Related provisions for SUP 1A.3.5
81 - 100 of 137 items.
In addition to the factors considered in Step 2 for cases against firms (DEPP 6.5A) and cases against individuals (DEPP 6.5B),1 the following considerations are relevant.1(1) In general, the FCA's2 approach to disciplinary action arising from the late submission of a report will depend upon the length of time after the due date that the report in question is submitted.2(2) If the person concerned is an individual, it is open to him to make representations to the FCA2 as to why
There is no standard application form for application for recognition as an ROIE2. An application should be made in accordance with any direction the FCA3 may make under section 287 (Application by an investment exchange) of the Act and should include:333(1) the information, evidence and explanatory material necessary to demonstrate to the FCA3 that the recognition requirements (set out in REC 6.3) will be met;(2) the application fee (see REC 7);(3) the address of the applicant's
(1) Under section 192K of the Act, if the FCA considers that a qualifying parent undertaking of a UK RIE has contravened a requirement of a direction given by the FCA under section 192C of the Act, or a provision of rules made by the FCA under section 192J of the Act, it may:(a) impose a penalty of such amount as it considers appropriate on the qualifying parent undertaking of the UK RIE, or any person who was knowingly concerned in the contravention; or(b) publish a statement
2A warrant obtained pursuant to section 176 of the Act authorises a police constable or an FCA investigator in the company, and under the supervision of, a police constable, to do the following, amongst other things: to enter and search the premises specified in the warrant and take possession of any documents or information appearing to be documents or information of a kind in respect of which the warrant was issued or to take, in relation to any such documents or information,
The FCA2, in the course of its supervision of a firm,
may sometimes judge it necessary or desirable to impose additional requirements on a firm or
in some way amend or restrict the activities which the firm has permission to undertake. The guidance in this chapter describes when and
how the FCA2 will
seek to do this.22
The FCA1 has similar powers to supervise ROIEs1 to those it has to supervise UK RIEs1. It may (in addition to any other powers it might exercise):111(1) give directions to an ROIE1 under section 296 of the Act (Authority's power to give directions) if it has failed, or is likely to fail, to satisfy the recognition requirements or if it has failed to comply with any other obligation imposed by or under the Act; or1(2) revoke a recognition order under section 297 of the Act (Revoking
For a firm which
undertakes business internationally (or is part of a group which
does), the FCA will have regard
to the context in which it operates, including the nature and scope of the
regulation to which it is subject in jurisdictions other than the United Kingdom. For a firm with
its head office outside the United Kingdom,
the regulation in the jurisdiction where the head office is located will be
particularly relevant. As part of its supervision of such a firm,
the FCA
A common platform firm must make available
on request to the appropriate
regulator and
any other relevant competent authority all
information necessary to enable the appropriate
regulator and
any other relevant competent authority to
supervise the compliance of the performance of the outsourced activities
with the requirements of the regulatory system.[Note: article
14(5) of the MiFID implementing Directive]
This chapter is relevant to an applicant for a Part 4A permission7, as if that applicant were a firm. Where the chapter refers to appropriate7supervisory contact, the applicant should read this as being the usual supervisory7contact at7 the appropriate regulator7. Further, this chapter is relevant to a person who is subject to rules made by the appropriate regulator7 and where the chapter refers to a firm, this includes that person5.177577
SYSC 12.1.8R (1) deals with the systems and controls that a firm should have in respect of the exposure it has to the rest of the group. On the other hand, the purpose of SYSC 12.1.8R (2) and the rules in this section that amplify it is to require groups to have adequate systems and controls. However a group is not a single legal entity on which obligations can be imposed. Therefore the obligations have to be placed on individual firms. The purpose of imposing the obligations
13The FCA performs part of its supervision work by reviewing and analysing information about firms' records of compliance with the requirements and standards under the regulatory system. The type of report the FCA requires will vary, depending on the type of business a firm undertakes. This information helps the FCA to determine whether a firm is complying with the requirements applicable to its business, and what procedures it is operating to ensure its compliance.
(1) The following must apply to their consolidating supervisor for approval of any proposed RRD group financial support agreement or of any amendment to that agreement:(a) a firm that is the EEA parent undertaking of an RRD group;(b) a qualifying parent undertaking that is the EEA parent undertaking of an RRD group; and(c) an IFPRU 730k firm that is a subsidiary of an EEA parent undertaking of an RRD group: (i) where the EEA parent undertaking is an EEA parent financial holding
A firm does not have to give notice to the FCA2 under SUP 15.9.1 R if it or another member of the consolidation group has already given notice of the relevant fact to:55(1) the FCA2 or55(2) (if another competent authority is co-ordinator of the financial conglomerate ) that competent authority; or(3) (in the case of a financial conglomerate that does not yet have a co-ordinator ) the competent authority who would be co-ordinator under Article 10(2) of the Financial Groups Directive
(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
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 FCA5 expects to maintain a close working relationship with certain
types of firm and expects that
routine supervisory matters arising can be resolved during the normal course
of this relationship by, for example, issuing individual guidance where
appropriate (see SUP 9.3). However,
where the FCA deems it appropriate,
it will exercise its own-initiative powers:55(1) in
circumstances where it considers it appropriate for the firm to
be subject to a formal requirement,
breach