Related provisions for IFPRU 7.1.7
801 - 820 of 1060 items.
1In determining whether or not the particular conduct of an approved person within their accountable function complies with the Statements of Principle, the following are factors which, in the opinion of the FCA, are to be taken into account:3(1) whether
that conduct relates to activities that are subject to other provisions of
the Handbook;(2) whether
that conduct is consistent with the requirements and standards of the regulatory system relevant to his firm.
1A UK RIE and an RAP2must immediately notify the FCA3of:3(1) significant breaches of its rules; or(2) disorderly trading conditions on any of its markets or auctions.2[Note: Article 26(2), first sentence (part) and Article 43(2), first sentence (part) of MiFID. The rest of Article 26(2), first sentence (in so far as it relates to market operators operating an MTF) and Article 43(2), first sentence of MiFID is implemented by REC 3.21.1 R (2)]
Sections 393 (Third party rights) and 394 (Access to FCA1 material) of the Act confer additional procedural rights relating to third parties and to disclosure of FCA1 material. These rights apply in certain warning notice and decision notice cases referred to in section 392 of the Act (Application of sections 393 and 394). The cases in which these additional rights apply are identified in DEPP 2 Annex 1 by asterisks; these are generally cases in which the warning notice or decision
1This chapter explains the FCA's policies on how it uses its powers under the Act to apply to the court for orders under existing insolvency legislation and exercise its rights under the Act to be involved in proceedings under that legislation. The FCA's effective use of its powers and rights in insolvency proceedings helps it pursue its statutory objectives, including its operational objectives of securing an appropriate degree of protection for consumers, protecting and enhancing
1The FCA's normal practice is to follow a "minded-to" procedure before deciding whether to give a private warning. This means that it will notify in writing the intended recipient of the warning that it has concerns about their conduct and inform them that the FCA proposes to give a private warning. The recipient will then have an opportunity to comment on our understanding of the circumstances giving rise to the FCA's concerns and whether a private warning is appropriate. The
1The Lloyd’s Accounting Regulations implement the Audit and Accounts Directives in relation to the Lloyd’s insurance market. They aim to increase the transparency of the accounts published by Lloyd’s syndicates by imposing requirements in relation to the preparation and disclosure of the accounts. The Regulations give the FCA the power to institute criminal proceedings for an offence committed under the Regulations.
1As is explained in the chapter of this guide on publicity (chapter 6), the FCA will not normally make public the fact that it is or is not investigating a matter and its expectation is that the person under investigation will also treat the matter as confidential. However, subject to the restrictions on disclosure of confidential information in section 348 of the Act, this does not stop the person under investigation from seeking professional advice or making their own enquiries
1An auditor or actuary may ask the FCA to remove the disqualification at any time after it has been imposed. The FCA will remove a disqualification if it is satisfied that the disqualified person will in future comply with the duty in question (and other duties under the Act). When it considers whether to grant or refuse a request that a disqualification be removed on these grounds, the FCA will take into account all the circumstances of a particular case. These circumstances
The Act prohibits any person from carrying on, or purporting to carry on, regulated activities in the United Kingdom unless that person is an authorised person or an exempt person. If an overseas investment exchange wishes to undertake regulated activities in the United Kingdom, it will need to:2(1) obtain a Part 4A permission2 from the FCA2; 22(2) (in the case of an EEA firm or a Treaty firm) qualify for authorisation under Schedule 3 (EEA Passport Rights) or Schedule 4 (Treaty
1The FCA attaches considerable importance to the timely submission by firms of reports required under FCArules. This is because the information contained in such reports is essential to the FCA's assessment of whether a firm is complying with the requirements and standards of the regulatory system and to the FCA's understanding of that firm’s business. So, in the majority of cases involving non-submission of reports or repeated failure to submit complete reports on time, the FCA
1The FCA believes that Principle 7 requires charges imposed by a firm on customers to be transparent and that imposing unfair or excessive charges is inconsistent with Principle 6. Note: A firm should also have regard to its obligations under the Unfair Terms Regulations (for contracts entered into before 1 October 2015) or the CRA2and may find material on the FCA website concerning the FCA consumer protection powers useful.
(1) The Senior Management Arrangements, Systems and Controls sourcebook contains high-level record-keeping requirements (see SYSC 3.2.20 R and SYSC 9.1.1 R ).11(2) This sourcebook does not generally have detailed record-keeping requirements: firms will need to decide what records they need to keep in line with the high-level record-keeping requirements and their own business needs. (3) Firms should bear in mind the need to deal with requests for information from the FCA as well
1Under section 293A of the Act, the FCA3may require a UK recognised body to give such information as it reasonably requires in order to satisfy itself that the UK recognised body is complying with any qualifying EU provision that is specified, or of a description specified, for the purposes of section 293A of the Act by the Treasury.333
1The RAO sets out those activities which are regulated for the purposes of the Act. Part V of the RAO also requires the FCA to maintain a register of all those people who are not authorised by the FCA but who carry on insurance mediation activities. Under article 95 RAO, the FCA has the power to remove from the register an appointed representative who carries on insurance mediation activities if it considers that he is not fit and proper. The FCA will give the person a warning
1In determining whether or not the conduct of an approved person performing an accountable higher management function complies with Statements of Principle 5 to 7, the following are factors which, in the opinion of the FCA, are to be taken into account:(1) whether
he exercised reasonable care when considering the information available to
him;(2) whether
he reached a reasonable conclusion which he acted on;(3) the
nature, scale and complexity of the firm's business;(4) their role
1The FCA often takes a different approach to that described above where firms no longer meet the threshold conditions. The FCA views the threshold conditions as being fundamental requirements for authorisation and it will generally take action in all such cases which come to its attention and which cannot be resolved through the use of supervisory tools. The FCA does not generally appoint investigators in such cases. Instead, firms are first given an opportunity to correct the