracts but is expanded to cover land anywhere in the world and to cover security of any kind over land.

(6) Corporate investments

This means acquiring, holding, managing and disposing a firm's investments made for its own account.

(7) Wholesale sales

This means the selling of any investment to a person other than a retail customer.

It does not include the activities in (1).

(8) Retail sales

This means the selling of any investment to a retail customer.

It includes savings accounts. It does not include the activities in (1).

(9) Trading for clients

This means dealing in investments as agent and execution of orders on behalf of clients but the list of products includes money market instruments and foreign exchange.

(10) Market making

This has the same meaning as it does in MIFID (see the definition of market maker in article 4.1(8)).

(11) Investment research

(12) Origination/syndication and underwriting

Origination and syndication include:

(1) entering into or acquiring (directly or indirectly) any commitment or investment with a view to transferring some or all of it to others, or with a view to others investing in the same transaction;

(2) sub-participation; and

(3) any transaction described in the Glossary definition of originator.

Underwriting includes underwriting that is not on a firm commitment basis.

A commitment or investment includes an economic interest in some or all of it.

This activity also includes the provision of services relating to such transactions.

(13) Retail lending decisions

Deciding whether, and on what terms, to lend to retail customers.

Lending includes granting credit, leasing and hire (including finance leasing).

(14) Wholesale lending decisions

Deciding whether, and on what terms, to lend to persons who are not retail customers.

Lending includes granting credit, leasing and hire (including finance leasing).

(15) Design and manufacturing of products intended for wholesale customers

Wholesale customers mean persons who are not retail customers

(16) Design and manufacture of products intended for retail customers

(17) Production and distribution of marketing materials and communications

This includes financial promotions

(18) Customer service

This means dealing with clients after the point of sale, including queries and fulfilment of client requests

(19) Customer complaints handling

This includes the firm's compliance with DISP.

It also includes:

(1) any similar procedures relating to activities that do not come under the jurisdiction of the Financial Ombudsman Service;

(2) activities that take place outside the UK; and

(3) activities that are not subject to any ombudsman service.

(20) Collection and recovering amounts owed to a firm by its customers

Dealing with customers in arrears

‘Customer’ means any person falling into any of the definitions of client in the Glossary so far as they apply to the FCA's Handbook. The definition is extended to cover all services provided by the firm and not just those that are provided in the course of carrying on a regulated activity or an ancillary service.

(21) Middle office

This means risk management and controls in relation to, and accounting for, transactions in securities or derivatives

(22) The firm's information technology

(23) Business continuity planning

This means the functions described in SYSC 4.1.6R and SYSC 4.1.7R

(24) Human resources

This includes recruitment, training and competence and performance monitoring

(25) Incentive schemes for the firm's staff

This is not limited to schemes based on sales.

(26) Providing information in relation to a specified benchmark

(27) Administering a specified benchmark

Note (1): The purpose of this annex is explained in SYSC 4.5 (Management responsibilities maps for UK2 relevant authorised persons) and SYSC 4.7.37G. This annex is also referred to in SYSC 4.6 (Management responsibilities maps for non-UK relevant authorised persons) and SYSC 4.8 (Senior management responsibilities for third-country relevant authorised persons: allocation of responsibilities) (see SYSC 4.6.14 and SYSC 4.8.35).2

Note (2): A firm does not have to use the split of activities in this annex for the purposes in Note (1). If a firm does decide to use it, it may adapt it to suit its management arrangements better.

For example, a firm may find the split of activities into retail and wholesale activities unsuitable. If so, the firm might:

