Related provisions for REC 6.5.1
401 - 420 of 516 items.
2The FCA views co-operation with its overseas counterparts as an essential part of its regulatory functions. Section 354A of the Act imposes a duty on the FCA to take such steps as it considers appropriate to co-operate with others who exercise functions similar to its own. This duty extends to authorities in the UK and overseas. In fulfilling this duty the FCA may share information which it is not prevented from disclosing, including information obtained in the course of the
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).
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,
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
1When it decides whether to exercise its power to disqualify an auditor or actuary under section 345(1), and what the scope of any disqualification will be, the FCA will take into account all the circumstances of the case. These may include, but are not limited to, the following factors: (1) the nature and seriousness of any breach of rules and the effect of that breach: the rules are set out in SUP 3 (Auditors) and SUP 4 (Actuaries), and in the case of firms which are ICVCs,
The purpose of the requirements in DTR 8 is to make the Part 6 rules permitted under section 89P of the Act in relation to primary information providers and persons applying for approval as primary information providers. [Note: When exercising its functions under Part VI of the Act, the FCA may use the name: the UK Listing Authority.][Note: Other parts of the Handbook that may also be relevant to primary information providers include DEPP (Decision Procedure and Penalties manual)
1The FCA's policy with respect to the prosecution of criminal offences is set out in EG 12 and applies to the prosecution of CCA offences under section 401 of the Act. The FCA will not prosecute a person for an offence under the CCA in respect of an act or omission where the FCA has already disciplined the person under section 66, 205, 206 or 206A of the Act in respect of that act or omission.
1Under section 198 of the Act the FCA has power to apply to court on behalf of the Home State regulator of certain incoming EEA
firms for an injunction restraining the incoming EEA
firm from disposing of, or otherwise dealing with, any of its assets. The FCA will consider exercising this power only where a request from a Home State regulator satisfies the requirements of section 198(1).
(1) This chapter sets out rules governing the amounts payable by
FOS Ltd to the FCA to
fund the FCA’s functions under the ADR
Regulations.(2) These rules are made
using the rule-making power in paragraph 23 (Fees) Schedule 1ZA of the Act, as
applied with modifications by Regulation 15A of the ADR
Regulations.
1Except where the FCA has issued a warning notice, and the FCA has subsequently discontinued the proceedings, the Act does not require the FCA to provide notification of the termination of an investigation or subsequent enforcement action. However, where the FCA has given a person written notice that it has appointed an investigator and later decides to discontinue the investigation without any present intention to take further action, it will confirm this to the person concerned
1When deciding whether or not to disqualify an auditor under section 249(1) or section 261K(1) of the Act (concerning the power to disqualify an auditor for breach of trust scheme
rules or contractual scheme rules), and in setting the disqualification, the FCA will take into account all the circumstances of the case. These may include, but are not limited to, the following circumstances: (1) the effect of the auditor's breach of a duty imposed by trust scheme
1In cases where it decides to petition for the compulsory winding up of a body under section 367 of the Act, the FCA will also consider whether it should seek the appointment of a provisional liquidator. The FCA will have regard, in particular, to the extent to which there may be a need to protect consumers' claims and consumers' funds or other assets. Where the FCA decides to petition for the compulsory winding up of a company or partnership on the just and equitable ground and
1Even where action is not taken against connected parties, these parties may have what the Act calls ‘third party rights’. Broadly, if any of the reasons contained in a warning notice or decision notice identifies a person (the third party) other than the person to whom the notice is given, and in the opinion of the FCA is prejudicial to the third party, a copy of the notice must be given to the third party unless that person receives a separate warning notice or decision notice
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
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