(a) treat retail and wholesale activities together; or

(b) use its own definition of retail and wholesale activities.
REC 2.11.3GRP
In determining whether a UK recognised body has made satisfactory arrangements for the safeguarding and administration of assets belonging to the users of its facilities, the FCA3 may have regard to: 3(1) the level of protection which the arrangements provide against the risk of theft or other types or causes of loss;(2) whether the arrangements ensure that assets are only used or transferred in accordance with the instructions of the owner of those assets or in accordance with
EG 15.2.1RP
1The FCA recognises that the use of its powers to disqualify auditors and actuaries will have serious consequences for the auditors or actuaries concerned and their clients; it will therefore exercise its power to impose a disqualification in a way that is proportionate to the particular breach of duty concerned. The FCA will consider the seriousness of the breach of duty when deciding whether to exercise its power to disqualify and the scope of any disqualification.
COBS 14.2.1RRP
1A firm that sells:(1) a packaged product to a retail client, must provide a key features document and a key features illustration2 to that client (unless the packaged product is a unit in a UCITS scheme,7simplified prospectus scheme or an EEA UCITS scheme which is a recognised scheme);77(2) a life policy to a client, must provide the Solvency II Directive information13 to that client;1313(3) the variation of a life policy or personal pension scheme to a retail client, must provide
SYSC 9.1.1RRP
A firm must arrange for orderly records to be kept of its business and internal organisation, including all services and transactions undertaken by it, which must be sufficient to enable the appropriate regulator or any other relevant competent authority under MiFID or the UCITS Directive4 to monitor the firm's compliance with the requirements under the regulatory system, and in particular to ascertain that the firm has complied with all obligations with respect to clients.[Note: article
SUP 17.2.2GRP
1The FCA will treat a firm as acting in accordance with SUP 17.2.1 R in circumstances where the firm enters into a transaction with another person in the course of providing a service of portfolio management on behalf of one or more clients, provided it:(1) enters into the transaction in the exercise of a discretion conferred on it by an investment mandate or does so having specifically recommended the transaction to its client;(2) has reasonable grounds to be satisfied that the
PERG 5.11.4GRP
The restrictions placed on the exclusions listed in PERG 5.11.3 G on 14 January 2005 have the following effects.(1) Unauthorised persons who:(a) introduce clients or customers to an independent financial adviser with a view to a transaction; or(b) deal as agent on behalf of their clients or customers with or though an authorised person; or(c) arrange for their clients or customers to enter into a transaction with or though an authorised person;will not be able to rely on articles
PERG 2.4.2GRP
Even with a cross-border element a person may still be carrying on an activity 'in the United Kingdom'. For example, a person who is situated in the United Kingdom and who is safeguarding and administering investments will be carrying on activities in the United Kingdom even though his client may be overseas.
TC App 2.1.1RRP

1UK domestic firm

Incoming EEA firm

Overseas firm (other than an incoming EEA firm)

MiFID business and equivalent third country business

TC applies in respect of employees who carry on activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom

and

TC also applies insofar as an activity is carried on from an establishment maintained by the firm (or its appointed representative or, where applicable, its tied agent) in, and within the territory of, another EEA State

TC does not apply

TC applies in respect of employees who carry on activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom

Insurance mediation activities

TC applies in respect of employees who carry on activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom

and

TC also applies in respect of employees who engage in or oversee activities from a branch established in another EEA state

TC does not apply

TC does not apply

Mortgage activities and reversion activities numbers 20, 20A, 21, 21A, 21B, 22 and 23 in TC App 1.1.1R; and

MCD credit agreement activities numbers 23A to 23E in TC App 1.1.1R3

TC applies if the customer is resident in the United Kingdom at the time the activity3 is carried on

and

TC also applies if the customer is resident in another EEA State (at the time that the activity is carried on) but only if the activity is carried on from an establishment maintained by the firm or its appointed representative in the United Kingdom

Same as for UK domestic firm except that:

(1) if the firm carries on the activity from an establishment maintained by the firm or its appointed representative in the United Kingdom and the customer is resident in another EEA State when the activity is carried on, TC does not apply; and

(2) if the firm carries on the activity from an establishment maintained by the firm in another EEA State (and the customer is resident in the United Kingdom when the activity is carried on), the following provisions of TC apply: TC 2.1.5AR; TC 2.1.5BR(2), (3), (5) and (6); TC 2.1.5CR; TC 2.1.5DG; TC 2.1.5ER; and TC 2.1.5FG.

[Note: article 9(3) of the MCD]3

Same as for UK domestic firm

Any other activity in Appendix 1

TC applies in respect of employees who carry on these activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom

and

TC also applies in respect of employees who carry on activities with or for a client in the United Kingdom

TC applies in respect of its employees who carry on activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom

3

2

TC applies in respect of its employees who carry on activities from an establishment maintained by the firm (or its appointed representative) in the United Kingdom
COBS 4.6.9RRP
(1) 1A firm that communicates to a client a projection for a packaged product which is not a financial instrument2must ensure that the projection complies with the projectionsrules in COBS 13.4, COBS 13.5 and COBS 13 Annex 2.2(2) A firm must not communicate a projection for a highly volatile product to a client unless the product is a financial instrument.
REC 6.6.2GRP
The following events are examples of events likely to affect an assessment of whether an ROIE1 is continuing to satisfy the recognition requirements11(1) significant changes to any relevant law or regulation in its home territory, including laws or regulations:(a) governing exchanges or, if relevant to an ROIE's satisfaction of the recognition requirements,1clearing houses;(b) designed to prevent insider dealing, market manipulation or other forms of market abuse or misconduct;(c)
COBS 18.1.6GRP
Where an applicable rule in COBS requires the doing of any thing in relation to a client, the trustee firm should consider who, in the context of that rule and having regard to the particular trust arrangement, is the most appropriate person to treat as its client. This might, for example, be the beneficiary, another trustee or the trust, depending on the particular circumstances.